“We are definitely in a moment where there is more greed than there is fear… Base advice over 42 years of doing this: When capital is available – if you’re capital consumptive and it’s available – take the capital if you know that you’re go
It’s been a big couple of weeks at Net Interest. After posting on LinkedIn that we reached 100,000 subscribers, social proof kicked up a notch and we quickly added another 1,000. It’s nice too when pieces you write grab the attention of the
“My job is to manufacture money.” — Ken GriffinI haven’t had a chance to visit Citadel’s new global headquarters in Miami, and it’s a while since I visited the firm’s offices in New York, but I’m told that on his elevator doors, CEO Ken Gri
Among the hundreds of job vacancies SpaceX is looking to fill, from aerodynamics engineer to welding inspector, one stands out. Ahead of its stock market listing, the company is advertising for an investor relations manager to assist in the
In the late 1990s, Nasdaq set out to democratize investing. Retail investors were already flocking to its exchange but many didn’t know what to buy. “We wanted to put investment and trading products in the hands of investors that were Nasda
It’s easy to miss The Arbitrager pub in London. Nestled between sandwich shops on the perimeter of Drapers’ Hall, a nineteenth century guildhouse not far from the Bank of England, it’s a small place with a narrow entrance and few seats. But
When Tim Cook gives up the CEO job at Apple later this year, he will be remembered for many things. Over his tenure, Apple’s market value grew from $300 billion to over $4 trillion, driven by supply chain wizardry, capital management, produ
With no physical inventory to account for or supply chains to reconcile, financial companies are quick to report once the quarter is over. This week, we’ve had a deluge of earnings releases as banks and asset managers have rushed to update
About a week before Christmas 1997, traders on JPMorgan’s New York fixed income desk picked up their phones to pitch a new product. For months, the bank had been working on ways to shed credit risk without sacrificing relationships with bor
Welcome to another episode of Net Interest Extra, with me, Marc Rubinstein, where we explore the world of finance by speaking to experts in the field.This week, I’m joined by Adam Shapiro, partner and co-founder of Klaros Group. Klaros is a
Ten years ago, I was meeting with a prominent angel investor when he beckoned me round the table to see what he’d pulled up on his laptop. He was excited about his latest investment – a company barely a year old, launched to tackle a pain p
For a brief moment at the beginning of the month, the key to traffic flow through the Strait of Hormuz seemed to hang in London. Within hours of the United States and Israel launching airstrikes on sites across Iran, a meeting of the Joint
Welcome to another episode of Net Interest Extra, with me, Marc Rubinstein, where we explore the world of finance by speaking to experts in the field.This week, I’m joined by Kunal Kapoor, CEO of Morningstar. Kunal has spent his entire care
I wasn’t going to write about private credit this week. I was all set to get stuck into a piece about maritime insurance. I even had a name for it: The Underwriters of Hormuz. But it’s not often three of the top four stories in the Financia
Last time I met Lloyd Blankfein was ten years ago, in February 2016. He’d been chairman and chief executive officer of Goldman Sachs for a decade by then, having navigated the firm through the financial crisis. Market conditions weren’t as
Welcome to another episode of Net Interest Extra, with me, Marc Rubinstein, where we explore the world of finance by speaking to experts in the field.My guest this week is Sarah Quinn, Associate Professor of Sociology at the University of W
A reminder that paid subscribers get exclusive access to my podcast, Net Interest Extra. Last week, I interviewed two of my favorite bank analysts, John McDonald and Brian Foran of Truist Securities. We talked about regulation and consolida
“For years, I was told Euronext is missing the data revolution. Data is the new oil. You are missing the data boat. As I said earlier, all of us are finding out that maybe we missed the data boat – that maybe this data boat was a Titanic bo
Welcome to another episode of Net Interest Extra, with me, Marc Rubinstein, where we explore the world of finance by speaking to experts in the field.I’m joined this week by two guests. John McDonald and Brian Foran are both research analys
“May I meet you?” — Bill Ackman, 2025Most hedge funds cultivate exclusivity. Try getting capacity in Chris Hohn’s TCI without a private bank relationship or an endowment pedigree and you’ll likely hit a wall. Many have skeletal websites or