Paul J Davies
@pauljdavies.bsky.social
Has views on banking and finance for Bloomberg Opinion.
Just because you “like” something doesn’t mean you *like* something…
Money. Music. Books and Bad like really atrocious Jokes. Also #COYS
Just because you “like” something doesn’t mean you *like* something…
Money. Music. Books and Bad like really atrocious Jokes. Also #COYS
Pinned
Shadow Banks Are Too Big to Stay in the Shadows
Mega hedge funds are so critical to modern finance they should be regulated more like banks.
www.bloomberg.com
🧵 A massive sell-off in Treasury markets is threatening to turn Trump’s tariff war into full blown financial crisis. Hedge funds unwinding highly leveraged basis trades is fuel to these fire sales – that’s bad on its own, but these trades are much more important than just bets on markets.
Reposted by Paul J Davies
The fact that the BBC has made serious culpable errors does not negate the point that there is a real and concerted right-wing media campaign to destroy it. Both points can be true at the same time and the campaign would not end even if the errors did.
November 10, 2025 at 1:08 PM
The fact that the BBC has made serious culpable errors does not negate the point that there is a real and concerted right-wing media campaign to destroy it. Both points can be true at the same time and the campaign would not end even if the errors did.
Sounds like they will tax *and* spend
NEW: Rachel Reeves signals she intends to remove the two-child cap *in full*
"I don't think a child should be penalised because they're in a bigger family through no fault of their own," she tells BBC.
"I don't think a child should be penalised because they're in a bigger family through no fault of their own," she tells BBC.
November 10, 2025 at 4:15 PM
Sounds like they will tax *and* spend
It was a junior analyst at Waterfall Asset Management, a lender into the JPMorgan-run warehousing facility, who first questioned Tricolor’s loan data and collateral - ie. not the bank’s own diligence…
Inside Tricolor’s Frantic Collapse
www.bloomberg.com/news/feature...
Inside Tricolor’s Frantic Collapse
www.bloomberg.com/news/feature...
Tricolor's Frantic End Was Sparked by a Phone Call From JPMorgan
Daniel Chu was in Italy, a world away from the sweltering Texas car lots he had built his fortune on, when his phone lit up.
www.bloomberg.com
November 10, 2025 at 12:53 PM
It was a junior analyst at Waterfall Asset Management, a lender into the JPMorgan-run warehousing facility, who first questioned Tricolor’s loan data and collateral - ie. not the bank’s own diligence…
Inside Tricolor’s Frantic Collapse
www.bloomberg.com/news/feature...
Inside Tricolor’s Frantic Collapse
www.bloomberg.com/news/feature...
What strikes me most about this is it's a perfect example of "wrong-way risk". The debt that's issued gets paid back if the stock rallies and the PE sells more into the market. The lender gets hung with the stock if it slides; they'll want to sell that collateral into a falling market. Woah, death!
New magic money box! Private equity firms are using special vehicles to hold stakes of companies they've listed and which can issue PIK debt to raise cash to pay distributions to PE investors>> www.bloomberg.com/news/article...
Private Equity Is Finding New Ways to Cash Out After IPOs
Private equity firms are facing a double dilemma. IPO markets, the usual path for exiting investments, have been gradually reopening, but not enough for them to cash out completely. Option B for getti...
www.bloomberg.com
November 10, 2025 at 10:21 AM
What strikes me most about this is it's a perfect example of "wrong-way risk". The debt that's issued gets paid back if the stock rallies and the PE sells more into the market. The lender gets hung with the stock if it slides; they'll want to sell that collateral into a falling market. Woah, death!
New magic money box! Private equity firms are using special vehicles to hold stakes of companies they've listed and which can issue PIK debt to raise cash to pay distributions to PE investors>> www.bloomberg.com/news/article...
Private Equity Is Finding New Ways to Cash Out After IPOs
Private equity firms are facing a double dilemma. IPO markets, the usual path for exiting investments, have been gradually reopening, but not enough for them to cash out completely. Option B for getti...
www.bloomberg.com
November 10, 2025 at 10:18 AM
New magic money box! Private equity firms are using special vehicles to hold stakes of companies they've listed and which can issue PIK debt to raise cash to pay distributions to PE investors>> www.bloomberg.com/news/article...
Pretty fair this, I think >> To fix the BBC, focus on competence and cash from @stephenkb.bsky.social www.ft.com/content/676c...
