Josh on Narro - SoundSage

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A counter-intuitive feature of wind power is that it is usable regardless of the direction the wind is blowing, so long as it is sufficiently steady and you have the right technology. A windmill th…
https://www.ribbonfarm.com/2022/12/07/worldwinds/

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Transferring your domain to Cloudflare tells your registry that a different registrar can now set those authoritative records for you. The relationshi...

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My 2-volume collection of essays about independent consulting and life in the gig economy, The Art of Gig, is finally out. It is available in paperback and Kindle ebook form on Amazon. Art of Gig, …
https://www.ribbonfarm.com/2022/11/17/the-art-of-gig-books/
* The Art of Gig * Tempo * The Art of Gig * The Art of Gig * artofgig.com * Yak Collective * go buy them

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It is perhaps a bit of a conceit, but I don’t like posting anything on this blog that doesn’t feel timeless. This does not mean ahistorical. In fact, timeless to me means acutely histor…
https://www.ribbonfarm.com/2022/11/03/storytelling-end-times-tales/

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"Blockchain solutionism". A guest lecture by Molly White at the University of Texas at Austin on September 21, 2022. This lecture was for a course in the School of Design and Creative Technologies called "Anti-Solutionism". There is a Q&A portion at the end—to protect the privacy of students only my own audio is included, and I've replaced the question audio with a text summary of the question.

00:00 Intro 00:52 Overview of concepts 10:35 Pros and cons of blockchains 16:43 Claimed use cases 17:32 More believable use cases 20:01 Solutions looking for problems 22:52 The XY problem 33:35 Q&A
https://www.youtube.com/watch?v=G0k_GjxuJDM

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Walking the I&M Canal on a warm fall holiday.
https://www.joshbeckman.org/indigenous-peoples-day-walk/

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This week is probably the closest we've ever gotten in my lifetime to the brink of nuclear-powered World War 3, yet people seem strangely indifferent ...
https://www.ribbonfarm.com/2022/09/29/ark-head/
* shared this meme * a reply * a thread about the deep recession in the insight economy

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The word tangle is generally used pejoratively in the English language, as in Walter Scott's line, Oh what a tangled web we weave, when first we pract...
https://www.ribbonfarm.com/2022/09/22/tangle-logic/
* a great thread * my twitter prompt * Breaking Smart * Chola temple at Thanjavur * mutualism

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September 2022I recently told applicants to Y Combinator that the best advice I could give for getting in, per word, was Explain what you've learned f...
http://paulgraham.com/users.html
* 1 * 2 * 3 * counterintuitive * 4 * 5 * hacking the test * Airbnbs

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I haven't been in a creative blogging mood for a month, thanks to oven-like conditions in Los Angeles these past few weeks, and of course the general ...
https://www.ribbonfarm.com/2022/09/08/september-2022-blog-update/
* Armpit * Ribbonfarm Studio

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Get the tracklist here: https://blrrm.tv/3zQvnoV

The wait is over. UK super-producer Fred again.. makes his Boiler Room debut in London.

Fred joins us at The Warehouse Project's Repercussion in Manchester this September, tickets at https://repercussion.uk.com/.

► Listen to Boiler Room’s archive on Apple Music: https://apple.co/BoilerRoom ► Shop Boiler Room clothing: https://blrrm.tv/shop ► Subscribe to Boiler Room: https://blrrm.tv/YT
https://m.youtube.com/watch?v=c0-hvjV2A5Y

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Drafting is a behavior in bird-flock-like systems where one agent rides the slipstream of another in a way that delivers a collectivizable benefit, us...
https://www.ribbonfarm.com/2022/08/10/narrative-slipstream-effects/
* Hofstede’s cultural dimensions model * turnpike theory * Pierre Kabamba * wtf happened in 1971 * antiflock * divergences

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I haven't written a truly interesting general trend piece since approximately 2017, when I wrote Premium Mediocre. I don't count Internet of Beefs (20...
https://www.ribbonfarm.com/2022/08/04/a-dreaming-world/
* Premium Mediocre * Internet of Beefs * Superhistory, not Superintelligence * Clockless Clock, my serialized book-in-progress * going brrr * goblin mode * vibes * Future Tables * how to construct a viable psychohistory * The Plot Economy * Leaking into the Future

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This week, my inventory of scavenged cardboard tubes increased from 9 to 36, grew 6x in total length (from 13′ to 84′), and 23x in total volume (0.36 ...
https://www.ribbonfarm.com/2022/07/28/tubeworld/
* The Line * arcology * Ozymandias project * asked Twitter for ideas * Twitter had no suggestions that truly spoke to me * Twitter didn’t have particularly great ideas to offer. * didgeridoos * artwork based on cardboard tubing * cardboard tube furniture * wrote a while back * Frontierland * arcology * I explored the storm drains under Las Vegas with a friend * Beneath the Neon * Jeffries tubes * here * Rules™ * page for Why Tubes * ideas at component * Roam graph

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This entry is part 8 of 8 in the series Narrativium I've been reviewing my own experiments with fiction (the stand-alone ones are on a separate fictio...
https://www.ribbonfarm.com/2022/07/13/storytelling-tellability/
* fiction blogchain * (nonfiction) writing course * storyworthy * Orson Scott Card’s MICE framework * Archetypes for Writers * escapement * my post on pendulum clockmaking * The Map * On Exactitude in Science * Non-Contact * The Retiree * The Heirloom Lounge

Characters & Viewpoint (Elements of Fiction Writing)

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Last summer, in a burst of enthusiasm for pious, healthy living, I got into the habit of making and consuming this rather elaborate salad, using only ...
https://www.ribbonfarm.com/2022/07/07/virtue-degeneracy/
* the recipe and my prep routine * goblin-mode

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It's an odd question, but what is a life? A good scoping definition to start with is: life is the objectively observable and subjectively experienceab...
https://www.ribbonfarm.com/2022/06/23/what-is-a-life/
* Bright Lights, Big City * A Distant Mirror * play games with notions of memory and time

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It's an odd question, but what is a life? A good scoping definition to start with is: life is the objectively observable and subjectively experienceab...
https://www.ribbonfarm.com/2022/06/23/what-is-a-life/
* Bright Lights, Big City * A Distant Mirror * play games with notions of memory and time

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This entry is part 7 of 7 in the series Narrativium As I continue my own experiments with fiction, I have been thinking lazily about metamodernism. By...
https://www.ribbonfarm.com/2022/06/02/storytelling-mediocre-metamodernism/
* Home * Studio * For New Readers * Now Reading * About * Books * ribbonfarm * E. Unibas Pluram * this interesting essay by Jonathan Rowson * threadthulhu * Kamil Galeev * Sarah Taber * a tweet I saw recently * mediocrity * on Twitter * Annual Roundups * Book Notes * Captain's Log * Clockmaking * Domestic Cozy * Elderblog Sutra * Fiction * Into the Pluriverse * Lexicon * Mansionism

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This entry is part 7 of 7 in the series Narrativium As I continue my own experiments with fiction, I have been thinking lazily about metamodernism. By...
https://www.ribbonfarm.com/2022/06/02/storytelling-mediocre-metamodernism/
* Home * Studio * For New Readers * Now Reading * About * Books * ribbonfarm * E. Unibas Pluram * this interesting essay by Jonathan Rowson * threadthulhu * Kamil Galeev * Sarah Taber * mediocrity * on Twitter * Annual Roundups * Book Notes * Captain's Log * Clockmaking * Domestic Cozy * Elderblog Sutra * Fiction * Into the Pluriverse * Lexicon * Mansionism

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My 18-year old cat (around 80-100 in human years) is teaching me about infirmity and providing a sneak preview of my own future. He can no longer run ...
https://www.ribbonfarm.com/2022/05/26/infirmity/
* one-horse shay in Oliver Wendell Holmes’ poem * living national treasures

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I'm writing this post in stolen moments of calm in what's turning out to be one of those rough, stormy simmering-crisis weeks. A major pet emergency i...
https://www.ribbonfarm.com/2022/05/18/crisis-mindsets/

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This entry is part 8 of 8 in the series Fiction It was the most sublime map ever made; superbly detailed and wonderfully dynamic. They said a trillion...
https://www.ribbonfarm.com/2022/05/05/the-map/

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The last time I added to this blogchain in March 2021, it felt like the writing was on the wall as far as traditional blogging was concerned, thanks t...
https://www.ribbonfarm.com/2022/04/28/elderblog-sutra-13/
* in March 2021 * text renaissance * the Web3 turn * from public space * royal court presided over by Elon Musk * run-your-own-social * tilde club * cozyweb * Yak Collective * L. M. Sacassas * Robin Sloan * Cloud Mouse, Metro Mouse * too big to nail * lore * theme parks, not amusement parks * tweeted * yes-and… improv mutualism * good * advice * Matt Levine * tweet

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proud to present the 5th volume in my annual bicycle day mix series. enjoy your trip 🙃

tracklist:

Lattice - Minnesota Notice Me - ESCPE Technologic (BRLLNT Remix) - Daft Punk Messy - amacualate Can’t Touch This - Bia Deep State - Shanghai Doom Genesis (kLL sMTH remix) - Justice Warning Signs - helloworld Everyday - G-Rex, Ravva Candy Paint - flozone Pasta Pasta - Mr. Bill, The Widdler Puce - Portal Bestiz - Knota Braindead - Pierce Commin’ Back - PEEKABOO Clarion - Gallium Desert Diamond - Minnesota Old Ways - Hawk + Supertask Disruption - Milano Sleepless - Ternion Sound Detox - Skepta Die Happy - VCTRE Desolation Peak - Minnesota Worm Clock - Skope Shook - Kromuh + Spades Reality (Bricksquash remix) - Minnesota The Maw - Ascent Labyrinth - Holly Noticed I Cried (Flume Remix) - PinkPantheress Colossus - Hullabalo0 Float (feat. Zion I) - Minnesota You Can East Whatever You Want For Breakfast - Kursa Too Faced (feat. Reks) - Minnesota Traffic (X&G Remix) - Rohaan Forked - Seppa Gutter Shit - Bricksquash Daze - nvctve Not A Trend - VCTRE + Minnesota Lumberjack - Tyler The Creator Gut Wrench - Resonant Language Pure Action - Kumarion INTHEENDITSYOU - DJ Ride Tommy’s Theme (The Caracal Project + Grey Code Remix) - Noisia Shepherding Ut00b (feat. JustJono) Solus - Charlesthefirst Ganymede Station - Frequent Ants - ediT Petal - Player Dave, Black Carl! The East - Easybaked + Vctre Desolate World - Kursa Dreamers -Sosari Devour - Minnesota
https://soundcloud.com/minnesota/bicycle-day-mix-vol-5?utm_source=mobi

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As I've mentioned in passing a few times, through the pandemic, I've been been spending a lot of time getting back into hands-on engineering, after ne...
https://www.ribbonfarm.com/2022/04/21/the-ribbonfarm-lab/
* a long twitter thread * Yak Rover * join the Yak Collective * Reality has a surprising amount of detail * clockmaking posts * Thing Knowledge * second * The Realist Stack

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Programming note: Money Stuff will be off the rest of the week for a little spring break, back next Monday, April 18. Is Elon Musk going to take over ...

Liana Baker and Scott Deveau
sold about $16 billion of Tesla Inc. stock
stock option exercises
not all of it
friend’s mansion
disdains possessions
pretend takeover of Tesla
his stake
pretend equity financing from the Saudis
aren’t supposed to lend
cash flow from operations
already pledged
has rules
own that much stock
has the ability
genuinely unpleasant for them
we cheered
staggered board
Musk prefers to write the tweets himself
he just turned down a board seat
stricter limits under U.S. securities laws
seems like more fun
filed the proxy statement
it reports
got the number wrong
talked
times
rumored
in Japan
talked a few months ago
Ukrainian hackers
a few years ago
a fun story out of Canada
talked about
crypto-libertarian answer
alleged Bitfinex hack launderers
authorities seizing Bitcoins
immune from the claims of society
boring
allegedly called up Bank of America’s public switchboard
a million suitcases
Background of the Merger
Russia ‘Failure to Pay’ Event
payment theatre
Claims It’s Not in Default
Central Banker
Sri Lanka
‘imperial’ CEOs
Dismisses Three PE Executives
SPAC Trades
Fearless Girl
Sandwich Sales
mentalist
heist
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here
won the defamation lawsuit
23.8%
reviews Twitter’s takeover defenses
complains about public markets

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Last Monday Elon Musk announced that he had bought about 9% of Twitter Inc.'s stock. I wrote:Look this all makes complete sense, obvious, intuitive, s...

I wrote
Agrawal announced
announced that he wouldn’t
amended Schedule 13D filing
came with a standstill
tweeted a poll
tweeted another poll
a collection of those policies
securities filings
Corporate Governance Guidelines
good luck with that one
writes Ben Thompson
corporate finance
mount
activist campaign
it might
the thing to maximize
Adam Aron
Ryan Cohen
Elon Markets Hypothesis
he suggested
subtracts a lot of value
here is a claim
the metaphysics of this
to Russian operators
talked about this dilemma
New York Times reports
talk sometimes
gripping and upsetting story
Nickel Market
margin calls
Russian oil
Seeks Russia Assets
Golden Share
macro winners and tech losers
7-Part Bond Sale
Bank Deposits
oil sands
Rolled Dice on U.S. Trial
Cryptocurrency Rules
Saudi Arabia
50 Banks
Star Trek NFTs
subscribe at this link
here
praised the brevity
ESG activists
good for the long-term value of the company
motivated by his daughter
in emotional terms

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Programming note: Money Stuff will be off tomorrow, back on Monday. Unless Elon Musk does something weird I guess. Here's a schematic description of h...

ghastly distressed-debt deal
the Petition newsletter describes the mechanics
how Incora described the deal
Schedule 13G
I wrote
Musk tweeted
theme
this
week
saved himself about $140 million
that seems like a tough one
here is the New York Times
you are unemployable when you leave
story about Toucan
as well as you’d expect
I’m doing my best
Doesn’t Want to Default
Russia Exit
Greensill
Cheap Power
Gets 2 Years
more profitable to piss people off
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here
talked about this schematic model before
somehow messed it up
Covenant Review

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On Monday morning Elon Musk filed a Schedule 13G disclosing that he owned 9.2% of Twitter Inc., which was a fun surprise. Part of the fun was that a 1...

filed a Schedule 13G
a fun surprise
filed a Schedule 13D
tweeted a poll
joining its board of directors
tweeting polls
talking to Twitter
for weeks
file an HSR notification
13G
13D
standstill agreement
standstill agreement
get in trouble
famously
did one
got in trouble
enforcement action
the SEC alleges
Anyway
Nearer Default
Wall Street’s Green Shift
Violated Code of Conduct
‘Flash Boys’ Exchange
Avoid U.S. Delisting
Sell at the Right Time
hacker victims
Truth Social
Bridgewater CEO
Manure supplies run short
Inspect Screws
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here
SEC guidance

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Should Twitter have an edit button, letting you edit tweets after you post them? The answer to this question is obviously "no,"[1] but for some reason...

conducting a poll about it
tweeted
I suggested
Twitter announced
creates a healthy tension
signed a standstill agreement
to Stalin
Cathie Wood said
he tweeted today
if you have
some basically polite chats with the CEO
Schedule 13D requires
Schedule 13G does not
Musk’s 13G
13G rules
the most intuitive reading
here is a CNBC article
quoted him before,
the rules
Gensler’s theory
having conversations with Twitter’s CEO
do not quite understand
trying harder to stop it
Russian negative basis trade
we have discussed the possibility
pay someone else to take it
talked
times
might as well sue now
left
I wrote
future commitments
Can David Solomon DJ? An investigation
New SPAC Issuance
Nickel-Market Failure
Hasbro
Flipping Homes in NYC Suburbs
Banning Russian Coal
Sequoia Capital
Loses Peg
subscribe at this link
here
will step down
the SEC has said that
Rule 13d-1(b)
the check box on his form says

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Programming note: Money Stuff was supposed to be off today but, Elon. So here we are. Look this all makes complete sense, obvious, intuitive, simple s...

and
disclosed it on Schedule 13G
only if
asking his followers
knows better than to argue
he doesn’t care
Elon Markets Hypothesis
talked about it before
stakeholder capitalism
shareholder activism
ESG purposes
McDonald’s Corp.
Kroger Co.
idiosyncratic personal reasons
fundamentally undermines democracy
of Berghain
iconic bouncer
announced that it is planning a stock split
talked last week
bubbled up
popular awareness
Section 242(a)(3)
section 173
Here’s this
talked
lot
the deli
in 2021
announcement of the merger
the merger agreement
Bloomberg’s “Odd Lots” podcast
Sam Bankman-Fried
Social Media SPAC
Diversity on Boards
Suspends Share Buybacks
Tom Brady
on April 1
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here
amendment requirements

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Programming note: Money Stuff will be off tomorrow and Monday, back on Tuesday. People have two main objections to special purpose acquisition compani...

safe harbor for forward-looking statements
proposed new rules
safe harbor says that
not free from doubt
some evidence
not very good
the usual disclosure-y stuff
pitch their services to the company
talked
times
its own intellectual property
taking Arm China public
Financial Times reports
talked about
The other day
many blocks work slightly differently
an amazing story
Done With Activist Short Selling
Ban on Shorts Is Lifted
Caution on Sanctions
Shift to Rubles
Massive Release of Oil
slow investments
Big Law partners
How VCs Invest in Crypto
Cricket Auction
getting blue and walking around
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here
brought a clever lawsuit
current SEC rules
US IPO Guide
dissenting statement

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A Fermi estimate is a quick-and-dirty solution to an arbitrary scientific or engineering analysis problem. Fermi estimation uses widely known numbers,...
https://www.ribbonfarm.com/2022/03/30/fermi-estimates-and-dyson-designs/
* Trinity test in 1945, * Project Orion * The Starship and the Canoe * delta-vee * Dyson sphere * Dyson tree * Fermi Gym * The Art of Insight in Science and Engineering

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Historically there were people whose job it was to trade stocks, and they showed up at the New York Stock Exchange building each weekday from 9:30 to ...

exchanges
extended hours
You’d have more free time
is increasingly concentrated
financial wellness educators
now, also
blog post
it says here
the ad
exchange-traded funds
TD Ameritrade
E*Trade
Fidelity
Charles Schwab
Interactive Brokers
the way that Robinhood trading works anyway
handful of big market makers
Regulation NMS
apply only during
complain about Robinhood selling its orders
was
from the Financial Times
toil in indentured servitude
once wrote about it
hackers stole its cryptocurrency
Ronin
Ronin’s explanation
hilarious Insider story
it says here
Nickel’s Big Squeeze
Blasts Kroger
Roman Abramovich’s Billions
Ruble Payments
Dirtiest Fossil Fuel
Chicken Price-Fixing Prosecution
Bond Default Lawsuit
duration
no point for documents
dozens of lizards
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here
Rule 611
Rule 600(b)(94)

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The conventional thing to say is that a stock split doesn't change anything important about a company or its stock. You have a share of stock that tra...

endorsed
from Bloomberg News today
weird market-structure reasons
wants to sell you fractional shares
The theory here
some debate
how much
at least as far back as early 2020
Appealing to retail investors
the meme-stock era
tradition
free popcorn
build a corporate finance strategy around memes
convertible bonds
a secured bond
getting a margin loan
MicroStrategy’s 8-K
the loan agreement
don’t do this
allegedly did a number of things
10b5-1 plan
some trouble getting paid back
now you have a yacht
I don’t know
double bigamist
Bond Buyback in Rubles
seizing Russian assets
Payments System
Global Investors Burned in China
Hacking Group
Change Bitcoin’s Code
Yandex
profile
High-Frequency Trading Suit
Hong Kong
London’s top offices
Giving Serious Thought
an MBA
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odd-lot trading market structure
some argument
Nasdaq has made the case

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If you are a high-powered trader at a big investment bank, two things that might happen are: You might make $600 million for your bank this year, or Y...

quickly
another big job
Except one
2019 shelf registration statement
Nobody does
investigate what happened
Bloomberg News notes
2019 shelf registration statement
the SEC’s web page
Callable Contingent Coupon Notes
you are out of shares
but in fact
2 billion authorized shares
did a 5-for-1 split
time traveled here from 2006
Ruble Payments for Russian Gas
Ruble’s Rebound
removes references to Ukraine ‘war’
Credit Suisse
fear paying rent
Vanguard Stumbles
At-The-Market Equity Offering
Riskiest Bets
through his Earth, Wind and Fire cover band
lives in a town
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here
“F-3” shelf
“F-3ASR”
corporate franchise tax

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Programming note: Money Stuff will be off tomorrow, back on Monday. The way activist investing works in the US is generally that an activist investor ...

often discuss around here
informally called
ESG activists
proxy fights
stated reason for getting rid of activism
in his words
pushing it
the proposal
Gensler
proposal to require public disclosure of swaps positions
proposed a new rule
talked about it at the time
were quite aware
already has rules
comment letter
another comment letter
a comment letter
roughly 1%
cash-settled derivatives
Section 16 rules
defines a “group”
new proposal
talked this week
if that helps
the position is reversed
trading limit-down
nickel
talked yesterday
reports
the Financial Times
points to a digital image file hosted on a web server
burns
work
art
buy one of his NFTs now
New York City Taxis
Trading Resumes
Insurance Claims
Ends in Gunfire
Acquitted
stole from billionaire clients
calls for indictment
Reject Plan
Pushed White House
Lapsus$ Mastermind
cash injection
Next-Generation Securitization
the Metaverse
Massive Gigafactory Party
Dance Moves
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here
proposals to change the HSR rules

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Wouldn't it be amazing to learn that GameStop Corp.'s whole turnaround plan - the plan that turned it from an $18.84 stock at the end of 2020 to a $32...

new high-powered executives
ugh non-fungible tokens
did some other stuff for GameStop that didn’t work
the complaint
went from
RoaringKitty
it did not
everything is fine
I wrote
U.S. sanctions
the authorities said yes
aircraft leases
Christopher Jasper at Bloomberg News
bond defaults caused by sanctions
is the paying agent on its dollar bonds
it says here
wrote last month
nobody is replying to Russia’s emails
reopening tomorrow
aren’t enough people left to quit to
executive pay
cybersecurity risk
conflict diamonds
$438 million valuation
Jay Ritter’s data
argued
past
not in private ones
talked yesterday
a client memo from Davis, Polk & Wardwell LLP
510-page rules proposal
talked about it before
Worst Drawdown on Record
Markus Braun
Nickel
unlikely to offer immediate support
diesel shortage
Crypto VC Fund
rare investor criticism
Big Tech
Surprising Tax Bill
Scrutiny of His Tesla Tweets
shut down entire newsroom
subscribe at this link
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page F-9 of the 10-K

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Securities and Environment Commission Yesterday the US Securities and Exchange Commission proposed a new set of rules requiring public companies to ma...

proposed a new set of rules
the 510-page proposal
Michael Bloomberg
Bloomberg News
the Wall Street Journal
Five Key Takeaways
summary fact sheet
rather limited
swaps disclosure rules
the 13D rules
talked
little bit
proxy advisers
Everything is securities fraud
dissenting statement
talked yesterday
sometimes
say
refused to pay its bankers’ fee
won
here’s Warren Buffett
that filing
legally required
this Wall Street Journal article
all fine now
last week
yesterday
David Fickling argues
Block Russian Metal
proposed to amalgamate
called off the amalgamation
might sue Amalgamated Bank
Eco-Friendly
All Russian Firms
local bonds drop
plane grab
Banks Seize $2 Billion
stake in Deutsche Bank
Remakes Board
1MDB Deal
Greg Smith up to
Telling Winners They Were Losers
playing Lollapalooza
FDA says
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here

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We talked a few weeks ago about the documentary-filmmaker son of a financial-services billionaire who hated working in financial services and loves al...

