The FT paywall is down today! So here is some of the ace work of me and my colleagues for you to sample (and perhaps consider a full subscription). #FTfreetoday
In awe of a lot of the stuff produced by my colleagues over the past year, and I’m a bit worried about leaving some sterling stuff out. So here is a *very* brief, non-comprehensive list of articles I remember off the top of my head, a mix of my own work and others.
@rmilneNordic piece on the survivors and aftermath of Utøya - one of the worst mass murders in history - was haunting and touching. ft.com/content/be85f8…
@rmilneNordic One of my best-read pieces of the past year is an adaptation from my recent book on the history of passive investing, which profiled BlackRock’s Larry Fink - the new undisputed King of Wall Street. ft.com/content/7dfd1e…
Earlier this year, @SVR13 wrote a wonderful magazine feature exploring the parallels between cryptocurrency fandom and cultism, which I was privileged to help out on. ft.com/content/9e7876…
Probably my most-read piece of 2021 (still harvesting readers every week it seems) is this profile of Jane Street, the secretive but wildly profitable quasi-anarchist trading firm that put even Goldman Sachs and Citadel Securities to shame last year. ft.com/content/81811f…
The most mind-blowing stat of the year award goes to @patricianilsson for this nugget in a terrific investigation into the opaque online pornography empire MindGeek. ft.com/content/b50dc0…
Lastly, I loved writing this "salty" column on the parallels between the cryptocurrency phenomenon and Albania's epic 1990s pyramid scheme debacle. ft.com/content/810367…
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The frenzied private capital party is totally understandable, but will leave many investors bitterly disappointed and could cause broader long-term economic problems. on.ft.com/3ma2ihc
I hate to be *this guy* but…
Even as someone who has long thought the public-private line will blur more and more (and im not entirely against it) the wildness of the investor frenzy for private markets is a little unnerving. Rock up with a growth equity/PE/direct lending/VC fund and investors be like
The spark behind the birth of Vanguard passed away earlier this month, aged 88. Nick Thorndike might not be as famous as Jack Bogle, Vanguard’s actual founder, but he (inadvertently) played a pivotal role in its genesis. Short thread of recondite financial history: 1/n
Back in the 1950s, Nick Thorndike was a precocious fund manager at Fidelity, mentored by Ned Johnson himself. In 1960 he and three Bostonian friends set up their own shop, Thorndike, Doran, Paine and Lewis, which kicked arse in the “go-go” boom of the 1960s.
The go-go years were much tougher for more conservative investment groups, such as Walter Morgan’s Wellington. It ran a big, successful bond-and-stocks fund, but in the 60s boom people wanted GROWTH, not a boring “balanced” fund.
Just $93m is enough to lift bitcoin price by 1%, estimates Bank of America. Gold needs about 20x that net inflow.
The smattering of institutional investor/corporate announcements over the past year have helped pump the price of bitcoin, but Grayscale remains the dominant holder.
For decentralised money its pretty dang centralised. About 95% of all bitcoin are controlled by just 2.4% of accounts.
“Indexing doesn’t constitute any real threat to professional managers because its goal is mediocre performance.” Cleaning up some of my book research notes, and there are some 👀 quotes there.
(From the Boston Globe, august 24, 1976)
David Babson REALLY didn’t like the smell of this new fad.
Retail investors now accounts for almost as much US trading as all mutual funds and hedge funds *combined*. Our deep dive into the frenzy, how it differs from past retail trading booms, and whether this will prove a lasting phenomenon. ft.com/content/7a91e3…