To fix the BBC, focus on competence and cash
Corporation fails to learn from criticism, while politicians have consciously reduced its scope for quality journalism
www.ft.com
November 10, 2025 at 10:06 AM
Pretty fair this, I think >> To fix the BBC, focus on competence and cash from @stephenkb.bsky.social www.ft.com/content/676c...
Reposted by Paul J Davies
So make no mistake, this is a coordinated assault on one of the cornerstones of British civic life from people who want to weaken our democracy. Sadly, the BBC is so cowed it will actively abet them in its own destruction.
November 10, 2025 at 9:53 AM
So make no mistake, this is a coordinated assault on one of the cornerstones of British civic life from people who want to weaken our democracy. Sadly, the BBC is so cowed it will actively abet them in its own destruction.
Britain's finance minister wants everyone to make painful sacrifices in her budget. Most retired people will get a pass, writes @lararhiannon.bsky.social www.bloomberg.com/opinion/arti...
Pampered Baby Boomers Have Europe in a Choke Hold
“If we’re to build the future of Britain together, we’ll all have to contribute.” These stirring words of national esprit de corps came from UK Chancellor of the Exchequer Rachel Reeves last week, as ...
www.bloomberg.com
November 10, 2025 at 9:55 AM
Britain's finance minister wants everyone to make painful sacrifices in her budget. Most retired people will get a pass, writes @lararhiannon.bsky.social www.bloomberg.com/opinion/arti...
I’m going to stuck on this for days. There is no answer to the question sacred tradition or nostalgic evasion? What can you let go and what more do you lose?
From: On Giving Up by Adam Phillips.
From: On Giving Up by Adam Phillips.
November 8, 2025 at 8:03 PM
I’m going to stuck on this for days. There is no answer to the question sacred tradition or nostalgic evasion? What can you let go and what more do you lose?
From: On Giving Up by Adam Phillips.
From: On Giving Up by Adam Phillips.
Reposted by Paul J Davies
This is fantastic. Make sure you stick around until the record scratch at the end.
New York millionaires: threatening to flee the city since 2009
November 7, 2025 at 10:33 PM
This is fantastic. Make sure you stick around until the record scratch at the end.
Fascinating debate in various threads under here but just leaves me thinking we ought to be far more concerned with effects of our consumption, production and policies on other parts of the world today than 100+ years ago.
This debate always makes me worry there’s something a bit wrong with me in that I don’t think the past is something you should draw pride or shame from. I have benefited from the British empire more than most Brits, but ultimately I am *not* my maternal great-great-great-grandfather!
On binary questions about Britain's colonial past, the median is Neither/Don't Know. (There are more constructive conversations than this which can unlock 75% common ground: teach it all, including the complexity and controversy)
November 7, 2025 at 3:53 PM
Fascinating debate in various threads under here but just leaves me thinking we ought to be far more concerned with effects of our consumption, production and policies on other parts of the world today than 100+ years ago.
The critter-shaped container! @secondmentions.bsky.social
Starbucks’ Viral Bear Cup Is Causing Mayhem: ‘I Will Fight You for It’
The critter-shaped container is already being resold for hundreds of dollars $SBUX
The critter-shaped container is already being resold for hundreds of dollars $SBUX
Starbucks’ Viral Bear Cup Is Causing Mayhem: ‘I Will Fight You for It’ — TODAY
The critter-shaped container is already being resold for hundreds of dollars.
apple.news
November 7, 2025 at 3:49 PM
The critter-shaped container! @secondmentions.bsky.social
Proper breakbeat thing
November 7, 2025 at 3:47 PM
Proper breakbeat thing
Been thinking now about how this quantitative measures versus qualitative judgement is also true (and often an issue) within banks as well as in terms of regulation. AI makes this worse…
This is a wicked good piece on the growing transatlantic divergence in banking supervision and the limits of metrics based reporting www.ft.com/content/b12c...
Numbers vs more judgment: the US-Europe regulatory divide widens
Cuts to the Fed’s supervisory staff reflect a particularly American approach to financial oversight
www.ft.com
November 7, 2025 at 3:40 PM
Been thinking now about how this quantitative measures versus qualitative judgement is also true (and often an issue) within banks as well as in terms of regulation. AI makes this worse…
Reposted by Paul J Davies
This is a wicked good piece on the growing transatlantic divergence in banking supervision and the limits of metrics based reporting www.ft.com/content/b12c...
Numbers vs more judgment: the US-Europe regulatory divide widens
Cuts to the Fed’s supervisory staff reflect a particularly American approach to financial oversight
www.ft.com
November 7, 2025 at 11:12 AM
This is a wicked good piece on the growing transatlantic divergence in banking supervision and the limits of metrics based reporting www.ft.com/content/b12c...
