"Britain's greatest export is...pessimism" 🤣🤣🤣 too true Pippa Malmgren Whatever your reaction to the US election, this is a good discussion on the potential ramifications. h/t to Merryn Somerset Webb for a quality line up that gets beyond the standard takes.

Thought for the day…

Great discussion here between ⁦Adam R. Karr⁩ and ⁦⁩ Didn’t have either Jay-Z or chocolate cookies on my bingo card for what they would cover though. 🤯 podcasts.apple.com/gb/podcast/the…

"Unfortunately, and although well-intentioned, most corporate boards fail to put in place incentives that animate the intensity and entrepreneurial spirit needed to drive extraordinary shareholder outcomes." orbis.com/uk/intermediar…

Amazing chart...

"In a storm, safety often lies in the overlooked lifeboat, not the crowded ship." orbis.com/uk/intermediar…

Timestamp

NVDA investors complaining about the AI downturn:

Roughly half of the S&P’s tremendous recent returns came from rising margins and valuations. If we want a re-run, net margins have to hit 18% and valuations to hit 40x earnings. Crazier things have happened, but it’s tough to make the numbers work... orbis.com/insights/depen…

Some thoughts on buybacks. Thinking can be muddled on this in my experience! ftadviser.com/markets/2025/2…

What a surprise! Regulatory changes caused unintended consequences and created perverse incentives... #superpowerofincentives Have to align interests... Standard Chartered CEO Bill Winters says bonus cap led to ‘grotesque’ banker pay rises ft.com/content/bf316c… via @ft

"How the fund plays out for the two gold bug funds will be something Asset Allocator watches closely for the rest of the year." 🍿🍿🍿 ftadviser.com/alternative-in…

Refreshing candour!

Amazing read. Quote: "If years were letters, the average human lifespan would not be longer than this sentence."

Awesome animation! americanbusinesshistory.org/most-valuable-…

The idea that solar is the cheapest way to generate electricity rests on “levelized cost of energy” (LCOE) calculations widely and wrongly accepted by politicians and journalists. LCOE is a tool that has been used by utilities to compare the cost of adding incremental power

Thank you to all who joined The Butcher, The Brewer, The Baker and Merryn Somerset Webb. All sessions were recorded and will be available on Bloomberg's Merryn Talks Money soon. A special thanks to Merryn Somerset Webb, John Stepek, Tom Slater, and Alec Cutler for delivering such

"For investors, soaring over a low bar is far more rewarding than knocking over a high one." 👆 is something that is way too often overlooked. Great explanation from Rob Perrone here orbis.com/insights/great…