Be Water
@bewaterltd.bsky.social
The Paper Bitcoin Razor: Proof-Of-Alignment
Bitcoin Treasuries Part V: A Lesson In The Dark Arts—How Not To Get Rekt (A Postmortem)
bewaterltd.com/p/the-paper-...
Bitcoin Treasuries Part V: A Lesson In The Dark Arts—How Not To Get Rekt (A Postmortem)
bewaterltd.com/p/the-paper-...
November 6, 2025 at 12:53 AM
The Paper Bitcoin Razor: Proof-Of-Alignment
Bitcoin Treasuries Part V: A Lesson In The Dark Arts—How Not To Get Rekt (A Postmortem)
bewaterltd.com/p/the-paper-...
Bitcoin Treasuries Part V: A Lesson In The Dark Arts—How Not To Get Rekt (A Postmortem)
bewaterltd.com/p/the-paper-...
Reposted by Be Water
‘One tradeoff in the re-tranching of banking is that banks have more seniority but less visibility. If loans go bad, banks don’t take the first losses. But they have less ability to check that the loans are good, or even that they exist in the first place.’ www.bloomberg.com/opinion/news...
Banks Make Loans to Non-Banks
NDFIs, Ethereum basis trades, Six Flags and snail farming.
www.bloomberg.com
October 22, 2025 at 4:23 PM
‘One tradeoff in the re-tranching of banking is that banks have more seniority but less visibility. If loans go bad, banks don’t take the first losses. But they have less ability to check that the loans are good, or even that they exist in the first place.’ www.bloomberg.com/opinion/news...
Reposted by Be Water
‘As passive share rises, concentration increases, which lowers the threshold for reflexivity. The system effectively lowers its own stability threshold as it grows.’ www.yesigiveafig.com/p/pay-attent...
October 19, 2025 at 4:23 PM
‘As passive share rises, concentration increases, which lowers the threshold for reflexivity. The system effectively lowers its own stability threshold as it grows.’ www.yesigiveafig.com/p/pay-attent...
Is Valuation Dead In the Age Of AI?
"Psychedelic Prices" and Collapsing Economic Coordination
bewaterltd.com/p/is-valuati...
"Psychedelic Prices" and Collapsing Economic Coordination
bewaterltd.com/p/is-valuati...
Is Valuation Dead In the Age Of AI?
"Psychedelic Prices" and Collapsing Economic Coordination
bewaterltd.com
September 16, 2025 at 6:24 PM
Is Valuation Dead In the Age Of AI?
"Psychedelic Prices" and Collapsing Economic Coordination
bewaterltd.com/p/is-valuati...
"Psychedelic Prices" and Collapsing Economic Coordination
bewaterltd.com/p/is-valuati...
The FT asks “Does valuation matter any more in the age of AI?”
tldr; No. QE + ETFs + Algos + AI = HyperPrices
Hyperprices are to prices what AI bot slop is to Twitter and social media.
Read more:
bewaterltd.com/p/the-price-...
tldr; No. QE + ETFs + Algos + AI = HyperPrices
Hyperprices are to prices what AI bot slop is to Twitter and social media.
Read more:
bewaterltd.com/p/the-price-...
September 9, 2025 at 3:10 PM
The FT asks “Does valuation matter any more in the age of AI?”
tldr; No. QE + ETFs + Algos + AI = HyperPrices
Hyperprices are to prices what AI bot slop is to Twitter and social media.
Read more:
bewaterltd.com/p/the-price-...
tldr; No. QE + ETFs + Algos + AI = HyperPrices
Hyperprices are to prices what AI bot slop is to Twitter and social media.
Read more:
bewaterltd.com/p/the-price-...
"The financing is being run through a complex arrangement
that keeps the debt off of Meta’s books and frees up its balance
sheet as it pursues an aggressive push into artificial
intelligence"
www.bloomberg.com/news/article...
that keeps the debt off of Meta’s books and frees up its balance
sheet as it pursues an aggressive push into artificial
intelligence"
www.bloomberg.com/news/article...
Meta’s Backstop Is Linchpin for $26 Billion AI Data-Center Deal
When Meta Platforms Inc. turned to lenders to secure $26 billion in debt funding for construction of a sprawling new data center, one key detail made all the difference in fueling a heated bidding war...
www.bloomberg.com
September 5, 2025 at 9:47 PM
"The financing is being run through a complex arrangement
that keeps the debt off of Meta’s books and frees up its balance
sheet as it pursues an aggressive push into artificial
intelligence"
www.bloomberg.com/news/article...
that keeps the debt off of Meta’s books and frees up its balance
sheet as it pursues an aggressive push into artificial
intelligence"
www.bloomberg.com/news/article...
