No Sunk Costs

EU banking sector trades at 1.3x P/B

It hasn't traded below 1x since mid 2025

They are ~12% below US banks

Margins are too high, too many players are making excess returns

Surprising that more Fintechs aren't trying to go after every European bank revenue stream

For anyone who has followed European & Italian banking, this is just such an incredible outcome -- I think 5 years ago 0 people would have predicted that Monte dei Paschi would be absurdly profitable and swimming in excess capital

Makes me think European banking is too profitable right now

I think a SpaceX IPO and index inclusion at the stated valuation will do permanent damage to the reputation of indexing and passive investing generally

bsky.app/profile/cono...

Quite the divergence between different Chinese equity indices

It’s heartening to see a company demonstrate principles — and stick by them in the face of threats.

www.anthropic.com/news/stateme...

Disengagement: if you don’t do it, you’re what’s for dinner

bsky.app/profile/raph...

$NFLX going to buy them out of Ch. 11

China has had zero EPS growth over the last decade -- compare to India and the US, which have both increased >100%

Every year, people hope for EPS growth, and by year-end, their hopes are dashed

(ht @volgajam.bsky.social for the correction)

Time to find out

Update - it was, in fact, over

So the implication is that OAI and Gemini have already agreed to demands that Anthropic thinks cross its red lines?

Stripe worth $159 billion or more than

$PYPL $ADYEN.NA $XYZ $GPN $NEXI.IM $STNE $ACIW $FOUR $DLO $PAGS combined

With ~1/10th the revenue

What's happening to Cursor and Devin / Cognition now that Claude Code and Codex are getting all the hype?

Documents, foreign law-enforcement officials and the people familiar with Binance’s operations said the same conduct that broke the sanctions and anti-money-laundering laws has persisted at the exchange. And the law-enforcement officials said that, over the past year, Binance has started cooperating far less with their requests to obtain financial information about its hundreds of millions of users, such as by declining to provide customer details without a court order, or insisting requests are submitted via formal channels that can take months. Internal reports submitted by Binance’s financial-crime investigations team connected accounts registered to Chinese clients to digital wallets that U.S. and Israeli authorities said were used by Iran to finance its proxies. In total, $1.7 billion flowed over 2024 and 2025 from the accounts, which funded Iran-backed groups including Yemen’s Houthi militants. The investigations team was composed of experts in sanctions and counterterrorist financing, many put in place as part of Binance’s pledges to reform.

I realise the Trump administration seems relaxed about enforcing sanctions and money-laundering rules, but it's still amazing that the crypto firm whose founder was jailed and then pardoned by Trump is still helping the Iranians move money around.
www.wsj.com/finance/curr...

$V and $MA ~10% from COVID low valuations

Had a lot of thoughts on the merits of SWFs in the face of AI a few years ago on the other site -- if the AI bulls are right, it is an idea that is going to have a lot more political salience in the future

Whenever the EW S&P outperforms the SPX, so do active managers

a man with a beard is holding a stick and says hope is kindled . ALT: a man with a beard is holding a stick and says hope is kindled .

Yes the world is shit, but next month is ‘CR month’ on The Rewatchables

This is hilarious

Shopify and Amazon half of US e-com

If GRRM allows it, seems almost certain that after he’s gone someone’s gonna launch a show set entirely in Essos written partially by an AI trained on his work to get the ‘feel’ and language right

Miele and Gaggenau are the only brands that haven’t failed me

New Interview: www.newyorker.com/news/q-and-a...

ok but how is the opposition party supposed to win over his supporters now, have they even thought about that

Control of the media environment and propaganda matters *a lot*

www.nature.com/articles/s41...