Bancroft Sutherland
@bancsutherland.bsky.social
Portfolio manager
🎶 No woman, no cry
No woman, no cry
Good friends we have
Good friends we've lost
Along the way
In this great future
You can't forget your past
So dry your tears, I say
No woman, no cry 🎶
No woman, no cry
Good friends we have
Good friends we've lost
Along the way
In this great future
You can't forget your past
So dry your tears, I say
No woman, no cry 🎶
November 23, 2025 at 2:07 AM
🎶 No woman, no cry
No woman, no cry
Good friends we have
Good friends we've lost
Along the way
In this great future
You can't forget your past
So dry your tears, I say
No woman, no cry 🎶
No woman, no cry
Good friends we have
Good friends we've lost
Along the way
In this great future
You can't forget your past
So dry your tears, I say
No woman, no cry 🎶
Reposted by Bancroft Sutherland
Imagine the arc of Stand By Me, only if skipping the coming of age journey entirely and jumping from the boys first hearing about the body directly to their sadness and loss of innocence upon actually seeing the body.
Having gone through the process of
1- log in
2- open this app
3- seeing people commenting about how awful that thing was
4- finding the thing
5- trauma
Now I see peeps about to go through the same
1- log in
2- open this app
3- seeing people commenting about how awful that thing was
4- finding the thing
5- trauma
Now I see peeps about to go through the same
November 22, 2025 at 12:52 PM
Imagine the arc of Stand By Me, only if skipping the coming of age journey entirely and jumping from the boys first hearing about the body directly to their sadness and loss of innocence upon actually seeing the body.
Trailing 18-month returns:
S&P 500 Utilities Sector: +27.5%
BTC: +21.9%
S&P 500 Utilities Sector: +27.5%
BTC: +21.9%
November 21, 2025 at 9:23 PM
Trailing 18-month returns:
S&P 500 Utilities Sector: +27.5%
BTC: +21.9%
S&P 500 Utilities Sector: +27.5%
BTC: +21.9%
Small cap S&P 600 is currently up 3.75%, with 589 of the stocks advancing.
That’s a move.
November 21, 2025 at 7:40 PM
Small cap S&P 600 is currently up 3.75%, with 589 of the stocks advancing.
Makes for a nice explainer on the potential impact of market concentration:
The turkey makes up 39% of the cost of this meal.
The top 10 stocks make up 41.6% of the S&P 500 market cap.
The turkey makes up 39% of the cost of this meal.
The top 10 stocks make up 41.6% of the S&P 500 market cap.
November 21, 2025 at 4:40 PM
Makes for a nice explainer on the potential impact of market concentration:
The turkey makes up 39% of the cost of this meal.
The top 10 stocks make up 41.6% of the S&P 500 market cap.
The turkey makes up 39% of the cost of this meal.
The top 10 stocks make up 41.6% of the S&P 500 market cap.
That’s a move.
November 21, 2025 at 1:10 PM
That’s a move.
At least there is no risk of a dividend cut.
November 21, 2025 at 12:02 PM
At least there is no risk of a dividend cut.
Peak to trough move today in NVDA market cap was about $390 billion.
Only 19 other companies even have an entire market value greater than $390 billion.
Only 19 other companies even have an entire market value greater than $390 billion.
November 20, 2025 at 9:05 PM
Peak to trough move today in NVDA market cap was about $390 billion.
Only 19 other companies even have an entire market value greater than $390 billion.
Only 19 other companies even have an entire market value greater than $390 billion.
I’m not a technical analyst, so I’m just going to assume the failure of NVDA to hold that attempted bounce an hour ago is not great.
November 20, 2025 at 7:19 PM
I’m not a technical analyst, so I’m just going to assume the failure of NVDA to hold that attempted bounce an hour ago is not great.
Now under 1/3, but still seems high given the lack of new data before the meeting, tbh.
November 20, 2025 at 12:04 PM
Now under 1/3, but still seems high given the lack of new data before the meeting, tbh.
The extent to which some news reports this morning are presenting the results as evidence it’s not a bubble, instead of as evidence that the bubble is still expanding, is pretty remarkable.
November 20, 2025 at 11:17 AM
The extent to which some news reports this morning are presenting the results as evidence it’s not a bubble, instead of as evidence that the bubble is still expanding, is pretty remarkable.
4.2%. We are living in strange times.
November 19, 2025 at 4:08 PM
4.2%. We are living in strange times.
Missed opportunity for a GRFT ETF, in retrospect.
don’t think it’s pure coincidence that the grift portfolio started sinking right as Trump has become the lamest of ducks
November 19, 2025 at 2:47 PM
Missed opportunity for a GRFT ETF, in retrospect.
Interesting composition today: NVDA, MSFT, and AMZN accounted for 70% of the SPX decline (combined weight of ~ 19%)
November 18, 2025 at 9:12 PM
Interesting composition today: NVDA, MSFT, and AMZN accounted for 70% of the SPX decline (combined weight of ~ 19%)
I think sentiment is rapidly shifting for these types of arrangements, from enthusiasm, to tolerance, to skepticism
Here's a classic one. Anthropic is going to spend $30 billion on Azure.
