Patrick Boyle On Finance

Send us a textSign up for Compounded Daily at this link: https://www.compoundeddaily.com/I welcome my friend Adam Robinson to the podcast, the person who has had possibly the most interesting career of anyone I know. He was a teenage Chess prodigy who trained with Bobby Fischer as Fischer prepared to play Boris Spassky for the 1972 world championship – in what has gone on to be known as The Match...

Send us a textOver the next five years the largest cohort of the baby boomer generation will reach retirement age and while it is broadly assumed that they will have comfortable retirements, a recent analysis of their assets shows that more than half of this final group of boomers are not financially prepared to retire whatsoever. In today's video we look at how American retirees found themselves...

Send us a textThis Monday was one of the worst days for global stock markets in years, Stocks in the US, Europe and Japan tanked on Friday and again on Monday before a partial rebound. Bond yields and foreign exchange rates swung around wildly too. The Magnificent seven stocks lost about $1 trillion dollars in value in just two days. So, what exactly is going on in markets, and how much should we...

Send us a textBig Tech is slashing hundreds of thousands of jobs and blaming artificial intelligence, but there may be more to the story than that. Intel just announced fifteen thousand layoffs yesterday, causing their stock price to plunge. Big Tech, who for over a decade provided all sorts of employee perks may no longer be the dream place to work. Patrick's Books:Statistics For The Trading Floo...

Send us a textThe activist short seller Andrew Left surrendered to authorities in Los Angeles on Monday to face federal criminal securities fraud charges, a spokesman for the U.S. Attorney’s Office there said. Both the SEC and a federal grand jury in the Central District of California brought charges against Andrew Left a prominent activist short seller with multiple counts of securities fraud for...

Send us a textA Texas District Judge Andrew S. Hanen has dismissed all charges against seven social-media influencers the SEC and Justice Department had accused of perpetrating a “stock manipulation scheme” on Twitter and Discord, ruling that the prosecution failed to state an offense in a case alleging securities fraud. The influencers were accused of securities fraud through a Pump and Dump sche...

Send us a textU.S. stocks are expected to get a short-term boost in the aftermath of the attempted assassination of former President Donald Trump over the weekend, as analysts say the likelihood of his victory in November has increased. Trump's lead has extended itself since Biden's poor debate performance two weeks ago which left his biggest supporters concerned about the president's ability to h...

Send us a textGregor MacGregor was a Scottish soldier, adventurer, and con man who invented a Central American country called “Poyais,” in 1820 which he claimed to rule as the “Cazique.” MacGregor attempted to draw British and French investors and settlers to his fictional country. Hundreds invested in Poyaisian government bonds and land certificates, while about 250 emigrated to MacGregor’s inven...

Send us a textEvery year, people around the world lose millions of dollars to a sophisticated scam known as “the pig butchering romance scam”. The scam takes its name from the victims, who the scammers call “pigs” that they "fatten up" before slaughter. It usually begins with a text message that appears to be a wrong number. People who respond are lured into a long conversation with a good-looking...

Send us a textMillionaires are leaving the UK faster than any country in the world other than China, new data shows. According to the Henley Private Wealth Migration Report, 9,500 millionaires, defined in US dollar terms are leaving the UK this year. Only China - which has more than twice as many people with seven-figure net worths - saw more millionaires leave. This is a new record outflow for th...

Send us a textDemetri Kofinas came up with the term Financial Nihilism in 2019, describing it as a philosophy that treats the objects of speculation as though they are all intrinsically worthless. Financial nihilism according to Demetri represents an ideological standpoint that questions the value and legitimacy of financial systems, markets, and even the concept of money itself. It doesn’t involv...

Send us a textIndia’s stock market took its worst tumble in four years after Indian Prime Minister Narendra Modi’s BJP lost its parliamentary majority in a surprise outcome. This result means that Modi will need to rely on smaller parties to form a governing majority in the Lok Sabha, the lower house of India’s parliament, raising uncertainty about the Indian leader’s ability to pursue his pro-bus...

Send us a textTrolls of Wall Street on Amazon: https://amzn.to/4e40D5MAn interview with Nathaniel Popper the author of Trolls of Wall Street - How the Outcasts and Insurgents Are Hacking the Markets. Trolls of Wall Street is a new book telling the story of an improbable gang of self-proclaimed “degenerates” who made WallStreetBets into a cultural movement that moved from the fringes of the interne...

