Trickss
@trickss.bsky.social
Regulatory economics & minibeast-wrangling. The dog and allotment get what's left
I see a general moan about complexity and tradeoffs in the strategy, but what the fuck do they expect? It is a 40-50bn per annum investment they are talking about. Damn straight there should be some checks and balances on that. Customers should expect vfm - and companies should recognise why...
November 17, 2025 at 10:50 PM
I see a general moan about complexity and tradeoffs in the strategy, but what the fuck do they expect? It is a 40-50bn per annum investment they are talking about. Damn straight there should be some checks and balances on that. Customers should expect vfm - and companies should recognise why...
... you have to first pay the inflated equity value of the US company, depressing your returns. Also relevant is that US inflation protection is much less generous than in the UK (no annual indexation to outturn inflation). So you would a priori expect a lower UK return, ceteris paribus.
November 17, 2025 at 10:44 PM
... you have to first pay the inflated equity value of the US company, depressing your returns. Also relevant is that US inflation protection is much less generous than in the UK (no annual indexation to outturn inflation). So you would a priori expect a lower UK return, ceteris paribus.
This is important because it means the generous allowances by US regulators inflate the equity valuations of their companies. It is not true therefore that the 9-10% rate of return competes with the UK rate. It is not gettable as an external investor as you cant simply create more assets...
November 17, 2025 at 10:41 PM
This is important because it means the generous allowances by US regulators inflate the equity valuations of their companies. It is not true therefore that the 9-10% rate of return competes with the UK rate. It is not gettable as an external investor as you cant simply create more assets...
Exhibit one, the very high premium over book value of US firms www.economicliberties.us/wp-content/u...
November 17, 2025 at 10:37 PM
Exhibit one, the very high premium over book value of US firms www.economicliberties.us/wp-content/u...
'Returns that are internationally comparable' is basically the capitulation to the bollocks argument that because US allowed returns are 9-10% nominal and UK are 7-8% that we are not competitive. A lot of relevant context is lost in this.
November 17, 2025 at 10:12 PM
'Returns that are internationally comparable' is basically the capitulation to the bollocks argument that because US allowed returns are 9-10% nominal and UK are 7-8% that we are not competitive. A lot of relevant context is lost in this.
Blergh! I am ashamed to share a Y chromosome with them. Congratulations on your PhD!
November 17, 2025 at 10:00 PM
Blergh! I am ashamed to share a Y chromosome with them. Congratulations on your PhD!
Have you considered the possibility she is just there to undermine Starmer by saying unhelpful things that the membership want to hear?
November 7, 2025 at 7:20 AM
Have you considered the possibility she is just there to undermine Starmer by saying unhelpful things that the membership want to hear?
She is not very bright, is she?
October 19, 2025 at 9:33 AM
She is not very bright, is she?
You get paid to disconnect in scenario 2.
October 7, 2025 at 11:52 AM
You get paid to disconnect in scenario 2.
The key difference is they are accepted as a unit of exchange (NFTs are not) plus the hard caps on number of btc play to the conspiracy minded concerns of goldbugs who think fiat money is a tool of financial repression.
September 28, 2025 at 11:40 AM
The key difference is they are accepted as a unit of exchange (NFTs are not) plus the hard caps on number of btc play to the conspiracy minded concerns of goldbugs who think fiat money is a tool of financial repression.
All in favour, but can we please claw the money back from all the wealthy estates that were built on slave money rather than the tax rake off of working people who were not responsible or beneficiaries...?
September 24, 2025 at 1:34 PM
All in favour, but can we please claw the money back from all the wealthy estates that were built on slave money rather than the tax rake off of working people who were not responsible or beneficiaries...?
Willing to wager Neil would also not like the alternative of government derisking itself of the future burden by increasing base salary by the govt pension contribution...
August 31, 2025 at 3:27 PM
Willing to wager Neil would also not like the alternative of government derisking itself of the future burden by increasing base salary by the govt pension contribution...
Shittest resignation apology ever - proper piss take.
August 7, 2025 at 9:16 PM
Shittest resignation apology ever - proper piss take.
Hmm - not really a fair comparison - inflation from Covid/Ukraine vs. inflation from a slightly looser fiscal stance. From a vox pop sustainability view, higher taxes seems more shit than doing nothing and blaming inflation on World stuff...
August 7, 2025 at 6:55 PM
Hmm - not really a fair comparison - inflation from Covid/Ukraine vs. inflation from a slightly looser fiscal stance. From a vox pop sustainability view, higher taxes seems more shit than doing nothing and blaming inflation on World stuff...
But inflation is at least easier to blame on other things...
August 7, 2025 at 6:37 PM
But inflation is at least easier to blame on other things...
A crisis for financialisation - aka music for most people's ears. More power to Zohran's elbow! Euthanase the rentier class! (copyright JM Keynes)
August 7, 2025 at 12:48 PM
A crisis for financialisation - aka music for most people's ears. More power to Zohran's elbow! Euthanase the rentier class! (copyright JM Keynes)
Yogi Berra's spiritual heir
July 23, 2025 at 4:41 PM
Yogi Berra's spiritual heir
(4) Finally, bond markets do not like what they see in the UK economy and are pricing gilts accordingly. The optics of kowtowing to the hard left and assuming a £10bn/y investment requirement (c. half requiring external injection) would be dire and push up gilt yields yet further.
July 23, 2025 at 7:47 AM
(4) Finally, bond markets do not like what they see in the UK economy and are pricing gilts accordingly. The optics of kowtowing to the hard left and assuming a £10bn/y investment requirement (c. half requiring external injection) would be dire and push up gilt yields yet further.
(3) It's mainly a bad idea because currently shareholders bear most equity risks like overspends. Nationalisation would see that role held by govt. You just need to look at the scary HS2 numbers to see what large infra planning when its not your money looks like.
July 23, 2025 at 7:42 AM
(3) It's mainly a bad idea because currently shareholders bear most equity risks like overspends. Nationalisation would see that role held by govt. You just need to look at the scary HS2 numbers to see what large infra planning when its not your money looks like.
(2) The cost would certainly be less than Labour's mooted £100bn. That is a debt and equity estimate, but no reason why you should buy debt out. The equity book value is c.30bn, and this is currently likely close to fair value overall (some companies would attract a premium, others the reverse)
July 23, 2025 at 7:36 AM
(2) The cost would certainly be less than Labour's mooted £100bn. That is a debt and equity estimate, but no reason why you should buy debt out. The equity book value is c.30bn, and this is currently likely close to fair value overall (some companies would attract a premium, others the reverse)
By which I mean, in such disputes the debate on where to pick the point estimate within the CAPM range is as important as the parameter ranges themselves. That discussion is inherently sector-specific, and the CMA will not be able to adopt its one-and-done approach on that.
July 22, 2025 at 5:51 AM
By which I mean, in such disputes the debate on where to pick the point estimate within the CAPM range is as important as the parameter ranges themselves. That discussion is inherently sector-specific, and the CMA will not be able to adopt its one-and-done approach on that.
(4) The Cunliffe view is that CMA could consult on approach to common WACC parameters and then rule out appeals on said parameters *across all sectors* a all interested stakeholders had had their voice heard. Assumed unrealistic ability to predict the world, and ignores degree of aim up discussions
July 22, 2025 at 5:27 AM
(4) The Cunliffe view is that CMA could consult on approach to common WACC parameters and then rule out appeals on said parameters *across all sectors* a all interested stakeholders had had their voice heard. Assumed unrealistic ability to predict the world, and ignores degree of aim up discussions