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Matt LevineBloomberg |
A dumb simple way to think about the value of an asset-management firm is: This is all crude and oversimplified in a lot of ways. But in this dumb...
Naively, you might think that a stock exchange is a place where people meet to trade stocks, and that everyone would want to meet where everyone else...
If you are the chief executive officer and controlling shareholder of two different companies, each with different minority shareholders and...
I have, over the past few years, had surprisingly many occasions to ponder the following question: If you had a magic lamp that allowed you to move up...
Insider trading, I like to say, is not about fairness: It’s about theft. In the US, most of the time, it is illegal to trade on inside information...
You could have a model of Elon Musk that is like:I am not saying this is a particularly good model. Step 4, in particular, is suspect; Musk seems to...
A few years ago, Citigroup Inc. had an oopsie where it accidentally wired $900 million to some hedge funds. After giving it some thought, most of the...
Just from first principles it is weird that, if you are a company or a private equity sponsor looking to borrow a lot of money, and you go to a...
Sometimes banks get in trouble with regulators for misconduct, and the regulators fine the banks and issue an order describing the misconduct, and I...
One theory is that, because most of the shareholders of most US public companies are diversified investors in lots of companies, each company’s...
Here is a hypothetical move: There is presumably some tipping point. There is some level where the restaurants are viable enough that you will want to...
Sometimes there are profitable trades, but not that often. Sometimes someone is looking to sell 100 widgets at $20 on the American Widget Exchange,...
Nothing in this newsletter is ever investment advice. For instance, yesterday AMC Entertainment Holdings Inc. announced that it had completed its...
Ahahaha what: So we talked yesterday about the GameStop rally, which appears to have been sparked by Gill rather cryptically returning to...
Man, whenever Wharton puts Meme Financial Markets into its MBA core curriculum and hires me to teach it, this is going to be the final exam: Here...
In the first few months of 2023, on its way into bankruptcy, Bed Bath & Beyond Inc. sold a ton of stock. In January 2023, it had about 117.3...
So FTX was … illiquid but solvent? Absolutely wild: Yesterday Ray’s restructuring team filed the latest draft bankruptcy plan and disclosure...
Traditionally there are three main things you need to be a good bond dealer: Historically, in the US, this was a business done by investment banks and...
There are two ways to think of a carbon credit: The first approach thinks of carbon credits as physical quantities, things in the real world. The...
We talked on Tuesday about a weird trade. The trade is: A person, usually an older person — call her Alice — takes out a $5 million life insurance...
Barclays Plc is a large global bank, and it issues credit cards. If you have a Barclays credit card, you can use it to buy stuff, in which case...
Life insurance is, financially, a bet on your early death. If you buy a 20-year term life insurance policy with a $5 million death benefit and...
The economics of a Paramount Global acquisition are simple but tricky: Assume that you are willing to pay $12 billion of total equity value for the...
The stylized history of financial exchanges is something like: We talked a few years ago about Members Exchange, MEMX, which is this story for US...
Is there still gardening leave? Yesterday, the US Federal Trade Commission voted to ban employee noncompete agreements in the US. 1 Future...
Programming note: Money Stuff will be off tomorrow, back on Wednesday. The story is: Jane Street Group, the proprietary trading firm, found some...
One sort of thing you could do, if you work at an investing firm, is say “I like Microsoft Corp., I think this artificial intelligence thing is big,...
Tesla Inc. is an electric car company, but arguably its most important mission is generating cash for Elon Musk. This is not just me saying that. In...
Trump Media & Technology Group announced some product news today, which I for one was not expecting. It has previously said that it had “begun...
“Everything is securities fraud,” I like to say around here, meaning: Occasionally I add a technical clarification: Simply not mentioning a bad...
Programming note! We are trying something new around here. It’s a podcast. There’s going to be a Money Stuff podcast, in which I’ll discuss...
One thing that I think about from time to time is that the notion of “material nonpublic information” is outdated and incoherent. In the olden...
We talked yesterday about the Destiny Tech100 fund, but I worry that I did not sufficiently emphasize how wild it is. Here is what it is: This is an...
A not uncommon situation is: You are an employee of a hot tech startup, you own stock in your startup, but you can’t sell it. One reason that you...
If you are an activist hedge fund, I guess you have two motivations: You want to make money, and you want to win proxy fights. But you can make money...
Probably Donald Trump should have just issued a crypto token, called it “DJT,” gone around saying “this is the crypto token of me, Donald...
We talked in November about Hunterbrook, a hedge fund that is also a newspaper. These are mostly tough economic times for the news industry, and...
What if fundamental analysis of stock prices was a temporary phenomenon? I have previously written my half-joking history of stock markets in three...
Programming note: Money Stuff will be off tomorrow and next week, back in April. The simplest form of fraud is that you lie to someone and they give...
The US has about a dozen stock exchanges. Each stock trades on each stock exchange. Every so often the price of a stock on one exchange will be...
Ahh this is clever:That is from Bloomberg’s Natasha White this week. The idea in credit risk transfer is:
Here are some statistics from Bloomberg’s Olga Kharif: Well. Sure. Look, I myself have spent at least 11 hours online learning about crypto, and I...
Mohamed Ali Rashid used to be a partner at Apollo Global Management Inc., the big private equity firm. As part of his job, he would fly around to...
The cheapest way to get into the banking business might be to buy a failed bank. When the US Federal Deposit Insurance Corp. takes over a failed bank,...
A dollar of income is worth more in some businesses than in others. Some businesses are attractive and fast-growing, and investors will pay a large...
New York usury law makes it illegal to charge very high interest rates on loans. If you charge more than 16% on a loan in New York, the borrower might...
I worry that perhaps nobody knows how mergers work. Not in like a “let me tell you” sense, but in an “everything is fundamentally unknowable”...
The theory of executive severance goes something like this. The chief executive officer of a public company wants to run the company. Running the...
What does the trading business of a big bank do? One crude model might be: In the olden days, perhaps 20 years ago, the trading division did trading....
I wrote yesterday about reports that the US Securities and Exchange Commission might be looking into whether OpenAI or its founder and chief executive...
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