And with the deal, both Microsoft and Nvidia are both investing in Anthropic
And with the deal, both Microsoft and Nvidia are both investing in Anthropic
November 18, 2025 at 3:08 PM
I think sentiment is rapidly shifting for these types of arrangements, from enthusiasm, to tolerance, to skepticism
1. It’s good to see some level of skepticism
2. Notable to contrast current conditions to the previous peak in overinvesting sentiment during the GFC, which looks to be pretty close to the actual market low
2. Notable to contrast current conditions to the previous peak in overinvesting sentiment during the GFC, which looks to be pretty close to the actual market low
November 18, 2025 at 2:41 PM
1. It’s good to see some level of skepticism
2. Notable to contrast current conditions to the previous peak in overinvesting sentiment during the GFC, which looks to be pretty close to the actual market low
2. Notable to contrast current conditions to the previous peak in overinvesting sentiment during the GFC, which looks to be pretty close to the actual market low
For scale, if AMZN had instead raised this capital via a secondary offering, they would have diluted equity by 0.5%
*AMAZON SEEKS TO RAISE ABOUT $12 BILLION FROM US BOND OFFERING
*S&P ASSIGNS 'AA' RTG TO AMAZON'S PROP SENIOR UNSECURED NOTES
*FITCH RATES AMAZON'S PROPOSED NOTES 'AA-'
*S&P ASSIGNS 'AA' RTG TO AMAZON'S PROP SENIOR UNSECURED NOTES
*FITCH RATES AMAZON'S PROPOSED NOTES 'AA-'
November 17, 2025 at 1:53 PM
For scale, if AMZN had instead raised this capital via a secondary offering, they would have diluted equity by 0.5%
In the Financial Takes Industry, the scale/structure of catalysts causing the GFC are an inconvenient truth often just ignored when comparing current economic risks. Can be pure ignorance, but many who were around should know better. Hard to assess bad faith vs. cognitive bias / motivated reasoning.
November 14, 2025 at 1:05 PM
In the Financial Takes Industry, the scale/structure of catalysts causing the GFC are an inconvenient truth often just ignored when comparing current economic risks. Can be pure ignorance, but many who were around should know better. Hard to assess bad faith vs. cognitive bias / motivated reasoning.
There was a political/economic theory earlier this year that once enacted, not even future administrations would roll back tariffs, given the budgetary reliance on the revenue. It never made sense, and the bond market should recalibrate how much it is counting on that revenue in deficit projections.
November 14, 2025 at 12:32 PM
There was a political/economic theory earlier this year that once enacted, not even future administrations would roll back tariffs, given the budgetary reliance on the revenue. It never made sense, and the bond market should recalibrate how much it is counting on that revenue in deficit projections.
You’d think the emails would finally end his paid pontification on the cable financial networks. But like the innovation fund PM who has managed to trail QQQ by 15,000 bps since the pandemic low yet still gets booked constantly, I’m still not convinced that will actually ever happen.
Since Larry Summers is in the news for being a real son of a bitch I wanted to show my favorite piece of economic wisdom he had about the US coming out of COVID where he just lists all the possibilities and says they’re all equally likely
November 13, 2025 at 1:26 PM
You’d think the emails would finally end his paid pontification on the cable financial networks. But like the innovation fund PM who has managed to trail QQQ by 15,000 bps since the pandemic low yet still gets booked constantly, I’m still not convinced that will actually ever happen.
This part of the podcast reminded me of a NYT piece on the radiology department at Mayo Clinic, which has integrated AI tools and grown the staff by 55% in tandem over the last several years.
November 13, 2025 at 1:33 AM
This part of the podcast reminded me of a NYT piece on the radiology department at Mayo Clinic, which has integrated AI tools and grown the staff by 55% in tandem over the last several years.
Wild take on urgent deflationary risks from guest on Bloomberg radio. Way out of consensus, so grabs attention and listen closer. Then hear “exclude tariffs” (one time adjustment), then hear “money supply”, crickets on labor supply situation, etc.
November 12, 2025 at 12:28 PM
Wild take on urgent deflationary risks from guest on Bloomberg radio. Way out of consensus, so grabs attention and listen closer. Then hear “exclude tariffs” (one time adjustment), then hear “money supply”, crickets on labor supply situation, etc.
I am the least conspiratorial-minded person I know, but am becoming increasingly convinced they are giving him AI-generated reports/videos that suit the preferred narrative, not only about the state of places like Portland/Chicago, but about inflation & any other policy metric they need to amplify.
November 9, 2025 at 2:31 PM
I am the least conspiratorial-minded person I know, but am becoming increasingly convinced they are giving him AI-generated reports/videos that suit the preferred narrative, not only about the state of places like Portland/Chicago, but about inflation & any other policy metric they need to amplify.