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...
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]
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...
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)
Still, better than the Vision Fund 2, which is just SoftBank's money
May 13, 2025 at 9:31 AM
Still, better than the Vision Fund 2, which is just SoftBank's money
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... 🙃
📲 How much would it cost Apple to do the final assembly of iPhones in the US? About 25% more, BofA estimates (excluding tariffs). So a $1,199 handset goes up to $1,499, assuming it passes all the extra costs through to consumer. [BOM=bill of materials]
April 10, 2025 at 9:27 AM
📲 How much would it cost Apple to do the final assembly of iPhones in the US? About 25% more, BofA estimates (excluding tariffs). So a $1,199 handset goes up to $1,499, assuming it passes all the extra costs through to consumer. [BOM=bill of materials]
Bitcoin is a unique and strange financial asset. Very rarely trades like a safe-haven asset or inflation hedge, but nor is it always a risk-on trade.
January 14, 2025 at 12:46 PM
Bitcoin is a unique and strange financial asset. Very rarely trades like a safe-haven asset or inflation hedge, but nor is it always a risk-on trade.
Sell-side analyst forecasts for US earnings have been too pessimistic in 9 of the 12 last quarters, acc. to GS research. (4pp average positive surprise).
January 14, 2025 at 9:17 AM
Sell-side analyst forecasts for US earnings have been too pessimistic in 9 of the 12 last quarters, acc. to GS research. (4pp average positive surprise).
Red states are installing green-energy capacity much quicker than blue ones, acc. to Capital Economics
January 9, 2025 at 3:34 PM
Red states are installing green-energy capacity much quicker than blue ones, acc. to Capital Economics
There are 8.8mln UK homes with 2 or more spare bedrooms. More than half are owned by people over the age of 60. There's living space in the UK - just not where it's needed (from @jryancollins.bsky.social's Oct report www.ucl.ac.uk/bartlett/pub...)
January 9, 2025 at 1:43 PM
There are 8.8mln UK homes with 2 or more spare bedrooms. More than half are owned by people over the age of 60. There's living space in the UK - just not where it's needed (from @jryancollins.bsky.social's Oct report www.ucl.ac.uk/bartlett/pub...)
Today I learned: even in the second-top decile of UK household income (which I think covers those earning roughly £100k to £185k), only one in 10 kids attends private school.
January 9, 2025 at 10:18 AM
Today I learned: even in the second-top decile of UK household income (which I think covers those earning roughly £100k to £185k), only one in 10 kids attends private school.
Are alcohol companies the new tobacco companies? Almost, according to their valuations
January 7, 2025 at 1:22 PM
Are alcohol companies the new tobacco companies? Almost, according to their valuations
Competition intensifying in the weight-loss drug market.
December 23, 2024 at 9:14 AM
Competition intensifying in the weight-loss drug market.
Hedge funds' borrowing is surging. There are early signs that regulators may do something about it www.breakingviews.com/considered-v...
December 18, 2024 at 2:36 PM
Hedge funds' borrowing is surging. There are early signs that regulators may do something about it www.breakingviews.com/considered-v...
Despite the massive tech bull market, SoftBank Vision Fund 1's remaining investments are collectively underwater, as is Vision Fund 2 overall
December 17, 2024 at 1:30 PM
Despite the massive tech bull market, SoftBank Vision Fund 1's remaining investments are collectively underwater, as is Vision Fund 2 overall
Man United - terrible at transfers, but weirdly good at generating commercial and matchday revenue, according to UBS analysts
December 17, 2024 at 9:30 AM
Man United - terrible at transfers, but weirdly good at generating commercial and matchday revenue, according to UBS analysts
SpaceX accounts for 38% of the private-company equity owned by mutual funds, according to Morningstar assets.contentstack.io/v3/assets/bl...
December 16, 2024 at 2:36 PM
SpaceX accounts for 38% of the private-company equity owned by mutual funds, according to Morningstar assets.contentstack.io/v3/assets/bl...
Vincent Bolloré's media empire finally Vivendi broke itself up this morning. The returns under Bolloré, up to Friday, are pretty good compared with European and US peers. Probably thanks to owning Universal Music Group
December 16, 2024 at 9:02 AM
Vincent Bolloré's media empire finally Vivendi broke itself up this morning. The returns under Bolloré, up to Friday, are pretty good compared with European and US peers. Probably thanks to owning Universal Music Group
Excess deaths from rising popularity of SUVs
December 13, 2024 at 8:08 AM
Excess deaths from rising popularity of SUVs
Nvidia's share-price rise since 2019 almost perfectly matches the average analysts' estimate for 12-month ahead earnings. I.e. it hasn't really re-rated at all
December 12, 2024 at 10:11 AM
Nvidia's share-price rise since 2019 almost perfectly matches the average analysts' estimate for 12-month ahead earnings. I.e. it hasn't really re-rated at all
Goldman advised on roughly a third of all mergers and acquisitions by value this year. Is there a precedence for this level of dominance in investment banking? Where is the ceiling? At what point would you start worrying about monopolistic pricing power?
December 11, 2024 at 12:20 PM
Goldman advised on roughly a third of all mergers and acquisitions by value this year. Is there a precedence for this level of dominance in investment banking? Where is the ceiling? At what point would you start worrying about monopolistic pricing power?