To: Hidden Recipient Date: Thu, 11 Sep 2025 18:08:03 +0000 Content-Type: multipart/alternative; boundary="_----aMciOroZOlCamFkqljG/0A===_7F/70-54819-30013C86" MIME-Version: 1.0 Subject: Money Stuff: Memes Can Be Good for Business From: "Matt Levine" X-Hiring: We are hiring, reach out at header-hacker@emailshot.io X-EmailShot-Signature: OI2Mv1gCZvPJxv_zRu_jqU3H8bXQ1HdSEjDB3zIok_rvA24dAfiaoZRtlDzY8i6S-zD39FTRnykEH9mrVKN3WA== --_----aMciOroZOlCamFkqljG/0A===_7F/70-54819-30013C86 Content-Transfer-Encoding: quoted-printable Content-Type: text/plain; charset="UTF-8" Money Stuff =0A Opendoor, AI, algo, Fed, Ponzi, Pokemon. =0A=0AView in brow= ser =0A =0A=0A =0A=0A =0A=0A=0A=0A=0AOpendoor=0A=0AOne= theory of meme stocks is what you might call =E2=80=9Ctechnical.=E2=80=9D = This theory is: =0AIf a lot of people on social media decide to buy the sam= e stock, it will go up. =0AIf it goes up, the people who bought it will mak= e money. Therefore, they should =0Abuy it, to make money. There are flaws i= n this theory (eventually you run out =0Aof buyers), and more complex varia= tions on it (short squeezes =0A, gamma squeezes = , etc.), =0Abut the important point here is that = this theory is essentially =0Aself-referential. You buy meme stocks for the= meme; you make money because the =0Ameme is popular, because people buy th= e stock. The actual business of the =0Acompany is not particularly relevant= . A certain sort of consumer-facing, =0Anostalgia-driven business might be= helpfulfor the meme: If stock investors are =0Amore likely to buy stocks w= ith nostalgic associations, those stocks will be =0Amore meme-friendly. But= the meme-stock effect will not work through, like, =0Aincreasing quarterly= profit margins. It will work through memes.=0A=0AAnother theory of meme st= ocks is what you might call =E2=80=9Cfundamental.=E2=80=9D This =0Atheory i= s: If a lot of people on social media decide to buy the same stock, it =0Aw= ill go up. If it goes up,the company will improve. It will make more money = and =0Abecome more valuable, retroactively justifying the people who bought= the stock. =0AThe meme attention will cause improvement in the underlying = business.=0A=0AThis strikes me as a weird theory on first principles. Usual= ly the causation =0Ais reversed: Usually the stock goes up because the busi= ness has improved, =0Arather than the business improving because the stock = went up. But it is not =0Aimpossible. In January 2021, during the great mem= e stock rally around GameStop =0ACorp. and AMC Entertainment Holdings Inc.,= I noted that =0A the meme-stock rally really did = improve AMC=E2=80=99s =0Afundamentals by helping it pay down debt: =E2=80= =9CA week ago it was not crazy to think =0Athis company was doomed; now it = is entirely possible that it will survive and =0Athrive and show movies in = movie theaters for decades to come because everyone =0Awent nuts and bought= meme stocks this week.=E2=80=9D In June 2021, a few months into =0AGameSto= p=E2=80=99s rally, we talked about the possibility that the rally had spark= ed =0Afundamental improvements. I wrote :=0A=0ABy= paying a ton of money for GameStop stock, its shareholders have inspired = =0Aits executives to work harder (and hire better executives). They have in= spired =0Athose executives to think bigger; if you run a $20 billion compan= y you will =0Anaturally make bigger plans than if you run a $300 million co= mpany. They have =0Acertainly ushered in a whole new era at GameStop: the e= ra in which it is a meme =0Astock with an enormous valuation. Perhaps also = an era in which it justifies =0Athat valuation.=0A=0AGameStop is now an $11= billion company so, you know, mixed results, but not =0Anothing.=0A=0AOpen= door Technologies Inc. has been a meme stock = =0Afor a few months now, and we have discussed that at a =E2=80=9Ctechnical= =E2=80=9D level. (I=E2=80=99ve =0Aspeculated , fo= r instance, about the role of large =0Alanguage models in coordinating meme= -stock investor attention, and about =0AOpendoor booster Eric Jackson=E2=80= =99s schtick of trying to =0Aget Drake to buy th= e stock.) But arguably there is also a fundamental story. =0ABloomberg=E2= =80=99s Norah Mulinda reports :=0A=0AOpendoor Tec= hnologies Inc. shares surged by as much as 69% Thursday after =0Aannouncing= the return of its co-founders to the board and a new chief executive =0Aof= ficer.=0A=0AIf the advance holds it will be the biggest one-day gain for th= e home-flipper =0Aturned meme stock on record =E2=80=94 continuing its blis= tering 450% run up since =0Amid-July =E2=80=94 after the real estate compan= y said co-founders Keith Rabois and Eric =0AWu will rejoin the board and na= med Shopify Inc.=E2=80=99s Kaz Nejatian CEO.=0A=0A=E2=80=9CIt=E2=80=99s eve= rything I could=E2=80=99ve asked for and more. It=E2=80=99s a dream team,= =E2=80=9D said =0AToronto-based hedge fund manager Eric Jackson of EMJ Capi= tal Ltd., who had =0Abought Opendoor shares at around 70 cents, in an inter= view. The stock traded to =0Aas high as $9.94 as of 11:50 a.m. New York tim= e on Thursday. =E2=80=A6=0A=0AThe management change comes just weeks after = former CEO Carrie Wheeler stepped =0Adown following increasing pressure fro= m shareholders and online chatter =0Adoubting her ability to lead the compa= ny. =E2=80=A6=0A=0A=E2=80=9CThe share price is the quantitative measurement= of sentiment around this =0Abusiness,=E2=80=9D Anthony Pompliano, CEO of P= roCap Acquisition Corp. said in an =0Ainterview.=0A=0APompliano, who is a p= rominent cryptocurrency investor and podcaster, announced =0Athat he bought= shares of the firm last month and has since been continually =0Atouting th= e stock on X.=0A=0A=E2=80=9CSixty days ago, it was left for dead,=E2=80=9D = he said. =E2=80=9CToday, there are thousands =0Aof investors who are very e= xcited about the prospect of this business, and they =0Abelieve that it is = in a much better position than it was 60 days ago.=E2=80=9D=0A=0A=E2=80=9CT= hey believe it is in a much better position than it was 60 days ago=E2=80= =9D because =0Aithas made management changes to respond to retail-investor = pressure. =E2=80=9CRetail =0AInvestors Just Pulled Off One Of The Best Acti= vism Campaigns In Recent =0AHistory,=E2=80=9D Pomplianowrote in his newslet= ter :=0A=0ARetail wasn=E2=80=99t just buying the = stock. They began bombarding the company with =0Apressure to improve the bu= siness. Within weeks, the existing CEO had stepped =0Adown. The remaining m= anagement team committed to not sell any of their stock. =0AAnd the interim= leader of Opendoor personally purchased equity in the stock =0Amarket. ...= =0A=0AThe pressure continued. They wanted a new CEO who understood artifici= al =0Aintelligence. They wanted Opendoor co-founders Keith Rabois and Eric = Wu back on =0Athe board of directors. And the retail investors were not goi= ng to rest until =0Athey got what they wanted.=0A=0AHundreds of tweets per = day. Some nice, some not so nice. Just a relentless =0Acampaign to effect c= hange at a business that these retail investors saw =0Apotential opportunit= y in.=0A=0AAnd they got what they wanted: Rabois, Wu and Nejatian. Opendoor= also announced=0A a $41 million private placeme= nt of stock to Khosla =0AVentures and other buyers at $6.65 per share (Frid= ay=E2=80=99s closing price), =0Aproviding some institutional validation to = the otherwise pretty meme-y stock =0Aprice. (The stock was at $0.51 in June= .) Nejatian=E2=80=99s pay package includes $30 =0Amillion (in cash and res= tricted stock) as a make-whole payment =E2=80=9Cin respect of =0Acompensati= on awarded by his former employer that he is forfeiting,=E2=80=9D as well a= s =0Aa performance-based package of up to 81.8 million shares of restricted= stock, =0Awhich would be worth more than $800 million at that $9.94 peak p= rice. (And more =0Athan a billion dollars if he actually improves the busin= ess beyond current =0Amarket expectations.) In June, Opendoor=E2=80=99s mar= ket capitalization was under $400 =0Amillion; now it=E2=80=99s over $6 bill= ion. If you can pay your new CEO$800 million, you =0Acan probably get a pre= tty good new CEO. Because Opendoor is a meme stock, it =0Acan.=0A=0A =0A=0A=0A =0A=0A=0AAI MTM=0A=0AIf you are= an artificial intelligence researcher at a big tech company, it is =0Aplau= sible that your market value a year ago was $1 million a year, and your =0A= market value today is $100 million a year. Which is more. You have a large = gain =0Ain theoretical value, but you do not want theoretical value; you wa= nt money. =0AThe simplest way to turn your market value into money is to go= to your boss and =0Asay =E2=80=9Chey, I think I am underpaid, I would like= a 9,900% raise,=E2=80=9D but that =0Aprobably won=E2=80=99t work. Your bos= s is not accustomed to giving 9,900% raises. To =0Amark your compensation t= o market, you need to test the market.=0A=0AThis is particularly true if yo= u work at Meta Platforms Inc., which has for =0Ayears employed AI workers a= t regular-ish big tech salaries, but which recently =0Awent on a spree of h= iring outside AI workers at nine-digit salaries. You might =0Areasonably as= sume that the rate Meta will pay for outside talent is roughly =0A100x the = rate it will pay for inside talent, which means that if you are inside =0At= alent you had better get outside. TheWall Street Journal reports =0A:=0A=0ASome Meta employees have had success leveraging c= ompeting offers to get a =0Ashare of the money and prestige Zuckerberg has = been lavishing on outside =0Arecruits. In July, a handful of employees from= one of Meta=E2=80=99s AI infrastructure =0Ateams secured offers from forme= r OpenAI executive Mira Murati=E2=80=99s new AI startup, =0AThinking Machin= es Lab.=0A=0AAfter the employees took the offers to Meta, their compensatio= n was increased =0Aand they were moved to the TBD Lab team. A spokesman for= Meta said the company =0Ahad already been planning to move those staffers = to the new team and adjust =0Atheir compensation =E2=80=9Cregardless of any= recruitment offers they may have =0Areceived=E2=80=9D and that the company= hasn=E2=80=99t made counteroffers to employees =0Athreatening to leave.=0A= =0AAnd given the volatility in this market, it pays to be a high-frequency = =0Atrader. If you get hired at $20 million this week, you might be worth $6= 0 =0Amillion next week, in which case you=E2=80=99ll just have to quit and = get hired again:=0A=0AShengjia Zhao, a co-creator of ChatGPT, joined Meta i= n June, but decided =0Awithin a week to return to OpenAI, resigning from Me= ta and signing paperwork to =0Arejoin his former employer, according to peo= ple familiar with the matter. Meta =0Amanaged to retain Zhao by offering hi= m the title of chief scientist=E2=80=94and =0Atripling his compensation.=0A= =0AOnly fair, honestly. I suppose if the market price for AI researchers go= es =0Adown, they=E2=80=99ll fire him and hire him back at a lower rate.