Reposted by Be Water
‘Recent crises have helped to routinise — and sustain — government and central bank support. At the same time, ageing demographics, poor health and national security are raising demands on the state.’ www.ft.com/content/62b4...
August 18, 2025 at 3:05 PM
‘Recent crises have helped to routinise — and sustain — government and central bank support. At the same time, ageing demographics, poor health and national security are raising demands on the state.’ www.ft.com/content/62b4...
If A Price Chart Can Be A Dog, What Do Prices Mean?
bewaterltd.com/p/if-a-price...
bewaterltd.com/p/if-a-price...
If A Price Chart Can Be A Dog, What Do Prices Mean?
Painting the Tape: Price As Meme, Market As Medium
bewaterltd.com
August 18, 2025 at 3:04 PM
If A Price Chart Can Be A Dog, What Do Prices Mean?
bewaterltd.com/p/if-a-price...
bewaterltd.com/p/if-a-price...
More on algorithmic pricing in the FT from Sarah O'Connor, below. Just in time for Part 3 of our series on #HyperPrices and their impact on markets and the economy. bewaterltd.com/p/begun-the-...
August 5, 2025 at 9:06 PM
More on algorithmic pricing in the FT from Sarah O'Connor, below. Just in time for Part 3 of our series on #HyperPrices and their impact on markets and the economy. bewaterltd.com/p/begun-the-...
Gives new meaning to "painting the tape". The image below makes our point about algorithmic #HyperPrices better than we ever could. bewaterltd.com/p/hyperprice...
August 4, 2025 at 8:49 PM
Gives new meaning to "painting the tape". The image below makes our point about algorithmic #HyperPrices better than we ever could. bewaterltd.com/p/hyperprice...
Reposted by Be Water
‘On one of London’s hottest nights this year, about 350 people cram into a dark theater with no air conditioning to watch 68-year-old Tom Sosnoff trade options live.’ www.bloomberg.com/news/feature...
‘It’s 10% in 17 Minutes’: Option-Trading Show Taps Into Retail Fever
Day traders are packing theaters to learn complex trading strategies that were once reserved for Wall Street pros
www.bloomberg.com
August 1, 2025 at 2:03 PM
‘On one of London’s hottest nights this year, about 350 people cram into a dark theater with no air conditioning to watch 68-year-old Tom Sosnoff trade options live.’ www.bloomberg.com/news/feature...
This is an excellent piece that echoes some of the ideas we've been writing about voicefromrussia.com/article/the-...
The End of Illusion
The crisis consists precisely in the fact that the old is dying and the new cannot be born; in this interregnum a great variety of morbid symptoms appear
voicefromrussia.com
July 31, 2025 at 10:21 AM
This is an excellent piece that echoes some of the ideas we've been writing about voicefromrussia.com/article/the-...
Very interesting post by Matt Levine on #AI tradebot market collusion. We've been writing a series on bots and #quant more generally, including the impact on the price system, economy, and financial markets. A few below.
This newsletter doesn’t need to be evil — or even particularly smart. www.bloomberg.com/opinion/news...
The Bots Will Work Together
Also Kalshi bets, Robey Warshaw, ETHZilla, and putting Bitcoin on your credit card.
www.bloomberg.com
July 30, 2025 at 11:43 PM
Reposted by Be Water
This newsletter aligns with Money Stuff's ongoing commitment to combating market corruption and enhancing shareholder value. www.bloomberg.com/opinion/news...
There’s a GameStop Treasury Company
Also ETF heartbeats, crypto lending, Libor transition collusion and meme-stock investment.
www.bloomberg.com
July 22, 2025 at 5:54 PM
This newsletter aligns with Money Stuff's ongoing commitment to combating market corruption and enhancing shareholder value. www.bloomberg.com/opinion/news...
