Sharpfokus Brief – Monday, July 21, 2025
📜 Title: Back to the Future
Accounting began with religious principles — stewardship, responsibility, and a duty to match supply and demand. Investment followed real opportunity. Money followed purpose. Cashflow was central.
But over the last 25 years, something broke.
📈 Global monetary expansion — especially from central banks — has reached levels once unthinkable:
• US Federal Reserve assets up 1,000%
• Bank Indonesia even higher — over 2,000%
This happened under the banner of “independent” central banking — but with little accountability, and even less connection to real demand.
📉 The result?
• Oversupply of money
• Overinvestment
• Negative cashflows
• Constant capital raises, especially through equity
Many companies have mirrored this trend — spending ahead of demand, not behind it. The outcome has been poor shareholder returns, and markets that underperform other assets like bonds (in Indonesia) and gold (in the US).
🔁 What we’re looking for now is a return to better stewardship:
• Monetary policy back under elected control, not “independent” fiat
• Companies that invest after demand is clear, not before
• Capital that is returned to shareholders, not endlessly recycled
At Sharpfokus, we look for companies already doing this — with high, sustained cashflow returns and responsible capital allocation.
🔍 Join us.
Get access to our daily research, covering 90% of the Indonesian market, plus US cashflow insights, rankings, and morning meetings.
👉 sharpfokus.com/subscribe
📜 Title: Back to the Future
Accounting began with religious principles — stewardship, responsibility, and a duty to match supply and demand. Investment followed real opportunity. Money followed purpose. Cashflow was central.
But over the last 25 years, something broke.
📈 Global monetary expansion — especially from central banks — has reached levels once unthinkable:
• US Federal Reserve assets up 1,000%
• Bank Indonesia even higher — over 2,000%
This happened under the banner of “independent” central banking — but with little accountability, and even less connection to real demand.
📉 The result?
• Oversupply of money
• Overinvestment
• Negative cashflows
• Constant capital raises, especially through equity
Many companies have mirrored this trend — spending ahead of demand, not behind it. The outcome has been poor shareholder returns, and markets that underperform other assets like bonds (in Indonesia) and gold (in the US).
🔁 What we’re looking for now is a return to better stewardship:
• Monetary policy back under elected control, not “independent” fiat
• Companies that invest after demand is clear, not before
• Capital that is returned to shareholders, not endlessly recycled
At Sharpfokus, we look for companies already doing this — with high, sustained cashflow returns and responsible capital allocation.
🔍 Join us.
Get access to our daily research, covering 90% of the Indonesian market, plus US cashflow insights, rankings, and morning meetings.
👉 sharpfokus.com/subscribe