This Is Not Investment Advice
Subscribe
Sign in
Home
Primers
Featured Work
Archive
About
So... will Europe ever build the CMU?
Ambition is plentiful, execution however... is not
Apr 2
•
Les Barclays
26
8
8
Collateralized Chip Obligations (CCOs)
Tranching the future of AI
Mar 17
•
Les Barclays
99
14
22
The Mechanics of "String of Pearls"
The financial logic of serial acquisition
Mar 5
•
Les Barclays
41
3
10
Leaving the Door Open
An inflection point in the global memory hierarchy
Feb 25
•
Les Barclays
37
2
7
The Financialisation of The Beautiful Game
From clubs to (trophy) assets: the new economics of football
Feb 12
•
Les Barclays
51
17
13
Op-eds
View all
What Happens When Everything Can Be Bet On?
How betting markets blur the line between gambling and finance
Feb 4
•
Les Barclays
49
6
17
Who Captures the Value If AI Inference Becomes Cheap?
The economic question hiding behind AI's falling prices
Jan 15
•
Les Barclays
167
24
34
Is Deregulation Enough to Revive IPOs in 2026?
Despite public markets showing signs of life, companies are choosing to stay private longer
Jan 6
•
Les Barclays
20
9
9
Measuring Prosperity in an Age of Divergence
What traditional metrics miss in a world of uneven outcomes
Dec 21, 2025
•
Les Barclays
38
12
9
The Mechanics Of Significant Risk Transfers (SRTs)
Inside the resurgence of credit derivatives
Dec 14, 2025
•
Les Barclays
96
16
19
Spend Now, Cry Later
Short-term relief, long-term regret: the national sport of U.K. policymaking
Nov 30, 2025
•
Les Barclays
22
6
7
See all
Recommendations
View all 18
FT Alphaville
FT Alphaville
AI Supremacy
Michael Spencer
Macro Mornings 💡
Alessandro (Macro Strategist)
Net Interest
Marc Rubinstein
Klement on Investing
Joachim Klement
This site requires JavaScript to run correctly. Please
turn on JavaScript
or unblock scripts
