Toby Nangle
@tobyn.bsky.social
FT Alphaville reporter. Ex-“veteran” fund manager. Resolution Foundation Assoc. Baring Foundation Trustee.
Saw FGR lose to Carlisle.😢
My blurry shot of the managers: Robbie Savage & Mark Hughes - Man U & Wales teammates in the ‘90s.
My blurry shot of the managers: Robbie Savage & Mark Hughes - Man U & Wales teammates in the ‘90s.
February 14, 2026 at 10:05 PM
Saw FGR lose to Carlisle.😢
My blurry shot of the managers: Robbie Savage & Mark Hughes - Man U & Wales teammates in the ‘90s.
My blurry shot of the managers: Robbie Savage & Mark Hughes - Man U & Wales teammates in the ‘90s.
Beautiful piece on the original FT dataviz quiz from @theboysmithy.ft.com
www.ft.com/content/79a4...
www.ft.com/content/79a4...
The FT contest that challenged readers to redraw Europe’s borders
The extraordinary story of when, two months into the bloody Great War, the newspaper launched an unusual competition
www.ft.com
February 14, 2026 at 10:21 AM
Beautiful piece on the original FT dataviz quiz from @theboysmithy.ft.com
www.ft.com/content/79a4...
www.ft.com/content/79a4...
Where do parents find the time to parent? Less sleep, work and screens.
Amazing chart feat. in @alphaville.ft.com Further Reading.
homeeconomics.substack.com/p/where-do-p...
Amazing chart feat. in @alphaville.ft.com Further Reading.
homeeconomics.substack.com/p/where-do-p...
February 13, 2026 at 8:11 AM
Where do parents find the time to parent? Less sleep, work and screens.
Amazing chart feat. in @alphaville.ft.com Further Reading.
homeeconomics.substack.com/p/where-do-p...
Amazing chart feat. in @alphaville.ft.com Further Reading.
homeeconomics.substack.com/p/where-do-p...
Need to run a c/a deficit to be reserve currency?
Absolutely not.
Top post by @rajakorman.bsky.social for @alphaville.ft.com
www.ft.com/content/4b08...
Absolutely not.
Top post by @rajakorman.bsky.social for @alphaville.ft.com
www.ft.com/content/4b08...
What must happen for the world to stack RMB
For dollar wannabe renminbi, liability currency status > reserve currency status
www.ft.com
February 13, 2026 at 7:23 AM
Need to run a c/a deficit to be reserve currency?
Absolutely not.
Top post by @rajakorman.bsky.social for @alphaville.ft.com
www.ft.com/content/4b08...
Absolutely not.
Top post by @rajakorman.bsky.social for @alphaville.ft.com
www.ft.com/content/4b08...
Reposted by Toby Nangle
A few perspectives on what the takeover of Schroders means for active asset management, the City, and the career prospects of the Excel jockeys at 1 London Wall.
as.ft.com/r/4a48497a-5...
as.ft.com/r/4a48497a-5...
Alphaville’s annotated thoughts on the Schroders takeover
[FREE TO READ] Schruveen? Because Nuders sounds too rude
as.ft.com
February 12, 2026 at 11:49 AM
A few perspectives on what the takeover of Schroders means for active asset management, the City, and the career prospects of the Excel jockeys at 1 London Wall.
as.ft.com/r/4a48497a-5...
as.ft.com/r/4a48497a-5...
🚨 Picking through $1tn of hedge funds with universities attached.
www.ft.com/content/4287...
www.ft.com/content/4287...
February 12, 2026 at 6:48 AM
🚨 Picking through $1tn of hedge funds with universities attached.
www.ft.com/content/4287...
www.ft.com/content/4287...
🚨 BDCs manage around $500bn of private credit. How exposed are they to AI-disruption?
Lots and lots of cool charts.
www.ft.com/content/3f88...
Lots and lots of cool charts.
www.ft.com/content/3f88...
February 10, 2026 at 2:18 PM
🚨 BDCs manage around $500bn of private credit. How exposed are they to AI-disruption?
Lots and lots of cool charts.
www.ft.com/content/3f88...
Lots and lots of cool charts.
www.ft.com/content/3f88...
Absolute banger of a long read from @bondhack.ft.com, ostensibly about Epstein, but ends up solving the qn on who triggered the GFC.
(No spoilers, but you have heard of the actual person.)
Where else but @alphaville.ft.com.
www.ft.com/content/6901...
(No spoilers, but you have heard of the actual person.)
