James Mackintosh
@jmackin2.bsky.social
Writer of Streetwise column in the Wall Street Journal www.wsj.com/streetwise Here for FinTwit c. 2012. Ex FT
I don't put much weight on post-holiday trading today, but notable that Alphabet down a bit while Nvidia down, which isn't part of the narrative of Alphabet's TPUs pulling ahead in the chip race.
November 28, 2025 at 5:52 PM
I don't put much weight on post-holiday trading today, but notable that Alphabet down a bit while Nvidia down, which isn't part of the narrative of Alphabet's TPUs pulling ahead in the chip race.
Anyone know where Polanski's claim of a 1.88 multiplier on govt spending on CO2 reduction comes from? Seems very high
November 27, 2025 at 7:42 PM
Anyone know where Polanski's claim of a 1.88 multiplier on govt spending on CO2 reduction comes from? Seems very high
Reeves is right about the madness of foreign residents being allowed to contribute to NICs at bargain rates to get pensions worth massive multiples of cost
November 26, 2025 at 1:14 PM
Reeves is right about the madness of foreign residents being allowed to contribute to NICs at bargain rates to get pensions worth massive multiples of cost
Markets taking time to make their minds up about the budget. Weirdly given it was all out beforehand the speech seems to have moved markets from thinking it was worse to thinking its better: Now gilt yields down and stocks and sterling up, perfect reverse.
November 26, 2025 at 1:11 PM
Markets taking time to make their minds up about the budget. Weirdly given it was all out beforehand the speech seems to have moved markets from thinking it was worse to thinking its better: Now gilt yields down and stocks and sterling up, perfect reverse.
ISAs: I'm not particularly in favour of tax breaks on saving in general, but Reeves justifying limiting ISA allowance for cash on basis that over a period stocks beat cash ignores volatility, and ignores that sometimes (rarely) stocks are wildly overpriced and cash is a better long time investment.
November 26, 2025 at 12:58 PM
ISAs: I'm not particularly in favour of tax breaks on saving in general, but Reeves justifying limiting ISA allowance for cash on basis that over a period stocks beat cash ignores volatility, and ignores that sometimes (rarely) stocks are wildly overpriced and cash is a better long time investment.
UK budget: I'm not convinced that in a country suffering seriously low investment it makes sense to raise taxes on investment (writing-down allowance change and first-year allowance net out to a £1.4bn tax rise)
November 26, 2025 at 12:43 PM
UK budget: I'm not convinced that in a country suffering seriously low investment it makes sense to raise taxes on investment (writing-down allowance change and first-year allowance net out to a £1.4bn tax rise)
Budget RPI link for fuel duty underlines the cynical use of RPI by govt: where taxpayers have to pay stuff linked to inflation, it's linked to RPI. Where taxpayers receive something linked to inflation, it's linked to CPI.
Meanwhile RPI is so bad the ONS says it isn't a national statistic
Meanwhile RPI is so bad the ONS says it isn't a national statistic
November 26, 2025 at 12:14 PM
Budget RPI link for fuel duty underlines the cynical use of RPI by govt: where taxpayers have to pay stuff linked to inflation, it's linked to RPI. Where taxpayers receive something linked to inflation, it's linked to CPI.
Meanwhile RPI is so bad the ONS says it isn't a national statistic
Meanwhile RPI is so bad the ONS says it isn't a national statistic
Cleaners: Precariat
Teachers: Upper middle/educated middle class
Nurses: Moving up from historically working class to educated middle class
3 very different groups.
Zack Polanski: "What I’m more interested in is what’s happening to cleaners, teachers, nurses and those everyday things"
Teachers: Upper middle/educated middle class
Nurses: Moving up from historically working class to educated middle class
3 very different groups.
Zack Polanski: "What I’m more interested in is what’s happening to cleaners, teachers, nurses and those everyday things"
November 26, 2025 at 11:35 AM
Cleaners: Precariat
Teachers: Upper middle/educated middle class
Nurses: Moving up from historically working class to educated middle class
3 very different groups.
Zack Polanski: "What I’m more interested in is what’s happening to cleaners, teachers, nurses and those everyday things"
Teachers: Upper middle/educated middle class
Nurses: Moving up from historically working class to educated middle class
3 very different groups.
Zack Polanski: "What I’m more interested in is what’s happening to cleaners, teachers, nurses and those everyday things"
Reposted by James Mackintosh
Reposted by James Mackintosh
Why do people think England flags have been raised on lampposts?
