Rebuilding · Back soon
Little Miss London Jewellery
The jewellery label I founded as a teenager — currently rebuilding. New site dropping later this year.
Bond notes since 2026
The Basis Point
Bond markets are the most honest real-time read on the economy. I write these notes to work out what the market is pricing in, and what it might be missing.
I write bond notes about rates & macro
US Treasury
3M → 30Y spread+144bp
Latest note · Trade Ideas · 7 Sept 2026
Why Does a 0% Bond Cost So Much?
Cloudflare raised $2.5bn at a 0% coupon. Split the notes into a bond and an option, and investors paid 100 for something worth about 95.6.
Read the note →
Recent writing
All notes →
The Stem Beneath the FlowerThe long end of the bond market has been supported for two decades. As that support fades, markets are discovering what it really costs to keep the flower standing.
What your Gym Membership Can Teach Us About Modern FinanceAcross structured credit, investors are increasingly lending against predictable human behaviour rather than hard assets, a shift that may reshape how AI businesses are financed.
When the Gale Changes CourseHow AI has shifted creative destruction
Lending Against Obsolescence From Bricks to Chips: Why Credit Markets are Lending Against GPUs
Could a Railway Change the Price of War?Could Hormuz eventually become a regional security story rather than a global macro story?
The Gilded Age of Private CreditPrivate credit has created its own Gilded Age: an industry admired for its stability and returns, but where the appearance of simplicity may conceal a more complex web of leverage.
Projects
Things I’m building
Live · Updated as I read
Book Portfolio
Short reviews of what I'm reading — behavioural finance, value investing, and the occasional novel.
myportfolio.base44.app/Reviews →
