Levine Links

Sep 24, 2026 Morgan Stanley Leaked Some Deals Money Stuff Force majeure, PE, credit cards, eggs. View enhanced version Deal list leak I always think of an investment banking group’s “pipeline” as a fairly aspirational document. “What deals do we

Sep 23, 2026 Kalshi Levers the Predictions Money Stuff Muse, TPAI, 14a-8, pools. View enhanced version Kalshi Klear Back in March, I wrote up a little flight of fancy about leveraged prediction markets. A prediction market like Kalshi or Polym

Sep 22, 2026 Who Cares If a Merger Is Fair? Money Stuff DGCL 262, gambling, shakes, WLF. View enhanced version RIP appraisal? Last March, Silver Lake, the private equity firm, bought out the minority shareholders of a company it controlled for

Sep 17, 2026 The Whole Indian Options Trade Was Too Good Money Stuff Options, futures, addbacks, rationalists. View enhanced version Programming note: Money Stuff will be off on Monday, back Tuesday. Casinos A fact about human nature that I once did not app

Sep 16, 2026 BlackRock Wants Pensions Money Stuff Crypto, Epstein, fifth grade. View enhanced version Everybody wants a pension Back in March, I laid out my theory of pensions . There are two main components to this theory. One is that pe

Sep 15, 2026 Not All the Susquehanna Puts Were Bad Money Stuff Puts, factors, USDT, dopamine. View enhanced version SIG puts Let’s say you’re a senior executive at a public company. You know that, next week, your company is going to announce that it h

Sep 14, 2026 AI Labs Want Someone to Stop Them Money Stuff Lockups, annuities, pre-K, exits. View enhanced version P(doom) When it goes public, probably this year , Anthropic PBC “ is likely to tell investors its potential revenue opportunities ar

Sep 10, 2026 Dallas Gets Some Equities Money Stuff TXSE, HRT, AI, USDT, M:TG. View enhanced version TXSE There is arguably something a bit weird about stock exchanges as for-profit businesses. In the olden days, stock exchanges were often

Sep 9, 2026 AAA AI Money Stuff Ratings, hourly ETFs, basis, eggs. View enhanced version AI ratings I think sometimes , in our age of artificial intelligence, about two opposing theories of asset pricing. One is the stan

Sep 8, 2026 Robinhood Tokenized AMC Money Stuff Tokens, Apollo, pensions, laptop. View enhanced version Tokenization One theory is that nobody should be allowed to create a share of stock except the company whose stock it is. A company,

Sep 3, 2026 The Clippers Got Some Consulting Money Stuff Kawhi, DAT, Epstein. View enhanced version Clippers The National Basketball Association has rules limiting how much teams can pay players. There is a salary cap set by the league each year

Sep 2, 2026 The ETF Dividend Flip Money Stuff ETFs, billables, boosters, billionaires. View enhanced version Dividend shuffle Let’s say you own stock in a company that has announced that it will pay a $2 per share dividend to anyone w

Sep 1, 2026 Amazon Charged the First Price Money Stuff Auctions, meme merger, gambling. View enhanced version Second price Amazon.com Inc. sells advertising on its site: If you search for something on Amazon, some of the results you see are “s

Aug 31, 2026 Don’t Hedge the KPIs Money Stuff KPI, MNPI, LETF, SBF. View enhanced version LSU KPI hedge We talked last week about a proposal by Cboe Global Markets Inc. to list binary options on key performance indicators (KPIs). A “k

Aug 27, 2026 AI Refi Money Stuff Mortgages, evergreens, gazumping. View enhanced version Underpriced options A central fact of consumer finance is that big sophisticated financial companies can offer ordinary consumers ir

Aug 26, 2026 Predict the KPIs Money Stuff KPI, TWG, toast. KPI binaries Classically, a share of stock in a company is worth the present value of the expected future earnings of the company. Therefore, a share of stock is a bet on

Aug 25, 2026 LeBron Bonds Money Stuff Who should be making this loan? When LeBron James signed up to lead the Los Angeles Lakers to NBA glory with a $154 million contract in 2018 View enhanced version TWG Who should be making

Aug 24, 2026 Who Should Control Anthropic? Money Stuff LETF, Duke, interns, interests. View enhanced version Subscribe to Bloomberg.com for unlimited access to all our coverage. Anthropic governance Traditionally there are two main theories of

Aug 13, 2026 Bilateral OTC Goat Hedge Money Stuff Subscribe to Bloomberg.com for unlimited access to all our coverage.Programming note: Money Stuff will be off on vacation next week, back on View enhanced version Subscribe to Bloomberg.co

Aug 12, 2026 AI-Backed Securities Money Stuff DCS, API, CEA, Suno. View enhanced version Subscribe to Bloomberg.com for unlimited access to all our coverage. Securitization The basic business of finance is slicing up cash flows . You

Aug 11, 2026 Pick-and-Shovel Seller Financing Money Stuff Nvidia, Tesla, SPVs, taxes. View enhanced version Subscribe to Bloomberg.com for unlimited access to all our coverage. $500 billion I guess the sci-fi big picture here is something like: I

Aug 10, 2026 The Situation Is Fine Money Stuff Blow-ups, momentum, eBay, ticks, PE BFs. View enhanced version Subscribe to Bloomberg.com for unlimited access to all our coverage. Situational Awareness One of the core themes of this col

Aug 6, 2026 Fake SpaceX Stock Isn’t Worth as Much Money Stuff SPV, margin, ticks, SALP VC and HUCG. View enhanced version Subscribe to Bloomberg.com for unlimited access to all our coverage. SPVs Today is the first lockup release date for SpaceX, whi

Aug 5, 2026 SpaceX Unlocks Tomorrow Money Stuff SpaceX, SALP, sports. View enhanced version Subscribe to Bloomberg.com for unlimited access to all our coverage. SpaceX unlock Today, there are about 639 million shares of SpaceX available

Aug 4, 2026 Leveraged ETF Crash Hedging ETF Money Stuff Cliquet, taxes, Santos, wallet, dentist. View enhanced version Subscribe to Bloomberg.com for unlimited access to all our coverage. Leveraged ETF crash put cliquet ETF Last weekend Bloombe