Banks have played silly endgames on capital. They win silly prizes as a result
Caveat bookie
A detailed taxonomy of management company rationales for this weird Wall Street anomaly
Old money, old problems
Overfitting the corporate living dead
As the country prepares for the challenge of supervising an enlarged UBS, rule changes are not the answer
The Substack model of sellside research
In praise of box-ticking
Bye-bye, misleading FCI
Lenders have built resilience after a succession of crises but faultlines can show up in unpredictable ways
The rules work! They just weren’t applied to SVB Financial
Tyranny of the IRR
BISantine accounting
Not all market interventions are bailouts and not all bailouts are bad
Possibly the most important central bank announcement in the last hundred years?
Buyers of marijuana shares should be wary of the hype around legalised pot
Sweep unpleasant realities into corners and the banking system looks clean and efficient
Rubbing shoulders with the great and powerful is actually pretty good fun
The London financier has his or hera web of social connections that is hard to replicate
Look out for good ideas that have stopped working, writes Daniel Davies
