Toby Nangle
@tobyn.bsky.social
FT Alphaville reporter. Ex-“veteran” fund manager. Resolution Foundation Assoc. Baring Foundation Trustee.
Pinned
A trillion-dollar blind spot for asset managers
Despite ESG push, firms continue to compete to work for authoritarian states with records of human rights abuses
on.ft.com
Continue to be asked why I left asset management. No secret. on.ft.com/46YSttS
Am a big @aiannucci.bsky.social fan. But don’t let this episode put you off bond markets!!
Here’s @alphaville.ft.com’s bond mkt 101, incl an animated roller-skating bond chimp on.ft.com/48EO8gq
Here’s @alphaville.ft.com’s bond mkt 101, incl an animated roller-skating bond chimp on.ft.com/48EO8gq
November 28, 2025 at 6:04 PM
Am a big @aiannucci.bsky.social fan. But don’t let this episode put you off bond markets!!
Here’s @alphaville.ft.com’s bond mkt 101, incl an animated roller-skating bond chimp on.ft.com/48EO8gq
Here’s @alphaville.ft.com’s bond mkt 101, incl an animated roller-skating bond chimp on.ft.com/48EO8gq
Non-defaulted govt bond trades at 2.65 cents on the euro.
on.ft.com/3M5Yux0
on.ft.com/3M5Yux0
Almost total bondholder wipeout
Austrian centurions: from hero to (almost) zero
on.ft.com
November 28, 2025 at 11:34 AM
Non-defaulted govt bond trades at 2.65 cents on the euro.
on.ft.com/3M5Yux0
on.ft.com/3M5Yux0
Guess one side-effect of AI video slop is that it destroys any leverage the possessor of compromat might have?
November 28, 2025 at 9:09 AM
Guess one side-effect of AI video slop is that it destroys any leverage the possessor of compromat might have?
Costas Milas & Chris Mahon ask what lessons a BoE QE/QT postmortem might offer on.ft.com/483jRHW
Lessons from the Bank of England’s QE programme
Letter writing, accountability and a postmortem of QE
on.ft.com
November 28, 2025 at 7:35 AM
Costas Milas & Chris Mahon ask what lessons a BoE QE/QT postmortem might offer on.ft.com/483jRHW
Reposted by Toby Nangle
My Trade Secrets today. Funny* thing about Trump's tariffs: they're really unpopular and he's retreating from them even before most of the bad effects have come through. God knows what will happen when they do.
*By funny I mean both unexpected but also very amusing.
on.ft.com/4p5NUVy
*By funny I mean both unexpected but also very amusing.
on.ft.com/4p5NUVy
The hot air of Trump’s tariffs is approaching a ceiling of cold reality
[FREE TO READ] Even before their full effect has hit, the duties are doing real damage
on.ft.com
November 27, 2025 at 4:30 PM
My Trade Secrets today. Funny* thing about Trump's tariffs: they're really unpopular and he's retreating from them even before most of the bad effects have come through. God knows what will happen when they do.
*By funny I mean both unexpected but also very amusing.
on.ft.com/4p5NUVy
*By funny I mean both unexpected but also very amusing.
on.ft.com/4p5NUVy
Reposted by Toby Nangle
the only substack you need ftav.substack.com/?r=4ys07&utm...
* it's free, it's funny, it will make you feel fleetingly like you understand finance and economics before you remember that's not your brand. Other reasons may apply YMMV
* it's free, it's funny, it will make you feel fleetingly like you understand finance and economics before you remember that's not your brand. Other reasons may apply YMMV
FT Alphaville | Substack
We're the FT's finance blog. If it's dumb, delightful or just weird and involves money we're probably interested in it. Click to read FT Alphaville, a Substack publication.
ftav.substack.com
November 27, 2025 at 10:09 PM
the only substack you need ftav.substack.com/?r=4ys07&utm...
* it's free, it's funny, it will make you feel fleetingly like you understand finance and economics before you remember that's not your brand. Other reasons may apply YMMV
* it's free, it's funny, it will make you feel fleetingly like you understand finance and economics before you remember that's not your brand. Other reasons may apply YMMV
Nice dataviz from the ONS showing median wealth split by category at different points of the distribution: www.ons.gov.uk/peoplepopula...
