Economy
Source: https://www.tker.co/p/midterm-election-results-wall-street-quotes The midterm elections brought major changes to the U.S. political landscape, which could materially affect the business outlook for companies in the stock market. 중간선거로 인해 미국 정치 지형에 큰 변화가 생겼으며, 이는 주식 시장 내 기업들의 사업 전망에도 실질적인 영향을 미칠
Economy
Source: https://www.bloomberg.com/opinion/newsletters/2026-11-05/financial-predictionization Predictionization I used to think a lot about “tokenized real estate.” During the crypto boom, people would sometimes pop up and say “until now, it was impossible for ordinary people to own a fractional share of a commercial building, but crypto
Economy
Source: https://www.bloomberg.com/opinion/newsletters/2026-11-04/the-midterm-predictions-were-good Good job Kalshi! The thing is, every two years, prediction markets are amazing. Every normal American wants to know one thing when the polls close on Election Day, which is “who won?” You can go on social media, and people who
Economy
Source: https://www.bloomberg.com/opinion/newsletters/2026-11-03/how-much-should-anthropic-pop Pre-IPO Here’s a question I have about equity capital markets. We have talked a few times about pre-IPO perpetual futures: Some offshore trading platforms, most notably Hyperliquid/Trade[XYZ],[1] list perpetual futures contracts on big private companies that are
Economy
Source: https://www.bloomberg.com/opinion/newsletters/2026-11-02/binance-got-some-money-back Binance hack What happens if someone hacks into your bank account and steals your money? Is there anything you can do about it? At a high level, there are two somewhat reassuring answers: 1. Your bank might be able to get
Economy
Source: https://www.tker.co/p/stock-market-midterm-election-bullish-pattern The periods before and after midterm elections are famously volatile for stocks. 중간선거 전후의 시기는 주식 시장에서 유독 변동성이 크기로 유명합니다. Historically, midterm election years have had an average intra-year drawdown of 18% for the S&P 500. This is worse than
Economy
Source: https://www.bloomberg.com/opinion/newsletters/2026-10-29/run-on-the-law-firm Weil In the 2008 financial crisis, there was a run on a money market fund called the Reserve Primary Fund. The fund owned some Lehman Brothers securities, and when Lehman filed for bankruptcy those securities lost value and Reserve concluded that
Economy
Source: https://www.bloomberg.com/opinion/newsletters/2026-10-28/not-your-keys-not-your-dat Bitcoin oopsie For a while last year, the US stock market would pay $2 for $1 of Bitcoin. It is hard to convey now how weird that time was. If you ran a tiny public company in mid-2025, the very best
Economy
Source: https://www.bloomberg.com/opinion/newsletters/2026-10-27/musk-s-mars-merger-pay SpaceX/Tesla comp packages Elon Musk is the chief executive officer and “Technoking” of Tesla Inc. He has a long-term performance incentive plan. Here are Tesla’s summary of the plan and the plan agreement. The gist of it is that
Economy
Source: https://www.bloomberg.com/opinion/newsletters/2026-10-26/anthropic-raises-concerns Happy Anthropic S-1 day Here’s the draft prospectus for Anthropic PBC’s initial public offering. In writing a prospectus for a frontier artificial intelligence IPO, you have to make choices about what to promise in your good vision of AI,
Economy
Source: https://www.tker.co/p/stock-market-investing-myths-and-misunderstandings Much of what we know about the stock market comes from a mix of theory and empirical evidence. 주식 시장에 관해 우리가 알고 있는 많은 부분은 이론과 실증적 증거의 조합에서 비롯됩니다. For example, the idea that earnings drive stock prices is supported by
Economy
Source: https://www.oaktreecapital.com/insights/memo/shall-we-repeal-the-laws-of-economics---part-iii In September 2024 and June 2025, I wrote memos that were critical of governments’ attempts to override the laws of economics, based on my conviction that trying to do so is likely to prove ineffective and potentially harmful. Economies are naturally functioning