Philippe Maupas
@philmop.bsky.social
Finance, investing, history, art, literature | Runner, Gardener | French | https://alphabetablogfr.substack.com/
Will SpaceX’s lock-up smooth out the flow of new stock into the market or just weigh on the stock price for an extended period?
SpaceX’s staggered lock-up release prolongs the pain
The biggest IPO wanted to avoid a cliff edge of insider selling but now has 12 months of uncertainty
ft.com
Allison Schrager on the Fed under Warsh: ❝ There is only one thing worse than not knowing the future, and that is expecting one thing and believing someone is in control, when they really aren’t. ❞
Forward Guidance won't make you happier
Though a Nantucket beach house might
allisonschrager.substack.com
Everything that can be wrapped in an ETF will be wrapped in an ETF. Matt Levine: ❝ An ETF that sells crash puts against the gap risk of leveraged single-stock ETFs, wonderful. ❞
Leveraged ETF Crash Hedging ETF
Cliquets, tax-aware long-short, George Santos, poor crypto decisions and dentists.
bloomberg.com
An excellent piece by Alexa Burton, summer intern at Verdad Capital: ❝ If investing is fundamentally a forecasting exercise, then every serious investor should understand what the world’s best forecasters do differently. ❞
Evidence-Based Forecasting Techniques for the Average Investor
mailchi.mp
Mike Brock, qui est vendeur à découvert d'Oracle, explique pourquoi il pense que l'empire de Larry Ellison pourrait s'effondrer.
The House of Ellison is on the Brink
Everything the world’s briefly richest man built is failing at once
notesfromthecircus.com
Pour John Authers, comparer la situation actuelle des marchés actions aux États-Unis à la bulle internet n'est pas pertinent. C'est plutôt à la crise financière de 2008 qu'il faut se référer.
A Tale of Two Bubbles Defining a Third
It’s true enough that history rhymes, even if it doesn’t necessarily repeat. But that creates danger when we pick up resonances from the wrong episode of history, particularly in the fraught task of i...
advisorperspectives.com
Communiqué de l'UEFA : ❝ La Coupe du Monde ne peut pas être considérée comme un produit de placement. ❞ Ben si. De nos jours, tout est considéré comme un produit de placement. Et si ca ne marche pas avec le consternant Infantino, son successeur à la tête de la FIFA y (re)viendra.
Déclaration au nom de l’UEFA et de ses 55 associations membres
L’UEFA et ses associations membres ne participeront pas aux compétitions de la FIFA.
fr.uefa.com
Oh, encore un ETF indiciel forcément inspirant pour s'exposer à "une méga-force de très long terme". Mais pourquoi diable restreindre l'univers d'investissement à l'Europe pour une telle "méga-force", forcément planétaire ?
investir.lesechos.fr
Preqin published an interesting Guide to Private Capital Indices and Benchmarks. It's here.
The Preqin Guide to Private Capital Indices and Benchmarks
The Preqin Guide to Private Capital Indices and Benchmarks
preqin.com
❝ The dollar hasn’t lost its crown; it has changed jobs. For half a century, it was the world’s insurance policy; now it’s the world’s growth stock. ❞
America Is Undergoing a Massive Debt-for-Equity Swap
The arithmetic of doom on America’s debt and budget shortfalls has been a favorite parlor game for fiscal conservatives since 1971, when Richard Nixon removed the last constraint on federal borrowing ...
advisorperspectives.com
Interested in the Total Portfolio Approach (TPA)? Roger Urwin and Genevieve Hayman wrote a guide for CFA Institute that can be downloaded for free here.
Total Portfolio Approach (TPA) | RPC
Explore the total portfolio approach (TPA), its advantages over traditional asset allocation, and the governance, culture, technology, and leadership needed for adoption.
rpc.cfainstitute.org
Aswath Damodaran on Earnings Reporting Periodicity and Fed guidance.
Information Timing and Release: The Gaming of Guidance!
Quarterly Earnings and Fed Guidance
aswathdamodaran.substack.com
❝ The fastest growing corner of private equity isn’t secondaries, evergreens or continuation funds. It’s zombie funds. ❞
More Than $1 Trillion Is Stuck in ‘Zombie’ Private Equity Funds
The fastest growing corner of private equity isn’t secondaries, evergreens or continuation funds. It’s zombie funds.So-called zombie funds are those that are more than ten years old, have stopped maki...
institutionalinvestor.com
Europe’s big banks have joined the global stock trading party.
Should European Banks Be Crashing the Hedge Fund Party?
Europe’s big banks have joined the global stock trading party. Danger lurks, however: When the market turns, it is often brutal.
advisorperspectives.com
Matt Levine: ❝ Private equity funds are mostly in the business of raising money from investors to allocate capital to businesses. But they are also in the business of business. They are operators, not just capital allocators. ❞
Elevators Won’t Repair Themselves
Independent sponsors, Kalshi parlays, DAT-to-AI pivots and trust exercises.
bloomberg.com
❝ Corgi may have only unleashed its first ETFs in December, but it is now the proud dogparent of 188 ETFs. Yes, one hundred and eighty-eight. And it’s just getting started. ❞
The corgi-inspired ETF provider that wants to disrupt BlackRock
Turning the ETF spaghetti cannon dial to 11
ft.com
Tony Isola on private funds: ❝ Never confuse an unavailable price for a lack of volatility. ❞
Marked To Make Believe - A Teachable Moment
Avoiding reality isn’t recommended. Like the old saying goes, When you argue with reality, you lose, but only 100% of the time. Especially when it concerns your finances. I remember when I was a young...
tonyisola.com
Pour Robeco, l'heure est venue de revisiter la pseudo théorie de l'exceptionnalisme des États-Unis.
Rethinking US exceptionalism: A case for diversification | Robeco Global
US exceptionalism is fading; diversification into undervalued non-US equities can strengthen portfolio resilience and alpha.
robeco.com
L'alliance entre le Japon et l'Inde vue sous l'angle de la rivalité de chaque pays avec un voisin surpuissant, la Chine.
Japan & India: The China Variable
Harry Wilby exposes the real-existing China force shaping the Japan-India nexus
japanoptimist.substack.com
Un papier super intéressant sur ce que les auteurs (dont Jean-Baptiste Fressoz) appellent le "paradoxe de Jevons généralisé".
imf.org
Les scélérates commissions de mouvement seront bientôt interdites en gestion sous mandat. Elles restent autorisées pour le service de tenue de compte-conservation. L'AMF met à jour sa doctrine pour tenir compte de cette interdiction qui arrive bien tard. Mieux vaut très tard que jamais.
Frais : l'AMF met à jour sa doctrine à la suite de l'annonce de la suppression des commissions de mouvement pour la gestion sous mandat
Après avoir annoncé la modification de son règlement général étendant l’interdiction des commissions de mouvement au service de gestion de…
amf-france.org
Un article intéressant sur l'intégration de HPS au sein de BlackRock.
BlackRock Sets Out for Private Credit Glory After Year of Upheaval
At the party, hosted on a hot day last July at HPS business development head John Christmas’ New Jersey beach house, bandana-clad colleagues across his teams mingled poolside with the wind at their ba...
advisorperspectives.com
Je suis entré dans Bodybuilder de Roschdy Zem à reculons, tellement le culturisme n'est pas ma tasse de thé. J'ai adoré.
Bodybuilder en streaming
A Lyon, Antoine échappe de justesse à une bande de malfrats à qui il doit de l'argent. Afin de le protéger, Fred, son grand frère ainé, l'envoie à Saint Etie...
france.tv
