Marc Rubinstein

This week’s Net Interest builds on the phenomenal forensic work of @NickNemo17 to explain how we got here https://t.co/LVTvAEBI03

Andrew Ross Sorkin’s new book, 1929, is great. But if you’re looking for parallels to what’s going on in markets today, The Panic of 1907 may be as good. Shadow banks, opaque structures, NDFI lending: it’s all there. https://t.co/wXKWJ7K2qb

Wrote about the Canton blockchain in this week’s Net Interest- Ready Layer One- about the race to build finance-first blockchain infrastructure. https://t.co/pxE2PRYQpA

“It's very fortunate for tech that some of the indirectly ZIRP-funded fundamental research into machine intelligence finally came to fruition in a higher-rates environment. It's entirely possible that the Nasdaq would still be below its all-time high if scaling laws topped out at the GPT-3 level.” – @ByrneHobart footnotes are the best.

Andurand Discretionary Enhanced fund: 2022 +59% 2023 -55% 2024 +50% 2025 - 52% Wonder what money-weighted return is?

"The amount of bond issuance [in Europe] is going materially higher at the same time US net issuance is also going higher. So I think one of the things that we might see…is a failed auction out of Europe… The two most vulnerable countries are the UK and France." CIO of Soros

@dsquareddigest Brian Moynihan, CEO of Bank of America (in 2021): "At the end of the day, and you can put this in a modern parlance, we are a subscription business, right?”

Longer than normal Net Interest coming later, on $BLK BlackRock and Global Infrastructure Partners and infrastructure investing generally. To receive it, sign up via the link in the bio.

@etiennexyz @puppyeh1 Meanwhile, head of IB at JPM today saying IB fees down to multi-year lows as regulatory obstacles to M&A increase.

JPMorgan making the point that they have sufficient capital today to absorb all US bank loan losses during the global financial crisis. https://t.co/SXG2si71z9