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1 week ago | 
mail.blockworks.com | Byron Gilliam |Jack Kubinec |Ben Strack |Kate Irwin
In her eviscerating review of Thomas Piketty’s Capital, Deirdre McCloskey laments that “for reasons I have never understood, people like to hear that the world is going to hell, and become huffy and scornful when some idiotic optimist intrudes on their pleasure.” “Pessimism sells,” she observes.
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1 week ago | 
blockworks.co | Byron Gilliam
This is a segment from The Breakdown newsletter. To read full editions, . "The man who despairs when others hope that is revered as a sage." - John Stuart MillIn her eviscerating review of Thomas Piketty's Capital, Deirdre McCloskey laments that "for reasons I have never understood, people like to hear that the world is going to hell, and become huffy and scornful when some idiotic optimist intrudes on their pleasure." "Pessimism sells," she observes.
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1 week ago | 
mail.blockworks.com | Byron Gilliam |Jack Kubinec |Felix Jauvin |Kate Irwin
The investment case for bitcoin treasury companies can be confusing, so VanEck has done us a service by writing the definitive explainer on the various ways to invest in Strategy (MSTR, STRF, converts). The main vehicle, MSTR, is generally viewed as a leveraged bet on bitcoin, but VanEck details why thatâs not exactly correct.
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1 week ago | 
blockworks.co | Byron Gilliam
This is a segment from The Breakdown newsletter. To read full editions, . "A chain is no stronger than its weakest link, and life is after all a chain."- William JamesThe investment case for bitcoin treasury companies can be confusing, so VanEck has done us a service by writing the definitive explainer on the various ways to invest in Strategy (MSTR, STRF, converts). The main vehicle, MSTR, is generally viewed as a leveraged bet on bitcoin, but VanEck details why that's not exactly correct.
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1 week ago | 
mail.blockworks.com | Byron Gilliam |Jack Kubinec |Casey Wagner |Kate Irwin
In Michael Lewisâ Wall Street classic Liarâs Poker, the phrase âequities in Dallasâ is wielded as an epithet â a catch-all term for the least competent people at Salomon Brothers doing the firmâs least desirable jobs. The young investment bankers in Lewisâ class of Salomon trainees lived in fear of being assigned to the equities division in Dallas â a fate considered only marginally better than being fired.
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1 week ago | 
blockworks.co | Byron Gilliam
This is a segment from The Breakdown newsletter. To read full editions, . "Money and banking, in the end, is a confidence game, and our job at the Federal Reserve is to preserve confidence."- Richard Fisher, President, Federal Reserve Bank of Dallas (2005-2015)In Michael Lewis' Wall Street classic Liar's Poker, the phrase "equities in Dallas" is wielded as an epithet - a catch-all term for the least competent people at Salomon Brothers doing the firm's least desirable jobs.
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1 week ago | 
blockworks.co | Byron Gilliam
This is a segment from The Breakdown newsletter. To read full editions, . "The chief business of the American people is business."- Calvin CoolidgeWhen Ross Perot's "computer facilities management" startup Electronic Data Systems was listed on the stock exchange in 1968, the shares were offered at 118x earnings. It was an eye-popping valuation at the time - especially given the risks. EDS "is in a precarious position," Fortune noted shortly after its IPO.
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1 week ago | 
mail.blockworks.com | Byron Gilliam |Jack Kubinec |Ben Strack |Casey Wagner
When Ross Perot‚Äôs ‚Äúcomputer facilities management‚ÄĚ startup Electronic Data Systems was listed on the stock exchange in 1968, the shares were offered at 118x earnings. It was an eye-popping valuation at the time ‚ÄĒ especially given the risks. EDS ‚Äúis in a precarious position,‚ÄĚ Fortune noted shortly after its IPO.
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1 week ago | 
mail.blockworks.com | Byron Gilliam |Kate Irwin |David Canellis |Jack Kubinec
Turns out that Congress, maybe, just maybe, will do something big on crypto this year. Admittedly, I had my doubts. Considering the circular boxing match playing out among Republicans on their tax and spending megabill, one wondered whether the political will was there to advance the GENIUS Act, which puts in place comprehensive rules around stablecoins.
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2 weeks ago | 
blockworks.co | Byron Gilliam
This is a segment from The Breakdown newsletter. To read full editions, . "The human mind is a story processor, not a logic processor." - Jonathan HaidtIs the bond market sentient? You might think so after reading about how "bond vigilantes" pushed the 30-year Treasury yield above 5% this week. It was a dramatic move and our impulse, as always, was to explain it by anthropomorphizing the market - projecting motives, desires and fears onto an amalgamation of prices.
