Net Interest - A Market Without Investors
My first job was on a trading floor. Each morning at 7am the elevator would disgorge me into a vast space and I would pick my way through the mesh chairs and banks of screens to my desk in the far corner. I was very junior—my job was to fetch cappuccinos and rearrange spreadsheets—but that wasn’t why I was in the corner. I was part of a fledgling European research department and, at the UK investment bank where I worked, Europe sat on the periphery. Most of the trading floor was the territory of the UK stock trading business. UK traders sat at its center, conveying prices for Marks’s and BATs (top ten stocks, both) in unfiltered Cockney. Around them, salespeople, recruited from the ranks of the British Army and the England rugby team. And then, the analysts—my sort, except their focus on UK stocks invested them with more influence. Between them, they steered vast amounts of money around the UK stock market, then the third largest in the world behind New York and Nasdaq. In the decade I joined, the benchmark FTSE 100 index would triple and the London market would grow to host around three times more companies than rival Paris, including four of the 25 most valuable companies in the world. It’s not like that anymore. Since the year 2000, the index has barely returned 20%, and its companies are fleeing. Last year, UK chip designer Arm Holdings listed in New York and others, including Flutter Entertainment (subject of a Net Interest briefing here) and buildings material company CRH have followed. From its lofty heights, the London market is now the ninth largest in the world. But things can only get better? Over the past three months, the FTSE 100 has outperformed even Nasdaq, its valuation sits at a discount to many other markets, some of the structural factors that have suppressed the market for so long are receding, and leading investors are taking note. An election on July 4 could be a catalyst. To see if now is the time to buy British, read on… (Lots of charts in this one. Paid subscribers can email for a full deck.)... Subscribe to Net Interest to read the rest.Become a paying subscriber of Net Interest to get access to this post and other subscriber-only content. A subscription gets you:
|
Older messages
Coasian Finance Revisited
Friday, May 17, 2024
The Rise and Fall of Banking-as-a-Service ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏
Hey Big Spender
Friday, May 10, 2024
Amex's Demographic Overhaul ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏
The Private Equity Machine
Friday, May 3, 2024
From Formula One to Six Nations: How CVC Does Private Equity ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏
The Biggest Investor in the World
Friday, April 26, 2024
Inside the World's Largest Sovereign Wealth Fund ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏
Decisions Nobody Made
Friday, April 19, 2024
Dan Davies Introduces His New Book. Plus: Earnings Season! ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏
You Might Also Like
AI Assistants Will Be Great (Especially for the Biggest Companies)
Friday, February 14, 2025
Plus! Short Selling; Crypto Treasury Gresham's Law; The Joy of Higher Rates; Labor Substitution; Pricing Black Swans AI Assistants Will Be Great (Especially for the Biggest Companies) By Byrne
🏈 The Super Bowl flight that upped tariffs
Friday, February 14, 2025
The US stamped 25% tariffs on key metal imports, France is coming for America's AI reputation, and chocolate tinned fish | Finimize TOGETHER WITH Hi Reader, here's what you need to know for
Why Economists Got Free Trade With China So Wrong
Friday, February 14, 2025
“The China Shock” gets revisited View this email online Planet Money “The China Shock” Revisited by Greg Rosalsky By now, many economists are hoarse screaming that higher tariffs and a trade war will
FinTech is People - Issue #508
Friday, February 14, 2025
FTW Opinions: When fintech principles shape government finance, the stakes go beyond efficiency—trust, security, and oversight are on the line ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏
Special Announcement From Harry Dent
Friday, February 14, 2025
Harry Dent February 11, 2025 Many of you have heard me talk about John Del Vecchio, one of our trusted partners at HS Dent. He runs two highly successful programs, Microcap Millions and FAST Profits,
Using AI as a Retirement Vision Board
Friday, February 14, 2025
This tool paints a picture of your financial future ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏
Get a life insurance quote in seconds
Friday, February 14, 2025
And get approved just as fast ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏
❌ Altman dissed Musk's OpenAI bid
Friday, February 14, 2025
Musk bid nearly $100 billion for OpenAI, Europe prepared its own diss for the US, and the egg undercurrent | Finimize TOGETHER WITH Hi Reader, here's what you need to know for February 12th in 3:04
Fossicking in the dark or twenty-twenty foresight?
Friday, February 14, 2025
Rishi Khiroya and Lydia Henning If you asked people what skill they would most love to have, you might receive answers like 'to fly', 'to be invisible' or even 'predicting the
I love you(r high credit score)
Friday, February 14, 2025
plus Benson Boone + pizza perfume ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