=0A= =0A=0ARobot interns=0A=0ATwo bits of conventional wisdom in modern finance = are:=0A=0A * The rise of artificial intelligence will be bad for junior emp= loyees. For a =0Awide range of roles, financial firms will still need senio= r employees with =0Amarket experience, good judgment and client connections= . But a lot of the grunt =0Awork that used to be done by junior analysts c= an now be done by AI; the senior =0Apeople can be more productive supervisi= ng an AI than they can supervising three =0Aanalysts. In the long run that = might be bad =E2=80=94 you can=E2=80=99ttrain new senior people =0Awithout = hiring them as junior people and giving them the grunt work =E2=80=94 but i= n =0Athe short run it=E2=80=99s efficient, and in the long run I suppose th= e AIs will =0Areplace the senior people too. =0A * All the senior traders g= o on vacation in August, so markets are thin and =0Aweird in August because= every trading book is managed by a nervous first-year =0Aanalyst keeping t= he seat warm.=0AThe synthesis of these two ideas is =E2=80=9Cnow, in August= , the AIs manage the =0Atrading books,=E2=80=9D and that is roughly true. B= loomberg=E2=80=99s Isabelle Lee and Caleb =0AMutua report :=0A=0AIn August, as US credit traders go to the beach, algorithms= are increasingly =0Astepping in for them, allowing transaction volume to s= tay relatively high even =0Aduring a traditionally slow period.=0A=0AAlgori= thmic trading accounted for more than 40% of trading in the US =0Ahigh-grad= e market in August, a percentage that has climbed steadily since that =0Amo= nth in 2020, when it was less than 10%, according to data from MarketAxess = =0AHoldings Inc., an electronic trading platform. In the last four years, a= lgo =0Aactivity usually dipped in September and picked up again in the last= three =0Amonths of the year, underscoring how automated trading helps to s= ustain volume =0A=E2=80=94 particularly in block sizes =E2=80=94 during the= summer and year-end holiday periods.=0A=0ACredit traders are increasingly = relying on algorithms, decades after they =0Abegan dominating equity market= s, and they have become reliable stand-ins when =0Aactivity would normally = sag. The result has been smoother markets with less =0Avolatility and lower= trading costs.=0A=0ABut how will the junior traders learn how to manage a = book, if they don=E2=80=99t get =0Ato do it in August=3F=0A=0A=0AFed indepe= ndence=0A=0AJust as a general comment: With the rise and normalization of p= rediction =0Amarkets, you=E2=80=99re going to see a lot more papers like th= is:=0A=0AWe study how financial markets price threats to Federal Reserve in= dependence =0Aby analyzing one of the most direct challenges to Chair Powel= l=E2=80=99s tenure on July =0A16, 2025. Following media reports of escalati= ng efforts to dismiss him, =0Aprediction markets sharply repriced dismissal= risk within a two-hour window, =0Acreating a unique high-frequency setting= to estimate market responses. =0ARegression estimates imply that the certa= inty of Powell=E2=80=99s dismissal could erase =0A$0.88=E2=80=931.51 trilli= on in total market capitalization. Losses were larger for =0Afinancial and = credit-dependent firms, consistent with the credit channel of =0Amonetary p= olicy transmission, and for high-beta firms. Treasury yields declined =0Aat= short maturities but increased at longer horizons, steepening the yield = =0Acurve, while the dollar depreciated against major currencies. These resu= lts =0Ashow that markets price not only near-term policy-rate expectations = but also =0Athe Federal Reserve=E2=80=99s ability to act independently.=0A= =0AThat=E2=80=99s the abstract to =E2=80=9CThe Market Value of Fed Independ= ence: High-Frequency =0AEvidence from a Natural Experiment ,=E2=80=9D by Linghang =0AZeng and J=C3=A9r=C3=B4me Taillard. The= point is that historically financial academics =0Acould study the effect o= f some event on some asset price =E2=80=94 =E2=80=9Cwhen companies =0Aannou= nce spin-offs, their stocks go up by ___% on average,=E2=80=9D etc. =E2=80= =94 but you =0Aneeded the event to occur. It was harder to study counterfac= tuals; harder to =0Asay things like =E2=80=9Ca ___% increase in the probabi= lity of X causes a ___% increase =0Ain the price of Y.=E2=80=9D Asset price= s are influenced by lots of different uncertain =0Athings, and it is genera= lly hard to back out probabilities from prices. And =0Aeven when the event = occurred, other events also occurred; it was not always =0Aeasy to isolate = the effect of some event on asset prices.=0A=0AWhereas prediction markets j= ust give you high-frequency, ready-made =0Aprobabilities. (More or less .) If you want to answer =0Aa question like =E2=80= =9Cwhat effect would firing Jerome Powell have on asset prices,=E2=80=9D = =0Ayou can look at the day-to-day prediction-market-implied probability tha= t he =0Awill get fired, regress it against asset prices, and get an answer.= From the =0Apaper:=0A=0AWe leverage intraday data from highly liquid moder= n platforms, namely =0APolymarket and Kalshi, to quantify the evolving prob= ability of Powell=E2=80=99s =0Adismissal before the end of 2025, effectivel= y capturing the risk of removal =0Aprior to the scheduled end of his term i= n May 2026. These probabilities=0Aare derived from the prices of binary con= tracts. Intuitively, under risk =0Aneutrality the price of such a contract = can be interpreted as the market=E2=80=99s =0Aassessment of the likelihood = of that outcome. This interpretation motivates our =0Aempirical strategy: w= e trace changes in intraday probabilities to changes in =0Aasset prices acr= oss three major markets, equities, Treasuries, and foreign =0Aexchange, to = quantify how markets price threats to Federal Reserve independence.=0A=0AAn= d:=0A=0AAt the onset of the event, dismissal probabilities implied by trade= d contracts =0Aon Polymarket and Kalshi rose sharply, while equity markets = fell; when =0Adismissal probabilities declined, equities rebounded. This in= verse relationship =0Ais evident throughout the episode. To formally assess= it, we regress 2-, 3-, =0Aand 5-minute SPY returns on contemporaneous chan= ges in dismissal probabilities. =0ACoefficients are highly significant and = range from =E2=80=930.013 to =E2=80=930.024. The =0Astrength of the estimat= ed relationship is further underscored byR2 values =0Areaching up to 0.39 i= n the tight event window. Scaling these estimates by the =0Aobserved increa= se in dismissal risk from 23 to 40 percent (=CE=94p =3D 0.17) implies =0Aag= gregate equity losses of $125=E2=80=93214 billion for the S&P 500 and $150= =E2=80=93256 =0Abillion for the total U.S. market. Extrapolating to the cou= nterfactual case in =0Awhich markets move from assigning zero probability t= o full certainty of =0APowell=E2=80=99s dismissal (=CE=94p =3D 1) implies d= eclines of =E2=80=931.3 to =E2=80=932.4 percent, =0Acorresponding to losses= of roughly $0.88 to $1.51 trillion in total market =0Acapitalization.=0A= =0AObviously (=3F) you need some prior reason to think that the one thing i= s =0Arelated to the other. =E2=80=9CStocks will go down if Jerome Powell is= fired=E2=80=9D seems =0Alike a reasonable hypothesis to start with. But th= ere are a lot of prediction =0Amarkets these days, and they are not necessa= rily concentrated on the most =0Amacroeconomically relevant events. If you = run a regression of bond yields =0Aagainst, like, the Bills=E2=80=99probabi= lity of beating the Ravens =0A, you might find so= mething, but it=E2=80=99s probably =0Aspurious.=0A=0A=0AGood Ponzi=0A=0AYou= can run a Ponzi scheme at different levels of (fake) financial =0Asophisti= cation, depending on your own financial sophistication and that of your =0A= target victims. If you are a real hedge fund manager and you turn Ponzi, an= d =0Ayou raise money from real hedge fund investors, you will want to make = a big =0Ashow of compliance and audits and nicely formatted presentations a= nd monthly =0Astatements and talking like a hedge fund manager. But there a= re also pretty =0Adown-home Ponzi schemes that appeal to less professional = investors, where you =0Ado not need to do all that stuff. Here is a Securit= ies and Exchange Commission=0Aenforcement action = against =E2=80=9CArsalan A. Rawjani and =0Athe business enterprise he oper= ated, Trade with Ayasa, LLC, =E2=80=A6 for allegedly =0Aconducing an affini= ty fraud and Ponzi scheme centered in the North Texas =0AIsmaili community.= =E2=80=9D He was not trading on hedge-fund sophistication and a ton =0Aof f= ormalities.From the complaint :=0A=0AThroughout t= he Relevant Period, Rawjani did not follow regular and accepted =0Afinancia= l practices with respect to managing a pooled-investment program. For =0Aex= ample, one of the main methods that Rawjani used to pay dividends to =0Ainv= estors was to provide his clients a stack of hand-written checks at the tim= e =0Aof their initial investment. Rawjani post-dated these checks and signe= d them, =0Abut the other check fields were often left blank. Rawjani wrote = memos like =0A=E2=80=9C[principal amount] * 0.05,=E2=80=9D =E2=80=9Cmonthly= ,=E2=80=9D or =E2=80=9Cdividend=E2=80=9D on some checks, but left =0Athe me= mo line blank on other checks. Rawjani wrote in the dollar amount on some = =0Achecks but left that field blank on others. Rawjani sometimes filled out= the =0Apayee (i.e., =E2=80=9CTo=E2=80=9D) line on the checks, but he frequ= ently left that line blank. =0ARawjani then directed investors to cash thei= r dividend checks each month. At =0Avarious points during the scheme, Rawja= ni learned that certain checks he =0Aprovided investors were being written = to and apparently cashed by persons who =0Awere not the original investor. = Further, Trade with Ayasa did not provide =0Amonthly or regular account sta= tements, tax paperwork, or even basic marketing =0Amaterials.=0A=0ASee, I r= ead this and think =E2=80=9Cif your hedge fund manager hands you a stack of= =0Ahandwritten postdated checks, that probably means he=E2=80=99s not a re= al hedge fund =0Amanager,=E2=80=9D but not everyone is looking for a real h= edge fund manager. Perhaps =0Ahis alleged victims thought the handwritten c= hecks were a nice personal touch.=0A=0A=0APok=C3=A9mon=0A=0AOne financial m= arket that I used to follow is the market for Pok=C3=A9mon cards at =0Amy c= hildren=E2=80=99s elementary school. It is a somewhat illicit market =E2=80= =94 they=E2=80=99re not =0Asupposed to trade the cards at school =E2=80=94 = and there is a wide range of financial =0Asophistication among market parti= cipants, because they are children. For =0Ainstance, I was intrigued by the= widespread concept of =E2=80=9Cfake Pok=C3=A9mon cards=E2=80=9D: =0AOlder = kids will look at a younger kid=E2=80=99s rare fancy card and confidently = =0Apronounce that it is fake and worthless. As far as I can tell this is ra= rely =0Atrue, and never based on deep connoisseurship and wide market knowl= edge, but it =0Ahas a lot of credibility coming from an older kid, and it s= ometimes results in =0Abelow-market trades.