I wrote
British-monarchy heirs
Financial Times article
most complicated way
Bloomberg News story
I proposed
increased the limit to 15%
cancel some more trades
Bloomberg News
another Bloomberg News story
roughly 1%
found ways to avoid it
lawsuit against the Vanguard Group
Bloomberg News
the SEBI order
Wild Moves
Energy Firms That Mine Bitcoin
Buy Alleghany
Chinese Shares Went Haywire
Default Fears Ease
equity raising drought
APE tokens
ApeCoin
Hollywood Crypto Clique
Crypto Options Trading
Latest Short Target
Videos of Idling Trucks
doing nothing
seeks trademark for iconic phrase
City Council
shortage
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here
Bloomberg News today

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Programming note: Money Stuff will be off tomorrow, back on Monday. Here is a silly but not entirely inaccurate description of the nickel market right...

climbed above $100,000 per ton
said that
the market had started to unravel
surveyed 16 analysts and traders
then announced
here’s what actually happened
discussed yesterday
stated rationale
did that last week
sympathetic to the critics
For instance here’s gas and power
loves to punt
Javier Blas
one lesson of 2008
since 1918
Treasury said yes
U.S. sanctions prohibit
signed a decree
why not
Gamma squeeze
Second Law of Insider Trading
became a meme stock
open interest
announced
at-the-market stock offering
seems to have been
I wrote
Raises Interest Rates
Ruble Liquidity Drain
rupee-rouble
Halts Bond Sale
Coal Stocks
Draws Ire of Texas Republicans
Snitch on Oligarch Yachts
Bored Ape Yacht Club
Razzlekhan
Actually a Gourd
Happy Dog Who Likes Heights
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The London Metal Exchange market for nickel futures broke last Tuesday: Nickel prices shot up due to margin calls and forced buying by some big short ...

here
here
announced
said the head of the LME
did agree to do that
a Bloomberg News story
oops oops
fixed now
generate an “Official Price”
U.S.
dollar accounts are frozen
the dollars are frozen and might not go to bondholders
Fitch Ratings has said
not that much its bondholders can do about it
did not get to investors
due to a Russian
imminent and historic
how useful is that
shut down for weeks
greenwashing
Scope 1, 2 and 3
here’s the Church of England
I suggested
Bloomberg News
Wall Street Journal
who
So
Old-School Leveraged Loan Market Steps Closer to Ditching Faxes
Accepting Yuan
Volcano Bond
VIX Note
Lifeline for China Markets
Raskin Bows Out
Tech’s Brutal Winter
Staff Travel for Abortions
Accounting Firms
Sunny Balwani’s
FSD Accident
NFTs Are Coming to Instagram
Scan Everyone’s Eyeballs
Ken Griffin
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hurriedly raise a bunch of money
would not be a default for CDS purposes

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We haven't checked in with AMC Entertainment Holdings Inc. recently; let's see what they're up to:LEAWOOD, Kan.--(BUSINESS WIRE)-- AMC Theatres (NYSE:...

what they’re up to
wore pants on a Zoom interview
here is Aron on Twitter
The answer is zero
sold $31.7 million
corporate history of Hycroft
it estimated
and
filed a prospectus
wrote last year
Tesla’s preferred way to sell stock
in hindsight correct
it did an ATM
attracting attention
do ATM offerings
in the sense that
Warren Buffett works
go to Warren Buffett for money
the gist of it
selling movie tickets
the press release
Mos Eisley cantina
was called
Mudrick was sponsored
reported last June
for weird reasons
Citadel Securities
default on its debt
buy bonds from Russia
state-owned companies
access its
bank accounts
Venezuela’s default
very hard
legal maneuvering by creditors
said yesterday
Financial Times notes
sum-of-the-parts analysis
an update on the volcano bond
people’s intuitions about fairness
here’s a fun story
good
Nickel Trading
SoftBank Collateral Pledges
Stock Buybacks
cyber attacks on Swift
Cyber Policies
bank payouts
Private Market Strategy
Belt and Road Banks
Evergreen
Giant Hovering QR Code
subscribe at this link
here
its 10-Q for that quarter
45,532 ounces of gold
announcing
today’s 8-K

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Programming note: Money Stuff will be off tomorrow, back on Monday. Most people, in their daily lives, do not run too much risk of trading with people...

check in with your lawyer first
general license
a summary
sanctioning notice
in 2003
says OFSI
ensuring compliance
the actual result will be
would not be allowed to benefit
talked on Tuesday
Class 1 nickel
contract specifies
an LME warehouse
got short squeezed
And
the liquidity problem is fixed-ish
it is illegal in the U.S. to melt nickels
And so
says Larry Fink one day
says Sam Zell
Larry Fink, from January
Bloomberg News yesterday
happen with rising prices
Anyway
a new book out
an excerpt in Bloomberg Businessweek
Jim Grant’s review
sign up here
Split Stock
Seize Firms
Russia Debt
sell Russian bank
Evading Russia Sanctions
do-gooder activist investor
Hear From Opioid Victims
Libor Measure
Wordle Grid Art
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here
talked a few years ago
there was in LME warehouses

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"'It's the first European war in the ESG age,' says Steven Fox, chief executive of the strategic intelligence group Veracity Worldwide" to the Financi...

to the Financial Times
patriotic pressure to increase drilling
environmental pressure to reduce drilling
talked last week
not entirely ESG
Seems like a big risk
can get it grounded
Anyway
did a ton of crimes
talked before
now here’s this
pretty egregious
acquit on principle
Goldman Sachs Group Inc. partner
a TikTok dance video
talk about
time
time
Implications
Crypto Oversight
SWIFT Ban
techies flee country
Outfoxed Amazon
Crypto
Gave Advertisers Inaccurate Information
trader’s death
another pari passu saga
Gauloises
Fans of Athletes
mint Charizard trading card
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here
shadow trading

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In the stock market, short sellers are often people who are betting against the price of a stock. They hope the stock will go down. If it goes up, the...

very bad for them right now
which happened
which also happened
the LME today
this was not your week
now contains
all about maximizing cash flows
limit production for ESG reasons
that is also a rough model but
stakeholder capitalism
talked
times
How Oil Giants’ Bets on Russia, Years in the Making, Crumbled in Days
it said
stop buying Russian oil
this
writes a tweet
rather to say
pretty clearly securities fraud
the SEC did
Anyway
discussed it last week
sure
Joint Bond Sales
Crypto Order
Russia’s banks
bond indices
Cut Gas
Russian Gas
speculative tech stocks
Canadian Pacific
Spending Account Service
Come Back to Work
stocks were going to go up if there is a nuclear war
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here
borrowing base redetermination
hedging with mortgage-backed securities
hedging with swaps
reports that
an antitrust concern

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If you are an international company or investor, why might you stop investing or doing business in Russia? There are two basic reasons: Moral reasons:...

talk
about
it
lot
the big ESG issue
wrote last year
Office of Foreign Assets Control last week
Yesterday
has the corollary
have noticed
And
talked last week
proposed
here’s this
involve an auction
discussed last week
This is bizarre
this though
discussed
here
worked out well for you
here’s a claim
basic model of Bitcoin
Or, of course
says yes
Bloomberg News article from last month
systemic stewards
raise prices and be anti-competitive
take the 20% up front
the SEC complaint
said
past
also said
does seem to work
Russian money
airline industry
Oligarchs’ Yachts
French Customs Officers
Abandoning Hong Kong
Vanguard
Exits Occidental Petroleum
Alleged Tax Fraud
uses Truth Social
Investigation Into Donald Trump
not Putin
parachuting spiders
human heads
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here
third sort of ESG investing

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Programming note: Money Stuff will be off tomorrow, back on Monday. Sometimes a financial asset trades for $100 one day and $5 the next. If you own it...

don’t know
lost 95% to 99% of their value
getting margin calls
you can’t
a weird technical point
another 99%
sanction on Russia
sort of happened
this post from payments expert Patrick McKenzie
continuing to make payments
the market suggests
then, uh
It doesn’t matter
And
good Twitter thread
Credit Suisse Group AG’s oligarch yacht loan risk
Credit Suisse securitized
(partially) sank
getting captured
And
sailing to the Maldives
the pitch deck for this trade
discussed yesterday
privateering might be coming back
Financial Times column
about this
brands
Oligarch Era
Selling Chelsea
use of crypto
WhatsApp Use
NFT Market
Crypto Tokens and Vibes
bans Russian cats
subscribe at this link
here
Related
And
talked about
in connection with
some legal uncertainty
an argument

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A week ago Russia was a more or less well-integrated part of the global financial system. Shares of Russian companies traded in Europe and the US, Rus...

complicated and uncertain
we talked yesterday
Exxon is doing that with its JV
can’t get paid
not closing entirely
Argentina’s 2014 debt default
some nautical seizure claims about the current crisis
wrote about on Monday
Bloomberg “Odd Lots” podcast with Zoltan Poszar
Rana Foroohar arguing
Alan Cole arguing that it is unlikely
apparently real notice
Will Peterffy’s story
British-monarchy heirs
guy
pleading guilty
has previously testified
a weird trade
I don’t know anything
98% of Value
Unravels
Retreat From Russia
accountants and consultants
Public relations
oligarch and tycoon yacht loans
Crypto Sanctions
cyber attacks
Ford
Summer Interns
Tyrannosauri
subscribe at this link
here
the Wikipedia
a summary
the yacht mechanic

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A common problem in environmental, social and governance investing is that if you own stock in a coal company, and you care about ESG, so you sell tha...

problem
Bloomberg News article
from the Financial Times
it is bad for Russia
the FT
service their debts
Ukrainian war bonds
slim possibility
dislike the opposite things
not particularly ESG
this week you are very ESG
information asymmetry
two days after selling
pre-disclose their stock sales
what actually went on here
interviewed Citadel founder Ken Griffin
I asked readers
had good suggestions
Global Collateral Squeeze
Local Stocks
Russian cargo bookings
Sinks
Video Games
ten years in McKinsey
subscribe at this link
here
shut it down
things like
have said

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One great theme of the post-2008 financial world is that money is a social construct, a way to keep track of what society thinks you deserve in terms ...

not always true in practice
$630 billion of foreign currency reserves
Switzerland
Singapore
announced
sanctions
drastic
U.S.
EU
any transactions
foreign reserves
can’t sell those securities or access those deposits
Adam Tooze writes
more specific complaints
ways around SWIFT
quoted
J.W. Mason on money as a social scorecard
trade with China
increasingly brutal
against civilians
sort of amazing
testifying about those crimes
steal bribe money
I wrote
no they have not
pointed out last time
Cash
Climate Risks
mortgage bonds
Razor Blade
peak stupid
Crypto Investments
Crypto Coin
Adam Neumann Return
exam cheating
luxury yacht of his Russian boss
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here
$132 billion
property rights are contingent

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Divergentism is the idea that people are able to hear each other less as they age, and that information ubiquity paradoxically accelerates this process, so that technologically advancing societies …
https://www.ribbonfarm.com/2022/02/23/divergentism/
* Can You Hear Me Now? * from packs to nations * spooky entanglements

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Programming note: Money Stuff will be off the rest of the week, back on Monday. We talked yesterday about Carl Icahn's plans to mount a proxy fight at...

talked yesterday
worked at the Humane Society
proxy fight at Exxon Mobil Corp. last year
thermal coal miner
gun manufacturer
but it’s fascinating
then where will you be
loot Malaysia’s 1MDB development fund
used compliance as an excuse
slide deck
New York Post
eFinancialCareers
New York Post headline
Goldman Sachs comp choices
banker pay
for himself
the story of Libor
push banks to keep measuring
story about WAR
talked yesterday
Sure
in your annual report
CSV file
companies should embrace memes
Russia Sanctions
leave US penny stocks
Summer Intern
dividend game
Share Buyback
NFT Heist
Myanmar
Torah
Behavior at Sleepover
subscribe at this link
here

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Here is a lawsuit in which a guy (the plaintiff, Timothy McKimmy) is suing a non-fungible token exchange (the defendant, OpenSea) for allegedly neglig...

a lawsuit
can decide who owns an NFT
stealing of NFTs
inflation trading at big banks
talked last year
talked last year
There was an explanation
here’s this
apparently owns
I mean fine, fair
wrote some imaginary dialogue
your “500,000 cars” tweet
legal realism
apparently tried
often say
an article
definitely a scam
SOFR
Federal Funds Market
Porsche IPO
new sanctions on Russia
murky past
Bond Funds
executive bonuses
Get a Big Raise
Boosts Bonuses 31%
Mortgage Businesses
Fires Fund Managers
Chicken Industry
Laundering Money
hacker
Lamborghinis Lost at Sea
Zugzwang
sort of launched
subscribe at this link
here
SEC Rule 14a-8

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Programming note: Money Stuff will be off tomorrow and Monday, back on Tuesday. If you work in sales in an out-of-the-way geography in a large multina...

handed over directly to Malaysian politicians and fund insiders
paying billions
explained why he did it
possibly you should just get a different job
kind of a weird Wall Street Journal story
defense of activist short selling
more or less did
I suggested
withdrew its registration
talked about
withdrew its registration
SPAC club deal
doubled the price
Suing SPACs
An unintended consequence of holding dollar assets
a recent paper
Crypto Strategy
Canada Finance Sector
Plans Revamp
bunch of emperors
big oil companies
Mental Health Crisis
Unicorn Crackdown
Love Vests
Fragrance for Dogs
NFT wash trading
subscribe at this link
here
charging documents
reports
Bloomberg notes that

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Most of what investment banks do is pitching. Sometimes an unsolicited transaction will show up at their door: A hedge fund will call to say "hey I wa...

talked yesterday
has more today
this is Archegos-related
the Archegos blowup
owned most of its shares on swap
is trouble
IPO pitches
no obvious reason
at least eight
published a report
a little disappointing
disagree
the report
move to T+1 settlement
talk about this a lot
some international applications
quite a shareholder lawsuit
some words
ditches ambition
Debt Index
tea business
Probes Trading Affiliates
Private-Market Debt
Fed watchdog role
Theme-Park Merger Plan
Regulatory Probes
Walmart Gift Card
Marketplace for NFTs
Crypto Gifts
Wild Nights
Nigeria’s Super Cop
Metamates
subscribe at this link
here

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Here is a dumb model of financial regulation. There are two general ways for authorities to regulate financial activities. Call one "rulemaking." A re...

now it has clarity about crypto lending programs
Wall Street Journal’s headline
interviewing BlockFi Chief Executive Officer Zac Prince
here’s this
agreed
the SEC’s press release
told it not to and it didn’t
Operational Framework of the Digital Asset Policy Proposal
Facebook’s stablecoin dream is dead
I wrote recently
dissenting from the settlement
For instance
has gone after
extending the theory
Hindsight Capital
really strict lockups
works like that though
$2mn in total pay and benefits per employee
Zero Hedge
Back At Their Desks
leveraged loan risk
leveraged loan market
coal projects
Activision
Goldman Sachs Banker
Donated $5.7 Billion of Tesla Shares
Spacewalk
Trump’s Accountants
smooth as a stucco bathtub
ice fishing
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here
dissented from the settlement

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Common owners and mergers Here's a simple good model of public-company mergers and acquisitions: An acquirer should try to acquire a target if the tar...

Beyond the target: M&A decisions and rival ownership
asset manager capitalism
sometimes
argued
some reports
are unvaccinated
asked the U.S. Securities and Exchange Commission
said no
talked previously
got about 1% of the vote
favorite insider trading cases
made money on about 77% of their trades
against the rules
did it by accident last week
drumming up a lawsuit
actual web3 pivot
staking in crypto
some version
Activist Short Sellers
Live With It
Antitrust Scrutiny
Junior Banker Bonuses
internet of things
Buries Warrants
Crown Resorts
Energy Prices
halt probe
Transfers Aramco Shares
1MDB Trial
Accuses Thousands of Car Renters of Theft
Blockchain Initiative
NFT Seizure
accused bitcoin launderers
Fun Police
Super Bowl Sunday
Incorrectly Performing Thousands of Baptisms
subscribe at this link
here
no-action letter request

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There are two kinds of tools: user-friendly tools, and physics-friendly tools. User-friendly tools wrap a domain around the habits of your mind via a user-experience metaphor, while physics-friendl…
https://www.ribbonfarm.com/2022/02/10/tools/
* “Lab” CIELAB color space * John Steinbeck line * gag

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Programming note: Money Stuff will be off tomorrow, back on Monday. The traditional trade-off in US capital markets is: If you are a public company, y...

reported this week
endorsed
talked last month
much larger
writing
cases
So
press release
proposed rule
fact sheet
dissent
A bank is a system of computers
Shiba Inu tokens
talked yesterday
Bloomberg’s Olga Kharif
statement
an Insider article
said yesterday
about GameStop
here is an unambiguous result of the GameStop thing
Rule 15c6-1
every stock trade involves an extension of credit
shut off trading
do a big emergency capital raise
various controversies
Connecting With Small Shareholders Remains a Challenge for Companies
have a good laugh around here
Lending Money Again
Leon Black
‘Pervasive’ Racism
Geomagnetic Storm
can’t tune their radios
federal agents rushed in
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here
count their shareholders of record
I wrote
take Bitfinex’s word for things
Don’t tell any of the GameStop holders

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In her public life, Heather Morgan seems to have been the cringiest imaginable sort of crypto-adjacent hustle-bro. Here is a nightmarish YouTube video...

YouTube video of her rapping
TikTok video of her rapping
the program
some slides
her Forbes contributor page
conspired to launder $4.5 billion of Bitcoin stolen from a crypto exchange
press release
criminal complaint
give back
often say
shut down in 2017
called SalesFolk
Wall Street Journal reports
said at a bail hearing
so everyone’s leaving
here’s a guy
$800 million in assets
a car on the blockchain
online
turned “money” into a hobby
1,000 Unicorn Startups
Climate Rule
pig activism
a copy of his memoirs
Quant Hedge Funds
Stop Charging So Much
Credito Real
‘No’ Banking Background
Botched Bribery Case
Thanks to Crypto
spending
subscribe at this link
here
UNUS SED LEO
has said

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It is not quite right to say that John Foley, the co-founder and still technically chief executive officer of Peloton Interactive Inc., is also Peloto...

proxy statement
fun activist deck
talked about
a trade you can’t do
signed up with some hedge funds in December
specifically allows them to
some retail investors
Trump’s vague social media thing
here’s a letter
how serious it actually is
merge with a SPAC
do meme stuff
first-sale doctrine
Carry Trade
Titans of Junk Debt
Stable Lira
Cuts Bonus Pool
Dividend Stocks
Arm IPO
Axel Springer’s #MeToo moment
Goes After Four Big Banks Next
Far-Right Politics
Mafia accountants
subscribe at this link
here
the proxy
their deck
complains
enterprise value

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Here's the classic life cycle of a hedge fund. You quit your job at Goldman Sachs Group Inc., or at someone else's hedge fund, and you start a new fun...

can get weird though
hired his children’s summer-camp water-skiing instructor
and lucky
we talk about rankings
letter of complaint
Financial Times reports
sold the credit risk of its derivatives
sold its rogue trading risk
is not great
here
here
Kevin Roose writes about Helium
token effects
Ian Bogost on Web3
Wall Street Journal report
blog post
at Bloomberg News
the SEC here
Musk said as much during a television interview in which he also said
sued Musk for this
criticizing a different guy
1MDB
Stashes of Cash
Buy Spirit Airlines
Peloton
lobbying ETF
Working With a DAO
Greensill Spat
dogs
bonus season
For $995
subscribe at this link
here

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Programming note: Money Stuff will be off tomorrow, back on Monday. One way to do fraud when you are pitching an investment is to lie about the invest...

U.S. Securities and Exchange Commission enforcement action
the complaint
money-market-fund reform
talked
times
new ways to take money from the dumb
For instance
obvious speculation
Twitter thread
here is a report
apparently huge source of alpha
effectively conducts auctions
Ethereum is a Dark Forest
talked the other day
also got front-run
like
say
a story about ARK Investment Management
wrote yesterday
Byrne Hobart notes
talked before
talked recently
two
lawsuits
2018 tweet
it is that
whatever
Came From Outer Space
Historic Stock Rout
PayPal
tough stance on banks
Texas Bitcoin Miner
Negative-Yielding Debt
Orpea
Miami
Dismantling of Dutch Bridge
‘Masked Singer’ Cameo
subscribe at this link
here
No he didn’t come on
My rough math

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One thing that happened at Goldman Sachs Group Inc. in 2021 is that a group of junior analysts put together a PowerPoint presentation for their manage...

put together
PowerPoint presentation
said one analyst
extra bonuses
Sridhar Natarajan and Hannah Levitt report
I quoted the line
reports
late-night phone calls with Robinhood
attracted venture-capital investment
rolling
apps
mayors who take their salary in Bitcoin
essentially infinitesimal units
offer fractional shares
so
$91.7 billion
often
write
about
this
stupid
terms
was invented
making its business more legible to institutional investors
still doing this huh
the public version of the brief
went through all of this
fined him
made it pretty clear
Sure
stake penniless young daters
AMC
Big Oil Companies
Cut Valuations
Shift to Electric Cars
$30 Trillion
Hyperinflations
celebrity NFT complex
When Cryptocurrencies Are Securities
Losing Games
aren’t enough yachts
take their guns to the funfair
dies
subscribe at this link
here
annual salary
New York Post reports
first paycheck
Tesla Inc.
twice
Apple Inc.

