25 March 2026

At The Money: Investing in Freedom

1Frameworks

7Insights

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Frameworks in this episode

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Freedom-Weighted Emerging Markets Strategy

Weight countries by civil, political, and economic freedom instead of size

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Insights & moments

The myth-busts, hot takes, explainers, and tools worth keeping.

Myth Buster· 1

Myth Buster13:27

Most Investors Use the Freedom Fund for Returns, Not ESG

Perth Tolle says more than 95 percent of clients use the strategy for its freedom-premium return thesis rather than primarily as an ESG allocation. Following live outperformance, she says many now treat it as their core emerging-markets strategy.

The dominant client rationale is expected outperformance
Values-based and risk-management motives still exist
Live performance strengthened adoption as a core allocation
The strategy is not presented mainly as an ESG product

“Ninety five plus percent of our clients, I would say, are using it as a purely you know, freedom premium.”
Perth Tolle · 13:40

“most people are using it in that in that manner as their core emerging markets strategy.”
Perth Tolle · 14:18

#freedom premium#returns#esg#emerging markets

Hot Take· 1

Hot Take12:06

Without Economic Freedom, Personal Freedom Is Incomplete

Perth Tolle argues that economic freedom is not merely a pro-capitalism preference. The ability to choose an occupation, use one's resources, trade, and provide for a family is part of freedom itself rather than a separate financial concern.

Occupational choice is a basic freedom
People need control over how they use their resources
Government permission to earn a living creates dependency
Property rights, trade, and monetary soundness affect autonomy

“if you don't have the freedom to conduct business, if you don't have the freedom to you know, use your own resources as you see…”
Perth Tolle · 12:12

“without economic freedom, you have no freedom.”
Perth Tolle · 12:49

#economic freedom#personal agency#property rights#trade

Explainer· 3

Explainer04:14

Why Freedom Data Must Be Independent of Governments

Perth Tolle explains why the index uses privately funded institutions that take no government grants. She points to the loss of the World Bank's Doing Business Index after Chinese coercion affected scoring as evidence that funding independence matters.

The Cato Institute and Fraser Institute take no government grants
The index provider has no influence over their country scores
The data providers have no influence over portfolio allocations
Separate institutions create two layers of third-party objectivity

“That was important to me because we all know the World Bank debacle a few years ago where because they took money from China and…”
Perth Tolle · 04:44

“we're completely independent from each other, so I have no influence into their country scoring. They have no influence into our country allocations.”
Perth Tolle · 05:18

#data integrity#governance#indexing#political risk

Explainer08:22

Without a Free Press, Investors Cannot Verify the Numbers

Perth Tolle connects political freedom to investment analysis through independent verification. When governments suppress expression or stop publishing economic data, investors cannot know whether company and government figures are accurate or complete.

Free expression permits scrutiny of official and company data
Autocratic countries may withhold economic statistics
Unverifiable data weakens investment analysis
Political freedom affects measurable portfolio risk

“without freedom of press or freedom of expression, there's no independent verification for where any data, whether it comes from governments or whether it comes…”
Perth Tolle · 08:22

“without third party verification of data, which is what investors use to measure the impact of their investments, you know, there's no way to actually…”
Perth Tolle · 08:56

#free press#investment data#transparency#political freedom

Explainer09:16

Independent Courts Protect Both Contracts and Entrepreneurs

An independent judiciary makes business agreements credible because counterparties can expect contracts to be upheld. Perth Tolle adds that the downside is more severe in emerging markets where political authorities can detain entrepreneurs for reasons unrelated to their businesses.

Contract enforcement enables business relationships
Due process limits arbitrary state action
Judicial risk can overwhelm company fundamentals
The disappearance of entrepreneurs illustrates the tail risk

“if you don't know if your contracts are going to be upheld, then how do you even enter into tractual agreements? How do you even…”
Perth Tolle · 09:58

“in countries without rule of law, without judicial independence and due process, you know, in China, ninety nine percent of offenders are convicted.”
Perth Tolle · 10:57

#rule of law#contracts#judiciary#entrepreneur risk

Story· 1

Story10:40

Jack Ma's Disappearance Shows How Politics Can Override Business

Perth Tolle uses Jack Ma as an example of founder risk in a country without dependable rule of law. After he said something the government disliked, he disappeared and his IPO plans were scrapped, showing how political power can abruptly disrupt a business outcome.

Political speech can create direct business consequences
Founder detention is a country-level risk
IPO outcomes can be overridden outside normal market processes

“we saw this when Jack mad disappeared again using China as a prime example, because he said something the government didn't like at a conference…”
Perth Tolle · 10:40

#jack ma#china#founder risk#ipo

Takeaway· 1

Takeaway07:07

Personal Safety Is the First Layer of a Business Environment

Civil freedoms can appear disconnected from economics, but Perth Tolle argues that personal safety is a prerequisite for conducting business. She reduces the relationship to rights to life, liberty, and property, with life supporting all other freedoms.

Violent conflict and organized crime directly constrain commerce
The right to life underpins other freedoms
Civil freedom is part of investment risk, not a separate moral issue

“if you can't walk down the street without being concerned about being shot, then you can't really be doing business.”
Perth Tolle · 07:26

“if you don't have life, we don't have anything else. So that is the basis of all the other freedoms.”
Perth Tolle · 07:46

#civil freedom#business risk#personal safety