A lot of FinTwit voted for Trump knowing he was likely going to do long-term institutional damage to our country but you didn’t care because you thought you’d get rich in the process. Time to find out.

My reason for wanting tax rises is that I think the UK has big barriers to private sector growth caused by poor infrastructure and other public goods. Government is best placed to improve these things and with interest rates as high they are, taxes are the best way to fund them.

Many people claim that (UK) government investments in infrastructure are wasted, but if you listen to any real estate developer, you'll learn that such investments act as catalysts for further private sector investments in land and buildings.

I know something has happened. But from looking at my feed, I've no idea what.

Global credit spreads are at the 99th percentile over 20yrs ££ IG credit spreads haven't held these tights since pre 2007. The outright yield remains attractive & demand for fixed income seems like a one way street. What can break spreads?

China has been able to grow because it is a totalitarian state which has systematically suppressed workers wages and consumption in order to subsidise fixed investments and exports. I don't think Americans would truly like that to happen there.

Today in unsurprising empirical findings: higher house prices reduce birth rates.

Paradox for families in the UK today: Can't start a family without a home. Can't afford a home without two full-time incomes. Can't care for children whilst working two full-time jobs.

It’s the same story in every European country. Governments stopped investing in infrastructure and defence, and started spending vast sums on handout to boomers. It’s very difficult to reverse

UK media is unhealthily obsessed with US domestic politics, the BBC particularly.

You don't see this anywhere else because it's highly inefficient and therefore only works if you have an ample supply of (very) low-paid labour.

JGBs are a big part of the higher yields dynamic, and I don't think they care about UK/French politics.

Xavier MacDuff There seems to be something dragging up long-end yields globally that doesn’t map to an easy political story.

If only there was a clue in the team name about this...

An interesting case study in how people tend to over-consume goods and services when they aren't personally bearing the costs.

Good chart here showing how UK listed companies have really turned on the buyback machine since 2022.