Send us a textRed Lobster was America’s largest casual dining seafood chain, with almost 600 locations across the United States and Canada. Its bankruptcy was announced earlier this week. The bankruptcy declaration insinuates that the chains equity owner who was also their biggest seafood supplier might have decided that their equity stake in the business was worthless, but that they could extract...

Send us a textOver a four-day period Japan is suspected to have carried out two interventions to support the yen at an estimated cost of $59 billion dollars. The first intervention came after the yen fell below 160 to the dollar for the first time in 34 years. The second intervention came a few days later after Jerome Powell announced that a rate hike was unlikely to be the Fed’s next interest-rat...

Send us a textEurope’s largest oil and gas company Shell was accused in an investigative report from Greenpeace Canada of selling millions of carbon credits tied to CO2 removal that never took place. Let’s look at what Shell did, how carbon offsets work, and how environmentally beneficial they actually are. Patrick's Books:Statistics For The Trading Floor: https://amzn.to/3eerLA0Derivatives For Th...

Send us a textThe Société Générale Delta One Desk is back in the news after two traders were dismissed - accused of placing unauthorized risky options trades. Kavish Kataria – one of the traders in question - attacked the banks leadership with a LinkedIn post on Thursday saying the “entire risk team and other bosses” were equally responsible for the trades and complaining that his bonus had been w...

Send us a textLina Khan's Federal Trade Commission is suing to block Tapestry's $8.5 billion acquisition of Capri Holdings, saying the deal would harm consumers by reducing competition and raising prices in the affordable luxury handbag sector. Monday's lawsuit challenges the proposed deal that would have Tapestry controlling Coach, Kate Spade, Stuart Weitzman, Michael Kors, Versace and Jimmy Choo...

Send us a textCheck out Eight Sleep and unlock $200 off using my link: https://www.eightsleep.com/boyle/ British stocks closed at an all-time high this week, but as exciting as a new all-time high might sound, the British stock market has been lagging US and European stocks since the Brexit referendum. A recent report from Goldman Sachs says that the British economy is 5% smaller than it would hav...

Send us a textSaudi Arabia’s plan to build a 170km long, 500m tall, mirrored city in the desert, filled with 9 million people has been curtailed to 2.4km long. According to Bloomberg, Saudi Arabia’s government had “scaled back its medium-term ambitions” for Neom, of which The Line is the most significant sub-project. The Saudi government had hoped to have 9M residents living in The Line by 2030, b...

Send us a textSales growth of electric vehicles has slowed dramatically this year. Tesla delivered 20% fewer cars in the first quarter of 2024 than in the prior quarter, and BYD who was previously the world’s biggest EV maker saw sales decline more than 40% over the same period. BYD’s EV sales were still up 13% when compared to the same quarter a year earlier, while Tesla’s sales were down 9%. Bot...

Send us a textJapan’s central bank raised interest rates last week for the first time in seventeen years, ending the world’s only remaining negative interest rate regime. The Bank of Japan also abandoned its yield curve control policy which has been in place since 2016, which saw it buying Japanese government bonds to keep longer term interest rates from rising. It has however maintained bond buyi...

Send us a textAfter a decade of decline, bankruptcy filings around the world are on the rise. In the United States, business bankruptcy filings rose more than 40 percent last year and non-business bankruptcy filings rose 16 percent. Bankruptcies in England and Wales just hit a 30-year high according to the latest figures. In Japan, corporate bankruptcies involving a total liability of 10 million Y...

Send us a textElon Musk filed a lawsuit last week against OpenAI and its CEO Sam Altman, alleging the company’s deal with Microsoft compromised the start-up’s original mission. Musk is seeking disgorgement, additional unspecified damages and specific performance. Let’s go through these claims one by one, see what legal experts have been saying about the case. We will also discuss the Open AI memo...

Send us a textOffice mortgage default rates are rising around the world which could mean problems for the banks, insurance companies and pension funds who lent money to real estate investors. Let’s discuss the distressed sales of office buildings that have been happening over the last few months, why New York Community Bancorp is down more that 65% year to date, what banking regulators are saying...