But the crypto miners I financed in 2021 are worth 1/10 at most today …

There is a good article on this in today's FT 😜 www.ft.com/content/d2bf...

We are at "THIS" stage of the cycle where EM debt managers argue for inversion... Reminds me of Ashmore arguing that Russia 30s should trade inside UST due to US deteriorating fiscal situation, just to have Russia default 6 yrs later as it "mistakenly" invaded next door neighbour...

Sure but this is a big bet on the industry as a whole and more importantly on the value of the collateral in a few years time which nobody can anticipate as tech evolves so fast ?

I guess the problem with this supply of Data Centre backed credit instruments is that potential supply is ginormous as long as price makes sense while ABS buyers need to take a big AI leap of faith ? www.projectfinance.law/publications...

But New issue Order size is not actual intended Order size …

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.

ISM manufacturing disagrees …

This...

I just came up with this to describe the current discourse "Privatise the gains, socialise the loss", I just hope I am the first one to use this expression...