Corrective to the Big Tech AI leverage fears: Even if all next year’s capex was funded with debt, the five hyperscalers' combined borrowings would still be just 1 times EBITDA. And aside from Oracle, CDS have not risen v much www.reuters.com/commentary/b...
November 26, 2025 at 9:33 AM
Corrective to the Big Tech AI leverage fears: Even if all next year’s capex was funded with debt, the five hyperscalers' combined borrowings would still be just 1 times EBITDA. And aside from Oracle, CDS have not risen v much www.reuters.com/commentary/b...
Reposted by Liam Proud
Commentary | The case for a big, one-off wealth tax
www.reuters.com/commentary/b...
www.reuters.com/commentary/b...
Breakingviews - The case for a big, one-off wealth tax
Cash-strapped Western states must invest in their militaries and green energy. With the top 1% increasing its grip on wealth, and paying little tax, soaking the rich looks justified. But a chunky one-off levy makes more sense than an annual charge, which is vulnerable to dodging.
www.reuters.com
October 14, 2025 at 9:49 AM
Commentary | The case for a big, one-off wealth tax
www.reuters.com/commentary/b...
www.reuters.com/commentary/b...
Reposted by Liam Proud
Tether megaraise may mark peak of stablecoin party - www.breakingviews.com/columns/brea... @liamproud.bsky.social
September 24, 2025 at 12:44 PM
Tether megaraise may mark peak of stablecoin party - www.breakingviews.com/columns/brea... @liamproud.bsky.social
Reposted by Liam Proud
For several years I've written a weekly note to the @breakingviews.reuters.com team, picking out key insights and ideas. Some colleagues urged me to share these musings more widely. So behold The Week in Breakingviews, free in your inbox each Saturday. Sign up here: www.reuters.com/newsletters/...
September 23, 2025 at 11:13 AM
For several years I've written a weekly note to the @breakingviews.reuters.com team, picking out key insights and ideas. Some colleagues urged me to share these musings more widely. So behold The Week in Breakingviews, free in your inbox each Saturday. Sign up here: www.reuters.com/newsletters/...
Reposted by Liam Proud
UBS hardy valuation jars with bank's capital gripe - www.breakingviews.com/columns/brea...
September 18, 2025 at 2:34 PM
UBS hardy valuation jars with bank's capital gripe - www.breakingviews.com/columns/brea...
OpenAI gives fair warning to masochistic investors www.breakingviews.com/columns/cons...
September 9, 2025 at 7:57 AM
OpenAI gives fair warning to masochistic investors www.breakingviews.com/columns/cons...
Combined capex at Microsoft, Amazon, Alphabet and Meta will surpass ALL listed American AND European utilities companies combined (same for energy, consumer, industrials etc.) [per UBS]
August 28, 2025 at 3:57 PM
Combined capex at Microsoft, Amazon, Alphabet and Meta will surpass ALL listed American AND European utilities companies combined (same for energy, consumer, industrials etc.) [per UBS]
Reposted by Liam Proud
BREAKING: Israeli strikes on Nasser Hospital in Gaza killed at least 15 people, including three journalists, one of whom worked for Reuters, Palestinian health officials said reut.rs/45OFPfr
August 25, 2025 at 8:34 AM
BREAKING: Israeli strikes on Nasser Hospital in Gaza killed at least 15 people, including three journalists, one of whom worked for Reuters, Palestinian health officials said reut.rs/45OFPfr
Dear retail traders: 'can’t lose’ means can’t win www.reuters.com/commentary/b...
August 20, 2025 at 8:29 AM
Dear retail traders: 'can’t lose’ means can’t win www.reuters.com/commentary/b...
