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Director of institutional asset management at Ritholtz Wealth Management. Writes the A Wealth of Common Sense blog and co-hosts the Animal Spirits podcast with Michael Batnick.

• x.comLong-term Treasuries now have a negative total return going back to the start of 2015 It's more than a lost decade for long bonds (and even worse after inflation)

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• Blog5% Bond Yields

  How do bonds work?

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Former options market maker who writes Moontower, a newsletter on trading, volatility, decision-making and how to think about risk outside markets too.

• Co-sign Dave & Jon are media personalities with pointed views because that travels even though plenty of room for reasonable debate in between. For most of us debate is a waste of time. We have bills to pay not crusades to fight. Pick whatever view makes your life better.

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Prime Minister of the United Kingdom since July 2026 and leader of the Labour Party. MP for Makerfield since a by-election in June 2026; Mayor of Greater Manchester from 2017 before that.

• We're putting power into communities across Britain by backing them to build and control their own clean energy supply. That's good for bills, good for local economies and good for tackling the climate crisis.

  theguardian.com

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Director of institutional asset management at Ritholtz Wealth Management. Writes the A Wealth of Common Sense blog and co-hosts the Animal Spirits podcast with Michael Batnick.

• Animal Spirits: How to Talk To Your Clients About Ray Dalio

  On today's show we discuss AI human extinction fears, the biggest AI risks, why things go viral, why the stock market is so confusing right now, how to think about bearish hedge fund managers, why bonds offer a good dea…

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Economist; former chief economist of the International Monetary Fund.

• Let me stay away from personal remarks. As you kindly invited me to do so, I am happy to continue our exchange. Let me start by reproducing and then commenting on three remarks you make in your two recent tweets. “I know full well what justified the use of OATi in 1998, namely a lower interest rate since the investor takes on less risk. Except that today, with the international context and climate disruption making prices more volatile, the cost of these indexed bonds is rising.” My humble view: More volatile inflation makes inflation protected bonds more, not less attractive. “As such, I sta…
  Quoting@ericcoquerelPas de souci pour échanger des arguments avec vous @ojblanchard1 mais un tout petit peu moins de condescendance dans l’échange ne serait pas de trop 🔽. Le résultat des politiques économiques que vous avez soutenues depuis des années devrait, je pense, vous amener à un peu plus d’humilité. Je sais…

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Economist; former chief economist of the International Monetary Fund.

• i was going to write something, but Quentin beat me to it... Let me put it another way, so that Chairman Coquerel @ericcoquerel understands and corrects his statement. When a state issues nominal bonds (bonds that pay in euros), the real value of interest payments varies with inflation, creating risk for investors. So they require a higher interest rate to compensate for the risk. In issuing inflation protected bonds, the state eliminates the risk and thus is able to get a lower rate. This decreases the burden of the debt. This is good. Always happy to help the Chair of the Finance Committee…
  Quoting@QuentinVandewe2Est-ce que LFI organise un concours Lépine pour la théorie du complot la plus idiote sur la dette ? Après la Banque de France qui revendrait la dette en secret, Mélenchon découvre que l'État « vient de proposer de nouveau des titres indexés sur le capital et des intérêts compensant l'inflation ». U…

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Former L8 engineer at Meta, Microsoft and Atlassian, now writing and building solo on agentic engineering. Writes Kun's Field Notes and posts a lot about AI coding agents on X.

• github actions in my oss repos suddenly stopped running today i had opus 4.8 look into it, it spent ~$10 worth of tokens and insisted that either i haven't paid my bills or there's a github outage switched to grok 4.5 and just 3 minutes in with $1.2 worth of tokens, it found there's a surge of CI runs in my firstmate repos starving all the allowed runners across my account, cancelled a bunch of them, and everything's back on track this is just an anecdotal example but i've had many positive experiences like this. people ask me why i default to grok and this is why

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Organizational psychologist and professor at the Wharton School. Author of Give and Take, Originals, Think Again and Hidden Potential, host of the Re:Thinking podcast, and writer of the GRANTED newsletter.

• Listening carefully doesn't just avoid misunderstandings. It also bolsters bonds during arguments. 5 studies: Even if people don’t find common ground, when they feel heard, they leave feeling more connected, capable, and optimistic. Agreement is not a prerequisite for respect.

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Co-founder and chief investment officer of Cambria Investment Management. He has written several books on quantitative asset allocation, blogs at Meb Faber Research and hosts The Meb Faber Show.

