Kirihene & Pullen publishes original, falsifiable research across global markets. Our current series examines the financing of the AI build-out: the credit, commodities and grid infrastructure underneath the largest capex cycle in a generation.
Every note takes a position that can be proven wrong. This list updates automatically when we publish. Click any note to read it here.
Can Texas actually deliver the power the AI build-out assumes? A supply-side examination of ERCOT's generation pipeline against the load being promised to data-centre developers.
Read the note →Announced data-centre load far exceeds what is financed and committed. We separate signed, funded demand from press-release demand, and ask what that gap means for planners and investors.
Read the note →Mapping ERCOT's transmission constraints to their origin at the company level. Our working view: the wires companies, not generation, are becoming the binding constraint, and capital is not yet flowing to where the bottleneck sits.
Follow the series →We cover five areas across global markets. Select one to see how we approach it.
We write to be held accountable: public views, stated assumptions, primary sources.
Tehan oversees the firm's fundamental valuation and fixed income research. His work centres on how companies are valued and financed: testing the assumptions embedded in market prices, tracing value through complex corporate and capital structures, and building every analysis from primary sources, with particular depth in energy and infrastructure. He holds a BSc in Economics from the University of Warwick, is completing an MSc in Finance & Investment at the University of Exeter, and is a CFA Level I candidate.
Josh covers markets and portfolios. His research pairs fundamental market analysis with quantitative methods, including programmatic portfolio construction and optimisation, and he leads the firm's dialogue with industry practitioners. He previously founded and managed an independent AI-focused investment fund. He holds a BSc in Business and Management from the University of Exeter, where he is completing an MSc in Finance, and is a CFA Level I candidate.
Regulatory filings, market reports, cost data and company disclosures: we build from the documents, not the headlines.
Each note states a position and the evidence that would change our mind. If we are wrong, it will be visible. That is the point.
The question behind every note: where does money need to flow, through which instruments, and who bears the risk when it doesn't?
For enquiries, collaboration or coverage requests: [email protected]
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