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The Institutional Risk Analyst


Crypto Bubble? A Rising Tide Lifts All Coins -- Until It Doesn't
Owners of crypto tokens hold nothing except an option to sell their flutter to a greater fool. The real worry for the future is that another financial debacle — à la FTX — where crypto was revealed to be pure fraud will surprise the markets as burned punters flee their speculations. The fact that crypto prices are increasingly being supported by stock issuance and schemes like perpetual futures contracts (Perps) suggests the end of the game is nigh.
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24 hours ago7 min read


Michael Whalen: Will Streaming Kill Big Media?
Michael brings a ground level view of the brave world of new media and narrates the slow-motion consolidation of streaming as a business model for large public media companies. Our readers will recall that Michael predicted this very outcome eight years ago -- before COVID in 2017 (“The Economics of Content: Michael Whalen”).
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5 days ago9 min read


SOFI Technology Outperforms Bitcoin Three Times LTM
SOFI is up almost 300% while the Bitcoin futures traded on the Chicago Mercantile Exchange are up less than 100%. Below we provide some thoughts on the banking group as we head into September.
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7 days ago3 min read


Trump to IPO GSEs? Details to Follow...
The $30 billion target for cash raised in a GSE IPO is pathetic and only confirms our view that the Treasury should repurchase the GSE voting common and issue new preferred to raise hundreds of billions in proceeds. If we keep the US Treasury as the majority common shareholder and finance the capital structure with new senior preferred, the Trump Administration could raise $500 billion easily.
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Aug 96 min read
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