• 𝗕𝗼𝗻𝗱𝘀 𝗯𝗲𝗮𝘁 𝗡𝗮𝗽𝗼𝗹𝗲𝗼𝗻, 𝘁𝗼𝗽𝗽𝗹𝗲𝗱 𝗮 𝗽𝗿𝗶𝗺𝗲 𝗺𝗶𝗻𝗶𝘀𝘁𝗲𝗿, 𝗮𝗻𝗱 𝗺𝗮𝗱𝗲 𝗧𝗿𝘂𝗺𝗽 𝗯𝗹𝗶𝗻𝗸. 𝗕𝗼𝗿𝗶𝗻𝗴 𝘁𝗵𝗲𝘆 𝗮𝗿𝗲 𝗻𝗼𝘁. My guest today is Robin Wigglesworth (@RobinWigg), editor of @FTAlphaville and author of A Fabulous Debt, a thousand-year history of the market that sets the price of everything else. We get into: • An Austrian 100 year bond that lost 80%, while a defaulting Argentina paid off better • Why T-bills feel safe but can lose you 50%+ in real terms after inflation • Is private credit the next systemic blowup? • Why the $12 trillion repo mar…

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Economist; former chief economist of the International Monetary Fund.

• Good question, even if framed too aggressively. But the answer is no. During QE, given the zero lower bound that prevented further decreases in policy rates, the ECB bought long maturity national bonds, including those of France, so as to decrease long-term interest rates and help countries, including France. Now, as we are away from the lower bound, there are few reasons to keep as many of them. As these are sold (or not rolled over at maturity) through QT, this indeed likely increases long rates a bit and makes it harder for France to adjust. If selling these bonds turns out to be strongly…
  Quoting@RobianoAntoineLe raisonnement paraît juste mais - L'annulation de la dette détenue retirerait à la BCE l'une de ces nombreuses sources de pouvoir exorbitant, celui de revendre des titres de dette publique d'un Etat pour contraindre politiquement ce dernier ?

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Director of institutional asset management at Ritholtz Wealth Management. Writes the A Wealth of Common Sense blog and co-hosts the Animal Spirits podcast with Michael Batnick.

• I know everyone hates bonds right now b/c inflation, govt debt, etc But if you own a bond index fund that tracks the Agg you're getting 5.2% avg yield to maturity right now Investors would have killed for yields this high at any point in the past 15 years or so

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Founded Bridgewater Associates in 1975 and led it until stepping back from control in 2022. Author of Principles, The Changing World Order and How Countries Go Broke; publishes economic analysis at economicprinciples.org.

• This happens as long-term rates rise relative to short-term rates. Though they try to hold short rates down, long rates are climbing, a trend we are already seeing. We are also seeing a weakening dollar and movements in gold. As rates rise, it starts to affect the stock market. With bonds dropping and stocks rising, the prospective returns of stocks are now low compared to bonds, translating into broader stock market pressure. This classic dynamic creates a stagflationary environment that the Federal Reserve struggles to manage. With current stagflation, the Fed wrestles with whether to tight…

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Co-founder, chairman and chief investment officer of Ritholtz Wealth Management. Hosts the Masters in Business podcast for Bloomberg and wrote How NOT to Invest.

• T-Bills and Chill? Try Munis & Chill Instead

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Co-founder and chief investment officer of Cambria Investment Management. He has written several books on quantitative asset allocation, blogs at Meb Faber Research and hosts The Meb Faber Show.

• .@AB_insights Inigo Fraser Jenkins on why 60/40's diversification is broken: “If we're talking about long duration government bonds, I think it's likely they will not perform the diversifying role that they've performed historically.” “This post 2022 experience of a positive correlation of stock and bond returns actually looks more normal.” Listen: https://t.co/mfnaUo1DNT Watch:

  youtube.com

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Economist and Nobel laureate. Wrote a New York Times column for 25 years until December 2024 and now publishes several times a week on Substack.

• Bessent and the Bonds

  Big talk, but he carries a very small stick

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Co-founder and chief investment officer of Cambria Investment Management. He has written several books on quantitative asset allocation, blogs at Meb Faber Research and hosts The Meb Faber Show.

• Cat bonds overview... via @MorningstarInc

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Mathematical physicist at UC Riverside. Wrote This Week's Finds in Mathematical Physics and now the Azimuth blog on mathematics, physics and environmental science.

