Economy
Source: https://www.bloomberg.com/opinion/newsletters/2026-10-22/zuckerberg-wants-to-keep-his-votes Class C The basic deal is that if you found a company, and you want to raise money, you will probably have to give up some ownership of it. When the company is just you and an idea in your garage,
Economy
Source: https://www.bloomberg.com/opinion/newsletters/2026-10-21/obviously-spacex-and-tesla-will-merge SXSI/Tesla One model of Elon Musk five years ago is that he had a bunch of disparate interests and was really passionate about all of them.[1] One minute, he’d be like “I want to make self-driving electric cars,
Economy
Source: https://www.bloomberg.com/opinion/newsletters/2026-10-20/someone-has-to-take-the-ai-risk AI CDS My basic model of the data-center stuff is that there’s a kajillion dollars of systematic data-center credit risk, and someone has to own it. Or in more words: 1. Companies are borrowing a kajillion dollars to build data
Economy
Source: https://www.bloomberg.com/opinion/newsletters/2026-10-19/universal-basic-ai Public Benefit Fund The approximate rule for most US companies is: * The company does stuff that generates economic value; * Some of that value goes to the company’s workers as wages for creating the value; * The company’s shareholders — founders and
Economy
Source: https://www.tker.co/p/tker-year-five-stock-market-truth-six Five years ago, on October 14, I launched TKer, the newsletter that tells the story of how the stock market usually goes up. 5년 전 오늘인 10월 14일, 저는 주식시장이 대개 우상향한다는 이야기를 전하는 뉴스레터인 티커(TKer)를 창간했습니다. 📉 That first year was
Economy
Source: https://www.bloomberg.com/opinion/newsletters/2026-10-15/private-markets-are-the-new-ai-markets Private beta Ten years ago I might have told a story like this. There are a bunch of companies in the world. As the economy grows, their profits will grow. If you buy their stocks, you will get a share of
Economy
Source: https://www.bloomberg.com/opinion/newsletters/2026-10-14/bank-of-america-missed-some-bad-guys AML It is sort of the job of big US banks to catch terrorists and drug dealers, but not all of them. Be reasonable. If you are a big bank and you have 10 million customers with checking accounts, it stands
Economy
Source: https://www.bloomberg.com/opinion/newsletters/2026-10-13/they-found-some-walter-victims “No victims” The basic story of Mark Walter and TWG Global, his holding company, is that TWG owns some insurance companies, and those insurance companies would raise money by selling annuities to customers, and Walter would control how that money was
Economy
Source: https://www.bloomberg.com/opinion/newsletters/2026-10-12/don-t-bet-against-the-sports-bets Kalshi gaming regulation You know what’s funny? There is a real legal dispute about whether Kalshi and other prediction markets should be allowed to offer sports bets without complying with state gaming laws. Kalshi and the US Commodity Futures Trading
Economy
Source: https://www.tker.co/p/the-stock-market-is-not-the-economy-2026 Sure, the stock market is more like the economy than it’s like… a banana. 물론 주식 시장은… 바나나보다는 경제에 가깝습니다. But in the context of a nuanced discussion of finance and macroeconomics, the stock market is not the economy. 하지만 금융과 거시경제에
Economy
Source: https://www.bloomberg.com/opinion/newsletters/2026-10-08/pre-ipo-perpetual-futures-swap-etf MANGOS What is the best way to get economic exposure to Anthropic stock right now? There are bad answers (expensive SPVs, fake SPVs). Here are two arguably good answers: 1. Just own Anthropic stock. 2. Own perpetual futures on Anthropic stock
Economy
Source: https://www.bloomberg.com/opinion/newsletters/2026-10-07/esg-gets-more-illegal Is ESG illegal? US securities laws have rules restricting activist shareholders. The main ones are: 1. If you acquire more than 5% of a company’s stock, and you plan on “changing or influencing the control” of the company, you have