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There is a sense in which the main story of modern hedge funds is style drift. You start out doing convertible arbitrage or merger arb or relative-val...

mentoring Diddy
history
complaining
multi-strategy funds
points out
often say
break
little
sketchy
pushing
has not been interested
rejected a proposal
focused on safety
banning ultra-safe Fed-backed stablecoins
Stablecoins: Growth Potential and Impact on Banking
main thesis
externalities will be internalized
The ESG Mirage
a fascinating paper
talked
lot
here
giving Whitney Tilson some money to gamble
Max Read newsletter
here's one of the grocery ones
reported in the Intercept in 2017
Anyway
warning notice
Bungie
Muni Funds
Options Dealers
gender discrimination
More Billionaire Jets
$20 Wager
For Now
Buys Wordle
the Space Force was real
subscribe at this link
here

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The way that global financial markets worked for decades is that trillions of dollars of floating-rate loans and interest-rate derivatives were indexe...

very useful
a real Libor rate
people said
his Champagne
billions
billions
get rid of Libor
SOFR
talked
about
before
chats
bad
tossed out their convictions
the Second Circuit’s opinion
the Wall Street Journal
talked
model
before
Saudi sovereign wealth funds
Wade Osei Pryor in the Root
suggested
profile of Leon Cooperman
rising stocks in the night-time
UBS
Bill Ackman
$35 million
Forced Sale
Citrix Systems
Insurance Fund
Crypto Star
ARK
Chivo wallet
Blue Whales
subscribe at this link
here
Libor is now run by
had its own manipulation scandal
known about and encouraged it
six years in prison
18 U.S.C. 1343
last week’s opinion
Second Circuit opinion

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Programming note: Money Stuff will be off tomorrow, back on Monday. I have to say I have no idea how cryptocurrency investments are regulated under US...

wrote columns
sympathetic
pay interest on crypto deposits
probably are securities
regulators
gone
other
a silly ad campaign
wanted to do a crypto lending product
Ponzicoin
was advertising
allegedly a famous convicted serial scammer
stole most of the money
may
may not
faked his death
drunk-under-the-lamppost
talked yesterday
shutting down
a legal argument
Securities and Exchange Commission rules
everything is securities fraud
are very helpful to the shareholder plaintiffs here
How Have Corporate Codes of Ethics Responded to an Era of Increased Scrutiny?
tell the SEC about it
press release
fact sheet
proposed rule
Archegos
GameStop
built a Twitter bot to track Elon Musk’s private plane
Wealthfront
Merely Rich
Robinhood
Evergrande restructuring plan
Breaking Up Evergrande
Subscription Revenue
young executives
Stake in Netflix
Russia sanctions
Tesla Robot
Executed as Witches
Murderer’s Lawsuit
Farming
Play-to-Earn (P2E) Games
Dying in Your Sleep
Melania Trump’s Auction of Hat Hit by Plunge in Cryptocurrency
subscribe at this link
here
NYSE Listed Company Manual Section 303A.10
Nasdaq Rule 5610
Multistate Professional Responsibility Examination
famous
advice
not a big believer

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Let's do some insider trading hypotheticals. You are the vice president of sales at Amalgamated Widgets Co., a publicly traded company. You see, from ...

misappropriation theory
allegedly reviewed
sued him
couple
times
Here is the opinion
sometimes say
a client memo
Libra
lied about its backing
shady related-party transactions
trouble
regulators
has also said
redeemed for cash
Bill Ackman’s big SPAC
tontine
announced a merger
we talked about
did not do it again
withdrew its registration statement
Bets on the Reddit Crowd
Sell Land to Themselves
Unprofitable Companies
Hands Defeat
Settles Activist Fight
Aerojet Rocketdyne
keep Jeffrey Epstein
Famous but Aging
Create Their Own Credit Reports
Paycheck in Crypto
Follow Purges
subscribe at this link
here
law-firm memo
issue its own stablecoins
keeps saying

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A share of Microsoft Corp. stock trades for about $300. That price goes up and down, but at any given minute during regular trading hours if you want ...

clearly erroneous
Caravaggios
opportunities to rip off naive rubes
talked a couple of weeks ago
discussed it in November
filed a counterclaim
the filing
this Wall Street Journal article
written
model
lot
Regulation FD
Journal of Finance
here
interview with Alex Edmans
Elon Musk tweeted
price of Dogecoin
Larry Summers
Citadel Securities
Apollo Co-Founders
Refinance Debt
Takeover Bids
Crypto Mayors
Crypto Miners
Overseas Creditors
trading slowdown
Buys Coworking Startup
Abandon Takeover
Real-Estate Firm
Delete Spotify Catalog
official at a Moscow government department
subscribe at this link
here
a “mini-tender.”
here
page 79 here
here
here
pages 78-79 here
paragraph 15
here
our previous discussion

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Some GameStop anniversary content I guess This week is the one-year anniversary of the GameStop thing. From Monday, Jan. 25, 2021, through Friday, Jan...

the GameStop thing
halted for volatility
restricted customers from buying it
clearinghouse margin troubles
at least seven movies
the year of the meme stock
I wrote
a Wall Street Journal article
Joe Weisenthal writes
correction
the Boredom Market Hypothesis
transform its business
lesson
Netflix Inc. announced
the stock tanked
tweeted
left money on the table
couple
times
looked at the performance of those IPOs
app and website break
not to work
And
meme cryptocurrencies
here's a great answer
124,391 Bitcoins
Form 10-Q
feedback loop
told it to knock it off
the SEC’s letter
Peloton
borrowing billions
António Horta-Osório’s
Carbon Capture Plant
Algae Market
weak money-laundering checks
Ponzi Scheme
Don't Approach
escapes
tombstone
subscribe at this link
here
Form 10-Q
once wrote

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I’ve decided to teach myself the basics of animation this year. Writing hasn’t been as much fun lately but drawing is suddenly becoming more fun. This is probably some sort of sublimation response …
https://www.ribbonfarm.com/2022/01/20/animation-sublimation/
* Procreate * 100-gif-adventure

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Programming note: Money Stuff will be off tomorrow, back on Monday. I don't give investing advice around here, but I have been bullish on the Trump SP...

announced last month
one Money Stuff headline
says here
where these people are coming from
most visibly
pressure
divest
talked yesterday
Gary Gensler for instance
petitioned the SEC
Archegos Capital Management blowup
the SEC has proposed
I find it weird
a Needham police officer
the SEC case
this
Accuses Apollo Rival of Smear Campaign
Renaissance
Lost His Standing
Evergrande
Purdue Pharma Ruling
golden parachute
London Staff
sold nearly $500 million in stock
new crypto investments
Outlaw
Never Sell Stash
NFT Startup
After Hack
Decentralized Finance
'mind-blowing' fraud
Fired 900 People on Zoom
fly their pets
Brain Implant Company
Embarrassed
subscribe at this link
here
I said
section 4.12 here
here
nobody mentions it in the same breath
Section 13(d)
Rule 13d-1
shadow trading

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Here's a trade. You start a business. Let's say it's a platform business, where you connect buyers and sellers of something.[1] You connect people who...

get in trouble for it
MoviePass economy
blitzscaling
went hilariously bankrupt
I wrote
infamous post
I quoted
a story from last week from Andrew Hayward at Decrypt
Twitter thread
Bloomberg News story
BlackRock said
Erin Griffith’s New York Times story
announced
the allegations came out
Activision Blizzard’s Workplace Problems Spurred $75 Billion Microsoft Deal
Activision Sexual Misconduct Fallout Prompted Microsoft to Pursue Deal
Ben Thompson writes
everything is securities fraud
securities-fraud lawsuits
Securities and Exchange Commission inquiry
Raises Salaries
Morgan Stanley
App-Based Broker
Exxon
Greenium
Tencent
Thwarting Private Investors
Trump Fraud
CFA Pass Rate
Even Elon Musk
Crypto Mortgage
movie
vodka
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here
mayo company
Lying for Money
happen

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Well this isn't very helpful:Delivering on the competing interests of a company's many divergent stakeholders is not easy. As a CEO, I know this first...

this
has a preference
annual letter to CEOs
What you have to do is meme stuff
rumblings of a backlash
don’t put shareholders first
Milton Friedman
fallen out of favor a bit
announced earnings this morning
general view
honestly rather gentle
this might happen
Patrick Radden Keefe in the New Yorker
here’s Robin Wigglesworth at the Financial Times
have joked
but rather
$69 Billion
Lost Board Support
Buy Now, Pay Later
Listings for Private Companies
Nickel Market
Nobody Cares
expletives in conference calls
Art of the Deal
"Dune" DAO
skunks can do handstands
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here

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If you are the chief executive officer of a public company, there are various environmental, social and governance things you could do. You could, lik...

somewhat undertheorized
think about a lot around here
give their shareholders memes
maximize economy-wide profits
most
standard
form
ESG argument
here’s a guy
cases
at energy companies
split up the company
annual report for 2020
prevailed in a 16-month battle
the press release that Nam Tai filed
an open letter to shareholders that Nam Tai filed today
a fun story from Kate Clark at the Information
Zeus
Inflation
Aggressive Stimulus
Exit Mexico
He’s Interested
Advice by Device
Options Strategy
Overdraft Fees
Worst-Performing Bank
Venture Capital
market data
FTC antitrust case
Crypto Scams
Backdoor Art World Contracts
25 Teslas
playing a Pokémon mobile phone game
smoking
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talked about IsZo
actually variable interest entities

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Programming note: Money Stuff will be off tomorrow and Monday, back on Tuesday. I have probably been doing this too long, because I remember there wer...

occasional inquiries
no prosecutions
kind of bad
here you go
the summary of the bill
the bill text
ARK Innovation ETF
a leveraged VIX ETF
discussed
Justice Department inquiry
medium-sized scandal
at the Federal Reserve
whose sin was
Senator Elizabeth Warren’s letter
the SEC’s proposed changes to Rule 10b5-1 trading plans
talked last year
priced its initial public offering last night
Antoine Gara at the Financial Times
From the prospectus
Regulating via Social Media: Deterrence Eﬀects of the SEC's Use of Twitter
did this take so long
the complaint
price chart
Commodities Trading Desk
Return to Office
Work From Home
Crypto Assets
Financially OK
the standard of identity for French dressing
bourbon
bullied in high school
gets classical CD
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here
sentenced to 26 months in prison
at a congressional picnic
seems like
failed to disclose that

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Telling jokes at a funeral is hard. Even entertaining an urge to do so is perhaps not a decent thing to do. At best, you might get away with telling a poignantly humorous anecdote about the decease…
https://www.ribbonfarm.com/2022/01/12/storytelling-narrative-wet-bulb-temperature/
* Robert McKee * wet-bulb temperature * book

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Nothing here is ever investing advice, but I do sometimes give out free corporate finance advice.[1] The big theme of that advice recently has been th...

I recently advised
I wrote
doing good business things
GameStop is doing NFTs now
Bloomberg News reports
basically are a video-game asset class
flogging NFTs
talked last May
tweeted yesterday
smart people
what the GameStop saga
is
what I call
a Securities and Exchange Commission insider trading case
federal criminal charges
this allegedly happened
the SEC gloats
a profile of Larry Fink
environmental efforts
various
controversies
complicated and leaky
talked
lot
the theory
preference-aggregating systems
suggested
there is an obvious solution
Eat Up Starter Homes
Juror Says
Mortgage Rates
Tilman Fertitta
tarnished Libor
Growth Over Profits
Gloom Overtakes Crypto Fanatics
SoftBank Bond Sale
Works for Carlyle Group
Car-Leasing Business
table saws
Martin Shkreli’s Wu-Tang Clan album
most famous early invention
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shadow trading
It is also illegal

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The phrasal template random acts of ________ is clearly one of my favorites. I seem to have used it 20+ times on Twitter in the last few years. Here are the actual instances: random acts of ontolog…
https://www.ribbonfarm.com/2022/01/06/random-acts-of-x/
* used it 20+ times on Twitter * tweeted a prompt * The Science of Muddling Through * Obliquity * what theory is not, theorizing is * Frederick Brooks’ idea that you should “plan to throw one away” * counter-argument

Obliquity: Why Our Goals Are Best Achieved Indirectly

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Don't forget your Bitcoins I have argued for a long time around here that the biggest problem for most investors who are thinking about buying cryptoc...

argued
time
here
I’m right
Bitcoin futures
Bitcoin exchange-traded funds
public company that owns a lot of Bitcoins
volcano bonds
rickety old system
raising some questions about securities fraud
wrote about
essentially any untrue statement
accused Exxon Mobile Corp.
asked the SEC to investigate
raised a $1.1 billion SPAC
up to VII
proxy statement
took back their money
Not impossible
allowed the case to go forward
her opinion
This is from last month
wrote
asked Non-fungible Olive Gardens to knock it off
New York Post story
but
vie for stakes
Startup Founders Have More Power
Funding to Stay Cheap
Work-From-Home Future
Shimao
Loves China
Evergrande crisis
crime-linked crypto wallets
Takeout Cocktails
Metaverse Partner
subscription program
Google Street View
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Delaware Chancery Court opinion

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Oh I think you're going to see more of this:BTCS Inc. (Nasdaq: BTCS) ("BTCS" or the "Company"), a blockchain technology-focused company, has announced...

see more of this
argued
the little form
are
gaps
custody obligations
capital requirements
tried it in 2019
I half-jokingly argued
medallions traded
very funny enforcement lawsuit
the SEC’s complaint
Medallion apparently disagrees
annual report for 2017
discussed
lot
hedge fund managers
mortgage firms
ETF managers
but it is funny
cut back traditional lending
Chinese Tech Companies
Fully Autonomous Tractor
valued at $13.3 billion
Bored Ape Yacht Club
NFT Hype
Dabble in Crypto
BlackBerry Die-Hards
brilliant with money
anti-semitic email rant
retires from selling farts
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here
Form 8-K
page F-3 here

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In the early 2010s, Elizabeth Holmes pretended that she had invented a new technology to do blood tests, and used this pretend technology to raise sev...

talked about
bunch
pseudo-Linnaean name
electric vehicles
reported
convicted of federal fraud charges
Holmes’s defense
convicted
$100 million
testified at the trial
What Investors Learned From the Elizabeth Holmes Trial: ‘Zero’
everything is securities fraud
Jurors heard
a story I often tell
the stock went to zero
a simple story to be told
Anyway
Siani writes
Bloomberg News notes
I wrote
sure of course right
talked last month
going to be
lays out
talked last month
don’t know man
a song and music video
Adam Neumann
Tear Down 39 Buildings
lawyer burnout
TPG
Subtle Word Choice
Rokos’s
Bridgewater
Kremlin Insider
Brian Armstrong
Opens Showroom
different years
Explode Over Pittsburgh
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When the tide goes out
the wire fraud statute
menu of Theranos’s prices
Section 2B1.1

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There is no getting around it: I basically took the year off from this blog, not just in the sense that I wrote much less here than usual (29 posts), but in the sense that all the posts were short …
https://www.ribbonfarm.com/2021/12/29/2021-ribbonfarm-extended-universe-annual-roundup/
* Wattpad * Vella * Narrativium * Captain’s Log * Jumping into Web3 * Ribbonfarm Studio * the full archives here * Blogs are portals; newsletters are flags * essays * @vgr * @ribbonfarm * item 45 in my thread-of-threads index * Bouba-Kiki effect * search for tweets by me mentioning bouba kiki * Trung Phan * Ribbonfarm School on Teachable * Cozyweb * Yak Collective * Breaking Smart * Jumping into Web3 * unlock protocol * mirror.xyz

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This is the last Money Stuff of 2021. I'll be off tomorrow and next week, back the first week of January. I am not going to do a year-end recap or any...

lose my mind a little bit
in January
in March
in May
in October
bonds
theme
here
that
This is a weird outcome
reported in September
her opinion
Wall Street Journal notes
Bloomberg News from last week
an article
commercialize the punks itself
talked the other day
expensive
poor
Anyway
Elon Markets Hypothesis
Political Dreams
Erdogan dollars
Buybacks, Dividends
bank rules
Big Green DAO
Touch-Screen Gaming
Blackstone
Shoe Brand Heydude
Crypto.com
Grinch
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Judge McMahon’s opinion

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In "Liar's Poker," Michael Lewis memorably describes showing up at work for his first day as a bond salesman at Salomon Brothers. "Oddly enough, I did...

memorably describes
Max Abelson writes
like
say
a weird currency thing
explains
penalties for early withdrawal
death-spiral currency peg
might not work
Joe Weisenthal
Here is Alloway
of around 5,200%
the OlympusDAO documentation
the main financial theme of 2021
pleaded guilty
describe the crime
exercising stock options
under a Twitter poll
the latest
idly wondered
he owned about 170.5 million shares
sold about
wrote about his sales
Bloomberg News story
can watch here
It's Official: New White House Dog To Be Named Karl Barx
Leftists Wondering Why Their Policy Of The Complete And Utter Destruction Of America Isn't More Popular
his lawyers did argue
I wrote
Restructuring on Hold
Record Year
BNP Paribas
$4 Billion Loan
2022 Oil Hedging
seek new listings
‘Onerous’ ESG Rule
hedge fund fees
Swims 12 Hours to Shore
Malta pension plans
crypto-related fan tokens
brain cells in a dish
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citing
currency peg story
Dynamic Hedging
this Form 4
yesterday’s Form 4
I asked

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A good plot for, like, an insider-trading Hollywood thriller would be if the villains hacked into the computers of the US Securities and Exchange Comm...

an SEC complaint
the SEC’s announcement
federal criminal charges
big hacker-insider-trading case
delightful academic study
lark
Jack Dorsey and the Unlikely Revolutionaries Who Want to Reboot the Internet
wrote last month
Here is a tweet
a tweetstorm
intemperate blog post
like Stephen Diehl
Here is Robin Sloan
writes Byrne Hobart
press release
the SEC complaint
everybody knows
cancer doctor
federal criminal charges
this is a joke
listed on OpenSea
talked yesterday
interview with Morning Brew
Hidden Rate Hike
Meant to Work
ESG Chief
Company Culture
Nikola Corporation
NSO
Surges and Crashes
Chinese companies
Old Frenemy
ration fries
$1 Pizza Slice
viral food trends
suing Block
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reported Bloomberg News
recent Bloomberg article
this New York Times article

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Do you think JPMorgan was doing a lot of crimes in the group chat? I don't especially, but I guess the point is we have no way of knowing. Last week U...

announcement
took another $75 million
its summary
ehhhh those laws are pretty antiquated
giving it a try
Paula Seligson reports
Bloomberg’s transcript
ish
found
arguing
good business things
is a diagram
popcorn
Bob Van Voris reports
the lawsuit
you might wonder if
not be allowed
the TMTG investor deck
has no numbers
old-timey physical retailers of electronics
Pivoting to crypto
worked out well
buy RadioShack out of bankruptcy and pivot it to crypto
bought the brand a year ago
“Icebreakers” Q&A
Ray Dalio
Gen Z
gift cards
$11 Billion in Taxes
Bank of Montreal
stealthy wealth management fund
Spyware Maker NSO Group
Alleged Scam
0.01% of bitcoin holders
rug pulls
Credit Reports
the infinite tapestry of possible knowledge
Anti-5G necklaces
torched again
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absolutely oceans of properly preserved embarrassing chats

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Programming note: Money Stuff will be off tomorrow, back on Monday. We are well into the holiday season, which means that people are wrapping up work ...

10b5-1 plans
stock buybacks
money market funds
swaps
the SEC’s proposed rules
was
wave
controversy
years
about
category
stuff
sort of wonderful
Literally the Pope
made noises forever
the SEC’s proposal
the SEC
complains about
“orphaning” the old CDS
swaps might get around
proposed one
the Archegos story
published a very thorough and embarrassing report
Section 13(d) of the Exchange Act
pushing for this
basic issue
Rule 10b5-1(c)
theoretically possible to game them
Instead
says the SEC
proposed new stock buyback disclosure rules
proposed rules
everything is securities fraud
amendments to money market fund rules
pointed out
the past
canonical approaches
a Credit Building product
Files for IPO
TPG
Pumping Reddit Stock
Is Closing
Vanishes
Loses Ruling
Win Your Old Job Back
fines GAM
loan limit guidance
Jumps Into Web3
Silence Its Critics
scam
black bin liners of cash
bought for $30
not to make cheesecake
NFT
subscribe at this link
here
says the SEC
this 2016 Davis Polk memo
net short debt activism
the Aurelius/Windstream situation
cooling-off period under Rule 10b5-1
Modigliani and Miller

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If your brother-in-law is a senior accounting executive at a public company, and that public company is secretly in negotiations to be acquired at a p...

talk to him regularly
Short-dated out-of-the-money call options
I once wrote
SEC sued last December
Wright settled
this week he won
the SPAC that bought Lucid Group Inc. did
talked
times
Bill Ackman’s proposal to do a SPARC
more honest than a SPAC
BuzzFeed Inc.
Michelle Celarier reports
the SEC’s response
the deal fell apart
appointed by Donald Trump
the board of directors
appointed by the chair
has agreed with her
took to his agency’s website
discussed a power struggle
I wrote
periodically
seven years
pointed
but it’s still true
the right trade here
Go Haywire
Takeover Suit
blacklist
Shimao
Unvaccinated Workers
Disdain of Zoom
Housing Market
Illegal Information
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here
insider guessing
and lost
dismissed the case
Rule 50
it is constitutionally magical

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I have in the past mused about the idea of a market maker for mergers and acquisitions.[1] Like, you run a public company, you want to sell it, you go...

mused
idea
from Sujeet Indap and James Fontanella-Khan at the Financial Times
who also serves as a senior advisor at Bloomberg L.P.
press release
Veoneer’s merger proxy
press release
has been pretty lucrative this year
here’s a story
how happy this makes retail meme-stock traders
Well
Financial Times explains
Person of the Year award
tweeting early this morning
went up
have
talked
lot
about
a profile of AMC Chief Executive Officer Adam Aron
He has
Bloomberg News this morning
Crypto Expansion
French Tax Case
Post-Archegos Reshuffle
Offloads More Tesla Shares
Kroll Bond Rating Agency
Facebook
Weibo
Lithium
Toppled Confederate Statues
Pocket Watch
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here
a real fact pattern
toehold
got Pershing Square sued
ultimately it settled

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We talked last week about the Trump SPAC PIPE. A quick recap: Donald Trump has a vague sketch of a media company called Trump Media & Technology Group...

talked last week
Trump SPAC PIPE
agree to a higher price
announced a $1 billion PIPE
here
Section 3.1(bb)
Section 5 of the Securities Act of 1933
For instance
Nikola Corp. warrants
but be careful
Mr. Big dies on a Peloton
he actually attended his own (character’s) funeral
this very funny Peloton ad
The Big Question: Could Peloton Sue Over Its ‘And Just Like That’ Appearance?
your risk factors
0.75 Ether instead of 75
Miner Extractable Value
talk about it a lot
Flash Boys 2.0: Frontrunning, Transaction Reordering, and Consensus Instability in Decentralized Exchanges
Raj Rajaratnam
Tougher Punishment Is Coming
Accused of Misusing Funds
Buybacks
Top $1 Trillion
SenseTime
Crypto Island Paradise
Online Cremation
World Cup
fastest-growing corporate buzzwords
You Have to Buy the Constitution
Elon
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death spiral
the WeWork SPAC PIPE
Lucid SPAC PIPE
talked recently
Item 507 of Regulation S-K

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Programming note: Money Stuff will be off tomorrow, back on Monday. Earlier this year we talked about a guy in Wales named James Howells who threw out...

here
here
a New Yorker profile
joked enough
final Form 8-K
talked about it last month
put in a press release
discussed before
Business Insider story
the separation of ownership and control
later famously hacked
back in 2016
Sure
the ConstitutionDAO experience
these will go for like $60 million
the lyrics
hear the FCA sing it here
an op-ed in the Financial Times about financial literacy by Courtney Love
Evergrande
Evergrande Crisis
crypto consulting
GameStop
Deutsche Bank
Andreessen Horowitz
Kazakhstan
greener future
Horta-Osorio
Now She’s a Billionaire
Salesforce+
National Brownie Day
birds real
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here
this IsZo press release
a bad idea in actual baseball

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I think there are two different intuitive models of payment for order flow. Let's call them the Good Model and the Bad Model. The Good Model goes like...