White adults
National pride: 26%
Anti-migrant/minority sentiment: 49%
Both: 19%
Ethnic minority adults
National pride: 15%
Anti-migrant/minority sentiment: 55%
Both: 20%
yougov.co.uk/society/arti...
White adults
National pride: 26%
Anti-migrant/minority sentiment: 49%
Both: 19%
Ethnic minority adults
National pride: 15%
Anti-migrant/minority sentiment: 55%
Both: 20%
yougov.co.uk/society/arti...
November 21, 2025 at 10:17 AM
Why do people think England flags have been raised on lampposts?
White adults
National pride: 26%
Anti-migrant/minority sentiment: 49%
Both: 19%
Ethnic minority adults
National pride: 15%
Anti-migrant/minority sentiment: 55%
Both: 20%
yougov.co.uk/society/arti...
White adults
National pride: 26%
Anti-migrant/minority sentiment: 49%
Both: 19%
Ethnic minority adults
National pride: 15%
Anti-migrant/minority sentiment: 55%
Both: 20%
yougov.co.uk/society/arti...
Reposted by James Mackintosh
Newspaper that said it wasn’t worth half a billion pounds is magically now worth half a billion pounds www.ft.com/content/cd8e...
Daily Mail owner strikes £500mn deal for Telegraph
Tie-up would create one of the most powerful right-leaning media groups in Britain
www.ft.com
November 22, 2025 at 9:33 AM
Newspaper that said it wasn’t worth half a billion pounds is magically now worth half a billion pounds www.ft.com/content/cd8e...
Reposted by James Mackintosh
"Would you feel comfortable living in New York City under a Mamdani administration?"
Trump: "I would"
Ackman just started throwing up and crying.
Trump: "I would"
Ackman just started throwing up and crying.
November 21, 2025 at 8:59 PM
"Would you feel comfortable living in New York City under a Mamdani administration?"
Trump: "I would"
Ackman just started throwing up and crying.
Trump: "I would"
Ackman just started throwing up and crying.
Reposted by James Mackintosh
When the market goes down hard, it’s never because investors got too bullish, too levered, and too far out over their skis.
It is always because the Fed did it to them.
It is always because the Fed did it to them.
November 20, 2025 at 8:17 PM
When the market goes down hard, it’s never because investors got too bullish, too levered, and too far out over their skis.
It is always because the Fed did it to them.
It is always because the Fed did it to them.
Reposted by James Mackintosh
(Barron’s) - MSCI is reviewing whether to exclude digital asset treasury companies, including Strategy, from its indexes, with a decision expected by mid-January.
@barrons.com $MSTR
www.barrons.com/articles/str...
@barrons.com $MSTR
www.barrons.com/articles/str...
November 20, 2025 at 5:16 PM
(Barron’s) - MSCI is reviewing whether to exclude digital asset treasury companies, including Strategy, from its indexes, with a decision expected by mid-January.
@barrons.com $MSTR
www.barrons.com/articles/str...
@barrons.com $MSTR
www.barrons.com/articles/str...
Reposted by James Mackintosh
It’s the exclusive everyone wanted, the story that will win next year’s Pulitzer…
I can reveal London’s giant AI generated Christmas artwork, the subject of much online mockery, is being torn down - and I honestly *genuinely* think you’ll never guess why. www.londoncentric.media/p/ai-artwork...
I can reveal London’s giant AI generated Christmas artwork, the subject of much online mockery, is being torn down - and I honestly *genuinely* think you’ll never guess why. www.londoncentric.media/p/ai-artwork...
London's giant AI artwork to be torn down
The bizarre story of why a much-talked-about creation is being torn down. Plus: Docklands Light Railway extension, giant laser stalks the night sky, and more tales of Android phone theft rejection.
www.londoncentric.media
November 20, 2025 at 7:18 AM
It’s the exclusive everyone wanted, the story that will win next year’s Pulitzer…
I can reveal London’s giant AI generated Christmas artwork, the subject of much online mockery, is being torn down - and I honestly *genuinely* think you’ll never guess why. www.londoncentric.media/p/ai-artwork...
I can reveal London’s giant AI generated Christmas artwork, the subject of much online mockery, is being torn down - and I honestly *genuinely* think you’ll never guess why. www.londoncentric.media/p/ai-artwork...
Investors excited that latest version of Google Gemini is so good. Yet, it can still say things like "Since 1 < 9, it might incorrectly conclude that 5.11 < 5.9" - although it does eventually reach the right answer. Doesn't give great confidence in its supposedly improved reasoning.