November 27, 2025 at 9:45 PM
Nice dataviz from the ONS showing median wealth split by category at different points of the distribution: www.ons.gov.uk/peoplepopula...
Any deets as to how the Valuation Office will be implementing their "targeted valuation exercise"? Buying Zoopla guesstimates and then driving around? Something else?
www.gov.uk/government/p...
www.gov.uk/government/p...
November 27, 2025 at 5:26 PM
Any deets as to how the Valuation Office will be implementing their "targeted valuation exercise"? Buying Zoopla guesstimates and then driving around? Something else?
www.gov.uk/government/p...
www.gov.uk/government/p...
TIL that, as of end-Q325:
1. Tether is 3.9% over-collateralised;
2. BTC mades up 5.6% of Tether's asset base;
3. A further 19% of reserves are in higher risk assets.
Since end-Q3 BTC has fallen 24%.
on.ft.com/48dppjj
1. Tether is 3.9% over-collateralised;
2. BTC mades up 5.6% of Tether's asset base;
3. A further 19% of reserves are in higher risk assets.
Since end-Q3 BTC has fallen 24%.
on.ft.com/48dppjj
Tether gets junked by S&P
Collateral damaged
on.ft.com
November 26, 2025 at 3:53 PM
TIL that, as of end-Q325:
1. Tether is 3.9% over-collateralised;
2. BTC mades up 5.6% of Tether's asset base;
3. A further 19% of reserves are in higher risk assets.
Since end-Q3 BTC has fallen 24%.
on.ft.com/48dppjj
1. Tether is 3.9% over-collateralised;
2. BTC mades up 5.6% of Tether's asset base;
3. A further 19% of reserves are in higher risk assets.
Since end-Q3 BTC has fallen 24%.
on.ft.com/48dppjj
Reposted by Toby Nangle
The Office for Budget Responsibility has undermined claims made by government officials that they decided to U-turn on plans to raise income tax because they received an improved fiscal forecast from the watchdog
via our FT Budget live blog:
www.ft.com/content/d0a5...
via our FT Budget live blog:
www.ft.com/content/d0a5...
UK Budget 2025: Reeves raises taxes by £26bn
Investors taken by surprise as fiscal watchdog publishes data prematurely
www.ft.com
November 26, 2025 at 1:25 PM
The Office for Budget Responsibility has undermined claims made by government officials that they decided to U-turn on plans to raise income tax because they received an improved fiscal forecast from the watchdog
via our FT Budget live blog:
www.ft.com/content/d0a5...
via our FT Budget live blog:
www.ft.com/content/d0a5...
Great post from @thekrazykobra.bsky.social on a glitch in the infinite money machine on.ft.com/4rmeKKl
‘Infinite money glitch’; meet arithmetic
Micro Strategy, major strife
on.ft.com
November 26, 2025 at 11:39 AM
Great post from @thekrazykobra.bsky.social on a glitch in the infinite money machine on.ft.com/4rmeKKl
What even are par-par asset swaps, and why won’t they melt the gilt market today?
on.ft.com/43S8Vul
on.ft.com/43S8Vul
Don’t worry about another leveraged gilt market blow-up
Keep calm and carry on
on.ft.com
November 26, 2025 at 6:58 AM
What even are par-par asset swaps, and why won’t they melt the gilt market today?
on.ft.com/43S8Vul
on.ft.com/43S8Vul
Despite all the talk of market bubbles, Miran's old shop has put out a call for the S&P500 to triple. Because MAGA. on.ft.com/4rpFNVp
Maybe the S&P 500 will triple?
Stephen Miran’s old shop reckons that stocks are ‘not even close’ to a bubble
on.ft.com
November 24, 2025 at 1:52 PM
Despite all the talk of market bubbles, Miran's old shop has put out a call for the S&P500 to triple. Because MAGA. on.ft.com/4rpFNVp
More on the Total Portfolio Approach, this time from @rogierswierstra.bsky.social open.substack.com/pub/rogiersw...
TPA: the Total Portfolio Approach
Trends in investment management
open.substack.com
November 21, 2025 at 7:57 AM
More on the Total Portfolio Approach, this time from @rogierswierstra.bsky.social open.substack.com/pub/rogiersw...