$0.003 per share
mainly here
here
put out a Medium post
wrote about it here
Public said
gently requests tips
Vice published an article
Investors Are Using Robinhood, Other Platforms to Jump Into Options Trades, Worrying U.S. Regulators
a cartoon
completes the joke
I wrote the other day
“object-fire-token-money” cycle
long Medium post
Avoided Paying Taxes
No Lehman Moment
GameStop’s
House Hearing
Sovereign Green Bond
Martin Shkreli’s
Not So Smart
Hand Out Cash
Knitwear
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Yesterday we discussed the $1 billion private investment that Trump Media & Technology Group is planning to raise from investors when it merges with D...

we discussed
become chief executive officer of TMTG
press releases
investor
presentations
merger agreement
says CNBC
unsuccessfully sue Twitter
whose mission
said Nunes
TMTG investor presentation
section 2.3(b)(iii)
the TMTG investor deck
You can listen to that here
a Wall Street Journal story
Wall Street Journal article
whatever
membership program
crypto custody
tried something like this
Byrne threatened the SEC
sued Overstock and lost
Misses Payment Deadline
corporate bond market
Beat NYSE
MEME ETF
London Hedge Funds
abandons lockstep
Crypto Salary
Satoshi Nakamoto Suit
True State of Its Economy
the Warby Parker of caskets
discarded right out of hand
oddest book title
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I’ve been meaning to turn my OODA loop workshop (which I’ve done formally/informally for corporate audiences for 5+ years) into an online course for years, but never got around to it. S…
https://www.ribbonfarm.com/2021/12/06/thinking-in-ooda-loops/
* OG briefing slides are freely available on the web * Boyd’s own briefings * Certain to Win * Boyd: The fighter pilot who changed the art of war * Science, Strategy, and War * Tempo * slides * fat thinking * live players

Science, Strategy and War: The Strategic Theory of John Boyd (Strategy and History)

Certain to Win: The Strategy of John Boyd, Applied to Business

Boyd: The Fighter Pilot Who Changed the Art of War

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In September, a company called Digital World Acquisition Corp. went public, raising $287.5 million by selling stock to investors at $10 per share. DWA...

went public
$287.5 million
announced its merger
missed that deadline
seemed to be
“company overview” slide deck
wrote Dan Primack
wrote at the time
say this
talked
lot
announced a billion-dollar PIPE
have “registration rights”
Form 8-K
death-spiral convertible
Here it is
said about
discuss around here
here’s a guy
complaint adds
charged criminally
an auction
we discussed
CryptoPunks
Special Index
Fintech Boom
investor exodus
stock quiz
Female Founders
Fails to Dispel Mystery
Just This Year
Clashes With Dalio Over China
Cream Cheese Shortage
rid the house of snakes
fake silicone arm
subscribe at this link
here
footnote 4 here
investor presentation
footnote 4 here
footnote 5 here
announced on Twitter (and Edgar)
closed on
lock-up agreements
a PIPE with registration rights
the merger closed
filed on Nov. 10
have a valuation cap of $33.60
Frank Perkins Hixon Jr.
did not go well

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Programming note: Money Stuff will be off tomorrow, back on Monday. I used to work at Goldman Sachs Group Inc. and part of my job was to do large trad...

this made me laugh nervously
A basket of options is worth more than an option on a basket
settle a scandal in Malaysia
announced a plan
hilarious CNBC article
pay a billion dollars for about 25% ownership of TMTG
That logic is risky, now
because of the rumored PIPE deal
I wrote
Everything
write
asks Felix Salmon at Axios
“object-fire-token-money” cycle
explained NFTs
burns an original painting every month
burned a Banksy painting
gave an interview
talked in September
top traders
Restate Results
Delisting Threat
Overdraft Fees
Seeks Break
Affair Saga
Airbnb
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here
28.75 million public shares outstanding
footnote 11 here

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Much of the business of an investment bank's sales and trading division consists of calling up clients and saying "hey you should do this trade, this ...

Sure why not
talked last year
the theory anyway
Anyway
Engine No. 1 LLC’s activist campaign
Dan Loeb’s campaign
announced plans
lots of revenue from
a meme activist campaign
diversified-investor activist campaign
we talked about
is not helping Diem much though
I said
the story of Kat Norton
meme stocks
Bloomberg 50
Close Loophole
M.B.A. Rankings Data Scheme
Hedges Clipped
Global Insider Ring
‘Abused’ Bankruptcy Process
Digital Gucci, Dior
2 different types of baseballs
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The basic innovation of crypto is the production of artificial scarcity. The original Bitcoin white paper addresses the problem: Sure, anyone can type...

Bitcoin white paper
right-click
Here is Ryan Broderick
variant of concern
Mark Gongloff
CoinTelegraph
is a clone of OlympusDAO
wrote last month
Elsewhere
good story
wrote about
discussed a couple of weeks ago
discussed last week
is a story
Omicron Outlook
a once-in-an-epoch windfall
Combat Employee Burnout
Sell Giphy
$2 Billion in Buybacks
spin off coal assets
Expert Networks
Sells Half of His Shares
Youngest CEO
Mystery Prize
Business Jargon
Waystar Royco’s
swallow the universe
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here
then they’d get sued
page 57 here
page 22 here
page 20 here

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How much would you pay for the right to buy one share of one big future initial public offering at the IPO price? What a strange question. You don't k...

average first-day IPO pop
filing for Pershing Square SPARC Holdings Ltd.
talked
before
somewhat abortive SPAC
wrote about it
it is generally assumed
proposed rule change
bad economics of SPAC warrants
is itself controversial
a Wall Street Journal story
have some nice things to say
a Bloomberg article from Friday
this Bloomberg headline
trade at about 68 cents on the dollar
everything is securities fraud
story about Lucian Freud
but here he is tweeting about it
Vishing Raid
Congo Bank
Remote Work
Compete on Financial Regulation
Black Friday
Reopens Dogecoin Withdrawals
Twitter CEO
Chinese Developers
Huckleberry
Junket King
McConaughey
Vaccine Conspiracy-Fueled Research Note
Claire
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here
less great

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Programming note: Money Stuff will be off for the rest of the week. Have a happy Thanksgiving, and I'll see you back here on Monday. The good tax trad...

talked about one last week
paid about $603 million
this 2007 IRS guidance
area of inquiry
a fun Wall Street Journal article
Tesla will be volatile
the dealer will adjust its hedge
Elon Markets Hypothesis
move Bitcoin
move those cryptocurrencies
totally unrelated companies
now trades on Tesla hype
vibrant secondary market in Tesla-branded satin short shorts
open charging stations for Teslas
Building the ‘Musk Proximity Metric’
wrote last month
too late for Wendy Wein
talked about
Go ahead and click
Adam Davidson
model of the firm
Motherboard article
Regulate Wall Street
Sell in a Week
Stripe
climate change risks
Quant Hedge Fund Approvals
Riskier Assets
sovereign wealth funds
Four-Day Workweek
Spy on FIFA
Bake Off Star
Tolkien Brand Pushback
only one horn
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most expenses for individuals are not tax-deductible
had a net loss in 2014
is now 21%

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First of all let's just appreciate the words here, these are good words:El Salvador has struck a deal with crypto firms Blockstream and iFinex to adva...

these are good words
calling this
consists
photos
here
sure
is listed
the termsheet
the proxy statement
its own proxy statement
lawyer
proxy solicitor
in fact that happened
did this
says Davis Polk & Wardwell LLP
a good little statistic
discussed last week
fun Wall Street Journal article
outbid by Ken Griffin
I guess it is
the Wall Street Journal story
does not trade crypto
some back story
Bored Ape Yacht Club parties
Can’t Have
Keeps Powell
Telecom Italia
Billions of Their Own Cash
Cap Speculation
Hidden Accounts
Avenge
Compares Himself to Musk
Pension
Wary of Crypto
Tops Shiba Inu
Crypto
AMC Insiders
NFTs and Dogecoin
subscribe at this link
here

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Programming note: Money Stuff will be off tomorrow, back on Monday. On the one hand, sure, I can see why someone might consider this a problem:When ex...

the Wall Street Journal’s postmortem
market maker in home-selling
Ben Thompson wrote
talked about this problem before
Here’s another one
in meme stocks
talked to some people at their main market maker as markets were going haywire
the opinion
we talked about
consideration
everything is securities fraud
talked a bit the other day
a Bloomberg News story about it
seems like
Endaoment
a little vague
“DAO LLC” legal entity
remember
Fearless Girl
since moved
here is Kristen Visbal
State Street
Moves to Reverse
direct listing
OpenSea
Gemini
Cassava Sciences
could be low forever
purchase a ‘rare’ online gaming username
sexiest man alive
whose main home is in Tuscany
subscribe at this link
here
get it wrong
Twitter exchange
tweeted

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Loews / Boardwalk Pipeline The Federal Energy Regulatory Commission regulates the maximum rates that natural gas pipelines can charge to customers. Th...

a court decision
issued a 194-page opinion
talked yesterday
like
say
here
making teenagers feel bad about their bodies
once wrote
wrote a funny article
filed an amended prospectus
here’s a behavioral-finance paper
named for
apes
punks
Huge, Secret Bank Bet
U.S. Investment in China
Jes Staley’s exit
BlockFi
SPAC Bill
Gasoline Market
Metro-North Into Manhattan
Lucid’s
startup
Enron
subscribe at this link
here
Delaware Chancery Court opinion
the Chancery Court opinion
a copy of the PDF archived at Bloomberg
research analysts pumped up stocks

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Companies sometimes issue convertible bonds. A convertible bond is a bond that can be converted into stock. Normally the conversion is at a fixed pric...

sold $1.38 billion of 7-year convertible bonds
total
about
here
ISDA Equity Derivatives Definitions
pretending on Twitter that he was going to take Tesla private at $420 per share
So it did
what JPMorgan says
I knew he was kidding
the lawsuit that JPMorgan filed against Tesla
it with me now
the complaint
know the drill
Byrne Hobart writes
it continues to be
there you go
I asked
Here
4s
I wrote that
alleged fact
MarketWatch story from Thornton McEnery
this is a fungible token
pretend to buy the U.S. Constitution
points out
on permanent display at the National Archives
celebrities doing non-fungible tokens
Snitching to SEC Surges
earlier
Promising Covid Pill
Calpers
Bitcoin Futures ETF
pig mascot
subscribe at this link
here
were exercised
Tesla’s 10Q
an Internal Revenue Service memo
2014 Form 10K
deal
greenshoe
here
JPMorgan’s lawsuit
of SolarCity Corp.

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Obviously if MoviePass hadn't gone bankrupt in January 2020, but had instead limped along until January 2021, it would be a $50 billion company right ...

gone bankrupt in January 2020
changing people’s passwords so they couldn’t use the product
did not work
we called it
it’s back
a large popcorn
electric-vehicle angle
there are also doubters
are client-driven
make of this
talked a few years ago
a paper
here
here
tweeted something anodyne
got mad
he tweeted
popular way
senior claims on volatile cryptocurrency
somewhere not safe
it says
talked about these rules
a memo from Davis Polk & Wardwell LLP
$40 million of equity
talked previously
narrow banking
a stablecoin as a narrow bank
break up Meta Platforms Inc. from the outside
argued before
Straussian reading
my great themes
Covid Vaccine Recipe
Starting Salaries
General Electric
prime brokerage
Satoshi Nakamoto
hidden financial infrastructure
$27 Billion Token
Argentina
unexplained phrases
Military-Drone Maker
U.S. Math Team
elaborate prank
has a perfume
subscribe at this link
here
10b5-1 plans work
pointed out last week
Tesla’s best ever
Form 4
effectively 23.8%
bill rates

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Programming note: Money Stuff will be off tomorrow, back on Monday. Well here you go sure sure sure:Tesla Inc. Chief Executive Officer Elon Musk unloa...

sure sure sure
here
here
here
here
here
here
here
here
here
here
he said publicly at a conference
has 22,862,050 options
Musk tweeted a poll
he wrote
Tesla’s filings
Rule 10b5-1 plan
discussed
times
I am not
I wrote
obvious avenue for abuse
has proposed
rules say that
rarely said no
signed a deal
some ESG-ish reasons to stay away
Anyway
Company Overview
obviously
read in the New York Times
impersonated a YouTube executive
8-Figure Pay Packages
Sell $53 Million in Stock
Avoid Default
Manage Evergrande
Sells 2,000 Homes
Baby Powder Lawsuits
Rivian
Southwest Gas
Pretzel Producers
Deliciously Fishy
subscribe at this link
here
here
He said
get two business days to file a Form 4
announced its third-quarter earnings
the announcement of the deal
merger agreement
discussed here
Lucid was a really weird deal

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Come on:The Securities and Exchange Commission today charged Puneet Dikshit, a partner at a global management consulting firm, with illegally trading ...

Come on
criminal charges
is of course
did this
not ideal
rule of insider trading
I offered a list of 18 discussion questions
with this
like
say
you got illicitly
has a good article
sometimes
here
General Electric Co. announced
financial services business
television network
lightbulbs
Bloomberg’s Katherine Chiglinsky
Wall Street Journal’s Thomas Gryta
Brooke Sutherland
the theory is
Chiglinsky writes
quiet period
carefully controlled ways
a little unintuitive
violating the quiet-period rules
often
talk
about
go public at a $1 billion valuation
transcribed the podcast
filed it
chief executive officer
redemption rights
especially in recent months
Trump SPAC
Rivian
Hertz
Inflation
Bitcoin
Cut NYC Workforce
Credit Business
Ponzi Scheme
David Graeber’s
labor shortage
screams
accused of being ‘possessed’
subscribe at this link
here
my previous list
was indicted
the indictment

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I’m kicking off a new blogchain to journal my explorations of Web3: the strange world of NFTs (non-fungible tokens), DAOs (decentralized autonomous organizations), domain names ending in .eth…
https://www.ribbonfarm.com/2021/11/09/jumping-into-web3/
* play-by-play in an extended Twitter thread * NFTs * mirror.xyz * OpenSea.io * foundation.app * ribbonfarm map of 2016 * 2 NFTs * Yak Collective * $WRITE token race * by voting tomorrow * Declaration of Interdependence for Cyberspace * poll * my twitter thread

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Everything, I like to say, is securities fraud. If a public company does a bad thing, or a bad thing happens to it, some creative lawyer will be able ...

I like to say
be a little complicated
allegedly did some fraud
indicted by federal prosecutors
do stuff like this
called Investview Inc.
put him on leave
development of electronic trading
Dark Pools
explained in that case
11 people were killed
one of the largest environmental disasters in American history
pleaded guilty to various crimes
cleanup costs
in the business of
annual loss
Naked was one of them
raised $50 million
raised another $100 million
Okay sure
announcement
launched a $300 million at-the-market stock offering
wrote about
raised a billion dollars
an executive team poached from Amazon
knows how to do this
earnings call transcript
perfect usage
said the other day
no concerns
online advice column
Shiba Inu
a dog who talks funny
Shiba Inu
And yet
wrote a few weeks ago
GE
private equity’s
Obscure Fed Facility
Robinhood Hack
Fed Chair
Financial Advisers
greenwashing
dropped ‘sustainable’ claim
Hedge Funds
taxes
they're entertaining while they do it
subscribe at this link
here
That announcement

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Should Elon Musk sell $20 billion worth of Tesla stock or what? Let him know what you think! Actually it's too late. He took a poll over the weekend, ...

on Twitter
justifiably relied
Erin Griffith had a funny story
Part of Holmes’s defense
hahahahahaha hahahahaha
kidnapped, tortured to death and then dismembered with a bone saw
talked before
compliance function
New York’s new mayor
talked a few weeks ago
join BNP Paribas
McAfee
Retirement Funds
Shiba Gamble, NFT Plan
Green Bonds
China’s Tech Crackdown
Sent Data
private capital markets
NFTs
popcorn business
by a horse
subscribe at this link
here
owns 170,492,985 shares
1,004,264,852 shares outstanding
treated as taxable compensation
does not seem to have
long owned
requirements for statutory ISOs
more than half of his Tesla stock

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Programming note: Money Stuff will be off tomorrow, back on Monday. The basic issue is that right now everything is dumb. You can complain about that,...

with no pants on
committed to maximizing shareholder value
wrote last month
wrote some advice for activists
a real letter
wrote in June
say things about electric cars
wrote the other day
reports today
$20 billion of assets
talked in detail
$200 million family office
some Greensill notes
as profitable as they have ever been
New York securities industry bonus pool
great vampire squid
retail robo-advising
boom-time behavior
this Jen Wieczner story in Intelligencer
Major Collapse
Sequoia
Pays Too Little
Hertz
Options Activity
Shiba Whale Wallet
Bond Bets
Corporate Access
Zillow Shares
Ozy Media
Giant Sea Gate
Blockchain City
7-7-7-7
subscribe at this link
here
says its press release
described it
the AMC strategy
the Microstrategy strategy
bought those stocks synthetically through total return swaps

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A ghost protocol is a pattern of interactions between two parties wherein one party pretends the other does not exist. A simple example is the “silent treatment” pattern we all learn as…
https://www.ribbonfarm.com/2021/11/03/ghost-protocols/
* here * escaped realities * divergence of futures

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I do not want to say that losing a lot of money on a trade is as good as making a lot of money on a trade. It is not. For one thing, if you make a lot...

Goldman Sachs commandment
the London Whale
written before
got not only themselves but 25% of the company fired
earnings call
go years without a down day
wrote down its inventory of houses
said at the time
writing
a lot
few weeks
have written
have written
that
They still do it
has a good column today
10.4% in the second quarter
9.8% in the first quarter
found on the internet
says Bloomberg News
stole
money
reported Matt Novak
now-disappeared white paper
diamond hands
HODL
goes by the name “(3,3),”
weirdest thing
I think about
not really allowed
believe optimistic SPAC projections
did it wrong
Papa John
Net Zero
green pledges
Greenwashing
net zero
the Sherman Act
Penguin Random House’s
Perelman’s Family Trust
Managing Director Class
Get Women on Boards
YOLO Trading
polishing cloth
Mark Zuckerberg aesthetic
Mingles With CEOs, Rappers
drove his car on the sidewalk
subscribe at this link
here
the Seeking Alpha transcript
said in 2011
not especially dogmatic about it
last quarter’s 10-Q

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A few years ago, the hot thing in crypto was the "initial coin offering." I could tell you a story in which initial coin offerings represented a truly...

interesting idea
as a counterweight
didn’t like it
overcollateralized
stablecoin
wrote once
senior claim
asset-backed commercial paper
smart people who argue
a report from the President’s Working Group on Financial Markets
a thing
can’t say
essentially zero capital
know
advice
the chief executive officer of Circle, Jeremy Allaire, rapping
I joked
made the very fair point
make fun of that too
multilevel marketer
easily tricked by some scammers
claimed
NFT trading platforms
restrict trading
making them worthless
subsequent legitimate transfers
Ha ha ha
a story about Bored Apes Yacht Club
fine
Elsewhere
announced earnings
buy a house
sometimes get it wrong
I declared
has announced
cursed fact
sometimes referred to
reported
founder of the ETF
fairly pointed out
Yango Group
Brigade
Societal Concerns
No Crypto
Not So Much
Crypto’s Standard Oil
Stranded Unicorns
Embrace Fossil Fuels
Bread Supply Crisis
Dogecoin vs Shiba Inu cryptocurrency spat
Texas Special Teams Coach’s Girlfriend
McRib
subscribe at this link
here
sometimes goes poorly
to Robinhood

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Trump SPAC: Background of the TransactionsThe way a special purpose acquisition company works is that a sponsor raises a bunch of money and then goes ...

hundreds of SPACs
made fun of it a lot
New York Times story
meeting this week
couple
times
striking fact
not quite, but
certain wishfulness
Fund Managers Live on Earth Too, and Seem to Like It
internalize externalities
Brown Assets for the Prudent Investor
Probably
this
standard English verb
no particularly good reason
Here it is
happened when Facebook changed its name
joke resume
this
discussed
8% of its revenue
Jes Staley
Jeffrey Epstein Ties
Options Boom
One Minute
Buy Oil
Trump Allies
ADRs Implode
HNA’s
average finishing times
it’s a game of tradeoffs
butler shortage
legally people
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here
written about Axie Infinity before

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As a consultant, I read many corporate documents and pieces of management writing that are really good and worth sharing. Unfortunately, the stuff tha...

Coordination Headwinds
Venkatesh Rao
Coordination Headwind
Alex Komoroske
Platform Rant
a compilation
The Science of Muddling Through
link
Ribbonfarm Studio
become a paying subscriber.

