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Matt Levine

Matt Levine

Bloomberg

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OpenAI Doesn’t Want AI Cheaters

latest 1

Bloomberg

Matt Levine

DeepSeek Disruption Has Its Upside

yesterday 10

Bloomberg

Matt Levine

Hedge Fund AI Is Cheap AI

monday 4

Bloomberg

Matt Levine

The SEC Was Busy Last Week

The SEC Was Busy Last Week

What if the US Securities and Exchange Commission never brings another enforcement case? What if it’s like “ahh, go ahead, do all the fraud you...

23.01.2025 30

Bloomberg

Matt Levine

Maybe ESG Is Illegal Now

The way US federal law works is that there are only a few federal judges in the Fort Worth Division of the US District Court for the Northern District...

15.01.2025 5

Bloomberg

Matt Levine

MBA Class Project Got a Bit Too Real

I have never been to business school, but I gather that a certain amount of the curriculum involves pretending to do business stuff. You get a...

07.01.2025 100

Bloomberg

Matt Levine

Private Credit Wants to Be the Bank

Programming note: This is the last Money Stuff of 2024. Happy holidays, and thanks so much for reading this year. We’ll be back on Monday, Jan....

21.12.2024 100

Bloomberg

Matt Levine

Albertsons Is Mad at Kroger

Imagine how you would solve this problem from first principles. It is October 2022, and two big supermarket companies, Albertsons Cos. and Kroger...

18.12.2024 7

Bloomberg

Matt Levine

People Really Want SpaceX Shares

How much would you pay for stock in SpaceX or OpenAI? There are data points. SpaceX printed a trade recently at about a $350 billion valuation;...

13.12.2024 90

Bloomberg

Matt Levine

The Onion Can’t Buy Infowars Yet

Sometimes a company owes its creditors more money than it can pay them, so it files for bankruptcy. Loosely speaking, bankruptcy means that the...

12.12.2024 4

Bloomberg

Matt Levine

MicroStrategy Has Volatility to Sell

Programming note: Money Stuff will be off tomorrow and early next week, back Wednesday, Dec. 11. Here’s the basic idea of convertible arbitrage....

05.12.2024 4

Bloomberg

Matt Levine

Citi Traders Didn’t Know the Rules

04.12.2024 4

Bloomberg

Matt Levine

Elon Still Can’t Get His Money

Obviously Elon Musk doesn’t need the money. He is, today, by a substantial margin the richest person in the world. SpaceX, his second-biggest...

03.12.2024 3

Bloomberg

Matt Levine

Texas Asks If Index Funds Are Illegal

The theory is simple. A handful of big asset managers run giant index funds and own large chunks of every public company. Roughly speaking, the...

03.12.2024 20

Bloomberg

Matt Levine

Some Wamco Trades Were Better Than Others

Programming note: Money Stuff will be off for the rest of the week, back on Monday. Happy Thanksgiving! It is nice, in investing, to have a one-day...

27.11.2024 8

Bloomberg

Matt Levine

Synapse Still Can’t Find Its Money

When you deposit money at a bank, you expect the bank to give it back to you. There are two things you might worry about, two sets of risks that...

26.11.2024 3

Bloomberg

Matt Levine

Adani Green Didn’t Mention the Bribes

Actually this is a greenwashing case: Here are the press releases from the US Department of Justice and the Securities and Exchange Commission,...

22.11.2024 8

Bloomberg

Matt Levine

Short Squeezes Are Legal Now

Every so often around here, I feel compelled to mention my all-time favorite US Securities and Exchange Commission enforcement action, the MAAX...

20.11.2024 3

Bloomberg

Matt Levine

Insider Trading at the Fed

The basic theory of bank regulation is that, left to their own devices, bankers would make banks too risky, so regulators and supervisors are there...

20.11.2024 4

Bloomberg

Matt Levine

Individual Investors Put Up the Cash

A pretty standard move in finance is that you have a product for sophisticated institutional investors, and it becomes popular, so you look for...

15.11.2024 20

Bloomberg

Matt Levine

Prediction Markets Are a Thing Now

One thing that I thought was a little interesting on Tuesday is that the prediction markets for the US presidential election didn’t really move...

08.11.2024 3

Bloomberg

Matt Levine

JPMorgan Undercharged for a Trade

I wrote last week that, “if you are a big bank, somebody somewhere in your organization is pretty much always doing something that looks a bit...

04.11.2024 2

Bloomberg

Matt Levine

MicroStrategy Has Stock to Sell

A good corporate finance rule of thumb is, “if you run a company, and people are paying much more for your stock than it is worth, you should...

31.10.2024 2

Bloomberg

Matt Levine

Florida Banned Some Banks

A central problem in securities regulation is that you want companies to be able to raise money, and you want ordinary investors to have access to...

31.10.2024 3

Bloomberg

Matt Levine

ETFs Are Where the Fun Is

If you are a retail stockbroker, sometimes your customers will come to you looking to do a trade. “I want to buy this Nvidia,” they say, or...

29.10.2024 2

Bloomberg

Matt Levine

You Want Some Stocks That Go Down

One useful intuition of modern finance is that stocks are all kind of the same. Oh they’re not, they’re not, this isn’t true. But lots of stocks...

