Fortress may have accumulated $5.5bn of debt to get it up and running, but the Brightline rail service is great! On my way to Miami 🏴
3
0
14
Founder of alternative asset firm Blue Owl reckons fears of ruptures in private credit are "like the Mandela effect of finance... just common population collective misimpression of what's going on." To explore the issue further, I'm hosting a webinar with Sayonton Roy of Citigroup.
2
1
6
Launch of ABX index in Jan 06 created a coordination point for subprime unwind. Will H100 rental index (launched in May 2025) fulfil same role for compute?
“Goal is to turn GPUs into a benchmarked asset class that can be traded like any other financial instrument” says founder.
“Goal is to turn GPUs into a benchmarked asset class that can be traded like any other financial instrument” says founder.
2
1
12
On an earnings call in 2023, CEO of Soul Patts in Australia commented on the likeness between his firm and one in Omaha. "Not to copy what Berkshire Hathaway has done, but I think we just kind of ended up in the same place." Anyway, they've just done a deal.
2
0
1
Wrapped up the FPL season by topping the FinTwit Premier League. Thanks to all the great managers for the battle. Already thinking about next season…
2
0
8
Private vs Public. Fascinating discussion between Chris Hohn and Christian Sinding of EQT. youtu.be/WvtRnhzD7p0?si…
2
1
6
Pleasure to join @scarletfu on Bloomberg TV to discuss endowments liquidating their PE positions
1
3
18
The Trump Trade
"My Administration would have also sold the government’s common stock in these companies at a huge profit and fully privatized the companies."
"My Administration would have also sold the government’s common stock in these companies at a huge profit and fully privatized the companies."
0
4
14
I just put a piece out on my Substack about UK housing. But it appears that a Jew cannot write about UK housing because it serves to "hide the challenges you are globally creating". 🤷🏻♂️
3
1
15
Can’t wait to get stuck into this. If it’s anything like Lying for Money, we’re in for a treat. @dsquareddigest
0
2
26
Citigroup's Trading Game, as told by @garyseconomics, is a much better game than Jane Street's coin-flipping games.
0
1
14
Matt Levine @matt_levine characteristically good on the conflicts faced by many fund structures
1
0
11
25 years ago today, LTCM dropped $550m on a single day. The firm might have been able to withstand its loss but then 12 days later, they sent out a fax telling everyone about their troubles. The rest is history...
4
8
70
From three corners of the world, the race is on to fill your inbox with finance content on a Friday afternoon
3
7
72
JPMorgan making the point that they have sufficient capital today to absorb all US bank loan losses during the global financial crisis.
13
24
227
But there is a $4bn top-up to litigation reserves.
All nicely offset by $17bn of AT1 writedowns and Credit Suisse comp adjustments.
All nicely offset by $17bn of AT1 writedowns and Credit Suisse comp adjustments.
1
0
26
First Republic uninsured depositors are going to be OK, but there were $12bn of them at the end still playing chicken 🤷🏻♂️
3
6
41
"Given our record results, I chose the right time to semi-retire, but given industry challenges that arose during the quarter, just like Lloyd Bridges in the movie Airplane, I picked the wrong quarter to quit sniffing glue." — Wintrust Financial CEO on earnings call on Friday.
0
0
16
Zions Bank attempting to reframe the narrative: "Some are focusing only on the marks on the asset side of the balance sheet, resulting in a Picasso-like portrait view of equity."
5
2
20
Tiring work
NEW: An internal model at Silicon Valley Bank warned that higher interest rates could have a crushing impact on its finances. So executives changed it: washingtonpost.com/business/2023/… with @tcfrankel @josephmenn
2
4
60
If you’d bought Sberbank stock the day before the Ukraine invasion, you’d now be in the money (even if it is in a side pocket). US & European banks, not so much. Investing is hard!
17
21
146
Banks are unusual in that they are always having to disclose new information to cater to market concerns. EM debt exposures, leveraged loan exposures, etc etc. Now it's deposit mix. This is the latest, from Deutsche Bank.
2
9
63
CS would disagree! "We have about 11 compliance officers for CHF 100 million of revenue, which is pretty much in line with how every other competitor is addressing these or the good competitors are addressing these." (Jun 2022)
1
0
1
Takes investment research to a whole new level youtube.com/watch?v=StjWk3…
1
4
28
Chair of FINMA: "We're not talking about small investors, we're talking about institutional and large investors."
3
0
6
Employees have already seen the value of deferred stock crater – down 78% from when it was awarded.
At CHF0.25 per share they can write off what's left.
At CHF0.25 per share they can write off what's left.
0
0
17
The Strategic Delivery Plan awards amounted to CHF497m.
In addition, CHF288m of deferred stock was offered as part of normal bonuses, plus CHF231m for retention. That's about $1.2bn of deferrals.
And that was just 2022.
In addition, CHF288m of deferred stock was offered as part of normal bonuses, plus CHF231m for retention. That's about $1.2bn of deferrals.
And that was just 2022.
1
0
9
Was given this book when I joined Credit Suisse in 2000. Final sentence: “We aim to rise to these challenges”
4
1
63
3/ Most provided an abbreviated balance sheet, but some also offered a daily liquidity update:
2
3
30
1/ In 1907, to staunch panic, banks took out a series of ads in newspapers.
Some argued for calm:
Some argued for calm:
5
25
156
Money market funds. Not really in the bank's gift to bring them on though, unless they incentivise holders via higher rates.
1
0
0
Investors got bailed out?
Janet Yellen: "Let me be clear that during the financial crisis, there were investors and owners of systemic large banks that were bailed out . . . and the reforms that have been put in place means we are not going to do that again. But we are concerned about depositors, and we’re focused on trying to meet their needs"
0
1
10