@parmy.bsky.social weekend essay >> Tim Berners-Lee dreamed of a World Wide Web for everyone. Nick Clegg and Meta had different ideas. In new books, both ignore how profit undermined the internet. www.bloomberg.com/news/article...
The Men Who Shaped the Internet Won’t Be Able to Fix It
Tim Berners-Lee dreamed of a World Wide Web for everyone. Nick Clegg and Meta had different ideas. In new books, both ignore how profit undermined the internet.
www.bloomberg.com
November 7, 2025 at 10:56 AM
@parmy.bsky.social weekend essay >> Tim Berners-Lee dreamed of a World Wide Web for everyone. Nick Clegg and Meta had different ideas. In new books, both ignore how profit undermined the internet. www.bloomberg.com/news/article...
Advanced Inhalation Rituals, formerly Al-Eqbal Investment Co... Nearly 12-times EV-to-ebitda... woah that's some strong stuff, Snoop.
AIR, the owner of hookah brand Al Fakher, is planning to list in the US in the first half of next year www.bloomberg.com/news/article...
AIR, the owner of hookah brand Al Fakher, is planning to list in the US in the first half of next year www.bloomberg.com/news/article...
Dubai Hookah Maker AIR to Go Public in Merger With Cantor SPAC
AIR Ltd., the owner of hookah brand Al Fakher, is planning to list in the US in the first half of next year through a merger with a blank check vehicle backed by Cantor Fitzgerald.
www.bloomberg.com
November 7, 2025 at 10:52 AM
Advanced Inhalation Rituals, formerly Al-Eqbal Investment Co... Nearly 12-times EV-to-ebitda... woah that's some strong stuff, Snoop.
AIR, the owner of hookah brand Al Fakher, is planning to list in the US in the first half of next year www.bloomberg.com/news/article...
AIR, the owner of hookah brand Al Fakher, is planning to list in the US in the first half of next year www.bloomberg.com/news/article...
Unexpected outbreak of common sense!
BBG: David Sacks: There will be no federal bailout for AI. The U.S. has at least 5 major frontier model companies. If one fail...
BBG: David Sacks: There will be no federal bailout for AI. The U.S. has at least 5 major frontier model companies. If one fail...
November 6, 2025 at 5:04 PM
Unexpected outbreak of common sense!
BBG: David Sacks: There will be no federal bailout for AI. The U.S. has at least 5 major frontier model companies. If one fail...
BBG: David Sacks: There will be no federal bailout for AI. The U.S. has at least 5 major frontier model companies. If one fail...
Reposted by Paul J Davies
Like Rand herself, big corporations are always welfare recipients.
November 6, 2025 at 3:49 PM
Like Rand herself, big corporations are always welfare recipients.
Banger straight off the top:
1. The Rob Base Postulate
Given that a number greater than 1(x) is required to make a thing go right, and that the exact equal number (y) is necessary to make it out of sight (x = y), what is the minimum whole number required to achieve both outcomes?
1. The Rob Base Postulate
Given that a number greater than 1(x) is required to make a thing go right, and that the exact equal number (y) is necessary to make it out of sight (x = y), what is the minimum whole number required to achieve both outcomes?
Pop Song Math Quiz:
EG: 8. Jay-Z’s Limited Problem Set
Let x = the set including Jay’s total number of possible tribulations (maximum = 100).
GIVEN: One of the set “a bitch.” How many other potential quandaries might Jay-Z face? www.mcsweeneys.net/articles/pop...
EG: 8. Jay-Z’s Limited Problem Set
Let x = the set including Jay’s total number of possible tribulations (maximum = 100).
GIVEN: One of the set “a bitch.” How many other potential quandaries might Jay-Z face? www.mcsweeneys.net/articles/pop...
Pop Song Math Quiz
Answer all questions in the form of a song title.
1. The Rob Base Postulate
Given that a number greater than 1(x) is required to make a thing go ri...
www.mcsweeneys.net
November 6, 2025 at 3:35 PM
Banger straight off the top:
1. The Rob Base Postulate
Given that a number greater than 1(x) is required to make a thing go right, and that the exact equal number (y) is necessary to make it out of sight (x = y), what is the minimum whole number required to achieve both outcomes?
1. The Rob Base Postulate
Given that a number greater than 1(x) is required to make a thing go right, and that the exact equal number (y) is necessary to make it out of sight (x = y), what is the minimum whole number required to achieve both outcomes?
