How tough does an investment banking boss need to be? ft.trib.al/jOeEitn | opinion

How tough does an investment banking boss need to be? super column here from @thekrazykobra.bsky.social following the FT report on Vis Raghavan of Citi www.ft.com/content/8cf4...

"To paraphrase Top Gun, Strategy is writing cheques its bitcoin treasury cannot cash." www.ft.com/content/ea81...

Post I published today on @alphaville.ft.com ….

Column I wrote today…..

Dogfooding Grok. www.ft.com/content/a8e0...

Another top post from @thekrazykobra.bsky.social on Strategy's latest wheeze www.ft.com/content/f301...

The ghost bankers haunting the City - www.ft.com/content/49b4... Nice melancholy read

My column in today’s @financialtimes.com ….

A friend just sent me this video posted today on SpaceX’s upcoming IPO. At around the 17:30 mark, @pboyle.bsky.social cites our @alphaville.ft.com piece from last week - m.youtube.com/watch?v=8rS3... (Full @financialtimes.com Alphaville piece here: www.ft.com/content/5bf1...)

I expressed similar reservations in late February in @alphaville.ft.com www.ft.com/content/cdf3...

Please read the PSA in the last paragraph of my column

Lessons from an unwise banking photoshoot - @thekrazykobra.bsky.social here on how an interview with four young men in finance dressed in Armani jackets and Hermès ties exposes several tensions in inv banking culture www.ft.com/content/1509...

As I was saying….. “Exclusive: Elon Musk's SpaceX weighs Nasdaq listing after seeking early index entry, sources say” - Reuters www.reuters.com/business/fin...

My take last June in @alphaville.ft.com : “Palihapitiya’s real talent isn’t Spacs or venture capital or even podcasting. It’s chutzpah. He has reframed his spectacular failures — from which he has profited enormously — as proof that he has learned the hard way.“ www.ft.com/content/e859...

Un papier passionnant de Craig Coben et David Erickson sur l'introduction en bourse de SpaceX. Selon eux, la valorisation envisagée semble très difficile à justifier. D'où la pression sur le NASDAQ pour modifier les règles d'inclusion dans le NASDAQ 100.

Everything you need to know about SpaceX's wildly ambitious IPO plans. as.ft.com/r/6b83fe5b-0...

Nasdaq is contorting its own index rules to court the IPOs of SpaceX et al, and @thekrazykobra.bsky.social brings the 🔥 www.ft.com/content/cdf3...

Nasdaq’s proposed changes to the Nasdaq-100 would fast-track mega-cap IPOs like SpaceX or Anthropic into the index even with tiny floats. Good for insiders but it risks leaving passive investors holding the proverbial bag. In @alphaville.ft.com today - no paywall: www.ft.com/content/cdf3...

Column I wrote in today’s @financialtimes.com - why your time shouldn’t become a public good once you’ve left the corporate world

My post today, riffing off my post from last August. What does it mean to say that an IPO was underpriced?

life comes at you fast, 'infinite money glitch' edition

Michael Saylor’s Strategy has spent 5 years buying bitcoin. Stock still up 10x since 2020. But the bitcoin itself? Roughly breakeven. Avg cost ~$76k. Real story was the “Saylor premium”: a self-reinforcing loop of stock issuance, NAV premium and BTC buying — now starting to unwind. My latest ⬇️

Post I wrote today for @alphaville.ft.com about Czechoslovak Group’s successful €3.8bn IPO. I remember working on EADS’s IPO 26 years ago when quite a few European investors balked at defence sector on ethical grounds. Not anymore. www.ft.com/content/a620...

Column I wrote today in @financialtimes.com

- @thekrazykobra.bsky.social continues to shine a light on what it is actually like to work in inv banking. Here he writes on how to deal with a bad bonus www.ft.com/content/913d...

Heerlijk stuk

Column I wrote in today’s @financialtimes.com ⬇️

Morning. Here’s an Alphaville post from @thekrazykobra.bsky.social on how the massive US IPO pipeline could cause a big slash in markets this year — and suck attention away from the UK, Europe and Asia. Plus ca change. www.ft.com/content/d9c1...

Who benefits when big tech takes up all the bandwidth, asks @thekrazykobra.bsky.social as.ft.com/r/84fcc0f1-c...

Column I wrote today ⬇️

My @alphaville.ft.com post below. BTW, if you haven’t seen the @financialtimes.com film narrated by @katie0martin.ft.com on $MSTR from last May, it is well worth a watch as (so far) a remarkably prescient work of video journalism

The MD moment in an investment banking career on.ft.com/4ajQClA

It’s that time of year again: investment banks are announcing their latest slate of managing directors. Here is @thekrazykobra.bsky.social on how that unfolds and what the MD title means www.ft.com/content/e8eb...

Around this time of year, investment banks announce who has been promoted to the ranks of managing director. My @financialtimes.com column looks at the committees, politics, rankings, and the occasional tears of joy and asks what this milestone really means www.ft.com/content/e8eb...

A Strategy update from the finite money grinch, @thekrazykobra.bsky.social on.ft.com/48kKIxY

Strategy (formerly MicroStrategy) was knocking on the door of the S&P 500 barely two months ago. Now the conversation has flipped to whether it can survive. My take in $MSTR in @alphaville.ft.com www.ft.com/content/1f63...

Column I wrote in today’s @financialtimes.com - have financiers been captured by an industry whose greatest strength is the financial freedom that working in it purports to offer?

another nice piece on MSTR from @thekrazykobra.bsky.social

My take on the largest London IPO since 2021 — the flotation of Princes Group. Free to read at @alphaville.ft.com : www.ft.com/content/4141...

Saylor’s Strategy (née MicroStrategy) is hailing a “historic” credit rating from S&P. It’s B-minus — deep in junk. My latest for @alphaville.ft.com on a “bitcoin treasury company” craving TradFi approval while its stock badly trails the asset it worships. $MSTR www.ft.com/content/f087...

Revenge against the banking nerds is near - @thekrazykobra.bsky.social's column on AI replacing a lot of the modelling grunt work is drawing a lot of debate... www.ft.com/content/0b7f...

Column I wrote today in @financialtimes.com about OpenAI hiring over a hundred investment bankers under “Project Mercury” to program AI to build financial models and automate junior banker grunt work. on.ft.com/4ohgEu3

Article I published today in @financialtimes.com on reunion I attended last month for my old investment bank. www.ft.com/content/5504...

I’m mentioned briefly in this Daily Telegraph article on my brother Harlan! Paywalled: www.telegraph.co.uk/tv/2025/10/1... Archived version: archive.is/ImXPa

(Micro)Strategy raised $128 million last week but only bought $22 million of bitcoin. What’s going on? My take and what it says about $MSTR business model

Robert De Niro in “Heat” had a rule: be ready to walk away in 30 seconds. Is that the ultimate career goal? I wrote in today’s @financialtimes.com on the trade-offs of a "portfolio career" vs. a singular role. It's not all freedom and laptops on the beach.

The jury is still out on S&P’s rejection of Strategy - column here @thekrazykobra.bsky.social here on the bitcoin investor that is now one of the largest companies outside the S&P 500 with a market cap of $93bn www.ft.com/content/57c4...

The S&P 500 just left Strategy (fka MicroStrategy) outside the index after most recent rebalancing. My latest for the @financialtimes.com on why it wasn't invited: it acts like a bitcoin fund, not an operating company. The rejection is a blow to its business model. www.ft.com/content/57c4...

"The previously successful treasury strategy seems now to be preventing stockholders from fully participating in the very bitcoin rally they are funding." on.ft.com/3JR070i