"The upper middle class is getting too big. There are too many people who are millionaires and multi-millionaires and there simply isn’t enough space to accommodate them."

FICO's days of 100%+ price increases are probably over - in the battle between monopoly profits and regulatory pressure, the regulators usually win, writes Marc Rubinstein bloomberg.com/opinion/articl…

PS the number of unsophisticated financial “investors” commenting on this thread is both sad and funny. It’s called leverage folks! Get an ISDA, be banked by a prime, put the trade on $5-10B a side. This is how it’s done.

Substack is a facing a challenge that has humbled many media companies before it, writes Marc Rubinstein (via Bloomberg Opinion) bloomberg.com/opinion/articl…

Congrats to Tom who has had his conviction quashed. He was always a scapegoat.

New pod is up. Ben Hunt is a font of wisdom so it was great to have a chance to chat. netinterest.co/p/new-pod-the-…

Highly recommend the latest Net Interest Extra w/ Davide Serra x Marc Rubinstein. They take a look at investing in financials, European macro & lessons learned Once there were 11 financials-focused specialist funds — now just 1 remains, led by Davide. Really engaging conversation

Was great talking to Tim Levene on latest episode of Net Interest Extra. As CEO of Europe’s only listed fintech VC vehicle, Augmentum Fintech, he is uniquely positioned at intersection of private and public markets in fintech. netinterest.co/p/new-pod-earl…

Private credit + Marc Rubinstein + Huw van Steenis = must-listen. open.substack.com/pub/netinteres…

The humans who decide the makeup of the S&P 500 suggest a template for a world driven by algorithms, writes Marc Rubinstein bloomberg.com/opinion/articl…

Tom opened this letter live on our podcast. To hear his reaction and the Kafkaesque saga that led up to it, you can find the episode on my Substack page.

All the details in latest issue of Net Interest.

Open banking comes at a price that benefits the biggest the most, writes Marc Rubinstein bloomberg.com/opinion/articl…

Wrote about the Canton blockchain in this week’s Net Interest- Ready Layer One- about the race to build finance-first blockchain infrastructure.

Fifth Third's purchase of Comerica serves as a template for frustrated shareholders everywhere, writes Marc Rubinstein (via Bloomberg Opinion) bloomberg.com/opinion/articl…

Andrew Ross Sorkin’s new book, 1929, is great. But if you’re looking for parallels to what’s going on in markets today, The Panic of 1907 may be as good. Shadow banks, opaque structures, NDFI lending: it’s all there. netinterest.co/p/october-thro…

US consumers have rarely been gloomier but lenders’ restraint on growth and risk are keeping losses at bay, writes Marc Rubinstein bloomberg.com/opinion/articl…

As a bank CDS specialist I thought it was about time I learned about AI capex so that’s what this week’s Net Interest is about.