28.10.2024 2

Bloomberg

Matt Levine

Apple’s Card Was Confusing

Who do you think would be better at designing a simple and delightful user experience for a credit card: Apple Inc., or the average bank? If you...

24.10.2024 2

Bloomberg

Matt Levine

Musk Keeps Paying for X

It is sometimes useful to think of all of Elon Musk’s ventures as one big company. I like to call it the Musk Mars Conglomerate, because it seems...

17.10.2024 3

Bloomberg

Matt Levine

Crypto Market Makers Made Some Markets

In financial markets, there are people called “market makers.” 1 A market maker, as the name implies, makes things called markets. But the market...

10.10.2024 2

Bloomberg

Matt Levine

A Trump Trade Arbitrage

This is not investment advice, but these days there are a number of platforms where you can bet on the US presidential election. Offering election...

09.10.2024 3

Bloomberg

Matt Levine

Some of the Carbon Credits Were Fake

The thing about most traditional financial frauds is that they have to end. You get money from investors, you spend it on watches and gambling, you...

08.10.2024 1

Bloomberg

Matt Levine

Retail Investor Had Too Much Tesla

If you are an ordinary retail investor and you make hundreds of millions of dollars day-trading Tesla Inc. options, and you go to a financial...

07.10.2024 20

Bloomberg

Matt Levine

Private Credit Wants Everyone’s Money

Maybe the hottest topic in finance in the last few years has been private credit, and we’ve talked about it a lot around here. I often think of...

03.10.2024 3

Bloomberg

Matt Levine

Dish Bondholders Don’t Want a Haircut

We talked on Monday about the proposed merger between DirecTV and Dish Network, in which DirecTV will pay $1 for Dish and also assume its $9.75...

02.10.2024 3

Bloomberg

Matt Levine

Insider Trader Had All the Answers

The US Securities and Exchange Commission’s fiscal year ends on Sept. 30, which is yesterday. Unlike many financial industry employees, SEC...

01.10.2024 2

Bloomberg

Matt Levine

Look Like a Loser, Then Win

There’s a guy in Kentucky whose job is running volleyball tournaments and whose hobbies are (1) day-trading stocks and options and (2) talking to...

30.09.2024 2

Bloomberg

Matt Levine

OPINION: Saving New York’s climate agenda begins in the back yard

As climate leaders descend on New York City for Climate Week, much of the attention will be on how to get the Empire State’s renewable energy...

27.09.2024 1

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Matt Levine

Private Credit and Banks Team Up

A very long time ago, I was an investment banker at Goldman Sachs Group Inc. This was so long ago that, when I started, Goldman was not yet a bank...

26.09.2024 1

Bloomberg

Matt Levine

Masimo Has a New Boss

“Who controls a company,” I often ask around here, and generally I am writing about some weird corner case in which the standard legal rules...

25.09.2024 2

Bloomberg

Matt Levine

The Chatbot Will Pick the Stocks

If you had a robot that could tell you what stocks would go up, what would you do with it? Here are, I think, the two plausible answers: The key...

24.09.2024 1

Bloomberg

Matt Levine

UniCredit Did a Commerzbank Trade

Here are two equity derivatives trades that you might do if you wanted to be a big shareholder of a public company. First, you might want to buy...

23.09.2024 2

Bloomberg

Matt Levine

23andMe Is Just ‘Me’ Now

The basic rule is that the chief executive officer of a company works for the board of directors, and the directors work for the shareholders....

19.09.2024 1

Bloomberg

Matt Levine

There’s a Robot Warren Buffett ETF

What is Warren Buffett? Like, if you were trying to describe and recreate his essential features, how would you do it? I guess a decent answer is...

18.09.2024 1

Bloomberg

Matt Levine

OPINION: Saving New York’s climate agenda begins in the back yardMatt Levine 

As climate leaders descend on New York City for Climate Week, much of the attention will be on how to get the Empire State’s renewable energy...

18.09.2024 2

lohud.com

Matt Levine

Archegos’ Banks Had Some Chats

A lot of problems in finance come from fire sales and contagion, and a lot of regulation is organized around preventing them. Most classically,...

17.09.2024 1

Bloomberg

Matt Levine

IPOs Are About the Future

Here’s a little thought experiment. Let’s say that you run a tech startup that is looking to do an initial public offering, and you would like to...

16.09.2024 1

Bloomberg

Matt Levine

Hertz Bankruptcy Was Too Good for Shareholders

Here’s a bad idea. You’re a big public company, and you have some debt: A year ago, you sold $1 billion of bonds, due in 10 years, that pay, say,...

11.09.2024 2

Bloomberg

Matt Levine

The Fastest Options Are the Most Fun

Some of the work in the financial industry involves finding and fostering bad counterparties. If you are a stock market maker — you buy stock...

10.09.2024 1

Bloomberg

Matt Levine

Fake Songs Made Real Money

This is roughly how Spotify works 1 : The important thing to notice about this model is that the users pay a flat fee, no matter how much music...

09.09.2024 1

Bloomberg

Matt Levine

Some Stocks Always Go Up 5%

Let’s say that you are a market maker and you trade a bunch of small, dumb, thinly traded stocks. The last trade in Amalgamated Cannabis & AI Inc....

05.09.2024 1

Bloomberg

Matt Levine