Continue to be asked why I left asset management. No secret. on.ft.com/46YSttS
A trillion-dollar blind spot for asset managers
Despite ESG push, firms continue to compete to work for authoritarian states with records of human rights abuses
on.ft.com
November 19, 2025 at 11:08 PM
Continue to be asked why I left asset management. No secret. on.ft.com/46YSttS
Reposted by Toby Nangle
This is, of course, a fascinating thread from Kate asking why Google is effectively cannibalizing its own market for both digital ads on third party properties and search ads, by effectively taking away the incentive to click through to third party sites. I have a theory as to why they're doing it.
So this ad revenue metric is indicative of such a fascinating and weird set of business decisions by Google to inexplicably kill of SEO-- and I honestly don't get how they think this is going to pay off for them in the long run.
🧵
1/
🧵
1/
Stereogum says Google's switch to AI Overviews reduced its ad revenue by *70 percent* www.theverge.com/entertainmen...
November 18, 2025 at 9:26 PM
This is, of course, a fascinating thread from Kate asking why Google is effectively cannibalizing its own market for both digital ads on third party properties and search ads, by effectively taking away the incentive to click through to third party sites. I have a theory as to why they're doing it.
If indicative of the mood across SWFs and institutional investors, this feels like it's an important story on.ft.com/3X53iVF
November 19, 2025 at 8:21 AM
If indicative of the mood across SWFs and institutional investors, this feels like it's an important story on.ft.com/3X53iVF
Lost for words. www.nytimes.com/2025/11/18/b...
Trump Berates One Reporter and Tells Another,‘Quiet Piggy’
www.nytimes.com
November 19, 2025 at 7:50 AM
Lost for words. www.nytimes.com/2025/11/18/b...
Terrific piece on what is happening *right now* when PE-backed US life insurers run into trouble.
I've spoken with policyholders who are fearing life-changing losses.
www.bloomberg.com/features/202...
www.bloomberg.com/features/202...
When Wall Street’s Insurance Playbook Goes Wrong
Almost a decade after a private equity firm began reshaping a struggling life insurer, authorities are grappling with a $2.2 billion shortfall. Policyholders fear life-changing losses.
www.bloomberg.com
November 18, 2025 at 8:21 PM
Terrific piece on what is happening *right now* when PE-backed US life insurers run into trouble.
Reposted by Toby Nangle
A lot of people didn’t like the Washington Post journalist who was tortured and dismembered with a bone saw for writing critically about the man sitting next to me
Trump suggests Khashoggi had it coming: "You're mentioning someone that was extremely controversial. A lot of people didn't like that gentleman that you're talking about. Whether you like him or didn't like him, things happen. But he knew nothing about it. You don't have to embarrass our guest."
November 18, 2025 at 5:51 PM
A lot of people didn’t like the Washington Post journalist who was tortured and dismembered with a bone saw for writing critically about the man sitting next to me
Reposted by Toby Nangle
Reposted by Toby Nangle
Reposted by Toby Nangle
Banger post on the buzziest (but fuzziest) phenomenon in institutional investing, from @tobyn.bsky.social naturally. on.ft.com/47MeI73
The hot new investment trend is the ‘Total Portfolio Approach’. Does it work?
Exploring the buzzy but fuzzy new phenomenon in asset allocation
on.ft.com
November 17, 2025 at 7:12 AM
Banger post on the buzziest (but fuzziest) phenomenon in institutional investing, from @tobyn.bsky.social naturally. on.ft.com/47MeI73
Blue Owl block retail owners of one of its private credit funds from redeeming, & propose a merger that wipes out 20% of their capital value? on.ft.com/47VwL9t
Blue Owl private credit fund merger leaves some investors facing 20% hit
Asset manager blocks redemptions from one of its first private debt vehicles targeting wealthy individuals
on.ft.com
November 16, 2025 at 12:53 PM
Blue Owl block retail owners of one of its private credit funds from redeeming, & propose a merger that wipes out 20% of their capital value? on.ft.com/47VwL9t
I'd not appreciated that airpods have become functional Babel fishes. support.apple.com/en-us/123185
Use Live Translation with your AirPods - Apple Support
Bridge language barriers in person—while traveling or navigating in a foreign country—with AirPods.
support.apple.com
November 15, 2025 at 8:26 PM
I'd not appreciated that airpods have become functional Babel fishes. support.apple.com/en-us/123185