November 20, 2025 at 10:04 AM
Investors excited that latest version of Google Gemini is so good. Yet, it can still say things like "Since 1 < 9, it might incorrectly conclude that 5.11 < 5.9" - although it does eventually reach the right answer. Doesn't give great confidence in its supposedly improved reasoning.
Late to this but will just note that in 2007 alt-funds dedicated to investing in violins and rare guitars were a clear sign of the top. wwd.com/fashion-news...
Luxus Debuts Investment Fund for Luxury Handbags
Luxus, the wealth tech startup, has launched a new fund focused on Hermès Birkin and Kelly bags, to the tune of $2 million.
wwd.com
November 18, 2025 at 12:29 PM
Late to this but will just note that in 2007 alt-funds dedicated to investing in violins and rare guitars were a clear sign of the top. wwd.com/fashion-news...
Being expected to beat expectations never gets old. "...Nvidia is expected to deliver another earnings beat."
November 17, 2025 at 10:09 PM
Being expected to beat expectations never gets old. "...Nvidia is expected to deliver another earnings beat."
Reposted by James Mackintosh
Phew. New near-passive PC build with biggest heatsink ever, Noctua NHP1, and after build...nothing. Dead. But in checking, somehow one of the memory sticks (now deep under the heatsink) is loose. Lots of delicate wiggling later, it boots. CPU idle temp (AMD 9700x):36C with no fans. Cool, as they say
November 15, 2025 at 10:02 PM
Phew. New near-passive PC build with biggest heatsink ever, Noctua NHP1, and after build...nothing. Dead. But in checking, somehow one of the memory sticks (now deep under the heatsink) is loose. Lots of delicate wiggling later, it boots. CPU idle temp (AMD 9700x):36C with no fans. Cool, as they say
Another way of framing the core question: Is Michael Burry the Tony Dye indicator we've been waiting for?
November 14, 2025 at 1:19 PM
Another way of framing the core question: Is Michael Burry the Tony Dye indicator we've been waiting for?
Nice charts from @mims.bsky.social on AI build-out. He quotes JPM that every iphone owner globally needs to pay $35 a month to generate enough $ to justify capex. Seems to me that equates to ~$9 a month for every smartphone owner. Still punchy, but I can imagine that.
www.wsj.com/tech/ai/when...
www.wsj.com/tech/ai/when...
When AI Hype Meets AI Reality: A Reckoning in 6 Charts
Record capital expenditures and data-center planning are running up against the ground truths of physical infrastructure.
www.wsj.com
November 14, 2025 at 1:18 PM
Nice charts from @mims.bsky.social on AI build-out. He quotes JPM that every iphone owner globally needs to pay $35 a month to generate enough $ to justify capex. Seems to me that equates to ~$9 a month for every smartphone owner. Still punchy, but I can imagine that.
www.wsj.com/tech/ai/when...
www.wsj.com/tech/ai/when...
Gamestop went through its April tariffs low yesterday to close at its lowest for the year
November 14, 2025 at 12:47 PM
Gamestop went through its April tariffs low yesterday to close at its lowest for the year
Be much easier for the Gen Z customers willing to pay $6.99 to have cash delivered just to have it delivered directly to the dealer. Who else pays that much for cash?
Robinhood is teaming with mobile app Gopuff to provide customers home delivery of their cash www.wsj.com/finance/inve... via @WSJ
Robinhood is teaming with mobile app Gopuff to provide customers home delivery of their cash www.wsj.com/finance/inve... via @WSJ
Exclusive | Robinhood Offers to Bring Cash to Your Doorstep, for a Fee
The brokerage is teaming with mobile app Gopuff to provide customers home delivery of their cash.
www.wsj.com
November 13, 2025 at 3:20 PM
Be much easier for the Gen Z customers willing to pay $6.99 to have cash delivered just to have it delivered directly to the dealer. Who else pays that much for cash?
Robinhood is teaming with mobile app Gopuff to provide customers home delivery of their cash www.wsj.com/finance/inve... via @WSJ
Robinhood is teaming with mobile app Gopuff to provide customers home delivery of their cash www.wsj.com/finance/inve... via @WSJ
Reposted by James Mackintosh
I am obliged to report that when the No 10 spokesman gave this part of the statement there was a brief but heartfelt outbreak of laughter from journalists, one of whom later asked if the PM might thus be interested in a bridge he had to sell.
November 13, 2025 at 12:35 PM
I am obliged to report that when the No 10 spokesman gave this part of the statement there was a brief but heartfelt outbreak of laughter from journalists, one of whom later asked if the PM might thus be interested in a bridge he had to sell.