=0A=0AAlso, there is some connec= tion between the local market and the broader, =0Ainternet-based, global ma= rket for Pok=C3=A9mon cards, but not that much. Most of the =0Akids are not= making markets locally and laying off risk on eBay, and the law of =0Aone = price rarely obtains. So if a kidwere to have a parent who is a financial = =0Acolumnist, some arbitrages might be available.=0A=0AAnyway here=E2=80=99= s a Wall Street Journal article about the broader, internet-based, =0Aadult= market for Pok=C3=A9mon cards,which is hot :=0A= =0APok=C3=A9mon cards, which pay no dividends and aren=E2=80=99t subject to= financial =0Aregulation, have seen a roughly 3,821% monthly cumulative ret= urn since 2004, =0Aaccording to an index by analytics firm Card Ladder trac= king trading-card =0Avalues through August. That trounces the S&P 500=E2=80= =99s 483% jump over the same =0Aperiod. Meta Platforms, one of the Magnific= ent Seven, has climbed around 1,844% =0Asince the company went public in 20= 12. =E2=80=A6=0A=0AWhile financial advisers generally caution against betti= ng retirement savings =0Aon fictional battling critters, the cards caught f= ire among amateur investors =0Aduring the pandemic. As some investors bande= d together to spark the GameStop =0Ameme stock mania, a more fringe group o= f traders, also stuck at home and armed =0Awith cash from government stimul= us, began scooping up Pok=C3=A9mon cards. =E2=80=A6=0A=0A=E2=80=9CI like di= versifying my investments. So I=E2=80=99ve got some stocks, I=E2=80=99ve go= t some =0Acrypto, and then, I figured I=E2=80=99d try starting a bit of Pok= =C3=A9mon investing as =0Awell,=E2=80=9D said [Charlie] Pryds, a mason appr= entice. =E2=80=9CIf you like risk in your =0Aportfolio, I think it=E2=80=99= s a good way to go.=E2=80=9D=0A=0AObviously Pok=C3=A9mon trading predates c= rypto and meme stocks, and baseball card =0Atrading =E2=80=94 its precursor= =E2=80=94 is decades older. Still I feel like 20 years ago the =0AWall Str= eet Journal would not have bothered to point out that trading cards =0A=E2= =80=9Caren=E2=80=99t subject to financial regulation.=E2=80=9D Crypto has p= opularized the intuition =0Athat there is a market to trade all sorts of to= kens, whether or not they have =0Aany cash flow or intrinsic value, and tha= t is good even for non-crypto tokens. =0ABut, right, they do not have any c= ash flow or intrinsic value:=0A=0ACritics say Pok=C3=A9mon card prices are = inconsistent and subjective. There isn=E2=80=99t a =0Astandard price for th= e cards, and it=E2=80=99s unknown how many of each are in =0Acirculation. T= he market=E2=80=99s monster gains have also raised concerns about a =0Apote= ntial bubble.=0A=0AMeh, critics. There is an argument, which Cliff Asness m= ade on the Money =0AStuff podcast , that the lac= k of an intrinsic =0Aunderlying asset can be good: A meme stock can trade a= bove its intrinsic value =0Afor months or years, but eventually there will = probably besome connection =0Abetween the stock price and the cash flows. A= crypto token has no intrinsic =0Avalue, so it can trade as high as it want= s for as long as it wants. (Asness: =E2=80=9CI =0Athink the more absolutely= unsubstantiated by anything something is, the longer =0Athe craziness can = go on.=E2=80=9D) Relatedly:=0A=0AWhile it=E2=80=99s hard to predict if the = cards will retain their value, Pok=C3=A9mon buffs =0Asay they are a safer i= nvestment than another alternative asset that also took =0Aoff during the p= andemic: Baseball cards. =E2=80=A6=0A=0AEven some baseball players agree. = =E2=80=9CPikachu=E2=80=99s not going to tear his ACL and =0Amiss the whole = season. Charizard is not going to get a DUI driving home,=E2=80=9D =0APhila= delphia Phillies pitcher Matt Strahm said in a recent interview on =0Afreel= ance journalist Tyler Boronski=E2=80=99s YouTube channel.=0A=0AWell, I woul= d pay a lot of money for a Charizard DUI mugshot photo card. But =0Athat wo= uld probably be fake.=0A=0A=0AThings happen=0A=0ASubprime Auto Lender Colla= pse Delivers Blow to =0ARisky Debt Market. SEC c= hief threatensban on European accounting rules =0A over sustainability. The CEO Who Wants to Double the =0ASize of His Bank = to $1 Trillion. =E2=80=98The only company =0Atha= tcontrols a country .=E2=80=99 JPMorgan Sees Rec= ord US =0ABuybacks Jumping by Another $600 Billi= on. Trump=E2=80=99s =0ACFTC pick claimsWinklevoss twins meddled with =0Aconfirmation. Barings Poaching Suit Turns to =C2=A36.3 =0AMillion Paid Out Bonuses. JPMorgan Draws = Up New Plans for London=E2=80=99s Biggest =0AOffice Building . Colleges Are About to See a Big =0ADecline in Applications <= https://bloom.bg/4pkoRhI>. AI can=E2=80=99t write good analyst =0Aresearch = yet, says analyst.=0A=0AIf you'd like to get Mon= ey Stuff in handy email form, right in your inbox, =0Apleasesubscribe at th= is link . Or you can subscribe =0Ato Money Stuff = and other great Bloomberg newslettershere =0A. Th= anks!=0A=0A=0A =0A=0AFollow Us =0A Get = the newsletter =0A=0A=0ALike getting this newsl= etter=3F Subscribe to Bloomberg.com =0A=0A for unlimited access to tr= usted, data-driven journalism and subscriber-only =0Ainsights.=0A=0ABefore = it=E2=80=99s here, it=E2=80=99s on the Bloomberg Terminal. 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font-famil= y: Helvetica, Arial, sans-serif; font-size: 16px; max-width: 550px; width: = 100% !important;"> <!--[if mso]><center> <tr><td> <table border=3D"0" cellp= adding=3D"0" cellspacing=3D"0" width=3D"550"><![endif]--> <tr> <td style=3D= "border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt;">= <div style=3D"display: none; max-height: 0px; overflow: hidden;"> Opendoor= , AI, algo, Fed, Ponzi, Pokemon. </div> </td> </tr> <tr> <td style=3D"borde= r-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt; padding= -bottom: 15px;"> <table width=3D"100%" border=3D"0" cellspacing=3D"0" cellp= adding=3D"0"> <tr> <td align=3D"center" style=3D"border-collapse: collapse;= mso-table-lspace: 0pt; mso-table-rspace: 0pt; padding: 20px 0px 10px;"> <a= href=3D"https://links.message.bloomberg.com/s/c/GgsVNE8arwzUEnWqE1OsMVcjKT= FKoTo_6UBTvHvx3T1xldZE6pb4pgbfbrVCll7ailFyQqjPssxVmpMJBpbv_gGj9oJaRVptIzP8W= SgiQYa8x_aC4VAKJ8-L7u4Q-9cYAQC-KXzBJkpfUEnIflhdWIMuJDvcWafiP9PABabJsT6Id2vy= c8zgvF-L_tDTSRwp8tKze2LKy_BJMQmfxif7IOM8CfXrFkIbudUUijAeVrsZSpvEbuX1X8uZdpH= 5pADv_kotsR2njhHcIbnhjPkBi84WrEJZI9BuSi4561EORsTOIpFYeJ8mNSf_mqQGwJZtgfGcNP= 5Fh_YA-wUYfcgbmXdBOmk-uaWdF2rqK7DgEHdH3jDHVyld88FgAw/LwV4Xg6L9h22HxtmEwqwDs= 45YP-b4fy0/12" style=3D"font-family: Helvetica, Arial, sans-serif; text-dec= oration: underline; font-size: 14px; color: #767676 !important;">View in br= owser</a> </td> </tr> <tr> <td align=3D"center" style=3D"border-collapse: c= ollapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt; padding-bottom: 5px;= "> <a href=3D"https://links.message.bloomberg.com/s/c/RAXIv7Oxyh0LF0eXjOdsq= GS-W0HCMvpZVJCc_6XeJ5s44fg2yhuXs40ghPfrTjB792R4VUzlX5wlmAg9cxD7Jgh1ae1ghV1X= tcdwZ8M2n7Eaw61AFoPwR1UpgHYEYcKbs_Sog_LVChQ-Kvwr_baLZQJwOUOEaFxPvZOEWfbSIc6= 339EROeY8vnHMJsDAQzbBppjiGag2tk1Ffk8HGAY-z2Q5B_Uow-Pip0QJAY56eZ5JiMdnLUOMNN= HPvdgi14Q9MSnUPFGZdTFRQkbyjzUVZ58-PPi_FsilCYE4TbLrnqTa1Y6oHWyQEwQ9VzcTezBvk= Ecxn2MqCvG6dWNXdfWcgl2kh3M7kkWPsP5Xz2G7HxWdbHtZuxv0X7VyzA/fcBICz3HeufXINa1S= pPwBbUzsHyHmPP_/12"><!--[if mso]><table width=3D"550"><tr><td><img alt=3D"B= loomberg" src=3D"https://assets.bwbx.io/images/users/iqjWHBFdfxIU/img7rZ7yY= ddA/v0/-1x-1.png" width=3D"550"/></td></tr></table> <div style=3D"display:n= one"><![endif]--><img class=3D"logo-image" src=3D"https://assets.bwbx.io/im= ages/users/iqjWHBFdfxIU/img7rZ7yYddA/v0/-1x-1.png" border=3D"0" alt=3D"Bloo= mberg" style=3D"max-width: 550px; width: 530px; display: block;"/><!--[if m= so]></div><![endif]--></a> </td> </tr> </table><table align=3D"center" bord= er=3D"0" cellpadding=3D"0" cellspacing=3D"0" data-lt-version=3D"3.0.0"> <tr= > <td colspan=3D"2" align=3D"center" style=3D"line-height: 1px"> <img src= =3D"https://sli.bloomberg.com/imp=3Fs=3D1149004&li=3D14925530&m=3D1= e618ca1ed3ef770bf0b25ef3db247f4&p=3D09112025&lctg=3D6ab2b7de-2e48-4= d78-b91a-0ecf23e38de5&stpe=3Dstatic" border=3D"0" style=3D"display: blo= ck; max-height: 12px !important"/> </td> </tr> <tr> <td colspan=3D"2" style= =3D"line-height: 1px"> <a href=3D"https://links.message.bloomberg.com/s/c/O= 8iFs_pwdkrmfRB_p75wQfWLd8xpVXvHh9RsYm2SpHDBDWvw9sMgLZM1SjjDANORFqKgk0iLTFaY= yNo1qjx0PPSh3u4KK_JEtqo9AD9r7IB118A0NPqYtkr_FezplbaLR4uQF2FwglBQw6pDvMJ2UFK= BxYRRvh1mNYJnbsmR91xRYjtLNs5J_2X4KrIw8DnGP-CrvlrlFtncg4R5ec8fgX3CIEeMm-juH4= yP0B1tvaflxPv10otLm4yYFMztiRZXyCY1N-Ji0t-ChF2BQxqukb5nlEX65B8u3032KFcMKD-bc= DyshPC8DLWu8prqt0gxryVyrlPPcF1NVsNHXImWCo8tXln_-uk7jXTbHWEOGNWHBuQbszwgjcOS= 0TSWAdvG1I7J-HYN4yXJWnvrNgG7alNHKyEIyrCXRTsCO2fim7lMgyKDlTkHYQyRNdH6rSln2hz= W_zgoUhbE5gKqs8Tx9okYdTjAjr64vB4Ix1cs_CMfupdSlh2pXfL23-UlnwqvVjK6VOTfEVnQt_= jpIJOjsclJCuoX8b_cvNHjoVkY3FiL_o1BJ3-W16RBdaIvRlDABVLEss4173m0QOSqzDftadyMb= CAmrKg1Iu85Z-13Cx0xCdtLXNMqhvTn1u2tw-8HXr33nJiuutqOK0cBprvimy5lIL6o3A1MlMht= 3jXG8b4BvxgAMNfwv43y4RdZLEU/5TjU-tg3fbm9fR_73jfK_hHy01__5LHR/12" rel=3D"nof= ollow" target=3D"_blank"> <img src=3D"https://sli.bloomberg.com/imp=3Fs=3D1= 149004&li=3D14925530&m=3D1e618ca1ed3ef770bf0b25ef3db247f4&p=3D09112025&lctg= =3D6ab2b7de-2e48-4d78-b91a-0ecf23e38de5&stpe=3Ddefault&li_coord=3Ddesktop&c= ollapse_width=3D550" border=3D"0" width=3D"550" style=3D"display: block; wi= dth: 100% !important; max-width: 550px !important;"/> </a> </td> </tr> <!--= [if !mso]>--> <tr style=3D"display: none"> <td colspan=3D"2" style=3D"line-= height: 1px"> <a href=3D"https://links.message.bloomberg.com/s/c/F17yT_1sHB= KYOMtYnK4BXhQKueHw_9v5Ik7bZSi-Un-1lsmBcHCavtTouQDXC9bdrgm7-0SIYxdV3bqC_OGkt= eULZlOiTOioctr79Hiizati-ImpclRBvy29rwEjk2kLv4CknaoVh67PGKTgfiNekqx4baBZXFwA= ZpQjfm1poqvpPfuuWk5SUG3EwGaCMpARslwBtz4uBFUWUhJ3A4oRAumWhUa2LepCy8DFHNlEIQo= r38qa06LZwKND3ypRczUjwxagUUDjhAu2XUk07CTBZ7KHOWceLz3oIIyRqDeVpFbVpfhmWutxmi= MQE2fbLyVBDq-gV9eF6eSqyuuCC0RI4a7UiDyTeI2uTWV3jc_uejxb-kgyUdsOKJcJq5popqyA3= s0OTeiy5WmuqG2HeKO8egVy_HWNP_UPrcRiTdRbzNrzXn_lJuu2d5DV7l6kXQbySmzoU4PnVYNB= 3TPFJn07vTQryLQ4YpSn2F8W9lfctmk5ue-YAA7FlxPFYCSWbQb4qXDHjMHzD3wM9LIuaQsHR5m= AR-Z4pPjR6H1k6HxAAlys8F3Xs4fLnCVE-AbLiPF_XmYmo1bHVdIzkgiyRzTjul77imwbGJoT2L= 3ebAmcarTyO6GyAuJ-rfvyRnygeBaWVGrUJqzKGolTZA9EUWdNCC6Rz1ZECd6wSOE3iynDdMzpY= n92PPrebzwlwQMt4BM/Jk9AWRJuswkT1xXhmYCRI816IkkFrGKJ/12" rel=3D"nofollow" ta= rget=3D"_blank"> <img src=3D"https://sli.bloomberg.com/imp=3Fs=3D1149004&li= =3D14925530&m=3D1e618ca1ed3ef770bf0b25ef3db247f4&p=3D09112025&lctg=3D6ab2b7= de-2e48-4d78-b91a-0ecf23e38de5&stpe=3Ddefault&li_coord=3Dmobile&collapse_wi= dth=3D550" border=3D"0" width=3D"550" style=3D"display: block !important; w= idth: 100% !important; max-width: 550px !important;"/> </a> </td> </tr> <!