• Did you hear about the UK government report on ecosystem collapse? It was created not only by the environment department but also intelligence agencies like MI5 and MI6. Reporters were invited to see the unveiling of this report in October 2025 - but at the last minute the Prime Minister blocked it! Luckily the Greens forced the release of a 14-page redacted version. 𝗧𝗵𝗲 𝗸𝗲𝘆 𝗷𝘂𝗱𝗴𝗲𝗺𝗲𝗻𝘁: 𝗶𝘁 𝗮𝘀𝘀𝗲𝘀𝘀𝗲𝘀 𝘄𝗶𝘁𝗵 𝗵𝗶𝗴𝗵 𝗰𝗼𝗻𝗳𝗶𝗱𝗲𝗻𝗰𝗲 𝘁𝗵𝗮𝘁 𝗲𝘃𝗲𝗿𝘆 𝗰𝗿𝗶𝘁𝗶𝗰𝗮𝗹 𝗲𝗰𝗼𝘀𝘆𝘀𝘁𝗲𝗺 𝗶𝘀 𝗼𝗻 𝗮 𝗽𝗮𝘁𝗵𝘄𝗮𝘆 𝘁𝗼 𝗰𝗼𝗹𝗹𝗮𝗽𝘀𝗲 - 𝗶𝗿𝗿𝗲𝘃𝗲𝗿𝘀𝗶𝗯𝗹𝗲 �…

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Director of institutional asset management at Ritholtz Wealth Management. Writes the A Wealth of Common Sense blog and co-hosts the Animal Spirits podcast with Michael Batnick.

• Animal Spirits: Everywhere Millionaires The bull market in wealth The next financial crisis A buying opportunity in bonds? AI is crowding out bonds & construction spending The American Dream is still alive Is college still worth the cost?

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Economist; former chief economist of the International Monetary Fund.

• It is indeed nitpicking, and the effect is a net decrease in demand, and a decrease in reserves. But, yes, I should have been more precise. The ECB indeed not selling, it is letting bonds mature and not buying new ones: this leads to a steady decline in ECB bond holdings and in reserves by the ECB. It intends to do so so long as banks do not come back to hold more reserves. The plan is that, when banks come back, this will determine the amount and the size of the balance sheet. Bottom line. The ECB is doing this for reasons which have nothing to do with fiscal policy. And this has nothing to…
  Quoting@itsthemchasers@kebabroyal_ @ojblanchard1 But sales would increase the float in times of higher issuance. His statement is simply wrong.

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• Separate and interesting discussion. True, the ECB (BDF) is slowly reducing its holdings of sovereign bonds, including French bonds (this is called QT, quantitative tightening). By selling those bonds, it decreases their price (not very much, but a bit) and thus increases the interest rate paid by the governments of the euro zone. This indeed makes things a bit harder for the government, who now pay more on their debt. Is the ECB doing this to spite governments, or to induce them to adjust? Emphatically not. It is doing this because it wants to reduce reserves (which is what happens when it s…
  Quoting@StefPalomba@ojblanchard1 1/ la BdF fait partie de l’Etat donc 2/ l’histoire ne tient pas sauf à imaginer que Pierre soit le gouv, 3/ si Paul, dont ce n’est pas le rôle, veut contrer la politique de Pierre, il remet les titres sur le marché, le taux d’intérêt grimpe, 4/ congeler a donc du sens pour Pierre

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Economic historian at Columbia; writes Chartbook on economics, geopolitics and history, and wrote Crashed and The Deluge.

• Top Links 1217 Russian gold through Hong Kong. The birth of repo out of the spirit of the Liberty Bonds. Anger in politics & the failed metrication of the USA.

  Great links, images, and reading from Chartbook Newsletter by Adam Tooze

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Writes The Pragmatic Engineer, the software-engineering newsletter, and wrote The Software Engineer's Guidebook. Formerly an engineering manager at Uber, and at Microsoft/Skype and Skyscanner before that.

• The Pulse: tech companies move to open AI models

  Cost-saving efforts reveal that moving simpler workloads to open AI models is the easiest way to save ~50% on AI bills. Also: automated software maintenance experience, and more

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Economist; writes In My Tribe, and wrote The Three Languages of Politics.

• Economics Links, 9/3/2026

  The WSJ on mortgage defaults; A committee to advise the Fed on inflation; Andreas Steno Larsen on the rickety market for long-term U.S. bonds; Gad Levanon on unemployment among young college grads

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Chilean web engineer building web experiences since 2006; co-founder of Media Creators and writes at iolivares.com.

• Yesterday I worked for ~20hs with my agents using Cursor and Claude and when I moved to sleep time I turned on the "autonomous" skill to all my agents. Today, checking the work done, almost 40% was blocked because reasons and when I ask they say "Sorry, my work was left unfinished..." Weird... computation outage?

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Co-founder of Superlogical, started in 2026 to build server-side terminal infrastructure; creator of Ghostty. Co-founded HashiCorp and created Vagrant and Terraform before that.

