Learner, consultant, blogger, runner, gardener | @AlphaBetaBlogFR in đ«đ· | CFA, CAIA, CIPM | #financiallitteracy #literature #history
Paris, France
Joined February 2009
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Spencer Jakab:
â The underlying funds differ, but the common theme of complex or active ETFs is a fast track to investing success. Donât just look under the hoodâcheck out the price tag. â wsj.com/finance/investing/thâŠ
Matt Levine on Anthropic's S-1:
â The biggest risks in Anthropicâs prospectus are not really risks to its business; they are risks that its business poses to everyone else. â bloomberg.com/opinion/newsleâŠ
â Great, high-quality, winning companies can become overpriced. And in our âMagnificent Sevenâ this time around, we do indeed have some great companies. â albertbridgecapital.com/postâŠ
â AI will change what is scarce. It will not decide who captures that scarcity premium. â rpc.cfainstitute.org/blogs/eâŠ
Joe Wiggins:
â The best way to predict what decisions will get made in almost any situation is to understand who holds the power and what they want. â behaviouralinvestment.com/20âŠ
Robin Wigglesworth, author of A Fabulous Debt: The Epic Story of How Bonds Built the Modern World, is the guest of the MiB podcast hosted by Barry Ritholtz. The transcript is here. ritholtz.com/2026/10/transcrâŠ
Alex Claringbull, global head of index investments at BlackRock:
â I think there is interest in ex-hyperscaler exposure for fixed income. â etfstream.com/articles/ai-meâŠ
Ben Carlson:
â Vanguardâs first index fund had a sales load of 8.5%. â awealthofcommonsense.com/202âŠ
FCA on private market firms:
â Recurring weaknesses were identified in areas including cross-fund transfers and multi-party transactions, gifts and entertainment, and information barriers. â fca.org.uk/news/press-releasâŠ
â In many respects, the Total Portfolio Approach is an evolution of the Diversified Growth Fund model, applying the same integrated, outcome-oriented investment philosophy across asset classes that were once very siloed. â ft.com/content/cec7ecab-27faâŠ
â While no one has certainty about future returns, current valuation spreads still support the case for a future value premium. â
[See you in the future.] morningstar.com/financial-adâŠ
Aswath Damodaran on Anthropic's valuation:
â As Anthropic heads towards its initial public offering, my suggestion is that you step back from the frenzy, since like the parable of the six blind men who visit an elephant, and having touched different parts of it, —ïž
come away with wildly different descriptions of what an elephant looks like, there will be Anthropic bulls and bears who will latch on to a part of the companyâs lore and spin tales about its future. â aswathdamodaran.substack.comâŠ
As a rule, assume that private market funds are always much more expensive than they look. morningstar.com/funds/why-weâŠ
Andrew McDermott:
â Financial markets will be among the last places to embrace full-blown Japan Optimism because doing so requires rejecting thirty years of MBA dogma. â japanoptimist.substack.com/pâŠ
Toby Nangle on French government bonds. ft.com/content/9aa4549e-26f4âŠ
According to the OECDâs Ownership and Governance of State-Owned Enterprises 2026 report, their economic footprint has doubled over the past decade. oecd.org/en/publications/ownâŠ
Matt Levine on AI CDS:
â Judging by the experience of the past, there will eventually be more financial engineering in this space. Some people who consciously decide to take AI risk will get concentrated AI credit risk; —ïž
other people might get bonds with high ratings based on optimistic assumptions about the correlations in that risk. (âOh, itâs a diversified portfolio of data centers.â) —ïž
Financial markets can move around the AI financing risk, but they canât get rid of it. It will be interesting to see where it lands. â
[I love this: (âOh, itâs a diversified portfolio of data centers.â)]
bloomberg.com/opinion/newsleâŠ