-= -<![endif]--> </table> </td> </tr> <tr> <td style=3D"border-collapse: colla= pse; mso-table-lspace: 0pt; mso-table-rspace: 0pt;"> <table width=3D"100%" = border=3D"0" cellspacing=3D"0" cellpadding=3D"0"> <tr> <td style=3D"border-= collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt; line-heig= ht: 150%; padding: 0 10px;"> <table width=3D"100%" border=3D"0" cellspacing= =3D"0" cellpadding=3D"0"> <tr> <td style=3D"border-collapse: collapse; mso-= table-lspace: 0pt; mso-table-rspace: 0pt;"> <h2 style=3D"font-weight: bold;= font-family: "Arial Black", Arial, Helvetica, sans-serif; letter= -spacing: -1px; font-size: 20px; border-bottom-width: 1px; border-bottom-st= yle: dotted; margin: 0px; padding: 16px 0px 5px;">Opendoor</h2> </td> </tr>= </table><p style=3D"margin: 16px 0;">One theory of meme stocks is what you= might call =E2=80=9Ctechnical.=E2=80=9D This theory is: If a lot of people= on social media decide to buy the same stock, it will go up. If it goes up= , the people who bought it will make money. Therefore, they should buy it, = to make money. There are flaws in this theory (eventually you run out of bu= yers), and more complex variations on it (<a href=3D"https://links.message.= bloomberg.com/s/c/qNIeJBOy_BV7En91ZtaQ2rGrJ5cAG2a9Lexi9pi8MsHWi0JiLfN9YABwe= 94EeCH2mCMWhEvwJ2RTa25KYnbAdH4NfF93ZoE58mvmJAbISd2jpge48bgzi_ztqz4-LTJABEOe= JxsB3dATH15-xIhMsjJs874Rc_QJvfyd5NElgNvMRZaqIr0aazKnPuJlyM_mi1so4GjwLmf3Qx_= 7VuSZ5Jkk2qSvbp4R9-kUOKAK6o1jdfag1-OHaU3iydypTSLu1Lgev5C99l7ZjdflS3RSK9TAwY= uUFHAyDv2hZDzWlZxoQWeZ4cgvvpOsh-Y5Qjq7DzWZjW0EmJ9klkhmV4rXu3dpp9IU6weWLF8ed= j3qHjKpsWoHJ-G7YFe3Hw/cNhTNCb4w3sBSHfpPInFE3DrvD7Wscpq/12" itemprop=3D"Stor= yLink" itemscope=3D"itemscope" target=3D"_blank" style=3D"color: #000000; t= ext-decoration: none !important; border-bottom-width: 1px; border-bottom-co= lor: #000000; border-bottom-style: solid; background-color: #ccc;">short sq= ueezes</a>, <a href=3D"https://links.message.bloomberg.com/s/c/wPp2RpMLj9rz= YhSpucJbm3bZyTPKYNnbdrP4MEePXtabFG9BIKvfAYIiA4BA__48cWHre9_FrsFVa9HOBoOoHzD= _Z1KNoYbxqP-YX4ZaSfvne-wEcCVlBm1DPgQLg6fUm_LKBjnLxK3JmUuEUvqdeyNG5qPLVgdyPh= PWgtT7fc7G4-xEPTMtSmaMz0yTBLZHGQOuQqgZgW2-Or2KoaABb4-ql6o9TxEQ93rXQJy-cd0Mw= OQpH1RJ8qP2YQTmw2THOkWa23J2obT38H7akyyvfhPLb5ECwKZ4mQiBp2gJN5LFA251ODa2jh5g= GI-JTrKYKoQkQk0TyyOcVsAopaOJurpbErvHRNIp5vEgMLEE2f6zeii4k4vtiiaNlQ/OFcPdF_F= ITZNHFmn7iyEB7M-PpoHeZov/12" itemprop=3D"StoryLink" itemscope=3D"itemscope"= target=3D"_blank" style=3D"color: #000000; text-decoration: none !importan= t; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-st= yle: solid; background-color: #ccc;"> gamma squeezes</a>, etc.), but the im= portant point here is that this theory is essentially self-referential. You= buy meme stocks for the meme; you make money because the meme is popular, = because people buy the stock. The=C2=A0actual business of the company<em>= =C2=A0</em>is not particularly relevant. A certain sort of consumer-facing,= nostalgia-driven business might be helpful=C2=A0<em>for the meme:=C2=A0</e= m>If stock investors are more likely to buy stocks with nostalgic associati= ons, those stocks will be more meme-friendly. But the meme-stock effect wil= l not work through, like, increasing quarterly profit margins. It will work= through memes.</p><p style=3D"margin: 16px 0;">Another theory of meme stoc= ks is what you might call =E2=80=9Cfundamental.=E2=80=9D This theory is: If= a lot of people on social media decide to buy the same stock, it will go u= p. If it goes up,=C2=A0<em>the company </em>will improve. It will make more= money and become more valuable, retroactively justifying the people who bo= ught the stock. The meme attention will cause improvement in the underlying= business.=C2=A0</p><p style=3D"margin: 16px 0;">This strikes me as a weird= theory on first principles.=C2=A0Usually the causation is reversed: Usuall= y the stock goes up because the business has improved, rather than the busi= ness improving because the stock went up. But it is not impossible. In Janu= ary 2021, during the great meme stock rally around GameStop Corp. and AMC E= ntertainment Holdings Inc., <a href=3D"https://links.message.bloomberg.com/= s/c/_yxbRwwyNpA4c8kY008GTEAX2p1ZnBgCNzSM2WOzUNc8z-V9dxmON000Nv4600OnlOpP74V= fadN7YNDmw8Ak_eCBUPkhdfCVxYcIYPO-zQ7vms3t9xfLywrKL6fvre61lZ8qJFCNKjYaU8VPUd= TVUKRy_jVfcyw_JXg5VoVHAVbKCEZMR72QFMtG6DNMhaXSmwuQFmR85Kyl0s6ufsMPoBKykCxyg= HuPvZS3qYU61Gg-1o5BXrBvDgxoWezvM9O-O9ioswSNtGiSK06JrcuuyZBMC1TwWGoB8yKpaPnv= Qq7_pBWA8C2UYuH8f-TfA6_9Yhb5bgnDWERYFaDzukO2-sXrKB_Pt6jE5_O59l6L86ZivgYILDP= -7oflKQ/M3ZmD4vw217MAnUr8ugPVpikA-WuddDy/12" itemprop=3D"StoryLink" itemsco= pe=3D"itemscope" target=3D"_blank" style=3D"color: #000000; text-decoration= : none !important; border-bottom-width: 1px; border-bottom-color: #000000; = border-bottom-style: solid; background-color: #ccc;">I noted that</a> the m= eme-stock rally really did improve AMC=E2=80=99s fundamentals by helping it= pay down debt: =E2=80=9CA week ago it was not crazy to think this company = was doomed; now it is entirely possible that it will survive and thrive and= show movies in movie theaters for decades to come because everyone went nu= ts and bought meme stocks this week.=E2=80=9D=C2=A0In June 2021, a few mont= hs into GameStop=E2=80=99s rally, we talked about the possibility that the = rally had sparked fundamental improvements. <a href=3D"https://links.messag= e.bloomberg.com/s/c/jow1yivPTX4RLroMRH6b7fkByndA7xWqrCF7vBWyP330byc-01k1gbK= oqc-qlSzI_1ntucf_ek2zE6fROjyfZKnU5SO_7bu0XlnElXDN7Wi7UXldCrjOYCcMlEauDWeamm= JapBvm3jygwHtj7HhfG8_Wb3yvMLhP7QAJW8bYyoddp8D7TQbl_i02waRMKNsQn0k4SJoLpr2lp= pAQkUHEvJi4w7hVlkOtCQAkGAJiVaG73WQ_pJSqi1hwJbl8sb1H3TrCr0jItNkcUV5my6CKM7yY= IAW9PoapS2XzMAX9kH_4EOXMcX914kRTQPyUe4Toh61QRKIK-a4EQMqS-3NXxfbRzvhMwWlBdYR= ZDbpiBrMSuU9MG9oDm3m1iw/oGEOj7a4EuWZf3WP5_XR5S9ONDWeb-aY/12" itemprop=3D"St= oryLink" itemscope=3D"itemscope" target=3D"_blank" style=3D"color: #000000;= text-decoration: none !important; border-bottom-width: 1px; border-bottom-= color: #000000; border-bottom-style: solid; background-color: #ccc;"> I wro= te</a>:</p><blockquote><p style=3D"margin: 16px 0;">By paying a ton of mone= y for GameStop stock, its shareholders have inspired its executives to work= harder (and hire better executives). They have inspired those executives t= o think bigger; if you run a $20 billion company you will naturally make bi= gger plans than if you run a $300 million company. They have certainly ushe= red in a whole new era at GameStop: the era in which it is a meme stock wit= h an enormous valuation. Perhaps also an era in which it justifies that val= uation.</p></blockquote><p style=3D"margin: 16px 0;">GameStop is now an $11= billion company so, you know, mixed results, but not nothing.</p><p style= =3D"margin: 16px 0;">Opendoor Technologies Inc. <a href=3D"https://links.me= ssage.bloomberg.com/s/c/K6sfuO2z1hYXruHPZgnC3JxkBaGWZrHs_x8z3nKQ1uhcSFzNh48= 3rOwzXRthX-ehdj1rBIdwDnmwrZ0KKYRh42MBLcHOhPnlh-Z076VeVRN6Qclv8Pv7C6QknWmrRU= o_LvnqQ0e40BSg9XwNOmCTOs6oc5vdLo7Be-KPuYZRsyba0jFdwRyxb_hRcwUGrMx0fF6h3-0LE= te2Xq2A-s8NonLijnit99UD0A19NY3_RPUQw7X6X3b8xL3Gp3_HECxJvtghHiCVKOKUAJuQXnmc= gDeeTp5CM2WOkWrsAqWnS4eZoptNNiZ_MRkdxs_8Ei2TM5tzJ9LxAfz03IAtuWl_EwX6bk5E86A= PYEGzZjRkqhQgMieBrFOZdZ9VfQ/N30XbW4Zn4mugXjbfSnrrLIyy5IxZYTb/12" itemprop= =3D"StoryLink" itemscope=3D"itemscope" target=3D"_blank" style=3D"color: #0= 00000; text-decoration: none !important; border-bottom-width: 1px; border-b= ottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">= has been a meme stock</a> for a few months now, and we have discussed that= at a =E2=80=9Ctechnical=E2=80=9D level. (I=E2=80=99ve <a href=3D"https://l= inks.message.bloomberg.com/s/c/oQLbBNkbbfpEQJf-OWi_sE4Eea1obsLKAFawHEwkyggz= xTXx4S4iJW3sFh6wKMriZEpmXxufAVueywNRLppcTaX37pAJ6wtaRqHbd03xqHNG6wAt7bUzSRz= tp0-TQ9b3SFQBbatJ3Fm2Mk2avsL3maMoYSM79eU1xs7FKFImBD2rgu4QEmVRAQ5L-i592GSfJx= T5cZ0dDYBMJjT01lOdYiqCtmYEHNKOBuqawtq0OVoNojt1plYJjXfFUs5wgWcvsoeCZLvfXEb5j= 8sJVheYOonDYV10DynjiEk4bO3LbdWzFsDI_mdsd-CM6FoT5oNJTPV5DD2Jmc0V995q5ljKqzKE= 2BmVqOZIaWoGBo-J1Ad-0oSsz-LDRW0kZgM/_x5b1ulk1cd9wL_0KbbP5bO3RdHmoBDB/12" it= emprop=3D"StoryLink" itemscope=3D"itemscope" target=3D"_blank" style=3D"col= or: #000000; text-decoration: none !important; border-bottom-width: 1px; bo= rder-bottom-color: #000000; border-bottom-style: solid; background-color: #= ccc;"> speculated</a>, for instance, about the role of large language model= s in coordinating meme-stock investor attention, and=C2=A0about Opendoor bo= oster Eric Jackson=E2=80=99s <a href=3D"https://links.message.bloomberg.com= /s/c/RnzkmeR1mGBZe9ApbsrmdXyuJdvTYbNDyM7B6SsIZk3BecPtSkmR3RX7N_iiATloKRkadS= WFX94P3eW5JGtCwbuaR40kCDKUENqBlNz7xrSC5wB0ivEFvnJTQxnZ3ZhMTMTuaiBg_ZcE2gWrD= 2TcZcJgXTnl2bZSKPVSYuTS6z59GARarRSTKQf3Nmm78DsWCYA129sI4Ec8SK6Zv3M-owZGzZl-= zYm3ISj2hvkxwCvUpVWyOP6CSI5kDiVOyV_OeqP1AIWThAxBe94vHm3R-sLqysIJTuOvl5B00P2= _BfnZhe837EpxT8VIS7wq-npxiLip-YLKpBvyg1Nfq3agThiQOPzwGv7jn0hex61wphJh7XVa2d= l4HAmSZ3M/RBL2mg0gdk8-uAIsU-kNr09PaRievaiF/12" itemprop=3D"StoryLink" items= cope=3D"itemscope" target=3D"_blank" style=3D"color: #000000; text-decorati= on: none !important; border-bottom-width: 1px; border-bottom-color: #000000= ; border-bottom-style: solid; background-color: #ccc;"> schtick</a> of tryi= ng to get Drake to buy the stock.) But arguably there is also a fundamental= story. Bloomberg=E2=80=99s <a href=3D"https://links.message.bloomberg.com/= s/c/3ZKlQ3tO0d5yj_CBSDojH5GcbXLY9C1T-M7s-xU_rc9elCYm4fAXysp_S7ueUzyoVEd_h2Z= zou7srObSMIAwGZF3QIF4Qh6vbzGnP0rHRiVUGKb8y0apZMKt0Fo84Aru7NUYKMs0yzp_6hwBpn= MXI7aIREhjjUFCBpM74c7SNIC3ls4L0K3S_M4VXDpqJyn4hTSH4znhstCZkOBdH4CbPCAFttel-= ST_9jA7BS_Kyp8xjbw0J6REgEFpPjiHQe2MHv41WmiV0XC-5Oxrofaptxg8j4b4P_pVVg6KqD0D= a8JeAH3EkHc-X06BSWKouoc-K7K_EnrPiDczhdWbQIF4kdYERTjK4zH6PQq1lZOXAR83q5DG2bs= 4gaJvJgo/8YYETXHcLYlpazgcutBJW4crVYH63AHm/12" itemprop=3D"StoryLink" itemsc= ope=3D"itemscope" target=3D"_blank" style=3D"color: #000000; text-decoratio= n: none !important; border-bottom-width: 1px; border-bottom-color: #000000;= border-bottom-style: solid; background-color: #ccc;"> Norah Mulinda report= s</a>:</p><blockquote><p style=3D"margin: 16px 0;">Opendoor Technologies In= c. shares surged by as much as 69% Thursday after announcing the return of = its co-founders to the board and a new chief executive officer.</p><p style= =3D"margin: 16px 0;">If the advance holds it will be the biggest one-day ga= in for the home-flipper turned meme stock on record =E2=80=94 continuing it= s blistering 450% run up since mid-July =E2=80=94 after the real estate com= pany said co-founders Keith Rabois and Eric Wu will rejoin the board and na= med Shopify Inc.=E2=80=99s Kaz Nejatian CEO.</p><p style=3D"margin: 16px 0;= ">=E2=80=9CIt=E2=80=99s everything I could=E2=80=99ve asked for and more. I= t=E2=80=99s a dream team,=E2=80=9D said Toronto-based hedge fund manager Er= ic Jackson of EMJ Capital Ltd., who had bought Opendoor shares at around 70= cents, in an interview. The stock traded to as high as $9.94 as of 11:50 a= .m. New York time on Thursday. =E2=80=A6</p><p style=3D"margin: 16px 0;">T= he management change comes just weeks after former CEO Carrie Wheeler stepp= ed down following increasing pressure from shareholders and online chatter = doubting her ability to lead the company. =E2=80=A6</p><p style=3D"margin: = 16px 0;">=E2=80=9CThe share price is the quantitative measurement of sentim= ent around this business,=E2=80=9D Anthony Pompliano, CEO of ProCap Acquisi= tion Corp. said in an interview.