• A video explaining a handful of the tricks we use to optimize for memory within the Superlogical server: in-memory compression, moving file descriptors between event-driven and blocked threads dynamically, full terminal state binary snapshot/restore in microseconds, and more!

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Software engineer in Chicago; writes the cassidoo.co blog and a weekly developer newsletter.

• New highly requested feature on the changelog! You can now close all open contributions authored by a user you've blocked.

  github.blog

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General partner at Benchmark Capital for over two decades; was the lead analyst on Amazon's IPO before moving into venture capital. Writes Above the Crowd on tech and marketplace economics.

• Different states, counties, and cities trying different things. Beautiful and effective competition of policies. I doubt any tax bills are going down in NY State.
  Quoting@SaraEisenIn Loudoun Virginia home to more than 200 data centers, tax revenue from data centers has exploded. As a result, over the past 10years, they lowered the real property tax rate every year from $1.145 in tax year 2016 to $0.805 cents per $100 in assessed value for 2026.

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Security researcher; built Report URI and Security Headers, and writes about web security in practice.

• Connection Allowlist: a network firewall, built into the browser

  Connection Allowlist is a new browser security mechanism that lets a document declare, up front, the exact set of destinations it's permitted to open network connections to. Anything not on the list is blocked by the br…

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Writer of the personal-finance blog Of Dollars And Data and author of Just Keep Buying and The Wealth Ladder. Chief Operating Officer at Ritholtz Wealth Management.

• Imagine having $1.66M in T-bills in 1987 and your income goes from $300k per year (in 2026 dollars) to less than $3k per year by 2021. "T-Bill and Chill" is a terrible long-term strategy
  Quoting@dollarsanddataIs $5M in Treasury Bills enough to be set for life? Kevin O'Leary (Mr. Wonderful) says yes. History says no. O'Leary is right...but not for the reason he thinks. My latest:

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• Is $5M in Treasury Bills enough to be set for life? Kevin O'Leary (Mr. Wonderful) says yes. History says no. O'Leary is right...but not for the reason he thinks. My latest:

  ofdollarsanddata.com

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Writer and climate campaigner; wrote The End of Nature in 1989, founded 350.org and Third Act, and writes The Crucial Years.

• "You're paying the bills, buddy."

  Princeton, BP, and a sad but extremely revealing chapter in the climate fight

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London-based front-end architect, web developer evangelist and cloud consultant; Microsoft MVP. Writes at praveen.science and answers on Stack Overflow.

• So many interesting things in this image. - X tells who blocked you! - Allows people to view the post, but not engage. - Alright, I've been a fan of this person for so long, but suddenly disappeared! - Not sure what happened! Anyway, hopefully things should turn out for well! 🥹

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Organizational psychologist and professor at the Wharton School. Author of Give and Take, Originals, Think Again and Hidden Potential, host of the Re:Thinking podcast, and writer of the GRANTED newsletter.

• What I Got Wrong About Connection

  My new book explores how to build faster, stronger, and longer bonds.

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American writer and long-term traveller. Blogs at tynan.com about travel, owning few possessions, habits and the gear he carries; author of Superhuman by Habit and Make It Big.

• The anti bot protection that @axs uses is so bad that I buy tickets on @Gametime now, even though I'd rather just buy them direct. One or two refreshes to see if better seats showed up and I'm blocked for a long time.

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Pen name of the Canadian-American writer behind mrmoneymustache.com, a blog on frugality, early retirement and index-fund investing that has run since 2011.

• Looking for some technical advice on an interesting AI-related problem. I've been running the MMM Forum website for 10 years with no problems. 45k registered users, 3M posts and 20M+ visitors over the years! But now, thousands of AI scraper bots are overrunning it around the clock. It makes sense, there is a LOT of wisdom in those posts from the users and it would make a juicy addition to any future digital brain. They don't obey the robots.txt instruction files and they randomize their IP addresses and spread out the load so they can't be blocked. This has overloaded even the relatively larg…

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Investment researcher and engineer who runs Lyn Alden Investment Strategy, writing on macroeconomics, currency systems and equity analysis.

• The Rise of Bitcoin Stocks and Bonds

  Originally published: July 2025 During the past year or so, the Bitcoin ecosystem has largely been led by the rise of corporate bitcoin treasury strategies. Although Strategy (MSTR) pioneered the trend back in 2020, the…

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Machine-learning researcher; has written the Lil'Log survey posts on how a model technique works since 2017, and worked at OpenAI from 2018 to 2024, latterly leading its safety systems team.

• BlankTabMultivariateTestAddon — The merged add-on of new tab page with multiple designs, used for firefox testpilot study

  Commitsnew xpi for 7.0a2 · removing blocked/pinned sites in fallbacks · small bugs

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