The most quoted number in crypto is also the most misunderstood. Market capitalisation looks like a measure of size, value, even safety. It is none of those things. It is a multiplication. In investment banking HR, I watched people value their unvested share awards at today’s share price, as though the vesting date, the price
Market Cap Is the Most Misleading Number in Crypto Read More »
I have a confession. For a long stretch of my life, I owned one holding, and it was work. I did not decide this. Nobody ever does. Work kept growing, the way a good share keeps rising, and I kept not looking. By the time I noticed, it took up most of my week, most
Your Life Needs Rebalancing, Just Like a Portfolio Read More »
If the world economy were a group project, how many people would actually be doing the work? The International Monetary Fund answered that this week, and the answer was fewer than you might hope. According to its latest World Economic Outlook, released at the IMF and World Bank meetings in Bangkok, just 32 countries now
32 Countries Are Now Doing 95% of the Growing Read More »
At a café last week, a man at the next table was explaining his job to a friend. He organised things: schedules, suppliers, and people who never answered their emails. His description was like a mild cold. His friend, who runs events, put her cup down and told him, quite seriously, that she would pay
You Were Never Bad at It. You Were Mismatched. Read More »
How can a stock market spend a month within sight of a record while more than three-quarters of its companies fall? That was September for the S&P 500. The index slipped about 0.5%. FactSet data show 78% of its members fell. Both things are true, and the distance between them has a name. The Name
The Index Is Up. Most Shares Are Not. Read More »
The largest fund for owning long-dated American government bonds has lost more than half its value since its 2020 peak. It holds no meme coins and no biotech with one product and a prayer. It holds loans to the United States Treasury, which is about as close to a certainty as finance gets. Bloomberg reported
Guaranteed to Pay You Back. Just Not Today. Read More »
What would you do with a $1.2m prize if you earned it by spending thirty years on a question that began with pond algae? Three scientists found out on Monday. Karl Deisseroth of Stanford, Peter Hegemann of Humboldt University in Berlin and Georg Nagel of the University of Würzburg shared the 2026 Nobel Prize in
The Nobel Prize Is Really an Investment Fund Read More »
The most useful crypto product of the next few years will likely be offered to you by your local bank. Without a word, you will never learn its name. I say that because of two things that happened on the same day last month, 24 September, on opposite sides of the Atlantic. Two Remortgages and
Your Bank Balance Is Becoming a Token Read More »
At a charity auction, I once watched two perfectly sensible people bid against each other for a weekend in a cottage neither of them had seen. The winner paid enough to have bought the cottage a new kitchen. She looked thrilled for about a minute, and then visibly began doing the sums. I thought of
The Buyer Lost €15bn. The Seller Gained 33% Read More »
The price of almost everything you own is set by the small part that changes hands. That sounds like the kind of thing people say at dinner to seem interesting, so here is the evidence. Jio Platforms, the telecoms and digital arm of Mukesh Ambani’s Reliance Industries, is preparing for what would be India’s largest
India’s Biggest Listing Sells Just 3% of Itself Read More »