</p><p style=3D"margin: 16px 0;">Pompliano,= who is a prominent cryptocurrency investor and podcaster, announced that h= e bought shares of the firm last month and has since been continually touti= ng the stock on X.</p><p style=3D"margin: 16px 0;">=E2=80=9CSixty days ago,= it was left for dead,=E2=80=9D he said. =E2=80=9CToday, there are thousand= s of investors who are very excited about the prospect of this business, an= d they believe that it is in a much better position than it was 60 days ago= .=E2=80=9D</p></blockquote><p style=3D"margin: 16px 0;">=E2=80=9CThey beli= eve it is in a much better position than it was 60 days ago=E2=80=9D becaus= e it=C2=A0<em>has=C2=A0</em>made management changes to respond to retail-in= vestor pressure.=C2=A0=E2=80=9CRetail Investors Just Pulled Off One Of The = Best Activism Campaigns In Recent History,=E2=80=9D Pompliano <a href=3D"ht= tps://links.message.bloomberg.com/s/c/LNFFKO_8qNSlKv81JH2Y4-Cp9NgW_DjSmMzEX= qN6RJUHr-s1sbayN-O0ASJHSKCeCovQ67NEECadLH1nD7BI_uh4HtaJ_w9jzA8cHcppMnqfRwaG= xOy8P8FEOZBRhwqtkCVhBa5j9pO501Asc4qHbNC1QC24h06wrxBuQpdI48GJcJAIDnTP3VXTXMu= A3pi--wncrizO64H_ujJ4AddWUVL24izLS0vpORanu4t2Iid1HxKcnqPx21jUgA3QMGeF9b3ZbJ= iKLGEpZmvpCD6GMItBUznlWjyrhWoos4xe4TH1UiHNbJuhlHpTp3_zjKTVYMqavlGK84prn6Qvm= U7hzKeJkdliD8wkCWPXcNVz5pO9Y2ZqTinUzZXC81I/eicfTpGwfTIaYdcrT6wgWjJVRBtS_olB= /12" itemprop=3D"StoryLink" itemscope=3D"itemscope" target=3D"_blank" style= =3D"color: #000000; text-decoration: none !important; border-bottom-width: = 1px; border-bottom-color: #000000; border-bottom-style: solid; background-c= olor: #ccc;">wrote in his newsletter</a>:</p><blockquote><p style=3D"margin= : 16px 0;">Retail wasn=E2=80=99t just buying the stock. They began bombardi= ng the company with pressure to improve the business. Within weeks, the exi= sting CEO had stepped down. The remaining management team committed to not = sell any of their stock. And the interim leader of Opendoor personally purc= hased equity in the stock market. ...</p><p style=3D"margin: 16px 0;">The p= ressure continued. They wanted a new CEO who understood artificial intellig= ence. They wanted Opendoor co-founders Keith Rabois and Eric Wu back on the= board of directors. And the retail investors were not going to rest until = they got what they wanted.</p><p style=3D"margin: 16px 0;">Hundreds of twee= ts per day. Some nice, some not so nice. Just a relentless campaign to effe= ct change at a business that these retail investors saw potential opportuni= ty in.</p></blockquote><p style=3D"margin: 16px 0;">And they got what they = wanted: Rabois, Wu and Nejatian. Opendoor <a href=3D"https://links.message.= bloomberg.com/s/c/PbaqLEqko2NltdKhmxKd5w_rBut8TTASTxUuircEV7ibRWrRtxlM7628f= IRCR6Z24zLYTJ1c9NZpdAyetQ9oAjKdd0kQn13pukcpcbQXq5MXMfgmcJ4_Bh9Y74PK3GRcy2un= unkAI2TgJokFdjKQBokldO-zYSZhF3jxjT3s2ToUUv36DPk-oMc-H2LyKp5NEsVwSx5H_4heNSi= AUPpSN0VT2FW8xT9nDB76qKM-dvB9eSN5CbCUp53NvGgydkcV3F562iVOP0l8FdBIAP5Ul2LPQR= llcUFZSLnJr0XdYmT4Vx9snuvu7_lNOAwPhQZdO6SkFUAGCe3alrZwvC8ySthFM8IEYIQA8ZTrJ= HkVaonWANnaes-2k0uIOjo/aaCpIYfBBxylVcc1n3N_-2XbLdr6mIBf/12" itemprop=3D"Sto= ryLink" itemscope=3D"itemscope" target=3D"_blank" style=3D"color: #000000; = text-decoration: none !important; border-bottom-width: 1px; border-bottom-c= olor: #000000; border-bottom-style: solid; background-color: #ccc;">also an= nounced</a> a $41 million private placement of stock to Khosla Ventures and= other buyers at $6.65 per share (Friday=E2=80=99s closing price), providin= g some institutional validation to the otherwise pretty meme-y stock price.= (The stock was at $0.51 in June.)=C2=A0Nejatian=E2=80=99s pay package incl= udes $30 million (in cash and restricted stock) as a make-whole payment =E2= =80=9Cin respect of compensation awarded by his former employer that he is = forfeiting,=E2=80=9D as well as a performance-based package of up to 81.8 m= illion shares of restricted stock, which would be worth more than $800 mill= ion at that $9.94 peak price. (And more than a billion dollars if he actual= ly improves the business beyond current market expectations.) In June, Open= door=E2=80=99s market capitalization was under $400 million; now it=E2=80= =99s over $6 billion. If you can pay your new CEO <em>$800 million</em>, yo= u can probably get a pretty good new CEO. Because Opendoor is a meme stock,= it can.</p><table width=3D"auto" cellpadding=3D"0" cellspacing=3D"0" align= =3D"center"> <tr> <td colspan=3D"2" align=3D"center" valign=3D"top" style= =3D"padding:0 0px"> <a href=3D"https://links.message.bloomberg.com/s/c/VTMI= _b0DO34DQPk12dUqwAzoI3pLVuGT8l1Opx3nlEWZAyJyX8V7ypPanjNzJHWZ9wDF4f5TYpf4W46= dLVNlN4J3KdMutbLSShUV5a4-9HOxI0wzFeDU8bnxKdqwTz3ke-9lw0iJhqw-ewjrLIkpje2HPy= NLeAbzKIClsmiC21Lw8ssQY6e2Yahi35FdpmnSuPKoTgKB95wJTdEBXSkqh4TDFcft6w42LGOV1= VeCnTbMNUnTlGhhn3m9TQFinvROw2VJQKW2WK5QLlIgpk-Ly1tKm_B37nAzGqKJExapUveGio9m= yTk3VaRodXz62K9rkY-k3ZslsA5gqxnCHn6ph191g4Ix8zHLqNQa-yO8T5b_7uM0zAwTcTylfb0= Su5VwXB3U42rE0Ck6VCeXBjJGeXB6mUHMU39gpf1RtGjXnP_nEpXlB9d7YVfhQff_XwqJm-6V6g= g3RwbPg-rNmInpFDJCkscsJoUcptW8QgkeiJPGQQ6ePBovrm6CKuPjn1mKpko0qZzYzV7zzM1wT= R3LNdYOvZtsqdiDpbjJDn5GBgSCy9R0pK04ArVj-2SnD3wnb8Rh0ZzSZrO3AyEOQX0qGulIWwZ0= 9ClkCI2KHK92NdVkygqik2mRfukGM2ZDqIHg8HfZ8HtQwU4INk-k9SS_9kHxu37TSFD-PikkjGZ= 8JtC5uZx-QF4lzWOqDL2tXg/xq44co3qTyjTSzKnbGAQiPIlGW4hV5zv/12" target=3D"_bla= nk"> <img src=3D"https://sli.bloomberg.com/imp=3Fs=3D868432&stpe=3Ddefault&= li_coord=3Ddesktop&collapse_width=3D550&li=3D14925530&m=3D1e618ca1ed3ef770b= f0b25ef3db247f4&p=3D09112025&lctg=3D6ab2b7de-2e48-4d78-b91a-0ecf23e38de5" w= idth=3D"550" border=3D"0" style=3D"display:block;height:auto;width:100%;max= -width:550px;" alt=3D"" class=3D"lihide"/> </a> </td> </tr> <tr> <td colspa= n=3D"2" align=3D"center" valign=3D"top"> <!--[if !mso]><!--> <div style=3D"= display:none; overflow:hidden; width:0; max-height:0; line-height:0;" class= =3D"lishow"> <table width=3D"auto" cellpadding=3D"0" cellspacing=3D"0" alig= n=3D"center"> <tr> <td align=3D"center" valign=3D"top" style=3D"padding:0 0= px"> <a href=3D"https://links.message.bloomberg.com/s/c/b3wqCNsjKpNgsuDjjYN= YvPovzUKaLByO6sMlcRqDVpw0Rym4xtGfmISYIswYzoCz7W78lF0mJFHkfnF3n6TMnN6ZpDktBh= C_YiypWZx928tt4YbAd-ULvIySNz26kgWM7ugP41ed7gKwaMAai1Cmc34s_nIbDl-0YSOFnMGMT= mTp3Ay6daqme33mAGhpqk80zL45yftcdPYqIkw7NlVptmXjPuVuBhz6hY6WkKK_XP1WSDe3nf1K= CGZrNPf-Y2-BMHkkX2pBmlqtZuKbDAvC4S91Pfw2vmfplKjWJ2W4pN7-CM6AauUoNEnE2goJ233= 0L2H0mW8AKVWjoG_P3kg_-yVFydTeGiPlcjUaQNMC2EoBB_JvxNdB3VVly1sAkZlorhcgCbPKEU= 5SwOS4Sq8zTLffjUUdnf5L7Hq6d9CxobeAHGi6Hc8yE8tIx8hZbJyAXjWpy2nY5s83IrhRboiT1= B9aI23NzSy4Sc1mNAjymyrUyylLZunDoV0-XxIboFlAK_ykZ-OBsuBFUWRXMzo0T99edZQxVVPb= LCbqMVm0Dq_KoLd8DL2_kuZSz1ne0ufjKDd0rEhRmrJqw3t_w5SczcUKlZpl0oyW7WNRXXoWGvm= zWQuSKS-SLYaQolStUDL-YNMC7YhuGDMTgT66rU6T08-UCShcQzHaXzSbTwu2uqwJtOvmQrbuSo= wvO86xlA/Z6Q8Pzbg2WoJwJvRESdEiIdLuVkOTSuS/12" target=3D"_blank"> <img src= =3D"https://sli.bloomberg.com/imp=3Fs=3D868432&stpe=3Ddefault&li_coord=3Dmo= bile&collapse_width=3D550&li=3D14925530&m=3D1e618ca1ed3ef770bf0b25ef3db247f= 4&p=3D09112025&lctg=3D6ab2b7de-2e48-4d78-b91a-0ecf23e38de5" width=3D"100%" = border=3D"0" style=3D"display:block;height:auto;" alt=3D""/> </a> </td> </t= r> </table> </div> <!--<![endif]--> </td> </tr> </table> <table width=3D"10= 0%" border=3D"0" cellspacing=3D"0" cellpadding=3D"0"> <tr> <td style=3D"bor= der-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt;"> <h2= style=3D"font-weight: bold; font-family: "Arial Black", Arial, H= elvetica, sans-serif; letter-spacing: -1px; font-size: 20px; border-bottom-= width: 1px; border-bottom-style: dotted; margin: 0px; padding: 16px 0px 5px= ;">AI MTM</h2> </td> </tr> </table><p style=3D"margin: 16px 0;">If you are = an artificial intelligence researcher at a big tech company, it is plausibl= e that your market value a year ago was $1 million a year, and your market = value today is $100 million a year. Which is more. You have a large gain in= theoretical value, but you do not want theoretical value; you want money. = The simplest way to turn your market value into money is to go to your boss= and say =E2=80=9Chey, I think I am underpaid, I would like a 9,900% raise,= =E2=80=9D but that probably won=E2=80=99t work. Your boss is not accustomed= to giving 9,900% raises. To mark your compensation to market, you need to = test the market.=C2=A0</p><p style=3D"margin: 16px 0;">This is particularly= true if you work at Meta Platforms Inc., which has for years employed AI w= orkers at regular-ish big tech salaries, but which recently went on a spree= of hiring outside AI workers at nine-digit salaries. You might reasonably = assume that the rate Meta will pay for outside talent is roughly 100x the r= ate it will pay for inside talent, which means that if you are inside talen= t you had better get outside. The <a href=3D"https://links.message.bloomber= g.com/s/c/CMr26F4oUWc3cGEDkWtNKwrgrMRq63RIY3Qujs9qRrtQOpI948iC8gvTwDOfzd3Vl= 3ONUD1QFbBgFihPtJu9WDOcu8Jw8eMn42rElYa77AI_s9_FeHvtXM07M9Ba5BPVZ39KMlyPJpXh= 7xf_y6K6W3CDy0iwUTsvLMrN9AlpEBvC4_0vUZMLD2Y2L254pRMGsDd_UTMl6IRPX62KHqpzzeC= OUajlKWdPD4Haz4-ZcpVyvT1Nosq2rVzm6bvz30ZBgti9tW8_pLGptwetrFv80QGkS6-RIyCdq1= Cy4HrXp12nYQtNzr3eJBjWljMWHuV5IvFeZGKAQBe4Pd_yqm927RtWcJ1P2b5JaHucvEx2IMfUU= 8AvSIShA8TgXVE/wx5JPYtv6CByFK71HyBTkPKz4ISdLNMS/12" itemprop=3D"StoryLink" = itemscope=3D"itemscope" target=3D"_blank" style=3D"color: #000000; text-dec= oration: none !important; border-bottom-width: 1px; border-bottom-color: #0= 00000; border-bottom-style: solid; background-color: #ccc;">Wall Street Jou= rnal reports</a>:</p><blockquote><p style=3D"margin: 16px 0;">Some Meta emp= loyees have had success leveraging competing offers to get a share of the m= oney and prestige Zuckerberg has been lavishing on outside recruits. In Jul= y, a handful of employees from one of Meta=E2=80=99s AI infrastructure team= s secured offers from former OpenAI executive Mira Murati=E2=80=99s new AI = startup, Thinking Machines Lab.=C2=A0</p><p style=3D"margin: 16px 0;">After= the employees took the offers to Meta, their compensation was increased an= d they were moved to the TBD Lab team. A spokesman for Meta said the compan= y had already been planning to move those staffers to the new team and adju= st their compensation =E2=80=9Cregardless of any recruitment offers they ma= y have received=E2=80=9D and that the company hasn=E2=80=99t made counterof= fers to employees threatening to leave.</p></blockquote><p style=3D"margin:= 16px 0;">And given the volatility in this market, it pays to be a high-fre= quency trader. If you get hired at $20 million this week, you might be wort= h $60 million next week, in which case you=E2=80=99ll just have to quit and= get hired again:</p><blockquote><p style=3D"margin: 16px 0;">Shengjia Zhao= , a co-creator of ChatGPT, joined Meta in June, but decided within a week t= o return to OpenAI, resigning from Meta and signing paperwork to rejoin his= former employer, according to people familiar with the matter. Meta manage= d to retain Zhao by offering him the title of chief scientist=E2=80=94and t= ripling his compensation.