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Tech firms and financial institutions, working together, have in the recent past made core financial services much better for consumers.
https://bam.kalzumeus.com/archive/financial-innovation-is-happening/
* within our own lifetimes * community banks exercise quite a bit of influence in the U.S. * large majority of it coming from less than 10% of banked households * Chime’s * Cash App * leaned into * here * dropped overdraft fees entirely * ACH * same-day settlement * more than $300 billion * commoditize their complement * we're hiring

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Programming note: Money Stuff will be off tomorrow, back on Monday. We talked yesterday about the somewhat strange possibility that public investors m...

talked yesterday
less interested in capital discipline
emphasize in their public statements
get higher returns in the long run
more sustainable
eventually you’ll get in trouble
Arctic drilling
destructive spills
sell their dirty assets
accelerating this approach
Third Point’s investor letter
Shell does
improbable tax proposal
There is
proposal
proposed text
Aswath Damodaran
Tyler Cowen
Noah Smith
Alexis Leondis
maybe unconstitutional
says that
Joe Manchin doesn’t like it
enforcement action
SEC complaint
Why not
website
what I expected
to be fun and exciting
Accept Crypto as Tuition Payment
news story
Rogers
earlier
Evergrande’s
Evergrande
China’s Junk Borrowers
Libor Transition
Leveraged Bitcoin Fund
Gets Paid
Oak Hill
Visa’s
Latest Crypto Hack
decentralised finance
Real-Life Sculpture
eating every meal at Six Flags
subscribe at this link
here
the proposal
E-minis

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This Captain’s Log blogchain has unintentionally turned into an experiment in memory and identity. The initial idea of doing a blogchain without meaningful headlines or fixed themes — p…
https://www.ribbonfarm.com/2021/10/27/mjd-59514/
* post

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One claim that you sometimes hear about financial markets is that they are excessively focused on the short term and systematically undervalue long-te...

look at Tesla
newspaper
Steve Schwarzman criticized environmental investing
influenced by Fink
standard story
quite a bit of history
likes it even
did a little speculation
investor presentation
wrote on Monday
Twitter
Reddit
summary
Dan Primack
Form 8-K
merger agreement
also doing well
talked last week
Oops
everything is securities fraud
Anyway
certain statutory protections
Not always though
reports
meta-regulator
something
the company wrote in a blog post
Deutsche Bank
Robinhood
Hertz
Bitcoin
Shiba Inu
shift from publicly traded assets
Throws Bitcoin
subscribe at this link
here
discussed yesterday
does not like
the DWAC prospectus
discussed on Monday

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Imagine how much sadder Elon Musk would be today if he had managed to take Tesla Inc. private in 2018. In August 2018, he tweeted "considering taking ...

he tweeted
got in trouble
Saudi sovereign wealth money
buying the company cheap
at-the-market offerings
just as rich
used to love to complain about that
rent a Tesla at a Hertz
every other car company combined
Meanwhile
somewhat strange way
banks have too much money
asking customers to cool it with the deposits
total loss-absorbing capacity
net stable funding rules
a little weird
fun Wall Street Journal story
is great
did it repeatedly
plus the Other Spread
reports
Okay
every tree
Meme Stock World
Shareholders Balk
Banking Watchdog
Magnesium Crisis
Cryptocurrency Payments
Wirecard
emoji reactions
Modern Land
If Funds Were Spent Well
Communications That Didn’t Meet Standards
in space
not having enough strawberries
unknown number
subscribe at this link
here
wrote at the time
I wrote
expired this March

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Well, see, there are formalities. If you own 97% of the voting stock of a public company then in some rough general sense you control it. You get to v...

did try it
story out of Canada
that did not work
Or did he
Others disagree
totally jazzed to do that
roll some trucks down some hills
announced
company overview deck
discussed on Thursday
the stock
up
people on Reddit
illegal clone
Mastodon
were dumping their stock
when DWAC went public
locked up
to the hedge funds
notes
I once wrote
not even Tesla Inc.
considered it
just a no-brainer
memes
Elon Musk not owning any of it
did this
mini model Juicero
has a new project
fractionalizing NFTs
Left Investors in the Dark
Private-Company Bets
UniCredit Deal Fails
tighter capital rules
duration
Billionaires’ Unrealized Gains
has a newsletter
a model of news production and consumption
subscribe at this link
here
here
articles of incorporation
appears to be
7.2 million founder shares

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Programming note: Money Stuff will be off tomorrow, back on Monday. Donald Trump is a very famous person who likes to talk and who has a lot of enthus...

history
hilarious
failure
never been profitable
maybe a little bit the law
anyway
announced with PIPEs
SEC filing
“Company Overview” deck
is
Elon Markets Hypothesis
joke
sometimes
getting sued for attacking protesters
I wrote a paragraph
80 or so years
everything is securities fraud
New York Court of Appeals
a decision
Securities and Exchange Commission action
Partners Group
New York Post article
WeWork
Purchase of Pinterest
Masquerades as Real Company
Evergrande
post-Brexit operations
Pass Wealth to Their Heirs
Oversight Board
69,469
$420,690,000 Series B-1
subscribe at this link
here

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A key insight recently struck me, and it is one that I should have worked out and written up earlier, but I didn’t think of — one of the biggest reasons mediocrity gets a bad rap is con…
https://www.ribbonfarm.com/2021/10/20/mediocratopia-12/
* The Web is a Customer Service Medium * The Living Company * never go full retard * carrier-bag rather than heroic attitude * Captain’s Log blogchain

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If you are a big international bank and you are hired to arrange financing for the government of Mozambique to fund a project involving fishing boats,...

U.S. Securities and Exchange Commission order
the SEC
U.S. Department of Justice
U.K. Financial Conduct Authority
back in 2019
pleaded guilty
the U.K. FCA takes
SEC says
FCA says
part of the result here
everything is securities fraud
SEC
DOJ
the way a SPAC often works
Financial Times story
announced its deal
getting $137 million
famous line
here’s a story about Facebook
did this
became Alphabet Inc.
tungsten cubes
this
wrote yesterday
Jack Dorsey Tweets ‘705742’ and Sets Crypto Twitter Abuzz
Bitcoin Futures ETF
Take WeWork Public
share trading halt
close valuation gap
Wealth Advisers’ Pay
Become a Trillionaire
Princeton Club
Monty Hall Problem
subscribe at this link
here

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Yesterday the US Securities and Exchange Commission released a "Staff Report on Equity and Options Market Structure Conditions in Early 2021," specifi...

released
Staff Report on Equity and Options Market Structure Conditions in Early 2021
says DealBook
there are stories
stock trading works
talked
that
before
wants to do anyway
eight GameStop film projects
talked
talked last week
reported
the Wall Street Journal
my Twitter
fined millions of dollars
sued by a cave diver
writing dumb columns
Designated Counsel for Keeping Musk Off Twitter
on Bitcoin speculation
valuable thing
here’s Adam Aron
raised umpteen billion dollars
I wrote
a company called OpenStore
Bloomberg described in June
Futures-Based ETF
MicroStrategy
‘Risk-Free’ Crypto Trade
BTFD
Mozambique Scandal
Metaverse
skeleton
subscribe at this link
here
already know
the first time we talked about GameStop
Byrne Hobart writes

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Deciding how much you should pay for a share of large-cap publicly traded stock is not an entirely solved problem, but it's pretty close. If someone c...

growing importance
not all computers yet
Wall Street Journal story
Tesla’s love for him
I proposed
the Financial Times reports
did surprisingly okay
I wrote
absolute tear
here’s this
Why the ‘Big Short’ Guys Think Bitcoin Is a Bubble
Succession Drama
China Unit
Energy Crisis
High-Grade Bond Sales
No More Haggling
Saudi Tax Squeeze
display nudes
subscribe at this link
here

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If you buy shares of an S&P 500 index exchange-traded fund, what does the fund do with your money? There is a technical answer about in-kind creation ...

500ish
Bloomberg’s Katie Greifeld, Vildana Hajric and Benjamin Bain report
become easier over time
pay more for it than you would for a regular old Bitcoin
futures-based Bitcoin ETFs
an issue that the SEC worries about
Greifeld reports
“Bitcoin Futures Are a Great Way to Not Own Bitcoin
buy actual Bitcoins
basic thinking
is often
weird stablecoins
the CFTC’s announcement
the New York state case
about Tether’s reserves
Is Stock Index Membership for Sale?
membership selection committee
S&P Dow Jones Indices LLC
S&P says
very NFT-related idea
is to destroy it
Animal Crackers
Best Year Ever
Pay and Hiring
Evergrande
WeWork
$85 a Barrel
Split Up Monte Paschi
Siphoning Power
SPAC Frenzy
Confused Waymo Cars
ancient faeces
lumber prices
Small Tungsten Cubes
subscribe at this link
here
here
registration statement
page 4 here
short Bitcoin ETF
trades in units of 5 Bitcoin
margin requirements

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The way business works is that you have some assets and they're funded by some liabilities. The assets generate some income which you use to pay back ...

sometimes
worked up
the accounting was changed
a fascinating story of financial engineering
talked last month
a lot of arguments
green bonds
filed a new statement
solve coordination problems
internalize externalities
as in
suing Elon Musk
Technoking
talked
lot
seems to be working
that also seems to be working
a story about greenium
bad news
cat
the erotics of sneezing
his estranged son’s tattoos
yesterday’s
Tormenting Rivals
Ethics Scandal
forex derivatives scandal
ETF Tracking Bitcoin Futures
meme stocks
runs on white wine and cheese
subscribe at this link
here

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Pump and Dump OrganizationThis is not legal advice or anything, but one good rule of thumb is that if you are on an internet message board looking to ...

an undercover police officer
a good story from Australia
talked at some length
says its white paper
And
pretending to be upstarts
Ben Scent and Crystal Kim
the Wall Street Journal
interviewed by Bloomberg
Henry Kravis and George Roberts
China’s Property Market
Save His Empire
Evergrande Economist
settles investor complaint
Volatility Funds
report
clothes that don't exist
no championship teams
bat’s wing
fake tiger fur
subscribe at this link
here
post by Steve Randy Waldman

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Programming note: Money Stuff will be off tomorrow, back on Monday. A (the?) main move in finance goes like this:You have a risky thing. It will be wo...

suggests that this is impossible
this is magic
talked
stablecoins
lot
blockchain depositary receipts
this Zeke Faux story in Bloomberg Businessweek
talked
Tether
finally changing
writes
writes Seligson
Seligson
can’t buy the stock
accredited investors
platforms
exchanges
Special-purpose vehicles
large bank-run funds
forward sales
unicorn structured notes
briefly sort of a thing
better
believe
the SHIB cryptocurrency
up 216%
here’s a much more complicated thing
green investors
Fintech Crackdown
Jumbo Fortune
Florida Region
AT&T
Biggest Streamers
costs $8 a cup
subscribe at this link
here
largely nonsense that don’t work
made fun of it
goes down by a tiny bit
suggest

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The basic situation of US equity market structure is:Big institutional investors want to be able to buy or sell large chunks of stock quickly without ...

argued
certain
seriousness
take it the other way
happens in the few minutes
tweeted
don’t generally “exist”
is that securities fraud
impersonated a YouTube executive
one of its later investors has now sued
LifeLine’s complaint
shut down
actually nope it’s back
general counsel
pulled the product
spent years lying about it
fined Robinhood $57 million
having a bad website
this absolutely wild comment letter
describe it
asked for comments on brokerages’ digital engagement practices
dramatically remake all sorts of rules
other news
New York Times magazine story
still doing this
Default in China
record premiums
Arbitrage Traders
Won't Ban Cryptocurrencies
Southwest Gas
Credit-Card Issuers
Prioritizes Profit
regulating stablecoins
Tougher Tech Laws
Tudor Pickering’s
platinum coin
Boston
very expensive Hitler art
subscribe at this link
here
changes to Rule 15c2-11
three-month grace period
SEC commissioner complained
the confrontation
tweeted about

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This is a sequence of corporate governance moves that is honestly new to me:Do some stuff that is, let us say, arguably fraud-adjacent. Get caught, in...

think a lot
who controls a company
Uber Technologies Inc.’s
WeWork’s
Here’s more
two board members
and
here’s a wild anecdote
throwing book
uncorrelated risk
Bitcoin tax harvesting
talked yesterday
here’s this
write
before
reading
statements
that would be fine for Robinhood
Anyway
adds something else he said
enforcement action
criminal case
the SEC complaint
the SEC’s description
manipulate Libor
the crime you are committing is extortion
tells Congress
Squeezing Wall Street
Massive Outage
Hide Money
trading by Fed officials
Fantasia
Direct Listing
Law Firms
Subpoenaed
Pay $137 Million Over Racism
Surprised by Cops
subscribe at this link
here
First Law of Tax

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Here is the New York Times on Facebook Inc. whistle-blower Frances Haugen, who disclosed a bunch of internal documents about all the bad stuff that Fa...

New York Times
classic view
a couple of years ago
talked last month
How the Finance World Started Turning Against Fossil Fuels
throw out some of the company’s directors
also talked about it
solve certain coordination problems
talked last week
everything is securities fraud
primary victim of the company’s action
something like
coordination game
enforcement action from last week
institutional investors
often meet
desirable and informative
setting them up
its chairman was too tan
Why Wall Street bankers are hitting the road again
How a Merrill Lynch banker quit a $120,000 job to become a successful DJ
telling him to stop being a DJ
whatever
press release
Ring-Fence Evergrande
Unit Stake Sale
No Congressional Plan
shut down
un-shut-down today
begs them to return it
final battle in India
Dividend Payouts
Enabling Ransomware Hackers
reading Karl Marx
Suspended Jail Time
moral choices
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here
cynical
the worry that this is an antitrust problem

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Programming note: Money Stuff will be off tomorrow, back on Monday. I assume that most people who work in compliance at big investment banks are good,...

Oops
the SEC’s complaint
Second Law of Insider Trading
SEC’s press release
Fourth Law of Insider Trading
Securities and Exchange Commission rules
proxy fights
quasi-indexers
make that collating easier
the text of the proposed rule
dissented from the proposed rules
talked the other day
talked before
talked yesterday
current rules
Bloomberg Businessweek article
letting him continue to manage your money
I suggested
Trillion-Dollar Platinum Coin
What happened
Chase for China Deals
Wealth Product Investors
Revlon Lenders
Swiss bankers
op-ed
Above $1
sneak silly papers
It wasn’t the first time
subscribe at this link
here

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People who have a literal-minded interest in matters that extend beyond their own lives, and perhaps those of a couple of generations of ancestors and descendants, are an odd breed. For the bulk of…
https://www.ribbonfarm.com/2021/09/30/mjd-59487/

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"The basic problem," I once wrote, "is that, if you are a senior executive at a public company, you always know stuff about your company that the publ...

I once wrote
get in trouble for insider trading
mean articles
blackout periods
10b5-1 plans
trade their companies’ stocks and know more than the public
a simple and elegant answer
wrote at the time
today’s Wall Street Journal
more complicated than that
marketing based on projections
Should SPAC Forecasts be Sacked?
these guys
so strange, so strange
Golden Era of Venture Capital
ESG Bonds
Evergrande Update
Sell Bank Stake
buy future earnings
Illegal Bitcoin Products
Mergers
tweets through it
China Legal Risks
Stoned With a Client
The Secret History
longest ears
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here
a court found

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There is at this point a standard way for a bank to rip off its foreign-exchange customers. It goes like this. A customer - a corporate client, small ...

talked about
announced a $72.6 million settlement
the complaint
keep it
bit more leeway
certainty of price and size
the SPAC pop
withdrawal rights
Financial Times reports
argued before
came from its existing investors
closed on Aug. 25
Wall Street Journal has a story
don’t really get a choice of market maker
a strange way
hear a lot more of these theories
weird story of Bluestone Resources Inc.
here’s this
sued by
sued by shareholders
investigated by the U.S. Securities and Exchange Commission
settled with the EEOC
press release
sued in July
Steps Down
Rocked the Fed
Buying More
Investors Were Dupes
Global Energy Crunch
Meme Stock Fraud
Huntsman
Petershill Unit
$24 Million in Transaction Fees
Bing’s Top Search Term
Panic Sell Stocks
pose threat to rare eels
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wild story

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Here is an incredible story about Ozy, a digital media startup. Ozy was looking to raise a $40 million investment from Goldman Sachs Group Inc.'s asse...

incredible story about Ozy
the thing
visionary private-company founder
that’s how startups work
here we are
the text of his proposed bill
here's a shareholder proposal
owns 41% of the voting stock
ran a proxy fight
rhetoric
said things like
in woke capital
how one options exchange works
enforcement action
all trading options now
talked last week
ton of money
talked last month
the artist laughs at the patron
Emergency Playbook
Missed Treasuries Payments
Control the $2 Trillion Crypto Market
Stablecoins
cutting off Chinese users
Interest Payments Missed
seize Evergrande presales
Electric-Vehicle Business
Power Crunch
Green Bond
Sustainable-Investing Problems
Highs of 2007
Libor replacement
Nuclear Power
pay cap
Salomon Sisters
Social Order
break up
inappropriate benchmark
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here
talked last week
talked about
the theory

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Programming note: Money Stuff will be off tomorrow, back on Monday. A rough, inaccurate but useful way to think about US equity market structure is th...

discussed
several times
enforcement action from Monday
what Coda did
this brought back happy memories
basic theory
Balk’s First Law
Memestocks and Reddit redesigns
paperclip maximizer
this is
the story of a Frankfurt fund manager
uncannily similar allegations
charged criminally
rules of insider trading
the wrong time to be cashing in
Tees Up Taper
Big-Bank Critic
SPAC Kingpins
We’re Exhausted
therapy puppies
Dogecoin Fees
If It Reached $3,000
user-centric accounting
options traders on the American Stock Exchange
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here
talked about

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It is conventional wisdom that big incumbent businesses love regulation. The more complicated and expensive big-bank regulation is, the harder it will...

put it
got in trouble at Harvard
terrible subway ads
working out so poorly for them
throw it away without reading it
Bloomberg News reports
the Coinbase story
interview from last week
highly confident
here you go
a party at the Waverly Inn
has created
the videos
used to say
interesting financial-engineering promise
burning works of art
getting their NFTs stolen
this is how you do business now
tweet
than this
Fifth Third Bank
Amalgamated Bank
Amalgamated Bank
Coupon Plan
Yuan Bond Interest
restructuring look like
Regulatory Storm
forever CEO
Antitrust Suit
Steven Mnuchin’s
Crashed to $5,402 in Error
CurveGlobal
Spread Mental-Health Problems
where they saved their files
tail
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here is a story
talked about those rules before

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Investment banking is a business of building long-term relationships. Your job, as an investment banker, is to become close to the people who possess ...

these stories about Saudi Arabia
here’s a New York Times story
seize an Argentine navy ship
handing over some coral reefs to its creditors
greenium
charge lower interest
made
lot
Covid-19 vaccines
talking about climate change
Portfolio Primacy and Climate Change
competing on price
Peer Selection and Valuation in Mergers and Acquisitions
Bond Payment Deadlines
Debt Clampdown
Defends Tech Crackdown
Suspicious trades
Missing Bars
Greensill Capital
Broker Commissions
Fragility of Crypto
barefoot and smoking
wanted something to watch
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here
Everything Is a DCF Model

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I am very far from an expert on the situation at giant indebted property company China Evergrande Group, but I will say that two things that appear to...

1.6 million apartments
give them apartments instead of money
debt problems
foreign hedge funds
sold at Evergrande buildings
advertised in the elevators
to employees
simultaneously
Odd Lots episode
Lehman moment
retail gamblers
Much
financial
regulation
I like to say
talked
this
times
that is changing
said the other day
presidential war powers
with PSD degrees
Poor, Smart
said yesterday
better odds of doing that
state-owned enterprise
thinks so
talked this summer
left banking because
this story made me laugh
how many NFTs are worthless
New York Times newsletter
this NFT project
Negative Space
Martingale Shares
couple
times
Sell Permian Assets
Mao’s Socialist Vision
Huge Fees
Steven Mnuchin
Universal Music
Settle Securities Suit
DryShips
Robot Hedge Funds
make pot legal
tattoos
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here
seems to be offering

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Under stress, there are those who try harder, and there are those who lower their standards. Until very recently, the first response was considered a virtue, the second was considered a vice. The o…
https://www.ribbonfarm.com/2021/09/20/mediocratopia-11/
* Chesterton’s Fence * John Henry

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Positive and negative finfluence So on the one hand, the state of Massachusetts fined Massachusetts Mutual Life Insurance Co. $4 million for letting K...

letting Keith Gill do the GameStop thing
the consent order
to Congress
what’s all this then
long-time skeptic
financial literacy
education
Felix Salmon had a very good column
incredible anecdote
Lauren Willis of Loyola Law School
talked on Wednesday
reasons to quibble
here you go
has a good column
what the SEC said
a joint letter
famous definition of chutzpah
financial research note
Industrial Strength newsletter
discussed here
live on Twitter
Father
Fuel Selloff
ESG Score
promised to never sell
Capital Requirements
Invesco
AQR
stock buybacks
Dead People and Crime
emerged
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here

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Programming note: Money Stuff will be off tomorrow, back on Friday. Here is a thing that, I suspect, keeps a lot of hedge fund lawyers up at night. Yo...

like to say
enforcement action
see how good your app is
Hester Peirce tweeted in dissent
I don’t know
GREAT VAMPIRE SQUID
vampire squid thing
Wells Fargo & Co.
not investing or legal or media-relations advice
talked last week
pay them 4% interest
Rule 144A securities
the statement
viral tweet
wrote yesterday
Losing Key Tax Edge
Low-Carbon Investment
Bitcoin ETF Approval
Billionaire
fighting the good fight
K.C. Southern
trademark fight
RIP
Norm MacDonald
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here
uh
same Wall Street Journal article
failed to clear it

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One thing you can do is buy a bunch of stock in some small publicly traded company and then put out a fake press release saying that Walmart Inc. is g...

a thing
“partner with” that cryptocurrency
confirmed the fake press release, ahahahaha
said before
two basic theories
sends them strongly worded letters
they might not
did to Exxon Mobil Corp.
dined out on it ever since
Engine No. 1 Unveils ESG Framework to Scrutinize Investments
A New Way of Seeing Value: Introducing the Engine No. 1 Total Value Framework
prepared congressional testimony
interview with Jen Wieczner
most general-purpose regulatory agency
banning payment for order flow
euphemism
bribes
was new to me
NFT-issuer-avant-la-lettre
The Non-Existent Token
first appearance
I wrote
an interesting Twitter thread
participating in a bubble
Libor replacement
Green Steel
Insider Trading Suspects
CFO Scherr to Depart
How Badly It Wants 30% Fee
XCheck
Bond Sale
Crypto Quant Trading
Wind Stops Blowing
Restructuring Advisers
can't print money itself
Practice Law Again
start-up succeeds
30-day taco subscription
a vessel for a demon
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here
fraud and manipulation in the spot market

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Everything is shareholder derivative claimsThe basic rule is that when there is a devastating plane crash, the shareholders of the company that makes ...

