This Is Not Investment Advice

Everyone Wants a Slice of Orbit

Amazon, SpaceX and the battle to own the next layer of connectivity

Apr 17 • Les Barclays

25

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3

So... will Europe ever build the CMU?

Ambition is plentiful, execution however... is not

Apr 2 • Les Barclays

30

8

8

March 2026

Collateralized Chip Obligations (CCOs)

Tranching the future of AI

Mar 17 • Les Barclays

100

14

22

The Mechanics of "String of Pearls"

The financial logic of serial acquisition

Mar 5 • Les Barclays

41

3

10

February 2026

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

52

17

13

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

January 2026

Who Captures the Value If AI Inference Becomes Cheap?

The economic question hiding behind AI's falling prices

Jan 15 • Les Barclays

167

24

35

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

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December 2025

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

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November 2025

Spend Now, Cry Later

Short-term relief, long-term regret: the national sport of U.K. policymaking

Nov 30, 2025 • Les Barclays

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