Reposted by Liam Proud
European defence stocks send false peace signal - www.breakingviews.com/columns/brea... - @liamproud.bsky.social
European defence stocks send false peace signal
Rheinmetall, Renk and peers collectively shed $15 bln of value, or 5%, after a White House summit involving Ukraine, Germany, France and Britain. Toppy valuations explain the fall, rather than expectations of less fighting. The stocks still imply soaring defence budgets.
www.breakingviews.com
August 19, 2025 at 12:24 PM
European defence stocks send false peace signal - www.breakingviews.com/columns/brea... - @liamproud.bsky.social
Reposted by Liam Proud
Apollo-Brookfield UK pension race has two winners - www.breakingviews.com/columns/brea... - @liamproud.bsky.social
Apollo-Brookfield UK pension race has two winners
Weeks after the US group paid $8 bln for a British retirement manager, its Canadian peer agreed a $3 bln takeover of Just Group. Brookfield’s price is high. But Britain’s annuity market is growing and...
www.breakingviews.com
July 31, 2025 at 12:21 PM
Apollo-Brookfield UK pension race has two winners - www.breakingviews.com/columns/brea... - @liamproud.bsky.social
Reposted by Liam Proud
Ideal new HSBC chair would be opposite of its last - www.breakingviews.com/columns/brea... - @liamproud.bsky.social
Ideal new HSBC chair would be opposite of its last
Outgoing board head Mark Tucker churned through CEOs and steered the $220 bln bank’s vast overhaul. Now, with the right boss and strategy in place, HSBC could use a diplomatic Asia expert happy to tak...
www.breakingviews.com
July 30, 2025 at 10:53 AM
Ideal new HSBC chair would be opposite of its last - www.breakingviews.com/columns/brea... - @liamproud.bsky.social
Reposted by Liam Proud
Evercore’s Robey Warshaw deal sums up key-man risk - www.breakingviews.com/columns/brea... - @liamproud.bsky.social
Evercore’s Robey Warshaw deal sums up key-man risk
The Wall Street firm is paying $196 mln for the UK boutique co-founded by Simon Robey. The danger in such transactions is that rainmakers leave. A six-year earnout helps, but for the buyer the upside ...
www.breakingviews.com
July 30, 2025 at 11:55 AM
Evercore’s Robey Warshaw deal sums up key-man risk - www.breakingviews.com/columns/brea... - @liamproud.bsky.social
Reposted by Liam Proud
Europe’s absurd US investment pledge brings risks
www.breakingviews.com/columns/cons...
www.breakingviews.com/columns/cons...
July 29, 2025 at 11:40 AM
Europe’s absurd US investment pledge brings risks
www.breakingviews.com/columns/cons...
www.breakingviews.com/columns/cons...
Reposted by Liam Proud
Orcel’s UniCredit M&A whirlwind turns into a fog - www.breakingviews.com/columns/brea... - @liamproud.bsky.social
Orcel’s UniCredit M&A whirlwind turns into a fog
The $110 bln bank’s boss dropped his offer for Italy’s BPM but seems set on holding 29% of Germany’s Commerzbank. That leaves two questions hanging: whether a local tie-up still happens; and whether C...
www.breakingviews.com
July 23, 2025 at 11:31 AM
Orcel’s UniCredit M&A whirlwind turns into a fog - www.breakingviews.com/columns/brea... - @liamproud.bsky.social
Reposted by Liam Proud
From Breakingviews - Breakingviews - Big Pharma pioneers the TOFU tariff trade reut.rs/4mbWb8x
Breakingviews - Big Pharma pioneers the TOFU tariff trade
Markets reflect a widespread belief that the US president always chickens out on trade measures. AstraZeneca’s plan to invest $50 bln stateside implies that sector-specific levies are inevitable. The drug group and rivals like Roche are assuming Trump Occasionally Follows Up.
reut.rs
July 22, 2025 at 12:10 PM
From Breakingviews - Breakingviews - Big Pharma pioneers the TOFU tariff trade reut.rs/4mbWb8x
Reposted by Liam Proud
French PM Bayrou has likened his task reducing his country's heavy public debt load to "climbing the Himalayas." His damp squib of a budget shows him stuck in base camp.
www.breakingviews.com/columns/cons...
www.breakingviews.com/columns/cons...