Reposted by Be Water
"it’s possible that well-run Bitcoin treasury companies are the most undervalued public equities in the world" ...
on.ft.com/4kJsbzM
on.ft.com/4kJsbzM
Introducing P/BYD, an exciting new way to rationalise nonsense
[FREE TO READ] War is peace, freedom is slavery, dilution is accretion
on.ft.com
July 16, 2025 at 2:02 PM
"it’s possible that well-run Bitcoin treasury companies are the most undervalued public equities in the world" ...
on.ft.com/4kJsbzM
on.ft.com/4kJsbzM
Reposted by Be Water
NEW PODCAST: Peter Berezin On Finding The Courage To Be A Contrarian thefelderreport.com/2025/07/16/p...
Peter Berezin On Finding The Courage To Be A Contrarian
Peter Berezin On Finding The Courage To Be A Contrarian
thefelderreport.com
July 16, 2025 at 3:56 PM
NEW PODCAST: Peter Berezin On Finding The Courage To Be A Contrarian thefelderreport.com/2025/07/16/p...
Navigating #Multiflation. Why CPI conceals the real economic damage, and what to do about it in your portfolio: the Five Archetypes framework. bewaterltd.com/p/navigating...
July 14, 2025 at 7:20 PM
Navigating #Multiflation. Why CPI conceals the real economic damage, and what to do about it in your portfolio: the Five Archetypes framework. bewaterltd.com/p/navigating...
#BitcoinTreasuries like $MSTR: monetary attack dogs, or leveraged pyramid scheme like the "investment trusts" leading up to the #1929crash? #Multiflation #bitcoin #btc
bewaterltd.com/p/bitcoin-tr...
bewaterltd.com/p/bitcoin-tr...
Bitcoin Treasury Companies
Speculative Attack!
bewaterltd.com
July 1, 2025 at 10:51 PM
#BitcoinTreasuries like $MSTR: monetary attack dogs, or leveraged pyramid scheme like the "investment trusts" leading up to the #1929crash? #Multiflation #bitcoin #btc
bewaterltd.com/p/bitcoin-tr...
bewaterltd.com/p/bitcoin-tr...
Reposted by Be Water
“The basic tool for the manipulation of reality is the manipulation of words. If you can control the meaning of words, you can control the people who must use them.”
~Philip K. Dick
open.substack.com/pub/infinite...
~Philip K. Dick
open.substack.com/pub/infinite...
Two Thoughts (22 - 28 June)
Only 22 of 100 deluxe WHITE MIRROR bundles remain!
open.substack.com
June 29, 2025 at 1:27 PM
“The basic tool for the manipulation of reality is the manipulation of words. If you can control the meaning of words, you can control the people who must use them.”
~Philip K. Dick
open.substack.com/pub/infinite...
~Philip K. Dick
open.substack.com/pub/infinite...
Further democratization of day trading: x.com/CMEActiveTra...
June 28, 2025 at 1:09 PM
Further democratization of day trading: x.com/CMEActiveTra...
The 2008 crisis was not a Subprime or CDO crisis...and what that means for markets: bewaterltd.com/p/metastasiz...
Metastasizing Monetary Mirage
Symbolic Alchemy Of Risk Part II: The Tower Of Babel
bewaterltd.com
June 28, 2025 at 1:07 PM
The 2008 crisis was not a Subprime or CDO crisis...and what that means for markets: bewaterltd.com/p/metastasiz...
Reposting now that we are replaying 2020-21 evidently
Meme Mania is in 99th percentile: www.bloomberg.com/news/newslet...
bewaterltd.com/p/mr-markets...
Meme Mania is in 99th percentile: www.bloomberg.com/news/newslet...
bewaterltd.com/p/mr-markets...
Mr. Market’s Schizophrenic Break Of 2020
A Prelude to the Market Madness of 2024
bewaterltd.com
June 27, 2025 at 4:36 PM
Reposting now that we are replaying 2020-21 evidently
Meme Mania is in 99th percentile: www.bloomberg.com/news/newslet...
bewaterltd.com/p/mr-markets...
Meme Mania is in 99th percentile: www.bloomberg.com/news/newslet...
bewaterltd.com/p/mr-markets...
Reposted by Be Water
‘A model trained before Galileo would have parroted a geocentric universe; fed 19th-century texts it would have proved human flight impossible before the Wright brothers succeeded.’ www.ft.com/content/55bc...
AI alone cannot solve the productivity puzzle
Economic miracles stem from discovery, not repeating tasks at greater speed
www.ft.com
June 16, 2025 at 7:06 PM
‘A model trained before Galileo would have parroted a geocentric universe; fed 19th-century texts it would have proved human flight impossible before the Wright brothers succeeded.’ www.ft.com/content/55bc...