I call it
two 737 Max planes crashed
brought securities fraud lawsuits
Delaware Vice Chancellor Morgan Zurn ruled
sue you
diversity policy
But
investor presentation
Bloomberg Businessweek story
did not always work this way
is Facebook Inc.
merchant cash advance
negative $1.4 billion
revenue
Silverback
talks about Bitcoin
gives away popcorn
recently talked about
stuff gets weird
talked on Thursday
talked on Friday
sold each of them separately
back in 1986
Million Dollar Homepage
the Banach-Tarski paradox
this project
SHL0MS
secondary market
this infamous tweet
sold an NFT about it
break up Ant’s Alipay
Canadian Pacific Bid
tightens his grip
wealth business booms
Stock Sellers
Stokes Sales
75% Haircut
26.5% Corporate Tax Rate
Advance Refundings
Rush to Crypto
Ned Flanders Bridge
see your friends again
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here
the most recent 10-K
the 2017 10-K
here
here
FTSE Russell itself

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Which 20% of a picture of a dog?We talked yesterday about some people who bought an online pointer to a digital picture of a dog (a non-fungible token...

talked yesterday
16,530,166,000
the New Jersey deli
want
buy
almost-identical
have argued
a post
was announced on Aug. 27
also said
settled law
lively debate
charged with criminal hacking
couple
times
Also it is two basis points
two great narratives of ESG investing
couple
days
this is kind of amazing
talked yesterday
made a much better financial-engineering version of this joke
who promise not to cut down trees
why not
this Insider story
Corporate Borrowing Binge
Halting Use of Libor
Onto Wall Street
Junior Banker Pay
aluminium market
Stop Investing in Fossil Fuels
Retirement Plans
Sell All Stocks
Greensill’s
Trial Paused
Fee Caps
Kim Jong Un
hamster
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20% of a picture of a dogLet's say you have a thing that generates cash flows of $1 million a year. A business, a rental building, a pile of credit ca...

capitalize those cash flows
here is the actual answer
Jasper Johns wrote
doubled the next day
fallen back to about 1.3 cents
talked yesterday
an ISDA paper
Shorting Your Way to a Greener Tomorrow,
pay people not to cut down existing trees
since I wrote
turn electricity into money
a certain amount of scamming is possible
Quant Hedge Funds
Do-Gooding Is In
private deals
Tokenized Stock-Trading Venture
crypto whisperer
CFA Route to Finance
Associate Salaries
Free Food
Evergrande
Elizabeth Holmes’s Trial Begins
lasers as windshield wipers
perfect
my hobbit life
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here
this PwC memo
a Deloitte memo

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Is lending your Bitcoins a security?Oh, sure, yes, absolutely. The rule in the US is that an "investment contract," meaning "the investment of money i...

The rule
BitConnect
BlockFi
Blockchain Credit Partners
Coinbase’s defense
a Twitter thread
involves a four-part test
are not securities
essentially 100% equity capital
for stuff
Michael Tobin and Davide Scigliuzzo report
talked about it here
last week
hustle bro populist
and
here's a story
Uniswap Labs
Busiest-Ever Year
History of Defeat
Most Feared Fund
run out of cash
Trial Set to Begin
Brown Brothers Harriman Investor Services
house made of shipping containers
research finds
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the Securities Act of 1933
Reves test
wrote about this topic previously
Cliff Asness’s point
here

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Note: This talk contains language that some viewers may find objectionable.

Pushing through Friction

Dan Na, Squarespace

Things are broken. The deployment pipeline is painfully slow. Your engineering team has doubled in the last year and there's a lack of sufficient process and management. You git blame a file that's used everywhere but nobody understands it; the person who wrote it left the company five years ago.

As a senior-level engineering leader, experience tells you things could be better. You see the gaps. If only the company adopted policy A or dumped technology B, everyone would benefit. But there's so much inertia. The company has always used B. You are frustrated. Can you actually make a difference?

Yes. You are encountering organizational friction, and learning to identify, accept and push through friction is a key skill of engineering leaders. In this talk, Dan will talk about why organizational friction occurs and how to mitigate it. The ability to push through friction will distinguish you throughout your career.

View the full SREcon19 Europe/Middle East/Africa Program at https://www.usenix.org/conference/srecon19emea/program

Sign up to find out more about SREcon at https://srecon.usenix.org
https://www.youtube.com/watch?v=8bxZuzDKoI0

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In 2018, historian Michael McCormick nominated 536 AD as the worst year to be alive. There was a bit of fun coverage of the claim. This sort of thing is what I think of as “little history.…
https://www.ribbonfarm.com/2021/09/02/mjd-59459/
* 536 AD * fun * coverage * Pale Rider

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Programming note: Money Stuff will be off for a few days, back next Wednesday, Sept. 8.Every so often a weird stock goes up a lot, and it becomes so v...

remember
Teslas
AMCs
oh boy does that happen already
engaged in some speculation
I did a few days later
one
call
who
controls
a
company
talked about last June
later I wrote
Bloomberg reported
Dylan Patel at SemiAnalysis
just weeks after
Reed Alexander reports
I love finance
to finance not doing activities
told them to become non-profits
In China
issue a request for comment
banning payment for order flow
Searching for Yield
need regulation
Utopian Megalopolis
$500 Million a Year
Voting Trust
Denied Credit Card
Zoom-Call Gaffes
problems
Mountain Dew
Bird photographers
Not to Smoke Cigarettes
might be in Times Square
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here
direct index

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What if the US Securities and Exchange Commission bans payment for order flow? Robinhood Markets Inc. gets about 80% of its revenue from payment for o...

here
here
here
So
the Barron’s article
explained payment for order flow back in February
Charlie Gasparino reported
I wrote at the time
planning to go public
special purpose acquisition company
zero-commission stock trading
investor presentation
hints at that
a cryptocurrency brokerage
41% of Robinhood's revenue
really interesting note
wrote about it this morning
accepted
arguments
overturned
says the law
$1 million in revenue
electric truck
famously
Anyway
I mean
did a lot of blood tests
testify at her trial
enforcement action
actually did that
talked last week
insider trading case
Hire 9,000 Workers
Half-Penny Stock Prices
bank on derivatives
Madoff Victims
Allbirds’ IPO Filing
Scares Creditors
Triples in a Week
Fights SEC on Fake Accounts
Autonomous Cargo Ship
133 thumbtacks
completely out of character for his father to have passed off Barolo for Chianti
subscribe at this link
here
Section 10(b) of the Securities Exchange Act of 1934
the rule
interpretive guidance

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A simple story is that investors want to buy stocks and bonds from good companies, companies in strong financial positions, companies with high revenu...

fun Financial Times article
the POT ticker
talked
times
adjacent
Elon Musk tweets
Katie Greifeld tried to buy a ticker
announced last week
which is nice
here’s one
website
50
75
80
The Social-Media Stars Who Move Markets
Wikipedia page
press release
the SEC’s questions
say all the law firms
condemn lawsuits targeting special purpose acquisition companies
last week
agree with me
talked on Thursday
last look policy
Aluminum
ESG Goals Fall Short
grandiose climate plans
ESG AT1
Gaming Time
1,333 Times
Helped Evergrande Tycoon
Credit
Suffered Partner’s Abuse
Dream Jury
30-year-old PE vice-president
send $240 bill
a grey area
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here
fun May 2021 paper

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We talked on Monday about a US Securities and Exchange Commission insider trading case against a guy who allegedly worked at a public company (Medivat...

talked on Monday
paper
blog post
the SEC’s complaint
get it back
talked about the case
the judge’s opinion
discussed them in March
Discharging the Discharge for Value Defense
discussed yesterday
Wall Street Journal reports
here’s your market news
wrote about GameStop
everything is weird
invented fundamental analysis
Requires Vaccines
Delisting Chinese Stocks
Matthew Mendelsohn
Drops Plan
Binance
Jacob Wohl
Fake Data
Mayonnaise Inflation
picture of a rock
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here
was that

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I often say that the key skill of a hedge fund manager is not picking stocks that go up, but rather continuing to manage a hedge fund. If you pick sto...

often say
Hedge Funds Are Hot Again
went to the Supreme Court
enforcement action
the SEC’s order
talked a couple of weeks ago
has now
the USDC announcement
0.15% per year
blockchain depositary receipt
fought it
proposed rules
Felix Salmon at Axios wrote
not seem particularly fond
used to write
story about Broadridge Financial Solutions Inc.
Bloomberg Businessweek story
The Man Who Solved the Market
The best employee benefits at the top US financial firms
didn’t want to attract workers who were mainly in it for the money
a post from Joachim Klement
A Ruffled Mind Makes a Restless Forecast: The Effect of Rest on Analyst Forecast Accuracy
was my headline
how that’s going
Mortgage Bonds
Bet on Taliban
200 ATMs
Driver-Assistance Feature
the Bezzle
Support Group
decarbonise container shipping
CryptoPunk
left at mansion
subscribe at this link
here
has made the point
reports

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One basic way to invest is that you put your money in a pot, and a bunch of other people put their money in the pot, and one person manages the pot of...

the Investment Company Act of 1940
fun story
not the best
poor results
Bloomberg article from last week
the complaint
New York Times article
couple
times
I wrote
letter that Ackman sent to PSTH shareholders last week
an “airdrop”
I wrote last year
SEC enforcement action
the SEC’s argument
Money-Transfer Firms
fines surge
Great Mining Migration
Halts 42 IPOs
From Melvin
Elizabeth Holmes
container ship shortages
Dividend Futures
PPP Fraud
Black Card
jobs
golf
rampaging cows
subscribe at this link
here
fulcrum fees
Investment Advisers Act of 1940
section 3(a)(1)
section 3(c)(7)
letter to PSTH shareholders

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Programming note: Money Stuff will be off tomorrow and next week on vacation. We'll be back on Monday, Aug. 23. Oh wow I had forgotten about these bon...

these bonds
are great
couple
times
comes from bank capital regulation
requires banks to have enough capital
its own senior bankers
writing the insurance to itself
Instead
resulted in a 165-page report
wrote in 2018
big inflows
index funds
you ask the questions yourself
did this earlier this week
says that its mission
here is a wild article
Pershing Square Tontine Holdings
chairman of the board in this case
Adam Aron
Harambe
BlackRock and Vanguard
talked yesterday
$342 million
said on Twitter
tweeted by Tom Robinson
Funding LBOs
Worst Debtors
Retail Investors’ Stock Trades
Reddit
So He Thought
nibbled gold medal
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here
tells me

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Yesterday " hackers perpetrated what is likely the biggest theft ever in the world of decentralized finance, stealing about $600 million in cryptocurr...

hackers perpetrated
tweeted a picture
that maybe worked
still in progress
on the blockchain.
later this morning
was “the DAO” back in 2016
wrote
here
here
here’s this
Joe Weisenthal arguing
this (from yesterday) is cute
some bad ways
blockchain depositary receipt
don’t really want deposits
in many ways
lend the money to your friends
Anyway
disclosure
hilarious related-party loans
still makes people very nervous
trying to do better
the report
this story
the closing bell
BitMEX
Still Unpaid
Buy Crypto
Active ETFs
Millions of Cellphone Lines
Silicon Valley of smell
harmful karaoke
Bears in Her Backyard Pool
wedding cake
subscribe at this link
here
Byrne Hobart wrote

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A week ago, for the first time in decades, I spent several days in a row doing many hours of hands-on engineering work in a CAD tool (for my rover project), and noticed that I had particularly vivi…
https://www.ribbonfarm.com/2021/08/10/mjd-59436/
* rover project * shared this on Twitter * The Overfitted Brain: Dreams evolved to assist generalization * @nosilver * latent spaces * David Eagleman’s theory

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Sure I mean right of course:AMC Entertainment chairman-CEO Adam Aron said the chain will be technologically equipped to start accepting Bitcoin paymen...

right of course
Silverback
Bloomberg’s transcript
earnings were good
some more Say Technologies news
an SEC enforcement action
criminal charges
SEC’s complaint
written
several
times
Banksy painting
or paper
I wrote about
do not think that this makes very much sense
Grim Climate Report
Jerome Powell
Pass Rate
Bond Swings
Crackdown on Tycoons
cut China investments
transform American antitrust
Plans to Relist
Money Stuff topics
Fix Broad Tax Rules
Stablecoins
treasury bills
Australian Consumer Bank
Cushman & Wakefield
Former Domino's Pizza Accountant
come a long way
which is positive
HARD MTN DEW
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here
the SEC complaint
Rule 144
the Amazon description

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I have been saying for a while that the next front in the fight over crypto regulation is going to be about decentralized-finance (DeFi) lending proto...

been saying
U.S. securities law
accredited investors
an SEC action against a DeFi protocol
SEC order
wrote last month
bringing a lot of enforcement actions
one of them got in trouble with the SEC
SEC’s order
apparently contains
have said
still being fought over
Why Some Bitcoiners Don’t Care About Changing the Infrastructure Bill
this Anthony Pompliano post
here’s a story
lost $20 billion
at least $10 billion
the Federal Reserve’s reverse repo facility
Debt-Ceiling Farce
compliance tensions
Raises Junior Pay
Private Equity
10.5% of lead legal advisors
Nikola’s
AMC
Bags Run Tight
$450,000 a Seat
subscribe at this link
here
wrote earlier this year
except Chase Coleman
Warren Buffett lives in a normal house
hedge-fund consultant
hedge-fund manager

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Here is what it is: no force on earth will keep a writer’s preoccupations out of their fiction. You are not...
https://lrb.co.uk/the-paper/v43/n16/patricia-lockwood/pull-off-my-head

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Programming note: Money Stuff will be off tomorrow, back on Monday. We talked yesterday about the wild rally in Robinhood Markets Inc. stock, which wa...

talked yesterday
sort of did say that
rally in GameStop Corp.
why Robinhood actually went up yesterday
asked on Reddit on Tuesday
I wrote
here’s this
way in the back of the filing
Or not
how it goes
pivot to Bitcoin
in August 2020
billion
of
debt
$4.1 billion
its 10-Q last week
changed its mind
thought it was fine
dissection of the financial troubles of FC Barcelona
get it here
bond market anomalies
Bitcoin Fund
Highly Skeptical
that hedge
SPACs
stocks and ETFs
Biggest Bond Trader
Spoofing
Patients Can Testify
get nerve damage to do it
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here
Katie Greifeld has a story

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The US Securities and Exchange Commission is not in the general investor-protection business. If someone comes to you and offers you a can't-lose oppo...

SEC v. W.J. Howey Co.
a speech that SEC Chair Gary Gensler gave yesterday
being a professor of crypto at MIT
most ICOs are securities
argued as much
have
said
against BitConnect
against BlockFi
collateralized stablecoin
basically a money market fund
obvious investor-protection problems
tweeted
I conceded
uh
I have written
seem to have been net sellers
discouraged from selling
300,000 customers
seem to have been unenthused
Employees put “under $50m”
interview with BlackMatter: A new ransomware group that’s learning from the mistakes of DarkSide and REvil
talked before
DCF Model
unused credit
Declining PC Business
Cutting Quarterly Bond Sales
Rush for Riches
Bricklayers
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there is no expectation of profit

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The way that high-level professional services - investment banking, law, consulting, etc. - work is that a professional firm provides services to a cl...

like this one
about MicroStrategy Inc.
10-Q says
New York Times photo feature
somewhat inscrutable memo
the Bloomberg headline
yesterday’s Money Stuff
More Crypto Oversight
Most Profitable Year Ever
Dwindling Financing
Push for Regulation
Patients
looking to shrink
Spiritual Opium
infrastructure bill
crypto mecca
Regulated More Like Banks
CFA Level II
Vaccination Proof
focus on a cockroach
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here
about Stiehl
about EY and its partners
2015 proxy statement
SEC order
this Sealed Air 8-K
SEC order
June 2019 announcement

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You can get a good sense of the differences between American and Chinese financial regulation from the recent troubles of Chinese tech companies liste...

become unhappy about these companies
have reacted
restricting downloads
forbidding them from making profits
worries about data security
here’s Ray Dalio
talked about it last month
Statement on Investor Protection Related to Recent Developments in China
quoted some of them
the founders’ letter
business section
does seem to have paused them
are sad now
does seem
disclosing its trading
that doesn’t mean that someone else can’t do it
how that will work
Stock Pickers Storm the ETF World
dunno man
on the theory that
Long-term greedy
proposed
usually
called
boredom markets hypothesis
put it
worked out fine actually
won a whole Nobel Prize
Here’s an interview
feels bad about it
object-fire-token-money
NFT cycle
a story
Giant Funds Dwarf Venture Capitalists
private equity turf
Buy Afterpay
U.S. Probe Into Funds
Overstated Sustainable-Investing Efforts
mining bitcoin
the proper insight
buying second houses
say experts
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Programming note: Money Stuff will be off tomorrow, back on Monday. One important thing that investment banks do is lend money to hedge funds to buy s...

did not have enough money
published it
the report
responded to the report
Bloomberg Terminal headline
how that worked out
talked yesterday
From its website
reported yesterday
explained payment for order flow
well-capitalized
risk management
regulatory compliance
100% reliable technology
summarized the report
Anyway
SEC
Justice Department
the indictment
these
vending machine challenge
Considers Going Private
Calm Market
to Itself
Coal-Mine Strike
Open Investment Firm
Spotted in the Hamptons
Like Mr. Met
Pick the Restaurant
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that is riskier
here
here

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I once read a good definition of aptitude. Aptitude is how long it takes you to learn something. The idea is that everybody can learn anything, but if it takes you 200 years, you essentially have n…
https://www.ribbonfarm.com/2021/07/29/mediocratopia-10/
* part 3

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The basic way an initial public offering works is:A company hires banks to market its stock to big institutional investors and build a book of demand ...

an initial public offering works
Facebook Inc.
Uber Technologies Inc.
I have argued
pricing its own IPO tonight
certainly nervous though
I wrote recently
latest revised prospectus
does things that I wouldn’t expect
doesn’t have one
Series 7
another update
get a free popcorn
love it
nice trading quarter
will be targeting
a press release
the other press release
reports
appendix to this post
figure out
rendered in
article about Matthew Grimes
Time Tax
bond market liquidity
Rips Bank’s Due Diligence
threat to VIEs
Evergrande
Scraps Plans
law firms
Sell Mortgage Risk
bespoke index funds
hedge ESG-related uncertainty
Bribes in Nigeria
forex fraud
Level 1 Exam
Ethan Allen
Naomi Osaka’s tennis racquets
Jennifer Lopez or Alex Rodriguez’s
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Weird at-the-market offeringHmm. Hmm. Hmm:Lordstown Motors Corp., the electric-vehicle startup struggling to find cash to move into production, reache...

filing
Bloomberg News notes
Tesla’s preferred way to sell stock
in hindsight correct
it did an ATM
uh, this
elite finishing schools
keeping up banks’ profits
works a lot like this
unwind its Instagram merger
has made that argument
warrant accounting
tweeted a meme about cephalopods
analyzes this
I analyze
ruins the mystique
Swaps Market
Global Tax Deal
Green Area
Bitcoin Miner
Fresh From Space
Nigeria bribery scheme
bell peppers all over the highway
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here
Lordstown’s 8-K
Equity Purchase Agreement

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You could have a dumb oversimplified model that goes like this:In the olden days, rich people invested their money in stocks and bonds. They wanted ca...

buy borrow die
here you go
this
FICO Score’s Hold on the Credit Market Is Slipping
“variable interest entity” structure
are different now
TAL
New Oriental Education
Gaotu
risk factors
smashing its tech industry
my website
rallies 20%
it should have
Elon Musk
talked last month
another explanation
this is also intriguing
good to trade
about Greensill Capital
was alarmed to discover
Bluestone sued
Anyway
working hard
an article
talk
enough
Criminal Probe
Roadshow Open to All
MBS Buying
Bidding Wars
bet on Didi
back away from Binance
Default Threat
Trading Ahead
Settles Spying Case
Social Media Is Wrong
two-thirds
never bought anything from Amazon
Count Dracula
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Churchill Capital Corp. IV is a special purpose acquisition company, a pot of money worth about $10.00 for each share that it issued. Its stock closed...

worth about $10.00
to do anything about it
approved the merger
involved in the Lucid deal said
its press release yesterday
accredited investor
amendments
rough traditional rule
only 1.5 million households
the practical difference
fond
downplaying
advantage
hundreds of millions of dollars
Anyway
this profile
an article from Bloomberg’s Michael Regan
into large purchases
do publicity stunts
here’s this
Double Advisers
Taper of MBS
Aid Planned
Rethink Evergrande Mortgage Halt
Spreadsheets
Offshore Trading Moguls
New Shadow Banks
Put Tesla on Euro Coins
won’t touch money
still on the loose
We are not joking and we are not having fun
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here
discussed it a few months ago
pages 14 and 176
the rules
more complicated
post from Alex Danco

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The media storm the publicists had been bracing for never occurred. There was no damage to control. The attention they had been instructed to deflect from the Baikal Trust never materialized. And i…
https://www.ribbonfarm.com/2021/07/22/the-retiree/

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A sneakily important fact of finance is that if you make $10 million a year, you make $10 million a year, but if you own a company that makes $10 mill...

doctors' practices
this delightful Financial Times profile
the Delaware court found
the website
an incredible interview
because
and because
disclosed its reserves
which
makes it
financial journalists
interested
observers
generally required
here
Taming Wildcat Stablecoins
wrote last month
Byrne Hobart writes
tells me
direct-to-consumer clothing retailer
tequila business
say that
say that
Et cetera
Ethan
said before
who’s in space that day
doesn’t like possessions
put it yesterday
But nope
Raises Pay for Juniors
Lifts Junior Bankers’ Pay
Inelastic Markets Hypothesis
redirect China IPOs
Unprecedented Penalty for Didi
Ant Group’s
Every Last Molecule
Adam Aron
Resolve Opioid Lawsuits
spat with bank
Days Before Arrest
Farmville clone
Hustle bro
Calling Libraries
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here
Felix Salmon got annoyed
buy borrow die
carried interest loophole
been controversial
a decade

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What happened here?Jamie Dimon's five-year retirement joke just got serious. The billionaire chief executive officer of JPMorgan Chase & Co. was grant...

here
Elon Musk
the filing
the award agreement
9.4 million shares
keep leaving before he does
just two months ago
probably not a security
took a very hard line
Howey test
a 1946 Supreme Court case
talked last month
here’s this
press release
order
insider trading rule
couple
times
Section 10(b)
Rule 10b-5
We talked
decided the appeals
often
say
golf buddy
with this
written recently
play a sport
gonna be great
Signal
Coca-Cola
Zoom
SNAP
Nestor
Elon Musk to tweet
Enjoys Support
Private-Stock Marketplace
FTX
Mother-Son Duo
Their Insurers
Subprime-Like Fears
53% Discount
Contest Neighbor’s Latest Complaint
backyard pools
look like that
know you are lying
Business showers
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Bill Ackman runs a big hedge fund called Pershing Square Capital Management LP. Since 2012, he has also run a public investment company called Pershin...