=C2=A0</p></blockquote><p style=3D"margin: 16px 0;= ">Only fair, honestly. I suppose if the market price for AI researchers goe= s down, they=E2=80=99ll fire him and hire him back at a lower rate.</p><tab= le width=3D"100%" border=3D"0" cellspacing=3D"0" cellpadding=3D"0"> <tr> <t= d style=3D"border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspa= ce: 0pt;"> <h2 style=3D"font-weight: bold; font-family: "Arial Black&q= uot;, Arial, Helvetica, sans-serif; letter-spacing: -1px; font-size: 20px; = border-bottom-width: 1px; border-bottom-style: dotted; margin: 0px; padding= : 16px 0px 5px;">Robot interns</h2> </td> </tr> </table><p style=3D"margin:= 16px 0;">Two bits of conventional wisdom in modern finance are:</p><ol sty= le=3D"list-style-type: decimal; padding-left: 40px; margin: 16px 0;"> <li s= tyle=3D"margin-bottom: 5px;">The rise of artificial intelligence will be ba= d for=C2=A0<em>junior=C2=A0</em>employees. For a wide range of roles, finan= cial firms will still need senior employees with market experience, good ju= dgment and client connections. But a lot of the grunt work that used to be = done by junior analysts can now be done by AI; the senior people can be mor= e productive supervising an AI than they can supervising three analysts. In= the long run that might be bad =E2=80=94=C2=A0you can=E2=80=99t=C2=A0<em>t= rain=C2=A0</em>new senior people without hiring them as junior people and g= iving them the grunt work =E2=80=94=C2=A0but in the short run it=E2=80=99s = efficient, and in the long run I suppose the AIs will replace the senior pe= ople too.</li> <li style=3D"margin-bottom: 5px;">All the senior traders go = on vacation in August, so markets are thin and weird in August because ever= y trading book is managed by a nervous first-year analyst keeping the seat = warm.</li></ol><p style=3D"margin: 16px 0;">The synthesis of these two idea= s is =E2=80=9Cnow, in August, the AIs manage the trading books,=E2=80=9D an= d that is roughly true. Bloomberg=E2=80=99s <a href=3D"https://links.messag= e.bloomberg.com/s/c/xVgYOOdRRBQc61uO-ulkqE4CWVhdFPiXQmASjGzmn2v6gRihhALanP1= 3gwT_lNPZbZe0PsUMEMWPGRdDQ5Pa7vmR82DBTu24YIAkj_Fhx__GIFtD_GngyBBICZ0y9NA0ce= 0MDpzEyX0GOTg1u5bM6VT4v1TQUIlcp7FFMRSbXbVOi7__sPrk7oY2ts0KzdD8ZkmcbY2ddbnZs= NMUdRU97sV6ps_Dwgnks4Jd0a_9YYXz6StpPiQfZ9swc9mzG7Nu9Sbx6RmYLne47of2JRaHAoII= 0ozL8yrtQ1KvPAAM02QMBRdxYHav9kQbIX5Cnow2Ali0LYvVaJKl8btjP32cNpaZH-d22eIfdaM= znr-JlKLLecSDtaYkP9xMsDY/AqFnNTWApN-AuoNjIDbSjd3mZadV2-H-/12" itemprop=3D"S= toryLink" itemscope=3D"itemscope" target=3D"_blank" style=3D"color: #000000= ; text-decoration: none !important; border-bottom-width: 1px; border-bottom= -color: #000000; border-bottom-style: solid; background-color: #ccc;"> Isab= elle Lee and Caleb Mutua report</a>:</p><blockquote><p style=3D"margin: 16p= x 0;">In August, as US credit traders go to the beach, algorithms are incre= asingly stepping in for them, allowing transaction volume to stay relativel= y high even during a traditionally slow period.</p><p style=3D"margin: 16px= 0;">Algorithmic trading accounted for more than 40% of trading in the US h= igh-grade market in August, a percentage that has climbed steadily since th= at month in 2020, when it was less than 10%, according to data from MarketA= xess Holdings Inc., an electronic trading platform. In the last four years,= algo activity usually dipped in September and picked up again in the last = three months of the year, underscoring how automated trading helps to susta= in volume =E2=80=94 particularly in block sizes =E2=80=94 during the summer= and year-end holiday periods.</p><p style=3D"margin: 16px 0;">Credit trade= rs are increasingly relying on algorithms, decades after they began dominat= ing equity markets, and they have become reliable stand-ins when activity w= ould normally sag. The result has been smoother markets with less volatilit= y and lower trading costs.</p></blockquote><p style=3D"margin: 16px 0;">But= how will the junior traders learn how to manage a book, if they don=E2=80= =99t get to do it in August=3F</p><table width=3D"100%" border=3D"0" cellsp= acing=3D"0" cellpadding=3D"0"> <tr> <td style=3D"border-collapse: collapse;= mso-table-lspace: 0pt; mso-table-rspace: 0pt;"> <h2 style=3D"font-weight: = bold; font-family: "Arial Black", Arial, Helvetica, sans-serif; l= etter-spacing: -1px; font-size: 20px; border-bottom-width: 1px; border-bott= om-style: dotted; margin: 0px; padding: 16px 0px 5px;">Fed independence</h2= > </td> </tr> </table><p style=3D"margin: 16px 0;">Just as a general commen= t: With the rise and normalization of prediction markets, you=E2=80=99re go= ing to see a lot more papers like this:</p><blockquote><p style=3D"margin: = 16px 0;">We study how financial markets price threats to Federal Reserve in= dependence by analyzing one of the most direct challenges to Chair Powell= =E2=80=99s tenure on July 16, 2025. Following media reports of escalating e= fforts to dismiss him, prediction markets sharply repriced dismissal risk w= ithin a two-hour window, creating a unique high-frequency setting to estima= te market responses. Regression estimates imply that the certainty of Powel= l=E2=80=99s dismissal could erase $0.88=E2=80=931.51 trillion in total mark= et capitalization. Losses were larger for financial and credit-dependent fi= rms, consistent with the credit channel of monetary policy transmission, an= d for high-beta firms. Treasury yields declined at short maturities but inc= reased at longer horizons, steepening the yield curve, while the dollar dep= reciated against major currencies. These results show that markets price no= t only near-term policy-rate expectations but also the Federal Reserve=E2= =80=99s ability to act independently.</p></blockquote><p style=3D"margin: 1= 6px 0;">That=E2=80=99s the abstract to =E2=80=9C<a href=3D"https://links.me= ssage.bloomberg.com/s/c/gQbSoATPJtuMJNOhmCKPkNFgZJonDVn7BEVGfipFqvm6mjmt99q= tj5Xmn9WC7v0sQ6lKKgjA5FmeBuGKnkkFSDUcLYxdpyGaXkBIExyp_olefiapuMKhpZtlNIP4_L= I8Mzpye5MV1uD9chmDhT34jS_KSvgU2mRSBzIAtJUfu7h0N_9GPwJXMgIDAmCFYt4hRydmX6djG= GDQg9cJvlve0BKrUHEQm0Kc_SV71Svb-v7oD1-N6XyAVkbU1wrUiy8of14NIJg7r7ajJb_58mX3= Cn7FrFbF83swfxzcIrBfqsJrOxvOWy2Mr_eWJzX6nY_t0hz6XTuvfYHGL-oGseSExYFwwGnSUI-= YqvmzygVZthP3k1m9SueuTlE_Cgo/-EHHc33QPwYlAwUTSSVSQUW-JbB4szZk/12" itemprop= =3D"StoryLink" itemscope=3D"itemscope" target=3D"_blank" style=3D"color: #0= 00000; text-decoration: none !important; border-bottom-width: 1px; border-b= ottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">= The Market Value of Fed Independence: High-Frequency Evidence from a Natura= l Experiment</a>,=E2=80=9D by=C2=A0Linghang Zeng and=C2=A0J=C3=A9r=C3=B4me = Taillard. The point is that historically financial academics could study th= e effect of some event on some asset price =E2=80=94=C2=A0=E2=80=9Cwhen com= panies announce spin-offs, their stocks go up by ___% on average,=E2=80=9D = etc. =E2=80=94=C2=A0but you needed the event to occur. It was harder to stu= dy counterfactuals; harder to say things like =E2=80=9Ca ___% increase in t= he probability of X causes a ___% increase in the price of Y.=E2=80=9D Asse= t prices are influenced by lots of different uncertain things, and it is ge= nerally hard to back out probabilities from prices. And even when the event= occurred, other events also occurred; it was not always easy to isolate th= e effect of some event on asset prices.</p><p style=3D"margin: 16px 0;">Whe= reas prediction markets just give you high-frequency, ready-made probabilit= ies. (<a href=3D"https://links.message.bloomberg.com/s/c/Er_EN9FtpXb0hPME8D= jAcxhqzkGl8CiZLCiCEITFaZN1FHX4ExQwyAgsE3WZmjYQJxl0G6_hYX7SZOLZFy4pwM57Q5Yra= VoPOS8GmtkDI80H9CKaK4McY0usyoKc_nqjLItx4gtuogv36W5MPPZNO48Ea60wJeKveqBrgXLf= O2UeQfGLy1-I_GaoJJtDyhWX_UKKDCuNIVzL3-EWS-j3PD4O3rjTRGeKYxdn24415oPDTgcAhhF= uor5PK2mjgAgrapE1BfhjkS9MRLI_9_OLWg4j6ln-RP_BCMQtHEsmawe8F4sB9sPyt26uxuCuNk= hyBs4Z2lnMtoKKLM9eLbEyCBYuitWHwJhFxzONCUwB2DepT2bXRSSPPAMxe6c/DtrRFsMa_kfWS= XJXGGf8D0QbfCdqokAU/12" itemprop=3D"StoryLink" itemscope=3D"itemscope" targ= et=3D"_blank" style=3D"color: #000000; text-decoration: none !important; bo= rder-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: = solid; background-color: #ccc;">More or less</a>.) If you want to answer a = question like =E2=80=9Cwhat effect would firing Jerome Powell have on asset= prices,=E2=80=9D you can look at the day-to-day prediction-market-implied = probability that he will get fired, regress it against asset prices, and ge= t an answer. From the paper:</p><blockquote><p style=3D"margin: 16px 0;">We= leverage intraday=C2=A0data from highly liquid modern platforms, namely Po= lymarket and Kalshi, to quantify the evolving probability of Powell=E2=80= =99s dismissal before the end of 2025, effectively capturing the risk of re= moval prior to the scheduled end of his term in May 2026. These probabiliti= es<br/>are derived from the prices of binary contracts. Intuitively, under = risk neutrality the price of such a contract can be interpreted as the mark= et=E2=80=99s assessment of the likelihood of that outcome.=C2=A0This interp= retation motivates our empirical strategy: we trace changes in intraday pro= babilities to changes in asset prices across three major markets, equities,= Treasuries, and foreign exchange, to quantify how markets price threats to= Federal Reserve independence.</p></blockquote><p style=3D"margin: 16px 0;"= >And:</p><blockquote><p style=3D"margin: 16px 0;">At the onset of the event= ,=C2=A0dismissal probabilities implied by traded contracts on Polymarket an= d Kalshi rose sharply, while equity markets fell; when dismissal probabilit= ies declined, equities rebounded. This inverse relationship is evident thro= ughout the episode. To formally assess it, we regress=C2=A02-, 3-, and 5-mi= nute SPY returns on contemporaneous changes in dismissal probabilities. Coe= fficients are highly significant and range from =E2=80=930.013 to =E2=80=93= 0.024. The strength of the estimated relationship is further underscored by= <em>R2</em> values reaching up to 0.39 in the tight event window. Scaling = these estimates by the observed increase in dismissal risk from 23 to 40 pe= rcent (=CE=94<em>p</em> =3D 0.17) implies aggregate equity losses of $125= =E2=80=93214 billion for the S&P 500 and $150=E2=80=93256 billion for t= he total U.S. market. Extrapolating to the counterfactual case in which mar= kets move from assigning zero probability to full certainty of Powell=E2=80= =99s dismissal (=CE=94<em>p</em> =3D 1) implies declines of =E2=80=931.3 to= =E2=80=932.4 percent, corresponding to losses of roughly $0.88 to $1.51 tr= illion in total market capitalization.