Where else but @alphaville.ft.com.
www.ft.com/content/6901...
No, Jeffrey Epstein didn’t trigger the 2008 subprime meltdown
A Bear Stearns mystery solved
www.ft.com
February 10, 2026 at 9:56 AM
Absolute banger of a long read from @bondhack.ft.com, ostensibly about Epstein, but ends up solving the qn on who triggered the GFC.
(No spoilers, but you have heard of the actual person.)
Where else but @alphaville.ft.com.
www.ft.com/content/6901...
(No spoilers, but you have heard of the actual person.)
Where else but @alphaville.ft.com.
www.ft.com/content/6901...
An absolute time-sink, but this — from @alphaville.ft.com Further Reading — is really amazing bluesky-map.theo.io
Bluesky Map
Interactive map of 3 million Bluesky users, visualised by their follower pattern.
bluesky-map.theo.io
February 10, 2026 at 8:39 AM
An absolute time-sink, but this — from @alphaville.ft.com Further Reading — is really amazing bluesky-map.theo.io
Hadn't realised the answer to the qn 'where did Epstein get his money from' was as simple as 'most he stole from Les Wexner, though was later also showered in money by Leon Black' www.ft.com/content/72c0...
Jeffrey Epstein paid Les Wexner $100mn after retail billionaire accused him of theft
Private settlement sought to avoid ‘unnecessary public attention’, prosecutors’ report said
www.ft.com
February 10, 2026 at 8:07 AM
Hadn't realised the answer to the qn 'where did Epstein get his money from' was as simple as 'most he stole from Les Wexner, though was later also showered in money by Leon Black' www.ft.com/content/72c0...
Jimmy Lai is a hero. And so China has sentenced him to 20yrs. Here's a great (old) podcast from @planetmoney.bsky.social about his decision to stand up and be counted. www.npr.org/transcripts/...
February 9, 2026 at 8:14 AM
Jimmy Lai is a hero. And so China has sentenced him to 20yrs. Here's a great (old) podcast from @planetmoney.bsky.social about his decision to stand up and be counted. www.npr.org/transcripts/...
🚨Japan LLC has been trading its way out of a fiscal hole www.ft.com/content/f7d3...
Japan LLC has been trading its way out of a fiscal hole
Long stocks, short yen, chillax
www.ft.com
February 9, 2026 at 6:45 AM
🚨Japan LLC has been trading its way out of a fiscal hole www.ft.com/content/f7d3...
Only just now seen this cool chart from The Economist plotting Kevin Warsh's published speeches' dovishness and hawkishness.
Sharp shift in tone depending on who's in White House purely coincidental.
www.economist.com/finance-and-...
Sharp shift in tone depending on who's in White House purely coincidental.
www.economist.com/finance-and-...
February 8, 2026 at 8:29 PM
Only just now seen this cool chart from The Economist plotting Kevin Warsh's published speeches' dovishness and hawkishness.
Sharp shift in tone depending on who's in White House purely coincidental.
www.economist.com/finance-and-...
Sharp shift in tone depending on who's in White House purely coincidental.
www.economist.com/finance-and-...
Reposted by Toby Nangle
[watching curling]
after 1 min: ugh this is dull
10 min: spin on that stone is off
30 mins: three in the house means nothing if your centre guard is ripe for a pick and roll
1 hour: SWEEP BITCH SWEEP
after 1 min: ugh this is dull
10 min: spin on that stone is off
30 mins: three in the house means nothing if your centre guard is ripe for a pick and roll
1 hour: SWEEP BITCH SWEEP
February 7, 2026 at 2:51 PM
[watching curling]
after 1 min: ugh this is dull
10 min: spin on that stone is off
30 mins: three in the house means nothing if your centre guard is ripe for a pick and roll
1 hour: SWEEP BITCH SWEEP
after 1 min: ugh this is dull
10 min: spin on that stone is off
30 mins: three in the house means nothing if your centre guard is ripe for a pick and roll
1 hour: SWEEP BITCH SWEEP
Absorbing FT Big Read on tomorrow’s Japanese elections.
www.ft.com/content/b9fb...
www.ft.com/content/b9fb...
Can Sanae Takaichi govern Japan on star power alone?
The new prime minister has revived the LDP, which had looked as if it might collapse. But if she wins this week’s elections, she will face harsh realities
www.ft.com
February 7, 2026 at 10:31 AM
Absorbing FT Big Read on tomorrow’s Japanese elections.
www.ft.com/content/b9fb...
www.ft.com/content/b9fb...