Oh, secret underground sulfur-fuelled spider megacity have you?
This ‘arachnid megacity’ may be largest spider’s web ever found www.independent.co.uk/news/science...
This ‘arachnid megacity’ may be largest spider’s web ever found www.independent.co.uk/news/science...
This ‘arachnid megacity’ may be largest spider’s web ever found
Researchers say well over 100,000 spiders from two different species coexist in this remarkable underground metropolis for arachnids
www.independent.co.uk
November 6, 2025 at 1:32 PM
Oh, secret underground sulfur-fuelled spider megacity have you?
This ‘arachnid megacity’ may be largest spider’s web ever found www.independent.co.uk/news/science...
This ‘arachnid megacity’ may be largest spider’s web ever found www.independent.co.uk/news/science...
UBS Chair Colm Kelleher isn't the only person worried about credit ratings arbitrage and optimization or weak insurance regulators. Marc Rowan of Apollo disagrees. Here's why Kelleher is right. Via @opinion.bloomberg.com >> www.bloomberg.com/opinion/arti...
November 6, 2025 at 11:42 AM
UBS Chair Colm Kelleher isn't the only person worried about credit ratings arbitrage and optimization or weak insurance regulators. Marc Rowan of Apollo disagrees. Here's why Kelleher is right. Via @opinion.bloomberg.com >> www.bloomberg.com/opinion/arti...
Reposted by Paul J Davies
Traditional PE model: Buy -> Improve -> Collect fees -> Sell -> Return capital & collect more fees
New PE model: Buy -> Hold -> Diversify into more alts -> Collect fees -> Keep holding -> Get LPs into continuation funds -> Collect more fees -> Start secondary and tertiary funds -> Re-start at ‘Buy’
New PE model: Buy -> Hold -> Diversify into more alts -> Collect fees -> Keep holding -> Get LPs into continuation funds -> Collect more fees -> Start secondary and tertiary funds -> Re-start at ‘Buy’
Private equity firms still aren’t sending enough cash back to investors and struggling to exit their holdings despite an investment banking boom. But some firms are struggling more than others… #Blackstone #Carlyle #Apollo
Private Equity Must Sell More
www.bloomberg.com/opinion/arti...
Private Equity Must Sell More
www.bloomberg.com/opinion/arti...
November 6, 2025 at 8:12 AM
Traditional PE model: Buy -> Improve -> Collect fees -> Sell -> Return capital & collect more fees
New PE model: Buy -> Hold -> Diversify into more alts -> Collect fees -> Keep holding -> Get LPs into continuation funds -> Collect more fees -> Start secondary and tertiary funds -> Re-start at ‘Buy’
New PE model: Buy -> Hold -> Diversify into more alts -> Collect fees -> Keep holding -> Get LPs into continuation funds -> Collect more fees -> Start secondary and tertiary funds -> Re-start at ‘Buy’
Reposted by Paul J Davies
Vital piece of investigative reporting from Sky. They've uncovered the X algorithm which feeds users extremist right wing material from the moment they join the site. It is a far-right radicalisation engine, by design.
news.sky.com/story/the-x-...
news.sky.com/story/the-x-...
Elon Musk is boosting the British right - and this shows how
Elon Musk is boosting the British right - and this shows how
news.sky.com
November 6, 2025 at 7:23 AM
Vital piece of investigative reporting from Sky. They've uncovered the X algorithm which feeds users extremist right wing material from the moment they join the site. It is a far-right radicalisation engine, by design.
news.sky.com/story/the-x-...
news.sky.com/story/the-x-...
Reposted by Paul J Davies
In the ultra-competitive market for corporate pensions deals, and with credit spreads incredibly tight, big insurers are leveraging up their gilts to eke out higher returns.
Leveraged gilts backing pensions: never goes wrong obviously
www.ft.com/content/427a...
Leveraged gilts backing pensions: never goes wrong obviously
www.ft.com/content/427a...
Leverage creeps into gilts market as insurers seek to boost returns
Use of derivatives to enhance bets on UK government bonds raises parallels with strategies that fuelled 2022 meltdown
www.ft.com
November 6, 2025 at 7:24 AM
In the ultra-competitive market for corporate pensions deals, and with credit spreads incredibly tight, big insurers are leveraging up their gilts to eke out higher returns.
Leveraged gilts backing pensions: never goes wrong obviously
www.ft.com/content/427a...
Leveraged gilts backing pensions: never goes wrong obviously
www.ft.com/content/427a...