Latest on Investing
Real money investors cash in as dispersion nears record levels
Implied spreads were elevated to start 2026. Realised levels have been “almost unprecedented”
Markets never forget: the lasting impression of square-root impact
Jean-Philippe Bouchaud argues trade flows have a large and long-term effect on asset prices
Ram AI’s quest to build an agentic multi-strategy hedge fund
The Swiss fund already runs an artificial intelligence model factory and a team of agentic credit analysts
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Quotes
How does a creature with a few hundred thousand neurons compared to the 87 billion neurons that humans have, make decisions so differently?
Charlie Drew, Swarm Technology, on what investors can learn from ants
There’s a lot of stuff that can happen in the marketplace that just can’t happen at a poker table
Todd Simkin, Susquehanna, on using game theory in trading
[Pensions] advisers were quite quick to push private assets. [Some schemes] are probably ruing those decisions.
Pavan Bhardwaj, Ross Trustees
Editor's Choice
Stablecoins: good as the buck, or breaking the buck?
Collateral concerns and iffy auditing have raised fears of a ‘de-pegging’ event – and possible contagion across crypto and beyond
Big Figure
Libor mismatch stings CLO investors
The basis between one-month and three-month US dollar Libor widened from 11 basis points to an average of 71bp during November. Distributions for CLO equity tranches, whose holders only receive payment once more senior debt holders are paid, reached their lowest since the onset of the Covid-19 pandemic.
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How to stop stablecoins from hoarding precious collateral
The $1 trillion shortfall if private equity bets turn sour
Our Take
Gamma zero: an overlooked signal of volatility is flashing red
How to hone NLP’s detection skills: a cue from a super-sleuth