Evercore ISI’s Krishna Guha on Kevin Warsh’s senate confirmation statement: “Warsh is signaling his dislike of a particular type of Fed
dovishness that has been prevalent in recent years, but at the same time potentially opening the
door to a different type of dovishness.”
For once I can say that all the contestants are winners (even if only one can walk away with the tee). www.ft.com/content/2951...
Me waiting for Keir Starmer's ousting after being told it was inevitable/imminent since 2025.
Right. So let's sum up. Private credit is full of cruddy loans issued by companies that couldn't get financed anywhere else, and assembled haphazardly into rattlebags, rather than carefully constructed portfolios, by dealmakers (cosplaying as managers) who get paid to shovel client money out as fast as they can. Consequently, they have concentrated client funds in sectors prone to Al disruption to a stupid degree - loans that were anyway turning sour even before anyone was talking about SaaSpocaplyse (although the industry has swept this under the carpet by restructuring problem loans into PIK loans) - and the juggernaut of insurance capital into the sector has even stopped valuations adjusting to the point where it might become sensible.
🚨 Took a look at Sona Asset Mgmt’s ‘Honest Assessment’ of Private Credit. www.ft.com/content/e57d...
I actually desperately want Arsenal to win it and think Arteta is an incredible manager whatever happens, but it would undeniably be hilarious if they really do blow the premier league title.
🙌🙌🙌🙌
If you've never attempted an @alphaville.ft.com charts quiz because, you know, they're really really hard THIS WEEK IS YOUR WEEK. Kudos to the genius of @bryce.lol www.ft.com/content/9501...
🚨 Took a look at FAR TOO MANY Form ADV disclosures to try to work out which asset managers are managing all the SWFs for Alphaville. www.ft.com/content/c411...
You think?
Jaw dropping article by @kayewiggins.ft.com and Stefania Palma on how the Trump administration’s disinterest in white-collar crime has caused a bear market for defence lawyers. The quotes are all 😮from the intro down. www.ft.com/content/befa...
New profile banner…
While @tobyn.bsky.social came carrying formulas, data and Stein's Law, I shoehorned in Leonard Cohen, Ghostbusters and Norway jokes. www.ft.com/content/dddf...
Lovely piece from @bronmaher.bsky.social on Alphaville, "the FT’s Shitposting ‘Skunkworks’", with input from @robinwigglesworth.ft.com, @lionelbarber.bsky.social and a small contribution from yours truly
www.amediaoperator.com/news/financi...
trvthnvke
And we are live!
maybe between us we add up to one expert (because in reality Toby probably counts as 2 god-level experts and I as minus 1)
Neither of us are really "experts" but @tobyn.bsky.social and I are about to do one of the FT's live "Ask An Expert" sessions for readers with questions about America's global financial dominance and Trump-shaped challenges to it. You can join here: www.ft.com/content/dddf...
For my first post for @alphaville.ft.com, I ran the (hypothetical) numbers on the Green Party's new policy of a 10:1 pay ratio at UK companies. Including house style massive clickable scatter charts 📈
www.ft.com/content/2b9e...
Burn it all down. www.ft.com/content/a4b6...
Gillian has that covered luckily.
Technically it’s a “vodcast” so you’ll be treated to a whole lot of shots like this:
Some professional news… Have finally obtained the Grand Slam of modern jourbalism — a blog, a newsletter and now a podcast. 🥳https://aboutus.ft.com/press_release/the-story-of-money
in which I investigate - qui sont-ils, les breaux de crypteaux? wer sind die Cryptoscheissesprechermenschen?
www.ft.com/content/5c56...
Kevin Warsh's financial disclosure — required for his bid to become Federal Reserve chair — revealed assets of at least $130mn (probably a lot more), direct investments in about 300 individual companies, and mentioned "confidentiality" 190 times. www.ft.com/content/2df2...
Brilliant idea.
Perfect niche econ history joke.
