By redistributing liabilities within the capital structure, it creates more leveraged owners, raising the prospect of a) higher returns to owners if RoA rises b) more catastrophic losses for owners (and potentially for creditors as well) if RoA falls?

Going to debt markets, recap in hand.

Percentage rate of return on equity.

Oh, and on.ft.com/47OKizL Investor angst over Big Tech’s AI spending spills into bond market

Sometimes the material conditions described by the dad joke come to fruition long after they were seen, as if in a vision.

Model. I do not have arms like that.

Also, these are happening at last!

American and blue fwiw.

oops got the first one backwards. Anyway, one of the more interesting things happening right now is a seeming difference of opinion on EU-China relations between Bruegel (Pisani-Ferry) and CEPR (Tordoir and Berg).

Agree. Still, it's not like countries in SE Asia of all places (and for that matter most places in the world) are going to react to the people in the US going "Handel durch Wandel hahahahahaha" and pivot to said US people's current posture that "Handel ist Skandal".

Sure. They remain connected with China, are increasing defense spending, and remain largely unconvinced by US insistence that they should disconnect from China (and hope that spending some of said defense money on US-made kit will alleviate US pressure on them to disconnect).

The issue IMO is less CN’s regime type and at least until recently even the trade balance issue (see the US embrace of Vietnam that continued well after HRC sank TPP) & more just the pace of CN tech convergence that a) ate into US rents & b) raised defense & NatSec concerns.

See I thought it was Blackrock realising they were the marks?

Mostly because I have Rahm joke ready to go.
bsky.app/profile/raja...

And one of them has no use for Trojans.

Also, in what is a philistine but nevertheless correct opinion, The Iliad is the first Star Trek movie, i.e., a tedious bore, and The Odyssey is Star Trek 2:The Wrath of Khan, a towering artistic achievement that is also fantastically entertaining.