Toby Nangle
@tobyn.bsky.social
FT Alphaville reporter. Ex-“veteran” fund manager. Resolution Foundation Assoc. Baring Foundation Trustee.
And nothing to stop EM Local yields trading through DM bond yields for other reasons.
November 11, 2025 at 8:22 AM
And nothing to stop EM Local yields trading through DM bond yields for other reasons.
I guess it makes some sense if you reckon: a) spiralling debt in one or more big DMs lead to debt monetisation, w/ intl bond mkts collapsing; b) mkt dynamic doesn’t spill over into EM local.
November 11, 2025 at 8:10 AM
I guess it makes some sense if you reckon: a) spiralling debt in one or more big DMs lead to debt monetisation, w/ intl bond mkts collapsing; b) mkt dynamic doesn’t spill over into EM local.
The whole thing is written on the premise that Local Currency Yield = f(Debt/GDP).
This is demonstrably false as the author knows.
This is demonstrably false as the author knows.
November 11, 2025 at 8:07 AM
The whole thing is written on the premise that Local Currency Yield = f(Debt/GDP).
This is demonstrably false as the author knows.
This is demonstrably false as the author knows.
Haha - weird formatting thing that sometimes happens when popped into a particular section of FT homepage.
November 10, 2025 at 3:39 PM
Haha - weird formatting thing that sometimes happens when popped into a particular section of FT homepage.
Just for fun I downloaded the August Press Gazette numbers and charted them here. I've removed the log scale for effect. public.flourish.studio/visualisatio...
Press Gazette numbers
A Flourish data visualization by Toby Nangle
public.flourish.studio
November 10, 2025 at 10:46 AM
Just for fun I downloaded the August Press Gazette numbers and charted them here. I've removed the log scale for effect. public.flourish.studio/visualisatio...
A lot of the messiness is due to small sample sizes. Marimekko charting makes this clearer:
November 10, 2025 at 10:36 AM
A lot of the messiness is due to small sample sizes. Marimekko charting makes this clearer:
How does the 10yr record look across agencies?
Messy?
Messy?
November 10, 2025 at 10:33 AM
How does the 10yr record look across agencies?
Messy?
Messy?
Looking at S&P's default study, cumulative default rates for lower ratings have been higher over both short and long time horizons, which is exactly what you’d hope
November 10, 2025 at 10:32 AM
Looking at S&P's default study, cumulative default rates for lower ratings have been higher over both short and long time horizons, which is exactly what you’d hope
Qn as to what to do with legacy of poor design has been explored failedarchitecture.com/architecture...
Architecture After Excess: The Palaces of Saddam’s Baghdad - Failed Architecture
In times of anxiety and constriction, despots build. But what to do with the architectural heritage they leave behind?
failedarchitecture.com
November 6, 2025 at 10:59 PM
Qn as to what to do with legacy of poor design has been explored failedarchitecture.com/architecture...
How many analysts does each agency have, and how many issuers does each analyst rate?
November 6, 2025 at 6:23 PM
How many analysts does each agency have, and how many issuers does each analyst rate?
Global HQs of the 4 largest raters of corporations
November 6, 2025 at 6:21 PM
Global HQs of the 4 largest raters of corporations
#1 rater of corporate issuers in the world? S&P
#2? Egan-Jones
#2? Egan-Jones
November 6, 2025 at 6:19 PM
#1 rater of corporate issuers in the world? S&P
#2? Egan-Jones
#2? Egan-Jones
National speed limits? Optional. Class C drugs? Be discreet. Parking on yellow lines? Just be quick. Honestly don’t know.
November 6, 2025 at 6:15 PM
National speed limits? Optional. Class C drugs? Be discreet. Parking on yellow lines? Just be quick. Honestly don’t know.
Maybe being a nation of modest law-breakers is a good thing? Maybe the idea that every law should be obeyed breeds a kind of servility to some potential future bad leader with autocratic tendencies?
November 6, 2025 at 6:13 PM
Maybe being a nation of modest law-breakers is a good thing? Maybe the idea that every law should be obeyed breeds a kind of servility to some potential future bad leader with autocratic tendencies?
And tbh, I’m pretty much totally fine with this outcome. Apart from the notion it inculcates that laws are just, like, your opinion.
November 6, 2025 at 6:11 PM
And tbh, I’m pretty much totally fine with this outcome. Apart from the notion it inculcates that laws are just, like, your opinion.
On motorways, pretty much everyone drives like ‘yeah, 70-75mph is fine, though on a clear day with little traffic 80mph is ok too’.
November 6, 2025 at 6:10 PM
On motorways, pretty much everyone drives like ‘yeah, 70-75mph is fine, though on a clear day with little traffic 80mph is ok too’.
Existence of GPS does make me wonder whether it’s time to reappraise the national speed limit.
November 6, 2025 at 6:08 PM
Existence of GPS does make me wonder whether it’s time to reappraise the national speed limit.
Boston Fed reckons disconnect of realised and expected inflation is the fault of Other
November 6, 2025 at 3:22 PM
Boston Fed reckons disconnect of realised and expected inflation is the fault of Other