</p></blockquote><p style=3D"margin: = 16px 0;">Obviously (=3F) you need some prior reason to think that the one t= hing is related to the other. =E2=80=9CStocks will go down if Jerome Powell= is fired=E2=80=9D seems like a reasonable hypothesis to start with. But th= ere are a lot of prediction markets these days, and they are not necessaril= y concentrated on the most macroeconomically relevant events. If you run a = regression of bond yields against, like, the Bills=E2=80=99 <a href=3D"http= s://links.message.bloomberg.com/s/c/3d8cAloolDxJyfyEHL_llDJVE5aUL42byCZ-Nex= _9lFrAP94KCt8iLW62bQF0qxTDmFwlNxt-_Oczx1j68fNMcoL6NNTwZVgFJ0VOwO9cef7kh9PQQ= XXE4E0wtGiFX0mPiIammy1h7CnSA6aw3O5JMGuHEVDQi7YKV5cL0In7flFH0D6LZUCoCMoE6AR1= cZvP1rbCn7sDYkVaMcAzlMvFcafCEwSRPPCfRM-f7eNpE4MNO8soNMVoOs3ItfUNMQhqn1T4pQe= dvqief7e_WOPhJZkzcvHSaMvkyX4BFm-4EhQ2xK6NAwe0yzW2wxSgB5Tfg3wrayzr-ArwjfAvhx= Mck4iKrRb7BJhqXxJvYwRdhNQMCGlIyNHBiJLsrg/7odUuzdPw_Hr8RwcVsQrHJVAcS6l9Utu/1= 2" itemprop=3D"StoryLink" itemscope=3D"itemscope" target=3D"_blank" style= =3D"color: #000000; text-decoration: none !important; border-bottom-width: = 1px; border-bottom-color: #000000; border-bottom-style: solid; background-c= olor: #ccc;">probability of beating the Ravens</a>, you might find somethin= g, but it=E2=80=99s probably spurious.=C2=A0</p><table width=3D"100%" borde= r=3D"0" cellspacing=3D"0" cellpadding=3D"0"> <tr> <td style=3D"border-colla= pse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt;"> <h2 style=3D= "font-weight: bold; font-family: "Arial Black", Arial, Helvetica,= sans-serif; letter-spacing: -1px; font-size: 20px; border-bottom-width: 1p= x; border-bottom-style: dotted; margin: 0px; padding: 16px 0px 5px;">Good P= onzi</h2> </td> </tr> </table><p style=3D"margin: 16px 0;">You can run a Po= nzi scheme at different levels of (fake) financial sophistication, dependin= g on your own financial sophistication and that of your target victims. If = you are a real hedge fund manager and you turn Ponzi, and you raise money f= rom real hedge fund investors, you will want to make a big show of complian= ce and audits and nicely formatted presentations and monthly statements and= talking like a hedge fund manager. But there are also pretty down-home Pon= zi schemes that appeal to less professional investors, where you do not nee= d to do all that stuff. Here is a Securities and Exchange Commission <a hre= f=3D"https://links.message.bloomberg.com/s/c/qSLX6JQa4GA0X0tWAdLKdrXWzmHHys= _WzoL9UVXZ1OBhH53Ou__oLhn0-bu7ieZ4wtlDKaXjQpKkH5_6asATrmWfkkZj-vkSUEGQkQY-4= R6wmMSYJ2ChFYIN1A4lgviuiWD3iczA93mlVAUAggVYMCG_38uInBHcgrrWeXY1J705b7u0peii= nnvLds0b9oeheIIr4mHNamMs6bdska_sey0epkp0vN_csCkY5sWSSnWH7MEpup8cn1z5U4y39yB= _9-OHkgRaYVHQm9Fz4YzLk_Ede9bO9tbHQKe_DHAidWCkQp7VziqLK5ULtAfgQcKKY4rn3EMjzU= Qm8QGHGRHI4tpFdCsWxDAyMYdXI-hiP2iq1NIBbjwrRpMPClA/wThmQiaBEyV4DykuerVpCv7zg= 5nKu44t/12" itemprop=3D"StoryLink" itemscope=3D"itemscope" target=3D"_blank= " style=3D"color: #000000; text-decoration: none !important; border-bottom-= width: 1px; border-bottom-color: #000000; border-bottom-style: solid; backg= round-color: #ccc;">enforcement action</a> against =E2=80=9CArsalan A. Rawj= ani and the business enterprise he operated, Trade with Ayasa, LLC, =E2=80= =A6 for allegedly conducing an affinity fraud and Ponzi scheme centered in = the North Texas Ismaili community.=E2=80=9D He was not trading on hedge-fun= d sophistication and a ton of formalities. <a href=3D"https://links.message= .bloomberg.com/s/c/m88GoUwuwoMD02npUgYMD_dSiI0t9DTj-ViqE_bGU61bdONQtMKHqbw= I33QVfifCyctTCQPqXpcY9rRsbn2jdfVxzevNdrKK_94JA0KRkB_Nz1AffMxFw2iFhbWPJ5F_uf= QTE04ml8Bvk7PcAs8N1gCq5xLNkY28eImZBQdnkUH62SsJPBKYb2PQ4ecjhHA36dFPRTIyd2SPe= aYt08vNjpdaJwbAXcUC9qbEp9Qh6X7jWkh9vg-spHj9OMZ2xAlDZFl1XWJbOx1sK4vKJ3bT6Jmq= qT-hZ_vfeLJ_wRuU3YPCRWwGqWqqFljHgJgmcpmhvj7ZUsIRSOVKy1eYEyQOu4RZHmfIjhTOlAw= gPfLM0knz7hOheikXm5AVOnA/eVenbxITbtg5YHEG0X1CXUSLcs5_NlC2/12" itemprop=3D"S= toryLink" itemscope=3D"itemscope" target=3D"_blank" style=3D"color: #000000= ; text-decoration: none !important; border-bottom-width: 1px; border-bottom= -color: #000000; border-bottom-style: solid; background-color: #ccc;">From = the complaint</a>:</p><blockquote><p style=3D"margin: 16px 0;">Throughout t= he Relevant Period, Rawjani did not follow regular and accepted financial p= ractices with respect to managing a pooled-investment program. For example,= one of the main methods that Rawjani used to pay dividends to investors wa= s to provide his clients a stack of hand-written checks at the time of thei= r initial investment. Rawjani post-dated these checks and signed them, but = the other check fields were often left blank. Rawjani wrote memos like =E2= =80=9C[principal amount] * 0.05,=E2=80=9D =E2=80=9Cmonthly,=E2=80=9D or =E2= =80=9Cdividend=E2=80=9D on some checks, but left the memo line blank on oth= er checks. Rawjani wrote in the dollar amount on some checks but left that = field blank on others. Rawjani sometimes filled out the payee (i.e., =E2=80= =9CTo=E2=80=9D) line on the checks, but he frequently left that line blank.= Rawjani then directed investors to cash their dividend checks each month. = At various points during the scheme, Rawjani learned that certain checks he= provided investors were being written to and apparently cashed by persons = who were not the original investor. Further, Trade with Ayasa did not provi= de monthly or regular account statements, tax paperwork, or even basic mark= eting materials.</p></blockquote><p style=3D"margin: 16px 0;">See,=C2=A0<em= >I=C2=A0</em>read this and think =E2=80=9Cif your hedge fund manager hands = you a stack of handwritten postdated checks, that probably means he=E2=80= =99s not a real hedge fund manager,=E2=80=9D but not everyone is looking fo= r a real hedge fund manager. Perhaps his alleged victims thought the handwr= itten checks were a nice personal touch.</p><table width=3D"100%" border=3D= "0" cellspacing=3D"0" cellpadding=3D"0"> <tr> <td style=3D"border-collapse:= collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt;"> <h2 style=3D"fon= t-weight: bold; font-family: "Arial Black", Arial, Helvetica, san= s-serif; letter-spacing: -1px; font-size: 20px; border-bottom-width: 1px; b= order-bottom-style: dotted; margin: 0px; padding: 16px 0px 5px;">Pok=C3=A9m= on</h2> </td> </tr> </table><p style=3D"margin: 16px 0;">One financial mark= et that I used to follow is the market for Pok=C3=A9mon cards at my childre= n=E2=80=99s elementary school. It is a somewhat illicit market =E2=80=94=C2= =A0they=E2=80=99re not supposed to trade the cards at school =E2=80=94=C2= =A0and there is a wide range of financial sophistication among market parti= cipants, because they are children. For instance, I was intrigued by the wi= despread concept of =E2=80=9Cfake Pok=C3=A9mon cards=E2=80=9D: Older kids w= ill look at a younger kid=E2=80=99s rare fancy card and confidently pronoun= ce that it is fake and worthless. As far as I can tell this is rarely true,= and never based on deep connoisseurship and wide market knowledge, but it = has a lot of credibility coming from an older kid, and=C2=A0it sometimes re= sults in below-market trades.</p><p style=3D"margin: 16px 0;">Also, there i= s=C2=A0<em>some=C2=A0</em>connection between the local market and the broad= er, internet-based, global=C2=A0market for Pok=C3=A9mon cards, but not that= much. Most of the kids are not making markets locally and laying off risk = on eBay, and the law of one price rarely obtains. So if a kid=C2=A0<em>were= =C2=A0</em>to have a parent who is a financial columnist, some arbitrages m= ight be available.=C2=A0</p><p style=3D"margin: 16px 0;">Anyway here=E2=80= =99s a Wall Street Journal article about the broader, internet-based, adult= market for=C2=A0Pok=C3=A9mon cards, <a href=3D"https://links.message.bloom= berg.com/s/c/7MLC5MgSoy4G1GePRmdoWCl2Ahd049FkIGB4xbhXoGBSdD4dNnR4Q3oh90GENm= Q4OFKqZIwFAuqmpmqkbCQgJOh-Kd0lmYLCNWzzjhYuFPOQTcz-o6AZWxjiXN5LWX4-TW4hcQ8TR= j50m8IsiKP82kadTDf-V2TxUmR02xgcZcciSSkGLwhm1qxh9x37Pr-Zwa991Rhabf0P1hufm1sM= GvyBebMist-ZgQkq94Lozfd-0S8eh2x7HpUyq0P8sBtY3wa1TSTSpV7MnNN2LrmQHVGtQ_E-P0Y= 0DIuqHTHLvGAZA5_pMyaczFs7plwNMbW7W8HQRjG1DhL3o3AkgJIsXNFKiAwzboP6LuChYlJRzq= ylZj4WutXEXLQteYk/Q_I6m4umRDNnsXrnsSsbJMLkJ_5GlVVt/12" itemprop=3D"StoryLin= k" itemscope=3D"itemscope" target=3D"_blank" style=3D"color: #000000; text-= decoration: none !important; border-bottom-width: 1px; border-bottom-color:= #000000; border-bottom-style: solid; background-color: #ccc;">which is hot= </a>:</p><blockquote><p style=3D"margin: 16px 0;">Pok=C3=A9mon cards, which= pay no dividends and aren=E2=80=99t subject to financial regulation, have = seen a roughly 3,821% monthly cumulative return since 2004, according to an= index by analytics firm Card Ladder tracking trading-card values through A= ugust. That trounces the S&P 500=E2=80=99s 483% jump over the same peri= od. Meta Platforms, one of the Magnificent Seven, has climbed around 1,844%= since the company went public in 2012. =E2=80=A6</p><p style=3D"margin: 16= px 0;">While financial advisers generally caution against betting retiremen= t savings on fictional battling critters, the cards caught fire among amate= ur investors during the pandemic. As some investors banded together to spar= k the GameStop meme stock mania, a more fringe group of traders, also stuck= at home and armed with cash from government stimulus, began scooping up Po= k=C3=A9mon cards. =E2=80=A6</p><p style=3D"margin: 16px 0;">=E2=80=9CI like= diversifying my investments. So I=E2=80=99ve got some stocks, I=E2=80=99ve= got some crypto, and then, I figured I=E2=80=99d try starting a bit of Pok= =C3=A9mon investing as well,=E2=80=9D said [Charlie] Pryds, a mason apprent= ice. =E2=80=9CIf you like risk in your portfolio, I think it=E2=80=99s a go= od way to go.=E2=80=9D</p></blockquote><p style=3D"margin: 16px 0;">Obvious= ly=C2=A0Pok=C3=A9mon trading predates crypto and meme stocks, and=C2=A0<em>= baseball=C2=A0</em>card trading =E2=80=94=C2=A0its precursor =E2=80=94=C2= =A0is decades older. Still I feel like 20 years ago the Wall Street Journal= would not have bothered to point out that trading cards =E2=80=9Caren=E2= =80=99t subject to financial regulation.=E2=80=9D Crypto has popularized th= e intuition that there is a market to trade all sorts of tokens, whether or= not they have any cash flow or intrinsic value, and that is good even for = non-crypto tokens. But, right, they do not have any cash flow or intrinsic = value:</p><blockquote><p style=3D"margin: 16px 0;">Critics say Pok=C3=A9mon= card prices are inconsistent and subjective. There isn=E2=80=99t a standar= d price for the cards, and it=E2=80=99s unknown how many of each are in cir= culation. The market=E2=80=99s monster gains have also raised concerns abou= t a potential bubble.