US taxpayer “slush fund to get MAGA-style things going” & “fund European organisations to undermine government policies”, says Reform UK source. www.ft.com/content/f869...
US government to fund Maga-aligned think-tanks and charities in Europe
State department grants to spread ‘American values’ are part of Washington’s 250th anniversary celebrations
www.ft.com
February 6, 2026 at 7:37 AM
US taxpayer “slush fund to get MAGA-style things going” & “fund European organisations to undermine government policies”, says Reform UK source. www.ft.com/content/f869...
When even Jeffrey Epstein thinks your culture is vile 😬
www.justice.gov/epstein/file...
www.justice.gov/epstein/file...
February 5, 2026 at 5:25 PM
When even Jeffrey Epstein thinks your culture is vile 😬
www.justice.gov/epstein/file...
www.justice.gov/epstein/file...
Mad chart from NYT which might be of interest to folks comparing marginal tax rates across countries (yes, I know it's not a tax)
www.nytimes.com/2026/01/30/u...
www.nytimes.com/2026/01/30/u...
February 5, 2026 at 10:48 AM
Mad chart from NYT which might be of interest to folks comparing marginal tax rates across countries (yes, I know it's not a tax)
www.nytimes.com/2026/01/30/u...
www.nytimes.com/2026/01/30/u...
🚨 Had a look at BNP Paribas' legal woes and dug into whether this gives them a capital problem.
www.ft.com/content/5745...
www.ft.com/content/5745...
Trying to gauge BNP Paribas’s legal risk
Nothingburger, wipeout, or something in between?
www.ft.com
February 5, 2026 at 10:23 AM
🚨 Had a look at BNP Paribas' legal woes and dug into whether this gives them a capital problem.
www.ft.com/content/5745...
www.ft.com/content/5745...
From @alphaville.ft.com Further Reading today: Who Goes Nazi? A parlour game from Harper’s, 1941
harpers.org/archive/1941...
harpers.org/archive/1941...
Who Goes Nazi?, by Dorothy Thompson
harpers.org
February 3, 2026 at 8:20 AM
From @alphaville.ft.com Further Reading today: Who Goes Nazi? A parlour game from Harper’s, 1941
harpers.org/archive/1941...
harpers.org/archive/1941...
Hyperscaler capex charts from JPM.
LHS: sum of cons capex for AMZN, GOOG, META, MSFT, ORCL;
RHS: debt issuance & capex as % of op. cash flow
LHS: sum of cons capex for AMZN, GOOG, META, MSFT, ORCL;
RHS: debt issuance & capex as % of op. cash flow
February 2, 2026 at 10:27 AM
Hyperscaler capex charts from JPM.
LHS: sum of cons capex for AMZN, GOOG, META, MSFT, ORCL;
RHS: debt issuance & capex as % of op. cash flow
LHS: sum of cons capex for AMZN, GOOG, META, MSFT, ORCL;
RHS: debt issuance & capex as % of op. cash flow
🚨 Only @alphaville.ft.com would drop 12k words on the Fed’s Covid-19 crisis on a Monday ❤️
www.ft.com/content/cb9a...
www.ft.com/content/cb9a...
An oral history of the Fed’s Covid-19 crisis
We read a bajillion pages of transcripts so you don’t have to (unless you really want to, of course)
www.ft.com
February 2, 2026 at 6:55 AM
🚨 Only @alphaville.ft.com would drop 12k words on the Fed’s Covid-19 crisis on a Monday ❤️
www.ft.com/content/cb9a...
www.ft.com/content/cb9a...
According to coingecko, the total market cap of NFTs is still c$1.8bn, down only c90% from peak. www.coingecko.com/en/nft/globa...
January 31, 2026 at 6:48 PM
According to coingecko, the total market cap of NFTs is still c$1.8bn, down only c90% from peak. www.coingecko.com/en/nft/globa...
Reposted by Toby Nangle
I’ve written this lengthy FT analysis overnight about the multiple multi-thousand pound Epstein payments to Mandelson’s husband
these particular paragraphs are worth reading slowly
www.ft.com/content/608a...
these particular paragraphs are worth reading slowly
www.ft.com/content/608a...
January 31, 2026 at 12:34 PM
I’ve written this lengthy FT analysis overnight about the multiple multi-thousand pound Epstein payments to Mandelson’s husband
these particular paragraphs are worth reading slowly
www.ft.com/content/608a...
these particular paragraphs are worth reading slowly
www.ft.com/content/608a...