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China’s official gold purchases seem modest, but analysts estimate that real demand could be as much as 10x what’s reported. Huge unreported buying is helping send gold prices to record highs — and upending market signals. on.ft.com/3LCucBP
China’s secretive gold purchases help fuel record rally
Growing amount of unreported transactions presents challenge for bullion market traders
on.ft.com
November 14, 2025 at 7:40 AM
China’s official gold purchases seem modest, but analysts estimate that real demand could be as much as 10x what’s reported. Huge unreported buying is helping send gold prices to record highs — and upending market signals. on.ft.com/3LCucBP
Scotland gets the same investment-grade credit rating as the UK (Aa3/AA) from Moody’s and S&P for its first “kilt” bond sale since the 17th century. Funding and credit stability rest on the UK’s devolution framework, with most money transferred from Westminster
on.ft.com/3XpqjCL
on.ft.com/3XpqjCL
Scotland given same credit rating as UK ahead of debut ‘kilts’ sale
S&P and Moody’s award Edinburgh investment-grade status as it plans first bond issue since late 17th century
on.ft.com
November 13, 2025 at 8:59 AM
Scotland gets the same investment-grade credit rating as the UK (Aa3/AA) from Moody’s and S&P for its first “kilt” bond sale since the 17th century. Funding and credit stability rest on the UK’s devolution framework, with most money transferred from Westminster
on.ft.com/3XpqjCL
on.ft.com/3XpqjCL
Alpha is hard
Love this disgruntled investor's quote:
"There is not much else to say about that other than the fees hurt. If Paul had just invested his own money [in the S&P 500] since 1994, I think we would all agree he would not be as wealthy as he is today running Elliott."
on.ft.com/4oXOmo4
Love this disgruntled investor's quote:
"There is not much else to say about that other than the fees hurt. If Paul had just invested his own money [in the S&P 500] since 1994, I think we would all agree he would not be as wealthy as he is today running Elliott."
on.ft.com/4oXOmo4
November 12, 2025 at 9:31 AM
Alpha is hard
Love this disgruntled investor's quote:
"There is not much else to say about that other than the fees hurt. If Paul had just invested his own money [in the S&P 500] since 1994, I think we would all agree he would not be as wealthy as he is today running Elliott."
on.ft.com/4oXOmo4
Love this disgruntled investor's quote:
"There is not much else to say about that other than the fees hurt. If Paul had just invested his own money [in the S&P 500] since 1994, I think we would all agree he would not be as wealthy as he is today running Elliott."
on.ft.com/4oXOmo4
Gita Gopinath making a lot of sense here: UK’s fiscal woes go beyond slow growth, frequent policy changes create uncertainty. Moving to a single annual budget & rule assessment could boost stability & growth without sacrificing fiscal discipline. UK needs less volatility, more credible policy
November 11, 2025 at 4:52 PM
Gita Gopinath making a lot of sense here: UK’s fiscal woes go beyond slow growth, frequent policy changes create uncertainty. Moving to a single annual budget & rule assessment could boost stability & growth without sacrificing fiscal discipline. UK needs less volatility, more credible policy
The expensive parts of Mag 7 sold off this week
NVDA -7.1%
TSLA -5.9%
MSFT -4.1%
META -4.1%
GOOG -0.8%
AAPL -0.7%
AMZN 0.1%
AI hype cooled as investors questioned rich valuations and slow payoffs. Fed doubts, weak data, and profit-taking drove a rotation out of big tech into safer ground
NVDA -7.1%
TSLA -5.9%
MSFT -4.1%
META -4.1%
GOOG -0.8%
AAPL -0.7%
AMZN 0.1%
AI hype cooled as investors questioned rich valuations and slow payoffs. Fed doubts, weak data, and profit-taking drove a rotation out of big tech into safer ground
November 8, 2025 at 8:54 AM
The expensive parts of Mag 7 sold off this week
NVDA -7.1%
TSLA -5.9%
MSFT -4.1%
META -4.1%
GOOG -0.8%
AAPL -0.7%
AMZN 0.1%
AI hype cooled as investors questioned rich valuations and slow payoffs. Fed doubts, weak data, and profit-taking drove a rotation out of big tech into safer ground
NVDA -7.1%
TSLA -5.9%
MSFT -4.1%
META -4.1%
GOOG -0.8%
AAPL -0.7%
AMZN 0.1%
AI hype cooled as investors questioned rich valuations and slow payoffs. Fed doubts, weak data, and profit-taking drove a rotation out of big tech into safer ground
I'm a convert for microsuction - I can hear beautifully now just in time for my Bank of England livestream this evening. The lady removing the wax was almost performing an exorcism at one point as it didn't want to budge. Look at that malleus!
November 6, 2025 at 3:40 PM
I'm a convert for microsuction - I can hear beautifully now just in time for my Bank of England livestream this evening. The lady removing the wax was almost performing an exorcism at one point as it didn't want to budge. Look at that malleus!