Pershing Square Holdings Ltd.
raised single-stock funds
did yet another thing
do the biggest SPAC ever
Pershing Square Tontine Holdings
SPAC offering document
couple
did not
the letter
Rule 102.06
spend about 74% of its money
efficient market hypothesis
it says
had $182.5 billion of revenue last year
predicting who will hurt themselves in buildings
Section 548 of the U.S. Bankruptcy Code
Uniform Fraudulent Transfer Act
Texas law
Adam Levitin writes
this thoughtful law review comment
worth a shot
that’s his defense of his actions
Black’s court filing
time
time
talked
euphemisms
pitch for the Israeli national baseball team
talked last week
$35 Billion Valuation
Wealth Management Fees
Crypto Accounting
Excess Profit Taxes
green superpower
Toxic Work Culture
Fraternity Culture
back smart women
raw materials like crystal
British accent
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here
says
has renamed
Uniform Voidable Transactions Act

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Programming note: Money Stuff will be off tomorrow, back on Monday. Distressed meme stocksI wrote last month that "'if you buy AMC stock it comes with...

wrote last month
raised $587 million
in one day
pretty sad about the meme-stock phenomenon right now
notably blown up
being bad is good
cut in half
announced a merger
investor presentation
a Bloomberg News article
investor presentation
get to decide
call them directly instead of going through banks
the opposite news
Securities and Exchange Commission enforcement action
federal criminal case
sold something on the dark web
discussed a few months ago
extremely arrested
earnings release
Investment-Banking Boom
Tether
Losing Junior Talent
Drove Trader to Suicide
Oil and Gas
Go Into Sales
Bitcoin commercial
Creator of Dogecoin
Ted Lasso
Yosemite Sam
Toys
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here
converting some of that investment
the criminal complaint

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SEC Space SPACIn November 2019, a special purpose acquisition company called Stable Road Acquisition Corp. went public, raising $172.5 million from in...

its prospectus
considering
tries to anyway
was announced
the U.S. Securities and Exchange Commission sued
the SEC’s order
That document
dated this Monday
and
no love for SPACs
enforce the letter of the law against SPACs
admitted to making false statements
SEC’s press release
amended proxy/prospectus explains
green bond
necessarily contrarian
sometimes
more tax-efficient
just bought one of them
a journalism dial
Shun New Debt
Save Quarter
What They Dislike
Record $3 Trillion
Keeps Temper in Check
Lordstown Debacle
Emissions-Trading Program
Crypto Miners
More Expensive Accounts
Sharky
$200 French fries
with a sideline
69 degrees
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here
the original S-4
revised S-4
was announced
Trillions

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Does Elon Musk control Tesla?In 2016, Elon Musk was the chief executive officer, chairman of the board, chief product officer, co-founder[1] and large...

was announced
it closed
said a judge
said Musk
and they (other than Musk)
if he
I guess it’s going well
ordered Tesla to get a more independent board
Also
what to do with that
how he uses Twitter
spent $2.7 billion
were immaterial
SEC fines
once wrote
this anecdote
talked last week
worked on Exxon Mobil Corp.
buy a lot of sovereign bonds from countries that do bad stuff
(Why) Are ESG Sovereign Bonds (Such) Scams?
Wall Street Journal article
two laws of tax
There’s a paper
pivot to blockchain
delisted this February
charged three people with insider trading
the complaint
Record Quarter
Bumper Quarter
Falling Bond Yields
Shelved IPO Intentions
Crypto Power-Hunting
Share Hotel Rooms
Record Debt
No-Fee Stock Trading
French Antitrust Agency
take advantage of security crackdown
Sharpe ratio
Key Credit Rating Cut
Arbitrage Opportunity
NFTs
early-bird dining
goldfish
Dead Startup
some dancing from a dead shrimp on a stick
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said a Delaware Chancery Court judge
Tesla’s website says
the 2018 Chancery decision
there are rules

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Goldman junior payDisclosure, I used to work at Goldman Sachs Group Inc., and I would like nothing better than to tell you that it is an invaluable cr...

handshakefulness
BlackRock announced
coal producers
I wrote
BlackRock Tweaked Some Models. It Triggered a Wave of Buying and Selling
Wall Street’s Math Whizzes Are Racing to Wire Up the Bond Market
this Wall Street Journal story
this story
Now They Want Answers
Adds Risk Role
Buying Revenue
Becoming a Reality
School Closures
secret club
China Cracks Down
Business Trips
flutter down slowly
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here
says
says

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Programming note: Money Stuff will be off tomorrow, back on Monday. Oil assetsA useful framework for socially responsible investing, one that I get ma...

from Cliff Asness
proxy fights
here you go
front-running his broker-dealer
fall for “prime bank” scams
offer a sense of specialness
the early days of Ethereum
come around
the view
Crypto Scammers Rip Off Billions as Pump-and-Dump Schemes Go Digital
Wall Street Journal article
a fuller intuitive explanation here
gotten in trouble for it
said last week
churning
gamification
somewhat lax restrictions
its IPO prospectus
Halt U.S. IPO
pulls New York IPO plan
Chinese Overseas Listings
Alphabet Options
Pollution Cartel
darker arts
Diversity Data
changes inflation target
Elizabeth Holmes
low-tax regime
Blackstone Acquisition
LinkedIn for Gen Z
Hooked on Meth
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here
Guy Lawson’s “Octopus”
Money Stuff column
prospectus
Robinhood S-1
Schwab’s 10-Q

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Didi VIEsIn my old life, I was a derivatives structurer at an investment bank, and an experience that I frequently had was getting calls like this:Rel...

talked
few
times
the prospectus for Didi Global Inc.
pages 100-102 of the prospectus
So
Didi’s risk factors
China Crackdown Brings U.S. Pain
crackdown on US listings
Gets Wider Role
Marco Rubio lambasts
faintly scandalous
without all this relationship-building stuff
Shaq SPAC
but not necessarily
couple
times
from Bloomberg’s Tracy Alloway
this passage from the appellate decision
getting junior bankers to return
Credit Suisse Senior Bankers Depart
Sell More Metals From Reserves
Bitcoin Fraud Concerns
Sets Sail
skilled individual investors
spiders are eating snakes
Pizza City
it goes on all day
Gramercy Park for dogs
France’s most extreme performance artist
subscribe at this link
here

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MirrorIf you really love blockchains, one thing you might want is to buy Tesla Inc. stock on the blockchain. (People who love blockchains also tend to...

wrote about it in 2019
famous
example
eliminate credit risk
collateralize it with the underlying thing
an algorithmic method
gotten in trouble for doing things like this
Fake Tesla, Apple Stocks Have Started Trading on Blockchains
Mirror’s FAQ
You do the math on this one
not gone well
Schall Law Firm
Rosen Law Firm
talked in 2019
federal rule of criminal procedure
this Wall Street Journal article
is a crime
they did in Iceland
Yates Memo
Abandoning Plan
Retail Investors
Six-Year High
Zoltan
Punish Company
Robo-Advising
buying spree
fortune in limbo
the IRS of Bitcoin
and your principal
subscribe at this link
here

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Programming note: I said yesterday that there would not be a Money Stuff today, but the Robinhood S-1 dropped yesterday, so we might as well talk abou...

said yesterday
registration statement on Form S-1
payment for order flow
CoinMarketCap
Elon Musk went on “Saturday Night Live”
talked about it in February
talked about this convertible
its clearinghouses called it up
just bid it up to any old price
FOMO
subscribe at this link
here
tweeted
earned $1.14 billion
fair-value accounting for SPAC warrants

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I’ve developed two obsessions through the pandemic that I think will persist long past the end of it, probably to the end of my life: tinkering and story-telling. On the tinkering front, I…
https://www.ribbonfarm.com/2021/07/01/mjd-59396/
* electronics experiments * rover project * 3d printing * Space Luck * Comet Bob * Non-Contact

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Programming note: Money Stuff will be off tomorrow and Monday, back on Tuesday. WhaleFarm RugPullHere's a thing you can do. You start a company and se...

automated market making
simple arithmetic rule
called
rug pull
really did
Robinhood’s payment-for-order-flow relationships
Robinhood got in trouble
Robinhood’s trouble
clearing requirements
fake bank accounts
got in hilarious trouble
occasionally for an entire trading day
says Finra
all better now
profile of the relationship
talked yesterday
a fun paper
Twitter thread
tweeted
several meme coins named Floki
total value of $10 million
I wrote
Exits Bankruptcy
Public Listing
Dirty Bonds
Crypto Head
Surrenders to Authorities
lift cap
MiFID Trading Rules
Hudson River
Seeks Recusal
$500bn of deals
Sold as NFT
dipping sauce error
flying cars
subscribe at this link
here

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WarrantsA recurring theme of this column is that if you have the power to make the price of a financial asset go up, you should (1) do that but (2) bu...

bought $1.5 billion
buying a ton of call options on cruise lines and airlines
So
announced its Amazon contract
preferred-stock-plus-warrants investment
TARP deals
G-SIB surcharge
did it to Wells Fargo & Co.
talked yesterday
why the FTC failed to articulate it
Section 230
election law
here’s this
This is from last week
stylized popular story
Bloomberg’s story from March
Investor.gov
here
this SEC press release
dropping confetti
Investor.gov/quiz
rule of 72
often been skeptical
Billionaire Gucci Master
blockchains
Money-Market Hazards
Paris
London Headquarters
Wealth Management Business
SEC Enforcement Director
Teneo
Thwarts Cyberattack
SoftBank-Backed Construction Startup
Scan Your Eyeball
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should have sold all of its Bitcoins
every
often
treasury market
foreign exchange trading
everything is securities fraud

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June 2021It might not seem there's much to learn about how to work hard. Anyone who's been to school knows what it entails, even if they chose not to....
http://paulgraham.com/hwh.html
* 1 * 2 * 3 * 4 * 5 * 6 * 7 * deep interest * 8 * illusion * 9 * shower

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FacebookYesterday a US federal judge dismissed two antitrust lawsuits against Facebook Inc., brought by the US Federal Trade Commission and a group of...

dismissed two antitrust lawsuits
the judge’s opinion
previously argued
Tae Kim writes
the Wall Street Journal
probably Lina Khan
was sworn in as the chair of the FTC
MoviePass economy
raising prices to economic levels
Paycheck Protection Program
a huge opportunity for tech companies
a speech
me
actually a good idea
Mutiny at Great Jones: How a cofounder war led every employee to quit Instagram's trendiest cookware company
Albert Burneko points out
Funnels Cash to Investors
VC Model
ETF Tracking Bitcoin
Climate of Fear and Distrust
Diversify Executive Ranks
Behind on Mortgages
Marcos
frozen out of withdrawals
Covid Bleach Cure
Robot Bassinet
mistaken deposit
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here
a bit more emphatically

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Stocks keep going upA model of corporate finance that I like and find helpful goes like this:A company is founded to do a thing. It raises money from ...

that I like
Record Stock Sales From Money-Losing Firms Ring the Alarm Bells
raised a billion dollars
an executive team poached from Amazon
another Bloomberg headline
convertible-bond investors
high-yield-bond investors
the Exxon Mobil Corp. proxy fight
people are still mad about it
simpler or better
this description
giving the people what they want
millennial-themed stocks
fun paper
blog post
should not vote their shares
Hybrid Work
Binance
Buzzy Cryptocurrency
Missing Bitcoin Stash
DeFi
FX Derivatives Mis-Sales
Socially Responsible Investing
SEC Review
Need Safety Fix
Terminal
2021 Tesla Model S Plaid
their way of existence
chance to network
subscribe at this link
here
says the CME Group

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I recently finished, Storyworthy by Matthew Dicks, a quintessentially American storyteller in the Mark Twain tradition. It is perhaps the most unique book on narrative structure and theory I’…
https://www.ribbonfarm.com/2021/06/24/storytelling-matthew-dicks/
* Storyworthy by Matthew Dicks * Impro * the Moth podcast * Mark Twain’s model * earlier part * teddy suggested * Drawing on the Right Side of the Brain * video

Storyworthy: Engage, Teach, Persuade, and Change Your Life through the Power of Storytelling

Drawing on the Right Side of the Brain: The Deluxe Edition

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Programming note: Money Stuff will be off tomorrow, back on Monday. GameStopHere is a Bloomberg article titled "A Longtime Fidelity Manager Sold GameS...

A Longtime Fidelity Manager Sold GameStop, and Has Some Regrets
Brandon Kochkodin writes
said the other day
from the company
things
this
Here is an argument
the Supreme Court ruled
discussed the decision yesterday
oversaw an amendment
used to say
used
say
that
lot
tell from the risk factors
there’s some of that
Sports-Data Company
energy transition
Digital-Media Rollup
Grayscale Share Sales
Wirecard
Software Pioneer Turned Fugitive
was stupid
the next Bitcoin
Drone on leash
subscribe at this link
here

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Fannie and FreddieDuring the 2008 financial crisis, Fannie Mae and Freddie Mac, the giant mortgage companies, blew up. These were strange companies: T...

subsequent amendments
capital requirements
keep confidently predicting
talked about
Appointments Clause
Supreme Court ruled today
Common shares of Fannie Mae slumped
SEC’s whistle-blower rules
settled with the SEC today
trace the money that the Colonial Pipeline hackers
Financial Times story about Monero
written before
Short and Distort
discussed it before
here’s this
talked about
revenue last quarter
The answer is at least two
SPAC Man
Futures Fall
Require Vaccinations
‘dark arts’ and dirty tricks
Buy Up Renewable Energy
Overdraft Fees
Mortgage Market
Israeli Bioreactors
Embark
Bowlero
a cryptocurrency company
subscribe at this link
here

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Everything might be securities fraudWe talked in February about a securities-fraud lawsuit against Goldman Sachs Group Inc. that was going all the way...

talked in February
paid a big fine
talked about it in February
most boring imaginable decision
the greatest of the meme stocks
most recent 10-K
GameStop press release this morning
request for activist
I wrote that
looking to raise institutional money
but for the entire industry
Below $30,000
Back to the Office
Get It Wrong
sovereignty issue
Mortgage Clearinghouse
Blockchain
Splunk
Goldman Bitcoin Futures
Sentenced to Prison
Builds Lego Town
Eat Squid From a Clamp
subscribe at this link
here
amicus brief
Chris Bryant had a good column
here
said it spent

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Executive tradingThe basic problem is that, if you are a senior executive at a public company, you always know stuff about your company that the publi...

rules
SEC rule
proposals to tighten the rule
no particular law
the Wall Street Journal
announced earnings
amended its annual report for 2020
that report
yet another Lordstown scandal
certain
amount
optimistic projections
talked last week
purely collateralized stablecoin
less ideally related-party loans
Joe Weisenthal pointed out
funny IRON postmortem
even funnier IRON/TITAN postmortem
20 years
New York Times story
Do You Feel Lucky? Lottery Jackpot Winnings and Retail Trading around Neighborhoods
what
Made Billions
Stock-Market Lifelines
taking on Spacs
Buying Firm Run by Daughter
Struggle to Cash In on China
China Cracks Down
Slashes Business With SoftBank
muscle into
dodging vote
Activists’ Exxon Win
Harsh Glare
remotely raise temperatures
fake spokesperson
Best Sales
go somewhere else or eat at home
eating the Mona Lisa if you own it
hunt down human screams
subscribe at this link
here
a 2020 survey
40 days
the collateralization ratio floated
what Goldman calls HR

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One of the big questions to which I have yet to find a satisfying answer is what stories are, in the set of things that includes various other kinds of speech. David Mamet has what I think is a par…
https://www.ribbonfarm.com/2021/06/17/storytelling-mamets-conflict-airing-theory/
* Three Uses of a Knife * Sachin Benny * a memo he sent to the staff of the Unit * Steve Hely * appeal to nature * is-ought problems * hamartia * managing problems and solving them * demiurge

Three Uses of the Knife: On the Nature and Purpose of Drama

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‘Oh, yeah, I used to run a circus.’ Generally, introductory smalltalk conversations with me take an abrupt turn at this point. My life looks much less weird on the outside than it used …
https://autotranslucence.wordpress.com/2019/02/21/leaving-our-bodies-behind/
* the bodypainter thing

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Proud to present my 4th annual Bicycle Day Mix!! Have a good trip!!! 🚲

Tracklist: https://docs.google.com/document/d/1UMIWZSgomyzA20dXymls9z6X82uZcqFNjq1dV2EsJxg/edit?usp=sharing
https://soundcloud.com/minnesota/bicycle-day-mix-vol-4

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Proud to present my second annual Bicycle Day Mix! Happy riding!!!

Tracklist: https://docs.google.com/document/d/1kdkWgxI_jhaGQ5XGTzZcO9sdwB9HVTswq9ZdbdulH_k/edit?usp=sharing
https://soundcloud.com/minnesota/bicycle-day-mix-vol-2?in=minnesota/sets/bicycle-day-mixes

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🚀 Bicycle Day Mix 🚀 ↪︎ Follow my Spotify playlist: spoti.fi/2z75Ryu

Tracklist: https://docs.google.com/document/d/1Qv4AxzbCde3ChJsSHpp04Sr5AKFMV9jiKmJAOo9g0fg/edit?usp=sharing

Art by: https://www.instagram.com/johnspeaker
https://soundcloud.com/minnesota/bicycle-day-mix

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Programming note: Money Stuff will be off tomorrow, back on Monday."Titanium"Here's a theory. You run a bank, and a smallish public company comes to y...

death-spiral financing
Netflix Theory
AMC Entertainment Holdings Inc.
lol
285 million IRON (formerly worth $1) outstanding
the IRON mechanism
creation
redemption
website
Medium page
boasts about how stable it is
Medium post
now thinks he should not have been allowed to do that
strange little story
Engine No. 1
read
lots
did a proxy fight
won
three members
here’s a fun trade
buying this for your kids
Two Rate Hikes
Tinkers With Tools
Trading Boom Is Over
Willis Towers Deal
Bitcoin ETF
no ‘binding’ orders
Green SPACs
Nutmeg
Adam Neumann
Korea’s SoftBank
cheating in charity game
That thing is all teeth
In fact, deep Lindy
subscribe at this link
here
authorized-share cap
DryShips Inc. is a famous example

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Silicon Valley insider trading ring!"Six Charged in Silicon Valley Insider Trading Ring" is the headline on this Securities and Exchange Commission ne...

news release
criminal case
says the SEC complaint
insider-trading tradecraft
simple arbitrage
maybe it mentioned
with Greensill’s collapse
the companies don’t want to give it back
here is a story
financial regulators are worried about stablecoins
hilarious and horrifying period
Not banking best practices
certain
skepticism
become
the seventh-largest commercial-paper buyer in the world
a bank works
Tether’s accountants said that
only Treasury bills
$3 of equity capital
its word
yet the stock went down
few
times
recently
the Hindenburg report
wrote a short report hoping to drive up the stock with a meme-y short squeeze
Trading Drop
Bank Capital Relief
EU Bond Sale Ban
Tame Commodities Rally
Fill Board Seats With Women
‘mediocre’ male managers
Lure Black Talent
moved two Coke bottles
sells its water tower
Unsold Cookies
rewritten for business class
subscribe at this link
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LordstownWouldn't it be funny if all the electric-vehicle startups went public by merging with special purpose acquisition companies, and they all mar...

make $10 billion of revenue in record time
wrote about Nikola
oops
the statement about the board investigation
DealBook today
the previous chairman of the Securities and Exchange Commission
accredited-investor definitions
wrote for DealBook
once wrote
what I keep saying
standard meme-stock story
which will be which
I wrote
They were right
options skew
no pants
the story of the Hertz bankruptcy auction
somewhat implausible
investor demands that they focus more on the long term
Exxon lost a proxy fight last month
the heck
the complaint
somewhat
imperfect
Corporate Debt
Make Nightmares Go Away
Lumber Prices
Freight Bet
return to the office
Top Corporate Regulator
aid money market funds
antitrust breaches
Bitcoin
Accounting Headache
Ether Options
7% of assets in crypto
as NFT
buy and eat the Mona Lisa
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here
complains about it anyway

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Everything is seating chartsI could not possibly have enjoyed this Bloomberg profile of Morgan Stanley co-president Ted Pick more. It is hard to pick ...

this Bloomberg profile
back at the office today
get it
said at the time
talked the other day
How Can Bad News Increase Price? Short Squeezes After Short-Selling Attacks
couple
times
against the box
An actor, rapper or sports star
wrote about celebrity SPACs
turning the tables
fake tender offer
usual way to do a fake tender offer
real SEC filing
suggested before
Bitcoin went down
Bitcoin went up
$4.6 million
worth $28 million
the last Buffett winner did
Inaccurate Statements
Headed to Prison
30-Year-Old Trading Prodigy
Battle With Exxon
Plead Guilty
Thwart Foreign Shareholders
Meme-Mafia Trades
CLOs
Bitcoin ETFs
cobalt trading
Virtu
the Teens
Last Remaining House
chart
swallowed by humpback whale
sounds fishy
Wasabi
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Produced + Mixed by Captain Cuts

TRACKLIST 1. "This Is Your Captain Speaking" (0:00) 2. "Taste Of San Holo" — The Used x San Holo + Dr Dre (0:24) 3. "Feeling U There" — Blink 182 x Jack U (2:02) 4. "MakeDamnPanda" — Taking Back Sunday x Desiigner x Rae Sremmurd x Billboard x Martin Garrix + Bebe Rexha (4:21) 5. "We Rise Fr The Mmrs" — Fall Out Boy x San Holo (7:34) 6. "Basket Quartzz" — Green Day x KRNE (9:20) 7. "Best Of Gold Centuries" — The Starting Line x Kiiara x Fall Out Boy x Lido (10:58) 8. "Starboy Transit Gloria" — Brand New x The Weeknd x Krewella (12:17) 9. "I Write Divinity" — Panic At The Disco x Jai Wolf x Porter Robinson x Jay Z (13:50) 10. "What's My Closer Again?" — Blink 182 x The Chainsmokers + Justin Caruso x K?D + Daft Punk (16:23) 11. "Home On Ocean Avenue" — Yellowcard x Madeon (18:18) 12. "Ain't Love Like Roses In Hell?" — All American Rejects x The Chainsmokers x Grey + Hailee Steinfeld + Zedd x Paramore x Captain Cuts (20:27) 13. "My Own Worst Alarm In The Hills" — Lit x Matoma x The Weeknd (22:19) 14. "In Too Seeb" — Sum 41 x Coldplay + Seeb (24:11) 15. "So Long And Greenlight" — My Chemical Romance x Pitbull + Lunchmoney Lewis x The Chainsmokers + The Him x The Beatles (25:22)
https://soundcloud.com/captaincuts/life-of-emo

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Programming note: Money Stuff will be off tomorrow, back on Monday. GameStopLook the very standard corporate finance theory is that it's good for a co...

