|
Matt LevineBloomberg |
One sort of thing you could do, if you work at an investing firm, is say “I like Microsoft Corp., I think this artificial intelligence thing is big,...
Tesla Inc. is an electric car company, but arguably its most important mission is generating cash for Elon Musk. This is not just me saying that. In...
Trump Media & Technology Group announced some product news today, which I for one was not expecting. It has previously said that it had “begun...
“Everything is securities fraud,” I like to say around here, meaning: Occasionally I add a technical clarification: Simply not mentioning a bad...
Programming note! We are trying something new around here. It’s a podcast. There’s going to be a Money Stuff podcast, in which I’ll discuss...
One thing that I think about from time to time is that the notion of “material nonpublic information” is outdated and incoherent. In the olden...
We talked yesterday about the Destiny Tech100 fund, but I worry that I did not sufficiently emphasize how wild it is. Here is what it is: This is an...
A not uncommon situation is: You are an employee of a hot tech startup, you own stock in your startup, but you can’t sell it. One reason that you...
If you are an activist hedge fund, I guess you have two motivations: You want to make money, and you want to win proxy fights. But you can make money...
Probably Donald Trump should have just issued a crypto token, called it “DJT,” gone around saying “this is the crypto token of me, Donald...
We talked in November about Hunterbrook, a hedge fund that is also a newspaper. These are mostly tough economic times for the news industry, and...
What if fundamental analysis of stock prices was a temporary phenomenon? I have previously written my half-joking history of stock markets in three...
Programming note: Money Stuff will be off tomorrow and next week, back in April. The simplest form of fraud is that you lie to someone and they give...
The US has about a dozen stock exchanges. Each stock trades on each stock exchange. Every so often the price of a stock on one exchange will be...
Ahh this is clever:That is from Bloomberg’s Natasha White this week. The idea in credit risk transfer is:
Here are some statistics from Bloomberg’s Olga Kharif: Well. Sure. Look, I myself have spent at least 11 hours online learning about crypto, and I...
Mohamed Ali Rashid used to be a partner at Apollo Global Management Inc., the big private equity firm. As part of his job, he would fly around to...
The cheapest way to get into the banking business might be to buy a failed bank. When the US Federal Deposit Insurance Corp. takes over a failed bank,...
A dollar of income is worth more in some businesses than in others. Some businesses are attractive and fast-growing, and investors will pay a large...
New York usury law makes it illegal to charge very high interest rates on loans. If you charge more than 16% on a loan in New York, the borrower might...
I worry that perhaps nobody knows how mergers work. Not in like a “let me tell you” sense, but in an “everything is fundamentally unknowable”...
The theory of executive severance goes something like this. The chief executive officer of a public company wants to run the company. Running the...
What does the trading business of a big bank do? One crude model might be: In the olden days, perhaps 20 years ago, the trading division did trading....
I wrote yesterday about reports that the US Securities and Exchange Commission might be looking into whether OpenAI or its founder and chief executive...
The basic rule is that the board of directors of a company is in charge of the company, and when they are faced with a decision, the directors are...
Say you are a big mutual fund and you own 1,000 shares of Stock X and you want to sell. You meet a pension fund that wants to buy 1,000 shares of...
Demand response is the business of getting paid for not using electricity. You might think that would sometimes lead to fraud, and oh does it. Here is...
I guess there are three ways to look at this: One is the sort of philosophical view. Reddit Inc., more so even than most social media companies, is a...
Oh man, I want to tell you about the funniest Money Stuff item of, like, summer 2024. Here’s what it will be: It cannot really be the case that a...
Man he is really going to do the funniest trade in the whole history of financial markets: Here is the letter, from Dealbook. The short version of...
I can tell you, if you want, the rules that apply to Elon Musk’s pay as chief executive officer of Tesla Inc. under Delaware corporate law. They are...
I do see Elon Musk’s point. He runs, what, six companies? SpaceX, Neuralink, Twitter/X, the tunnel one, xAI, probably some I’m forgetting. And...
If I ran the crypto enforcement unit at the US Securities and Exchange Commission, and I were as crypto-skeptical as the actual SEC seems to be, I...
The way that the US government encourages a lot of green energy projects is by giving them tax credits. If you build a power plant that runs on...
Programming note: Money Stuff will be off tomorrow, back on Monday. A weird financial anomaly is that, in 2017 and 2018, the bonds of American Media...
Often, if you are marketing an investment, it helps to have your thing validated by some trusted third party. If you’ve got a company and you want...
The Arena Group Holdings Inc. is a small publicly traded media company that owns titles including TheStreet, Parade and Men’s Journal. Since 2019,...
An important and surprising insight of modern finance is that shareholders are, at least indirectly, 1 people too. There is a standard view of...
Programming note: Money Stuff will be off tomorrow, back on Monday.Let’s say you want to start an internet business, and you need money. Here are...
Oh sure whatever:Pensions & Investments reports:
Here’s a simple model of a block trade. There’s a public company, its stock trades on the exchange, its current price is $100. A big shareholder...
Programming note: Money Stuff will be off tomorrow and Monday, back on Tuesday. Taking a step back here, there is something really cool about what...
I kind of don’t understand the trade here?Look, I have no inside information, but most of the reporting I have read about spot Bitcoin ETFs has...
We have talked a few times over the years about the mysterious Tesla Inc. lawyer whose court-mandated job is to review Elon Musk’s draft tweets...
Programming note: Money Stuff will be off tomorrow, back on Monday. I began yesterday’s column by saying that I used to write a lot about crypto,...
I used to write a lot about crypto. 1 The reason I liked writing about crypto is that it seemed to be rediscovering all of regular finance from first...
If you trick people into getting unnecessary surgeries to implant fake medical devices in their bodies, is that securities fraud? Obviously you know...
Programming note for Elon Musk : Don’t read the next programming note, skip down, there’s a whole section about your tweets! Poop emojis and...
One model of a charitable endowment is that you are in the business of selling appreciated assets on behalf of your donors in order to maximize tax...
One extremely crude but sometimes useful rule of thumb is that a business is worth about 10 times as much as it made this year. If you have a hardware...