</p></blockquote><p style=3D"margin: 16px 0;">Meh, cri= tics. There is an argument, which Cliff Asness made on <a href=3D"https://l= inks.message.bloomberg.com/s/c/J1Z8pkEYEDg4Ch100R3bNBAbdri5tNzybkbzMAFYtPSj= ed2ZrWJa8-cudueF9rLwK-GVKnUe317cDDiC1-FCbiFNzlKfVE4_p1g7lPvkrRtC6pJ2xQbzN4G= KBUr7w9BGV2NxURckpN-cjiynPE1TMgQYW-6cQr9cZX3aYaUgDL1dJQd8Tfk-Qbr_3JH8T6djS4= AQY5gZQqrCu-U5GndP2qHjk1ejwigOP3fpQXZcX6MHmkvU-vGFZtE2j-XKW329skqUUTM1S_GZW= tPHtt-F8rhFXCYZGYC4z5Goi2FV-4hkzP8g-oKAh9KHeWlUPMccUB01rHPtmizDXEL-R3mF_mdG= 1KWZLhZCXjP1IxmQT2jqStKEWaD-Y0ZScHc/8s80F2ip2EzGjBRLfzz-JDnRkWG5rf_B/12" it= emprop=3D"StoryLink" itemscope=3D"itemscope" target=3D"_blank" style=3D"col= or: #000000; text-decoration: none !important; border-bottom-width: 1px; bo= rder-bottom-color: #000000; border-bottom-style: solid; background-color: #= ccc;"> the Money Stuff podcast</a>, that the=C2=A0<em>lack=C2=A0</em>of an = intrinsic underlying asset can be good: A meme stock can trade above its in= trinsic value for months or years, but eventually there will probably be=C2= =A0<em>some=C2=A0</em>connection between the stock price and the cash flows= . A crypto token has no intrinsic value, so it can trade as high as it wan= ts for as long as it wants. (Asness: =E2=80=9CI=C2=A0think the more absolut= ely unsubstantiated by anything=C2=A0something is, the longer the craziness= can go on.=E2=80=9D) Relatedly:</p><blockquote><p style=3D"margin: 16px 0;= ">While it=E2=80=99s hard to predict if the cards will retain their value, = Pok=C3=A9mon buffs say they are a safer investment than another alternative= asset that also took off during the pandemic: Baseball cards. =E2=80=A6</p= ><p style=3D"margin: 16px 0;">Even some baseball players agree. =E2=80=9CPi= kachu=E2=80=99s not going to tear his ACL and miss the whole season. Chariz= ard is not going to get a DUI driving home,=E2=80=9D Philadelphia Phillies = pitcher Matt Strahm said in a recent interview on freelance journalist Tyle= r Boronski=E2=80=99s YouTube channel.</p></blockquote><p style=3D"margin: 1= 6px 0;">Well, I would pay a lot of money for a Charizard DUI mugshot photo = card. But that would probably be fake.</p><table width=3D"100%" border=3D"0= " cellspacing=3D"0" cellpadding=3D"0"> <tr> <td style=3D"border-collapse: c= ollapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt;"> <h2 style=3D"font-= weight: bold; font-family: "Arial Black", Arial, Helvetica, sans-= serif; letter-spacing: -1px; font-size: 20px; border-bottom-width: 1px; bor= der-bottom-style: dotted; margin: 0px; padding: 16px 0px 5px;">Things happe= n</h2> </td> </tr> </table><p style=3D"margin: 16px 0;"><a href=3D"https://= links.message.bloomberg.com/s/c/UYXtnGYDfcwyA24on_EY54ZFHOK6vccgvaqfR9aa4HS= PzWNvCC_M3mHEHSoUojkiScIpUGueUNtpTBKwMkrK0HpvdwasAy18_kMIHKsm94FaUwk-KavHCQ= 6gemGo6P3o67ESbsyXHjiPrUlhzI3tQaAor8W7KnsFHTSmU_4JFFybPjA8U39ryV44kOFo8dqV_= VsTyXM9VOuPyC2zQBgZMK0wMea_YsHfph3JbebLfvPZ1QFpfOmtkTi_YzibI9qH9NxEfTfGfDbY= tkPXJaYhsBLtYoVKmKcAGiGhNv43lz0Zf9prSuW0yOXHJ_PWsnwPOprJctRD1vGxtxbKCQGHjC7= QCo0_itM7MQUkl0baysER4O3tFk2koSV_IzY/Ud0lEFT4M1vNgoHaGPM5UvzJ4BjuGyjc/12" i= temprop=3D"StoryLink" itemscope=3D"itemscope" target=3D"_blank" style=3D"co= lor: #000000; text-decoration: none !important; border-bottom-width: 1px; b= order-bottom-color: #000000; border-bottom-style: solid; background-color: = #ccc;">Subprime Auto Lender Collapse</a> Delivers Blow to Risky Debt Market= . SEC chief threatens <a href=3D"https://links.message.bloomberg.com/s/c/e= VqsNV-rt9PTFRHdkBrnsbA5kkKOri4Kl8ahifdk_uv30_EOgK9rjJhb6msd9v_VsCfbgNqEIBgk= T8ax01MQADBndbJnXuGUeigQ0wrLBllt9uw-1oCIk5QaM_XlhGGCzKWOGI8YsBRnEKdhB3Z7Dv4= k4msRq2aKbBiWBaR1KDA-ooXMbL1QcDX2-XiOK8HJOcoYyqA3esfohRbi-Xr26L-gB1R2uFwLjN= gw7BS-u94kz9sZNI3NwfeX2EKwFdtTayLsb1Azl8EPswna4Fwldhz3AoYEhRvTRs1wQz03i-AdW= h3tbmuaDSg7Zlfzs-H9UqfAlxOlXAZ2VCKroPg0VmTQTsQniQ7ACOOwMtrZCgdQp_Cji2IdgQAh= S6g/-j4QmVsel3nFh-DsQ-8Rv2-M27_-ZnMd/12" itemprop=3D"StoryLink" itemscope= =3D"itemscope" target=3D"_blank" style=3D"color: #000000; text-decoration: = none !important; border-bottom-width: 1px; border-bottom-color: #000000; bo= rder-bottom-style: solid; background-color: #ccc;">ban on European accounti= ng rules</a> over sustainability.=C2=A0The CEO Who Wants to <a href=3D"http= s://links.message.bloomberg.com/s/c/LqKsVvUcAa9YPLflGfv_26Ra-e0RiQFIAeWlUex= wjSkisQCwF52-H4h_qhi3kZu6HvUrmjigA1bBdfZYeNCoTQyq1JOkr3JufwG79hIhpPe-ehh-oN= WFcUqGIgyW68A-PAt7a49qkG1d8kW1nRj6D7R8Q3QYNGSmu-4kjvSrgEStRsBBOWenxAwf0F1U0= 99qk-2sn-64JkPPz3Hws5k-kQ0QuWohiHrhtt95XrWpGqwtQy-iWnGVYBlI5WH5hmzsUt3bAyWC= UEkX6RjGFxWXXH28nKZP-UZXDqLBrYc6WLBSLDss8UCBUHiNG2tW_QdvbqtrCLB_zIf2gK0BZj3= CSpU9IqgzDjqyIfvUDCLpoirWrunj7GYBAgDAgVo/bSaHotXklrk-BgJSPLIGCbInILN_O6QM/1= 2" itemprop=3D"StoryLink" itemscope=3D"itemscope" target=3D"_blank" style= =3D"color: #000000; text-decoration: none !important; border-bottom-width: = 1px; border-bottom-color: #000000; border-bottom-style: solid; background-c= olor: #ccc;">Double the Size of His Bank</a> to $1 Trillion. =E2=80=98The o= nly company that <a href=3D"https://links.message.bloomberg.com/s/c/oZPSGzb= pDBpu4eKX4MY12WBkM4SWEuv64doYES2l2g62-9GB09dQ2-5Dvig0Vaym7CkYkm4YTHvK_NmCXp= FeWAo5Bb4ddtigGlI4--0b6I9waj1fQm-pzfvTr_A_7lM4EJdlnTUR-TMDx83moVqkICfDuSuQG= Pk6e6z6ojOQ1JzOGgRiZBSBdTqqlLkvnE2KwiqVy7_13eKtgFDZxjzArYbb0PPOYw2FuxOrjBpP= PmuAW3Hy2AY6GLdVTsYixIeUuFHhMsl88AZZypUk0Lzo2zzR5DZOkM8ZPw51cYm_FwIVrgG7_C2= _IDWjIhkrFB_JuSbVDsVvdgm3ejTku9CZ2I3nfm57M-8hQXVrznojuCrjlyBtXGFuTBmtMTQ/Jh= lgs-PCy1wD5afcpLKANWXLAtlDGk5Y/12" itemprop=3D"StoryLink" itemscope=3D"item= scope" target=3D"_blank" style=3D"color: #000000; text-decoration: none !im= portant; border-bottom-width: 1px; border-bottom-color: #000000; border-bot= tom-style: solid; background-color: #ccc;">controls a country</a>.=E2=80=99= JPMorgan Sees <a href=3D"https://links.message.bloomberg.com/s/c/QwCQrzCek= IeBcXmBUCFdQsdr2zuWj8BZ0Lb6YQ88jws4siGCEJJJEyrzerdzEpPvKDsOYwpNLSXYdDRr4y3w= NnuqCrnlBAYRsb7pkLgKk0-HEtxc08x9z8fcVslrN9JJp3XLXy2EIRQadlflzQJDhxXHDZH-MMF= N0SCFWoeDNdJKXPaiQnm2UrTjLReSAGR1AUbrD-y6z20qlWqbWv_H5GpaUC3DKSKSh3A6TXneOy= feYenMVvP-q04G6iZgRJAYkWyUSm4npX0CT0mT_rR6vY7pOy3FdTddC2yfsnAjYD-g5_LuDYikS= y8aZYZU-Irm0HJijSoQPrqJ2ezMUHhqvABYCeqGCLB9BKxBS1BUqIveVCXWGktN3p7zuM4/yKQF= qJLVuN8SLQrAB_4rnDy3_F3n12b1/12" itemprop=3D"StoryLink" itemscope=3D"itemsc= ope" target=3D"_blank" style=3D"color: #000000; text-decoration: none !impo= rtant; border-bottom-width: 1px; border-bottom-color: #000000; border-botto= m-style: solid; background-color: #ccc;"> Record US Buybacks</a> Jumping by= Another $600 Billion. Trump=E2=80=99s CFTC pick claims <a href=3D"https://= links.message.bloomberg.com/s/c/OddqMqUALwBzt0hcuZuoV5D_0zE3VyVUT4vHHdTT0N9= FBbC5DKroms4fbBYz_4O0ZQ7iPrykXgQJ7WPYm1neJ8fAWXnszP3BWK3CGF9LG6ReIdO38XvBI9= Xce6n8kveHGJFZFyM6towLbi5EsVVPpf0o5imW1o-bbpIknwGT0CtE6hyqLJcO3rk6dnmeOi9xu= RwryEs-VXsDnQvwacxwEwc5FBr6hlC4nBrfY3WTzXKt_RfncLvU6pYRtQsATlkaBD-e9ofgRIMw= zbkwD5TDSZGGqgiwzj9g3bnLiXzDCiGUa7mKqU8eeMxNSMNq7D3e05EEHliFXSYrH5MxuQoCwP5= PxtABN1Ftqf_qVMQ-uM9A5qEGdJjGF99vwBA/dRa6f_XeKXBO2Y5ff1rGnVgK16EsT_L6/12" i= temprop=3D"StoryLink" itemscope=3D"itemscope" target=3D"_blank" style=3D"co= lor: #000000; text-decoration: none !important; border-bottom-width: 1px; b= order-bottom-color: #000000; border-bottom-style: solid; background-color: = #ccc;">Winklevoss twins meddled</a> with confirmation. Barings <a href=3D"h= ttps://links.message.bloomberg.com/s/c/hCFerdOn5kX6wMbCxWX6FLZw-0SQUOlv8vSV= skDvUM6jNtFku2iPqcupVqCM0y2C3I-SsSFJIU8p1eqgzCaSCmY-wXip_ViKeXm72u1KJWl5CKs= uuX1CnT6LJdva_xNSNNiNdPxRy_I8qZbNvzHnULnf-QuM9oE3ljX_9ofZWM0f2c_DgBecrR1Ctr= pioT9TItY07FhfS2JSpudAonC3t9znqCOkOwLIjxiCBm5d9H8bFQ8lwQ_pz9O20_YBoeXcItnr2= 0HaA0atoSocqNmc1jqLgsGHdaqsb5vEMeyrpwG7jK9V3UjGaIxrhUpRf7DpquS81XBIwu8o5-Ap= 9F7Nuwfe4yvkTkE-D9BMdbWGu356nP67kDtdW45kkso/A-0MStfN_F_GXx5t1WPWz9WWlZYAue5= T/12" itemprop=3D"StoryLink" itemscope=3D"itemscope" target=3D"_blank" styl= e=3D"color: #000000; text-decoration: none !important; border-bottom-width:= 1px; border-bottom-color: #000000; border-bottom-style: solid; background-= color: #ccc;"> Poaching Suit</a> Turns to =C2=A36.3 Million Paid Out Bonuse= s. JPMorgan Draws Up New Plans for London=E2=80=99s <a href=3D"https://link= s.message.bloomberg.com/s/c/BqH5yioBjJzfUycODQYWd4L_F88URoamk2Q2k2bgkAgKQEC= n1BaiXYKAblMyQ8rambkoNRyogeFDA1UHySZefbUu3tjc2Q_FRIRSi2bwlCItiG55376Te_8zqM= SqJwo_8vgotn5CFxJjw8NQLacZNxhq3PJ5PLrEpJORXpMe1TOr_e4QJzI0useujnNL7IJ_LPuTN= RHNdQ9_Smx_2NRIlnpjzfnw02McMpQZUojx0P3w76xQvQ2cc7pCIzL8YsX5GaQxLnKkEGsYfZzC= ZYLv_OEroT8SXQE3Al9up7dac-utqqTNoFw6bt1B95Y-kQ3TH-d1TvC4w53y9A_Ptk6so_O3wIQ= jse7GzLReP8dx7JX6t-l7xZmZHOGL5_U/t6BCb9Vn45926ztI3HbvNrkUKDXofpKl/12" itemp= rop=3D"StoryLink" itemscope=3D"itemscope" target=3D"_blank" style=3D"color:= #000000; text-decoration: none !important; border-bottom-width: 1px; borde= r-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc= ;"> Biggest Office Building</a>. Colleges Are About to See a Big <a href=3D= "https://links.message.bloomberg.com/s/c/iWHu3A0NTHAoPwhtElPDGp9td7sQohz9iO= ZOO59CptqVQ2Csg53x8kRXDoGKe-bXDJwe7g1-nS3SPDXI7BI_RTO-dEJMZfufPv9LdYavfda9S= dLiOx7RIN1pLi1sK-nC4W9W63FY_GLC1EoVlXUEkg2QKnttTdnbg5cYwHEWIz8tQjI-IdLApyvW= UbqQax0G4lHBoU0c8UkbkTK1oMgAniVLCs4IyyuX7MDDWeHqy5jJuXEz6zBr5PmS4d0prBXoFzQ= IsX7cejAAawRemmGCGrudVw9No3dPYJT06Eww3Pa6gq3tLeNeyqU_Pr-l4ccQEj9tY9PVEtB3VO= i7yW_cC1RqJVwl_2aqDjBvNYtlXlsUE6KpSziMTEpzQV4/HtJIX4OF0egapxpCkk70UVAp0z6_T= jaf/12" itemprop=3D"StoryLink" itemscope=3D"itemscope" target=3D"_blank" st= yle=3D"color: #000000; text-decoration: none !important; border-bottom-widt= h: 1px; border-bottom-color: #000000; border-bottom-style: solid; backgroun= d-color: #ccc;">Decline in Applications</a>.=C2=A0AI can=E2=80=99t <a href= =3D"https://links.message.bloomberg.com/s/c/VQTSvaxlkHoYH6nL_Ma3ZmcDLvWbbFD= sRLkdg3LtOoEVNBv1Woz5xFCEXmLdcqMlHsBFnmpiv0_SF_1vbCztGEFHCgBSkx3KxyT6hXbYcC= cl_08dyJWhj9XZemhO_UoOU55L4UK9JTs_Fu5ttJNB-XbgRRrY5mWc1sC_ofRo_wL9OAeRfuJX3= m1akw3GArvsPEZCd3EY1zBDmblvHfFXvi8uJMWWELcmc8mA3M2-TZT-K1btjk9zqvrODooYX4HC= 0s4TM0nySdYwJMW_eUJWGT1DxE4VW0CNqpS1D6QmwNxBxF2tBqXd-qHhUlJ4TReZpB6RqVQiBrl= WfOjXrzVvvnac9KsJGKPAUkgpiIZ-waQulGcqdgrI5UhadXQ/zS_bGZuK4nRr9uMp-RgthgRq1x= io8GCN/12" itemprop=3D"StoryLink" itemscope=3D"itemscope" target=3D"_blank"= style=3D"color: #000000; text-decoration: none !important; border-bottom-w= idth: 1px; border-bottom-color: #000000; border-bottom-style: solid; backgr= ound-color: #ccc;">write good analyst research</a> yet, says analyst.</p><p= style=3D"margin: 16px 0;"><span><em>If you'd like to get=C2=A0Money=C2=A0S= tuff=C2=A0in handy email form, right in your inbox, please=C2=A0<a href=3D"= https://links.message.bloomberg.com/s/c/jws5htxqx3vbFaJWy-25vScR4kl7Ti-jnG9= pLTXPfVD-MQKccn9eovonnPOIBCGzrtEjfwaX1mjNsXEuIdtqCsvO3UAoeBCHsZTSJ2E74PuFKm= gaHhVmS6XOxbiVWblFvJgBCYmpBCQQPXbQxb6KofGW7U7U_Gy2kVES6c583niTC0JNWTdxNIGvc= Cvxh4ty6BNV0T_Bcob7HT2cHU2btfjM3TNZBm3jCSO-20mJ-INm7gBpTLSHofkUmEn2jHI66dqA= wEEdCWlapt3JjemqwRAW79CcC-cTwAUfA_s15gciDER82q-jTmJlW9WaY92aOyq6QzJrxy1gt3Z= -nUZVh8ONmdcbqFVFyvnCnYRabBdLt7uAX1JlM8HyRCo/CjpGuqfmCNOQroeKI5noEu_CGGMdEQ= sC/12" target=3D"_blank" style=3D"color: #000000; text-decoration: none !im= portant; border-bottom-width: 1px; border-bottom-color: #000000; border-bot= tom-style: solid; background-color: #ccc;">subscribe at this link</a>. 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