Tae Kim writes
hiring talent
raising a billion dollars by selling stock
annual shareholder meeting
down this morning
Huh
how I described Archegos
suggested earlier this week
said last month
some $10 billion of losses
bank capital requirements
supplementary leverage ratio
different requirements for each type
buffers
surcharges
Seems right
Prudential treatment of cryptoasset exposures
30 months in federal prison
pretend that he didn’t recognize his father’s name
U.S. Securities and Exchange Commission settlement
ate the Post-it notes
analog NFT
sold an invisible sculpture
two-minute YouTube video
selling it as an NFT
Odd-Lots Flaw
Review Market Structure
remarks on market structure
Inflation
No More Deposits
meme stocks
Give Retail Traders IPO Access
Hot IPO Summer
commercial paper disclosure
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here
total capital requirement
interactive chart

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This againBlah blah blah:Clover Health Inc., a health insurer backed by venture capitalist Chamath Palihapitiya, was swept up in meme-stock mania on T...

blah
And
misleading investors about federal investigations
operates movie theaters
operates video-game stores in malls
files for bankruptcy
widely reported
Ranjan Roy argues
go on the offense
a hero to an army of online investors
call him
step down next month
Nevertheless
more than 1.1 million
did not disclose that investigation
mean short report
publicly being mean to Clover
Black-Scholes formula
existed since 1987
skew is inverting in meme stocks
manipulate the price of the underlying stock
here is a claim
because of
that would not have worked at all
elevator pitch for its business
Amazon or Reddit or Spotify
built an encrypted messaging device
has some stats
one weird thing though
the indictment
Nassim Taleb
studies
Sonic Thunder vs. Brian the Snail: Are people affected by uninformative racehorse names?
Nonreplicable publications are cited more than replicable ones
Bonuses to Stay
Amid Crises
Overhaul Takes Shape
Doesn’t Have Cash
US dominance in payments
Selloff Picks Up
TikTok, WeChat Bans
Diamonds
100 Hours a Week
Most Irrational Number
subscribe at this link
here
was $215.3 million
roughly $165.7 million
started in mid-April
today after the close
not actually that much
Fifth Law of Insider Trading

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In this op-ed, Lauren Michele Jackson tackles the recurring use of black people as reaction GIFs and its implications in terms of broader “digital blackface.”
https://www.teenvogue.com/story/digital-blackface-reaction-gifs
* GIFs * “it me” * Oprah * Mariah Carey * The Awl * “digital blackface” * cartoons * Sarah Silverman on her own show * Rachel Dolezal * AB to Jay-Z * Iggy Azalea * Mandi Harrington, a white woman who masqueraded as the fictional “LaQueeta Jones,” * with MJ * with Hov * with Donald Glover * with Angela Bassett * with Wendy * Prince * Bey * Viola Davis * Rihanna * James Harden * Tamar * Naomi Campbell * BuzzFeed * Tanisha * Ms. Foxy * “demon” * flipped and dragged across a classroom by deputy Ben Fields * loud

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MoviePassMoviePass had maybe the greatest business model of the 2010s venture capital boom. The model was:You paid MoviePass $10 a month. In exchange,...

the greatest business model
shut down
filed for bankruptcy
The Entire Economy Is MoviePass Now
food delivery
funded by venture capitalists
2019 Insider article
discussed at the time
U.S. Federal Trade Commission action
complaint
recent Supreme Court decision
one FTC commissioner dissented
has a Times column
I wrote
Inside Credit Suisse’s $5.5 Billion Breakdown
Rule 10b5-1(c)
Gary Gensler
the text of his speech
it’s so funny
I wrote
does not tax unrealized capital gains
Mostly Recouped
Call Themselves Green
Internet Outage
Katerra
Bitcoin Bond
Eat Cicadas
Excel Esports Tournament
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SPARC SPARC SPARCWe talked on Friday about Pershing Square Tontine Holdings Ltd., Bill Ackman's special purpose acquisition vehicle, which will fissio...

talked on Friday
explains
footnote 3 of the corrected column
a fun Financial Times profile
hired my tennis coach
adjusted every so often
this
buy GameStop call options to push up the price
announced last week
most of its professional actively managed shareholders dumped their stock
Exposing Risks
That’s an “NFT.”
as
often
say
He’ll Travel to Space
Huge Leveraged Buyouts
Higher Interest Rates
short-term funding
bitcoin as legal tender
Glorify Bitcoin
Crypto Frauds
All-Male Boards
Climate Cases
storm olive oil factory
Heroic Rat
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makes it attractive to hedge funds
From Wikipedia

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Programming note: I said yesterday that there would not be a Money Stuff today, but there will be. Here it is. SPARC SPARC SPARCThe way a special purp...

doing lots of things
financial engineering
way back in July 2020
hunt for
but
There was
it announced that it might have a deal
planning to spin off Universal
still have some money in its pot
wrote at the time
tontine
the Bloomberg headline
This press release
I wrote that
another press release yesterday
sold about 187 million shares
sold 8.5 million more shares
authorize another 25 million shares
this rather wild press release
Tweets Broken-Heart Emoji
Job Growth Picks Up
Meme-Stock Spotlight
bar US investors
Texas Rising
Housing Market
punched at event
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here
original prospectus
AMC reported

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Perhaps it was some sort of strange precognitive cultural memory of the future, but the cliches, it turned out, were all true. Well, almost all true. The aliens did come in large flying saucers tha…
https://www.ribbonfarm.com/2021/06/04/non-contact/

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Perhaps it was some sort of strange precognitive cultural memory of the future, but the cliches, it turned out, were all true. Well, almost all true. The aliens did come in large flying saucers tha…
https://www.ribbonfarm.com/2021/06/04/non-contact/

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Eliza Smith’s short story ‘You Owe Me,” depicts a world in which men must pay women for their mistakes and bad behavior.
https://www.thecut.com/2021/06/fiction-eliza-smith-you-owe-me.html

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Programming note: Money Stuff will be off tomorrow, unless AMC does something particularly nuts I guess. It will be back on Monday. A! M! C!Way back o...

announced
said yesterday
says this CNBC headline
wrote
doing it today
announced
food and beverage costs
AMC’s risk factors
One year ago today
apes
gross proceeds of about $597 million
discussed yesterday
equity-based compensation plan
$69 million
I wrote
give you gorillas
gamma squeezes
the original meme stock
thought
put out a prospectus
sell $29 million
got much better
DealBook asked today
also maybe a Ponzi scheme
collapsed in January 2018
sued five alleged BitConnect promoters
SEC’s complaint
here’s a Wall Street Journal article about DeFi
Bloomberg Odd Lots podcast
Jesse Barron at the New York Times Magazine
last talked about the deli in April
this New Yorker profile
the main goal is to be contrarian
Tesla Restaurant Concept
Rein In Elon Musk
hunt for new model
Dogecoin
Meme-Stock Short Sellers
Gupta invoice
Why are there possibly wrong orders
piano prodigy
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here
a tweet that made me laugh
tried to pay a dividend

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AMCThe famous George Soros quote is "When I see a bubble forming, I rush in to buy, adding fuel to the fire." If you watched the stock of AMC Entertai...

famous George Soros quote
even crazier
put out a press release
got this trade right
at-the-market offering
did this
in December
in April
Which
contingent payment debt instrument regulations
I once wrote
looking very embarrassed about all of this
complain about short sellers
tweets
only allows it to issue 524,173,073 shares
it has issued 500,780,240 of them
asked them to do that
withdrew the request in April
Aron said
this real
YouTube video
linked to
Musk’s tweet
reply to a South Park tweet
four-month
Elon Markets Hypothesis
when he tweeted
signing a settlement
gotten in trouble
made it crystal clear
I wrote
sent Tesla a strongly worded letter
Noah Smith argues
etc.
lots
cases
based on committed capital
performance fees
actual money returned
made lots of jokes
Rush to Raise: Does Fundraising Pressure Incentivize Strategic Venture Capital Deal Pricing?
Find Quality Mergers
Ran Out of Everything
Leon Black
Carbon Offsets
Carbon Offsets
ESG Performance
lawsuit against SoftBank
IPO Push
Hire CFOs Earlier
Business Travel
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Engine No. 1's economicsWe talked a couple of times last week about the plucky and successful activist campaign that hedge fund Engine No. 1 LLC waged...

couple
times
launched six months ago
reimbursed by the company
the Exxon proxy fight
talk about sustainability
vote bulletin
Also
a great trade here
press release
the prospectus
GameStop
risk factors
lots of talk about short squeezes
time
time
enforcement action
did this strategy
said the usual things
SEC complaint
this isn’t quite that
less than $7 million
decided that it should be
Archegos Capital Management
got broken by Archegos
a money-market investment plus some warrants
hybrid IPOs
buy at the IPO price
Anyway
never
understood
miss all those SPAC fees
fine
told MailOnline that
I said
Mobile Steam Unit says
Desk Jockey + Steakhouse
Blacklisted Gupta
Lex Greensill
Greensill Loans
Cloudera
Crypto Market Crash
Bitcoin ETF applications
has partners worried
Anti-Money-Laundering
digital wallet
NFT Real Estate
auctioning it off as an NFT
subscribe at this link
here
proxy statement says

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As I focus on becoming a better manager of engineers, I have been reflecting more and more on the advice that produced a 10X boost in my abilities at that same stage. More often than not the best…
https://bellmar.medium.com/all-the-best-engineering-advice-i-stole-from-non-technical-people-eb7f90ca2f5f

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This week, I was thrilled to read about the first well-documented case of explicit academic fraud in the artificial intelligence community. I hope that this is the beginning of a trend, and that other researchers will be inspired by their example and follow up by engaging in even more blatant...
https://jacobbuckman.com/2021-05-29-please-commit-more-blatant-academic-fraud/
* the first well-documented case of explicit academic fraud in the artificial intelligence community * @jacobmbuckman

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Some specifics on how we work towards a more equitable workplace.
https://thoughtbot.com/blog/how-we-setup-dei-council
* harmful innovation * Collective * SMART goals * weekly investment time * our values

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Visit the post for more.
https://www.ribbonfarm.com/2021/05/27/space-luck/
* Home * Contributors * About * Contact * Now Reading * For New Readers * Our Books * ribbonfarm * Twitter * Facebook * Pocket * Email * Print * LinkedIn * on Twitter * Book Notes * Captain's Log * Clockmaking * Domestic Cozy * Elderblog Sutra * Fiction * Infinite Machine * Mansionism * Mediocratopia * Multitemporality * Announcements * Anthropocene * Archetypes * Art * Book Reviews * Book Reviews * Boyd and OODA * Business * Collective Decision-Making * Culture * Economics * Fiction * Game of Pickaxes * General * Globalization * History * Learning * Mental Models * Narrative * New Research * News * Next Edition Beta * Philosophy * Politics * Productivity and Time Management * Psychology and Sociology * Residents * Reviews of Tempo * Road Trip * Science-Math * Sutras * Technology * tempo * The Berliners * Thinking * Video * Work-Life * Cancel

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Visit the post for more.
https://www.ribbonfarm.com/2021/05/27/space-luck/
* Home * Contributors * About * Contact * Now Reading * For New Readers * Our Books * ribbonfarm * Twitter * Facebook * Pocket * Email * Print * LinkedIn * on Twitter * Book Notes * Captain's Log * Clockmaking * Domestic Cozy * Elderblog Sutra * Fiction * Infinite Machine * Mansionism * Mediocratopia * Multitemporality * Announcements * Anthropocene * Archetypes * Art * Book Reviews * Book Reviews * Boyd and OODA * Business * Collective Decision-Making * Culture * Economics * Fiction * Game of Pickaxes * General * Globalization * History * Learning * Mental Models * Narrative * New Research * News * Next Edition Beta * Philosophy * Politics * Productivity and Time Management * Psychology and Sociology * Residents * Reviews of Tempo * Road Trip * Science-Math * Sutras * Technology * tempo * The Berliners * Thinking * Video * Work-Life * Cancel

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Visit the post for more.
https://www.ribbonfarm.com/2021/05/27/space-luck/
* Home * Contributors * About * Contact * Now Reading * For New Readers * Our Books * ribbonfarm * Twitter * Facebook * Pocket * Email * Print * LinkedIn * on Twitter * Book Notes * Captain's Log * Clockmaking * Domestic Cozy * Elderblog Sutra * Fiction * Infinite Machine * Mansionism * Mediocratopia * Multitemporality * Announcements * Anthropocene * Archetypes * Art * Book Reviews * Book Reviews * Boyd and OODA * Business * Collective Decision-Making * Culture * Economics * Fiction * Game of Pickaxes * General * Globalization * History * Learning * Mental Models * Narrative * New Research * News * Next Edition Beta * Philosophy * Politics * Productivity and Time Management * Psychology and Sociology * Residents * Reviews of Tempo * Road Trip * Science-Math * Sutras * Technology * tempo * The Berliners * Thinking * Video * Work-Life * Cancel

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Visit the post for more.
https://www.ribbonfarm.com/2021/05/27/space-luck/
* Home * Contributors * About * Contact * Now Reading * For New Readers * Our Books * ribbonfarm * Twitter * Facebook * Pocket * Email * Print * LinkedIn * on Twitter * Book Notes * Captain's Log * Clockmaking * Domestic Cozy * Elderblog Sutra * Fiction * Infinite Machine * Mansionism * Mediocratopia * Multitemporality * Announcements * Anthropocene * Archetypes * Art * Book Reviews * Book Reviews * Boyd and OODA * Business * Collective Decision-Making * Culture * Economics * Fiction * Game of Pickaxes * General * Globalization * History * Learning * Mental Models * Narrative * New Research * News * Next Edition Beta * Philosophy * Politics * Productivity and Time Management * Psychology and Sociology * Residents * Reviews of Tempo * Road Trip * Science-Math * Sutras * Technology * tempo * The Berliners * Thinking * Video * Work-Life * Cancel

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Visit the post for more.
https://www.ribbonfarm.com/2021/05/27/space-luck/
* Home * Contributors * About * Contact * Now Reading * For New Readers * Our Books * ribbonfarm * Twitter * Facebook * Pocket * Email * Print * LinkedIn * on Twitter * Book Notes * Captain's Log * Clockmaking * Domestic Cozy * Elderblog Sutra * Fiction * Infinite Machine * Mansionism * Mediocratopia * Multitemporality * Announcements * Anthropocene * Archetypes * Art * Book Reviews * Book Reviews * Boyd and OODA * Business * Collective Decision-Making * Culture * Economics * Fiction * Game of Pickaxes * General * Globalization * History * Learning * Mental Models * Narrative * New Research * News * Next Edition Beta * Philosophy * Politics * Productivity and Time Management * Psychology and Sociology * Residents * Reviews of Tempo * Road Trip * Science-Math * Sutras * Technology * tempo * The Berliners * Thinking * Video * Work-Life * Cancel

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Programming note: Money Stuff will be off tomorrow, back on Tuesday. ExxonLet's say you are the chief executive officer of Exxon Mobil Corp., and your...

commit to being carbon-neutral by 2050
nonbinding shareholder resolutions
approve your pay package
corporate governance guidelines
required to submit a resignation letter
talk
about
influence
time
This is a big deal
talked about the proxy fight yesterday
there were delays
tweeted yesterday
really into that sort of thing
discussed yesterday
here’s an article from yesterday
here it is
model of Adam Neumann
read that filing
couple
times
still extracting more value out of WeWork
bought it back himself
Preet Bharara’s “Stay Tuned” podcast
SPACs Need More Oversight and Regulation
Texas Grid
Archegos Blowup
Take Punches
Big Way
U.S. Retail Banking
Currency Speculation
use phrenology to deny insurance claims
cheesesteak
subscribe at this link
here
not especially successful
is securities fraud
On the other hand
do not actually fund their projects by selling stock
bad things happen
think that’s what happened
explanation of its votes

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ExxonIt's only a slight overstatement to say that, every year, every publicly traded oil company asks its shareholders to vote on a proposal like this...

Rule 14a-8
Exxon Mobil Corp.’s proxy statement
proxy statement last year
voted for last year’s proposal
climate-related proposals
they all failed
asked for
62.1% of the vote
went and did a report
board diversity matrix
report on lobbying
a 2019 proposal
got 7.4%
has a different proposal
917,400 shares
it hopes to
hire people to solicit votes
And
investors interested in environmental, social and governance issues
talked a lot about climate change
voting against too many nonbinding requests for climate reports
said this before
here
feels
miscellaneous
the testimony
banks are public utilities
gun control
sex trafficking
some of it is
the new chief financial officer of JPMorgan Chase & Co.
except Chase Coleman
Warren Buffett lives in a normal house
hedge-fund consultant
hedge-fund manager
NFT dot gamestop dot com
immersive multiplayer video game
collect different cats
baseball cards and sports memorabilia
conceptual art
create entitlements to real objects in the real world
the future of online video gaming
up more this morning
Buy MGM Film Studio
crypto firms lure top bankers
Tribune’s Newspapers
Bond Coupon Chaos
Huge Asset Piles
Vimeo Slumps
Spoofing Case
Crypto Holders
Bans Crypto Mining
Weirder Offices
scriptures of the sage Levine
in my own way
Which is great for us
Super Flower Blood Moon Lunar Eclipse
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here

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The magical Elon money machineSo obviously this is a story about Elon Musk's magic lamp that makes the price of Bitcoin go up and down:Bitcoin traded ...

this
Elon Musk’s magic lamp
miners use a lot of electricity to keep its ledger secure
many big ESG funds invest in oil and gas companies
can say
wrote the other day
“Heartbeats” section here
sort of gesture in this direction
once wrote
holding Bitcoins in the form of Bitcoins
remember your private key
keeps saying
premium or discount to its net asset value
about $23.8 billion
Simplify U.S. Equity PLUS GBTC ETF
a description from Simplify’s chief strategist
more likely to go up
Regulation FD
talked in March
frequently
quoted
Inside the Black Box of Private Communications: Evidence From Taxi Ride Patterns Between Managers and Analysts in New York City
a Bloomberg story
the blowup of Archegos Capital Management
Bundles of Risky Loans
Green Power
House Flippers
Needs to Raise Cash
wealth management deal in China
is party
subscribe at this link
here
actually moves the electric grid in the direction of cleaner energy
notes Simplify’s chief strategist

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Cold callingI don't know a lot about how the private wealth management business worked in the 1800s but let's imagine, shall we?[1] I assume that the ...

here we are
just an outdated technology
spending a lot of time on LinkedIn right now
that’s fine too
an enormous free-money boom
This is smart
Bill Gurley will complain
sensible and correct things about marginal prices
Nope
equity total return swaps
fears of a regulatory clampdown
bitcoin ETFs
still tweeting stuff
Its bondholders aren’t sold
Long Island Iced Tea Corp.
Here’s one from yesterday
Sarah Meyohas
profiled in the Wall Street Journal
first wrote about Meyohas
is from Wharton
Zoe Piel
you may remember
Unlocking Braden’s Potential
The Marvelous Money Machine
sent Dogecoins to an Elon Musk impersonator
Caravaggio or something
this event
did this last month too
I have called
I get it
wrote the other day
Unisocks with the socks
Bad Bank
Lavish Lifestyle
Faulty Theranos Tests
Speculators and Hoarders
elite business school
Cabot, Cimarex
Debt Talks
Asian Americans on Wall Street
Woke capitalists
Remote Workers
Dogs to Live Longer
Cicada Sex
Cannibal Mice Plague
subscribe at this link
here
invented in 1873
wrote a more complicated version of it

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Peter Turchin’s concept of elite overproduction has been on my mind increasingly lately. It refers to historical conditions during which there are more people aspiring to elite roles in socie…
https://www.ribbonfarm.com/2021/05/20/mjd-59354/
* elite overproduction * Turchin has been unusually right

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Programming note: Money Stuff will be off tomorrow, back on Monday. PrepaymentVery broadly speaking, a big problem that banks have right now is too mu...

too much money
announce record earnings but complain
turning away deposits
debate earlier this year
about farm loans
here is the letter
sort of
$250 billion of deposits
ban or restrict socially responsible investing
the Wall Street Journal
inflows of $8.6 billion
this
BlackRock cares about a lot
bad for every company’s profits
doing a tiny bit of that
Elon Musk last week
Bitcoin mining is very bad for the environment
Bitcoin Pizza
Wood has argued
creates off-peak demand for electricity
he did that
tweeting about his diamond hands
tweeting memes making fun of Bitcoin fans
very
theories
Here’s a link
Harris Steps Back
Shakes Up Leadership
$100 Million Payday
Why He Paid Hackers
Oatly IPO
Steps Down as CEO
SPAC Selloff
Stock Buybacks
Canary Wharf
LearnedLeague
Fringe of the Crypto Craze
Fake Elon Musks
subscribe at this link
here
some FSA loans
prepayable without penalty
some are not
American Rescue Plan Act of 2021
Eric Balchunas tweeted

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SPAC SPAC SPAC all rightEvery time I write about special purpose acquisition companies someone emails me to be like "I am going to launch a SPAC of SP...

here’s this
It says
did
Immunovant
Schedule 13D
well
by tweeting
I wrote
tweeting over the weekend
Chinese regulatory crackdown
I’ve seen
is about $34,700
to report as a loss in its quarterly earnings
no one can trade them
three classes of stock
owns 95%
AT&T Inc. announced
not getting anything extra
here’s how mergers happen in 2021
Do Firms with Specialized M&A Staff Make Better Acquisitions?
here
there’s that answered
mention the possibility
woof paper
accounting rap
pay row
$25 Per Hour
Hedge Fund Financing
Original Meme Stock
Goes Dark
List in Shanghai
Private Companies
crypto mining
Bitcoin Pizza
subscribe at this link
here
investor call transcript

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XIVCredit Suisse Group AG used to have a product called XIV, the VelocityShares Daily Inverse VIX Short-Term ETN, an exchange-traded note that you cou...

S&P 500 VIX Short-Term Futures Index ER
here
talked about the decision
the appellate court opinion last month
paid $24+ for the notes
announced a $9 million settlement
the SEC’s order
got its start in life
raise billions of dollars
take their $10 back
talked about this dynamic before
a bunch of bankers are leaving Credit Suisse Group AG
mostly
loses money
at the $2 billion deli
the filing
about $100 million
about $2 billion
taking a foreign company public
said back in March
quarterly report will be late
April 30 filing
Vitalik Non-giver of Ether
one hacker did
here’s the U.S. Federal Trade Commission
Allow Teenagers to Trade Stocks
Run Consumer Unit
Run Its Consumer Bank
Ian Osborne
Most Crowded Trade
Bitcoin Cache
develop a full-blown fear
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opinion

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Amazon has been able to scale indefinitely because it treats every product as an interchangeable packet, and doesn’t need to know what they are, only what they weigh. But if it doesn’t know what it sells, that’s only half a retailer. And what would happen if it could change that?
https://www.ben-evans.com/benedictevans/2021/5/5/does-amazon-know-what-it-sells

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Last week we explored the idea that whoever generates the demand captures the value. This week we'll explore a world in which whoever creates the valu...

whoever generates the demand captures the value
mentioned last week
Why Decentralization Matters

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For the past three years, I have had two jobs. I work full-time as an engineer at Google and part-time as an investor at Bessemer Venture Partners. Many people have asked why I do this, how it…
https://caseycaruso.medium.com/engineer-by-day-venture-capitalist-by-night-585929430c21
* https://pubs.aeaweb.org/doi/pdfplus/10.1257/aer.20190658 * https://www.calnewport.com/blog/2020/02/29/top-economists-study-what-happens-when-you-stop-using-facebook/

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