'I could smell the onions and the mustard'
November 4, 2025 at 5:28 PM
'I could smell the onions and the mustard'
"UBS chair warns of ‘looming systemic risk’ from private credit ratings"
Poor timing, I shot my private credit video over the weekend 😔
on.ft.com/3LeYgU2
Poor timing, I shot my private credit video over the weekend 😔
on.ft.com/3LeYgU2
November 4, 2025 at 4:06 PM
"UBS chair warns of ‘looming systemic risk’ from private credit ratings"
Poor timing, I shot my private credit video over the weekend 😔
on.ft.com/3LeYgU2
Poor timing, I shot my private credit video over the weekend 😔
on.ft.com/3LeYgU2
"Research" by Barclays: "Over 40% of people lose money after following finfluencer ‘advice’". The article does suggest getting verification for the good influencers which isn't a bad idea
www.ftadviser.com/social-media...
www.ftadviser.com/social-media...
October 31, 2025 at 10:49 AM
"Research" by Barclays: "Over 40% of people lose money after following finfluencer ‘advice’". The article does suggest getting verification for the good influencers which isn't a bad idea
www.ftadviser.com/social-media...
www.ftadviser.com/social-media...
Reposted by PensionCraft
Ronald Reagan’s 1987 radio address on tariffs is trending again. Here’s what he actually said about trade, protectionism, and American leadership.
Full transcript: www.reaganlibrary.gov/archives/spe...
Full transcript: www.reaganlibrary.gov/archives/spe...
Radio Address to the Nation on Free and Fair Trade
042587a
www.reaganlibrary.gov
October 26, 2025 at 6:43 PM
Ronald Reagan’s 1987 radio address on tariffs is trending again. Here’s what he actually said about trade, protectionism, and American leadership.
Full transcript: www.reaganlibrary.gov/archives/spe...
Full transcript: www.reaganlibrary.gov/archives/spe...
Failed to dodge the showers
October 20, 2025 at 11:01 AM
Failed to dodge the showers
Reposted by PensionCraft
Edinburgh castle failing to render, likely thanks to the AWS outage
October 20, 2025 at 8:35 AM
Edinburgh castle failing to render, likely thanks to the AWS outage
Coinbase, Perplexity and Xero down due to AWS outage
I thought one of the arguments for cloud computing was to avoid these stability issues?
I thought one of the arguments for cloud computing was to avoid these stability issues?
October 20, 2025 at 7:50 AM
Coinbase, Perplexity and Xero down due to AWS outage
I thought one of the arguments for cloud computing was to avoid these stability issues?
I thought one of the arguments for cloud computing was to avoid these stability issues?
Reposted by PensionCraft
This is what you requested...
... not sure the answer is what you expected (if you had read my column and you would have known this)
... not sure the answer is what you expected (if you had read my column and you would have known this)
October 16, 2025 at 11:31 AM
This is what you requested...
... not sure the answer is what you expected (if you had read my column and you would have known this)
... not sure the answer is what you expected (if you had read my column and you would have known this)
🚨 The First Brands Collapse: A Private Credit Wake-Up Call
US auto parts maker First Brands filed for bankruptcy (Sept 28, 2025) with $10–50B liabilities vs $1–10B assets — and $2.3B in assets vanished. The case has shaken confidence in the $2T private credit market
US auto parts maker First Brands filed for bankruptcy (Sept 28, 2025) with $10–50B liabilities vs $1–10B assets — and $2.3B in assets vanished. The case has shaken confidence in the $2T private credit market
October 16, 2025 at 6:44 AM
🚨 The First Brands Collapse: A Private Credit Wake-Up Call
US auto parts maker First Brands filed for bankruptcy (Sept 28, 2025) with $10–50B liabilities vs $1–10B assets — and $2.3B in assets vanished. The case has shaken confidence in the $2T private credit market
US auto parts maker First Brands filed for bankruptcy (Sept 28, 2025) with $10–50B liabilities vs $1–10B assets — and $2.3B in assets vanished. The case has shaken confidence in the $2T private credit market
I've been called out on my abnormal hand movements
October 13, 2025 at 5:25 PM
I've been called out on my abnormal hand movements
Reposted by PensionCraft
@robarmstrong.bsky.social and @darioperkins.bsky.social doing a valuable public service in this morning’s Unhedged newsletter:
on.ft.com/4nOovPA
on.ft.com/4nOovPA
October 9, 2025 at 8:53 AM
@robarmstrong.bsky.social and @darioperkins.bsky.social doing a valuable public service in this morning’s Unhedged newsletter:
on.ft.com/4nOovPA
on.ft.com/4nOovPA
Very interesting article on how the “Liberation Day” tariff shock in April 2025 triggered a rare reversal: the US dollar fell even as market volatility spiked, undermining its usual safe-haven role
cepr.org/voxeu/column...
cepr.org/voxeu/column...
October 5, 2025 at 8:44 AM
Very interesting article on how the “Liberation Day” tariff shock in April 2025 triggered a rare reversal: the US dollar fell even as market volatility spiked, undermining its usual safe-haven role
cepr.org/voxeu/column...
cepr.org/voxeu/column...
Reposted by PensionCraft
B of A: “.. Big large cap outflows: Sales of single stocks in the last two weeks were the 3rd-largest of any 2-week period since ’08, driven by large caps ..” [Subramanian]
October 1, 2025 at 2:08 PM
B of A: “.. Big large cap outflows: Sales of single stocks in the last two weeks were the 3rd-largest of any 2-week period since ’08, driven by large caps ..” [Subramanian]