July 16, 2025 at 9:20 AM
French PM Bayrou has likened his task reducing his country's heavy public debt load to "climbing the Himalayas." His damp squib of a budget shows him stuck in base camp.
www.breakingviews.com/columns/cons...
www.breakingviews.com/columns/cons...
Reposted by Liam Proud
Jane Street’s India spat touches regulatory nerve - www.breakingviews.com/columns/big-... - @liamproud.bsky.social
Jane Street’s India spat touches regulatory nerve
The US firm, with $20 bln of 2024 revenue, is one of the biggest of the post-2008 financial giants that have replaced banks as key market-makers. As shown by a bust-up with India, regulators are now f...
www.breakingviews.com
July 10, 2025 at 1:31 PM
Jane Street’s India spat touches regulatory nerve - www.breakingviews.com/columns/big-... - @liamproud.bsky.social
Author Douglas Hofstadter's entertainingly jaded response to fans emailing about having "discovered" AI sentience garymarcus.substack.com/p/are-llms-s...
Are LLMs starting to become sentient?
A compassionate but skeptical letter that Douglas Hofstadter wrote to one of his readers
garymarcus.substack.com
July 10, 2025 at 8:41 AM
Author Douglas Hofstadter's entertainingly jaded response to fans emailing about having "discovered" AI sentience garymarcus.substack.com/p/are-llms-s...
Reposted by Liam Proud
UK’s City makeover inches towards risky final act - www.breakingviews.com/columns/cons... - @liamproud.bsky.social
UK’s City makeover inches towards risky final act
London Stock Exchange CEO Julia Hoggett on Friday hosted Square Mile grandees to discuss an ongoing markets reboot. Authorities have eased listing rules and cut red tape. But the next step – getting $...
www.breakingviews.com
June 30, 2025 at 11:03 AM
UK’s City makeover inches towards risky final act - www.breakingviews.com/columns/cons... - @liamproud.bsky.social
Thames Water, with 16 bln pounds of debt, seems like an asset nobody wants. Yet hedge funds including Elliott could still make a killing on the distressed London utility www.breakingviews.com/columns/cons...
June 26, 2025 at 7:53 AM
Thames Water, with 16 bln pounds of debt, seems like an asset nobody wants. Yet hedge funds including Elliott could still make a killing on the distressed London utility www.breakingviews.com/columns/cons...
Today I learned: JPMorgan's Chase had more UK deposits at end of 2024 than any of the much more established neobanks (according to UBS analysts)
June 17, 2025 at 10:33 AM
Today I learned: JPMorgan's Chase had more UK deposits at end of 2024 than any of the much more established neobanks (according to UBS analysts)
Reposted by Liam Proud
Really interesting piece by @liamproud.bsky.social on the (lack of) dollar hedging. The giant Japanese Public Investment Fund has about a third of its $1.7 trillion assets invested in the US, almost all of it unhedged. @breakingviews.reuters.com
www.reuters.com/breakingview...
www.reuters.com/breakingview...
Why the dollar’s wobble could be self-perpetuating
Foreigners own US stocks and bonds worth $30 trln, much of it unhedged. Doubts over the greenback’s status threaten to leave global pension funds and insurers with an intolerable currency mismatch. If they respond with increased hedging or selling, the dollar will weaken further.
www.reuters.com
May 29, 2025 at 1:02 PM
Really interesting piece by @liamproud.bsky.social on the (lack of) dollar hedging. The giant Japanese Public Investment Fund has about a third of its $1.7 trillion assets invested in the US, almost all of it unhedged. @breakingviews.reuters.com
www.reuters.com/breakingview...
www.reuters.com/breakingview...
How has all that Gulf money in the $100 bln Vision Fund 1 performed? Not very well...
May 13, 2025 at 9:30 AM
How has all that Gulf money in the $100 bln Vision Fund 1 performed? Not very well...
First slide of SoftBank's earnings presentation... 🙃
May 13, 2025 at 8:36 AM
First slide of SoftBank's earnings presentation... 🙃