The Marcella Edit
Ideas, People & Perspectives Shaping What's Next.
An exploration of capital, leadership, institutions and the world around us, through original perspectives, experiences, conversations and selected intelligence.
The Annual Letter
TM VANTAGE
Capital. Leadership. The World Ahead.
The Annual Letter by Temi Marcella. Published once a year.
Explore TM VANTAGE- Global capital and investment
- Leadership and institution building
- Technology and innovation
- Economic and structural change
- Emerging opportunities
- Lessons from investing and operating
- People and ideas shaping the future
Most recent letter: 2025, published as The Annual
The Intelligence
Selected thinking from TM Alpha.
The Intelligence · From TM Alpha
Frontier Markets Don’t Have a Capital Problem. They Have a Liquidity Problem
Why the binding constraint in many growth markets is the architecture that lets capital enter, recycle and exit, and an introduction to the Liquidity Architecture Framework.
Explore the analysis
The Intelligence · From TM Alpha
London Is Not a Gateway. It Is a Partner.
How financial centres move from transaction-led gateway relationships to durable institutional partnership, through the Partnership Continuum.
Explore the analysis
The Intelligence · From TM Alpha
The Model Is Not the Asset
When AI becomes part of how care is delivered, durable value sits in the system around the model rather than the model itself.
Read on TM Alpha
The Intelligence · From TM Alpha
Ownership Changes Balance Sheets. Allocation Changes Economies.
The great wealth transfer is moving assets faster than it is moving decision rights, and allocation is what shapes economies.
Read on TM Alpha
The Intelligence · From TM Alpha
Capital Is Not Scarce. The Channel Is.
As development finance contracts, the missing piece is the route between capital and the institutions able to use it.
Read on TM Alpha
TM VANTAGE
A View of the World Ahead.
Receive Temi Marcella’s annual letter on capital, leadership and the forces shaping our future.