Pipes Feed Preview: money-stuff & canfintech & cardsFTW

  1. Money Stuff: The Podcast: One Horse at a Time

    Fri, 18 Apr 2025 16:09:50 -0000

    <!DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Strict//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-strict.dtd"> <html xmlns="http://www.w3.org/1999/xhtml" xmlns="http://www.w3.org/1999/xhtml" style="width: 100%;"> <head> <meta http-equiv="Content-Type" content="text/html; charset=utf-8"/> <meta name="viewport" content="initial-scale=1"/> <title>Money Stuff</title> <style>body{width:100%;-webkit-font-smoothing:antialiased;font-family:Georgia,serif;font-size:16px;line-height:24px;margin:0;padding:0}img{max-width:550px}@media only screen and (max-width:480px){.lihide{display:none!important}.lishow{display:block!important;width:auto!important;overflow:visible!important;float:none!important;max-height:inherit!important;line-height:inherit!important}.email-ssl-image{width:100%!important;height:auto!important}.body-image img{width:100%!important}.logo-image{width:100%!important}}</style></head> <body style="width: 100%; -webkit-font-smoothing: antialiased; font-family: Georgia, serif; font-size: 16px; line-height: 24px; margin: 0; padding: 0;"> <div style="color:transparent;visibility:hidden;opacity:0;font-size:0px;border:0;max-height:1px;width:1px;margin:0px;padding:0px;border-width:0px!important;display:none!important;line-height:0px!important;"><img border="0" width="1" height="1" src="https://post.spmailtechnolo.com/q/c-n8NTO5I4ZF5XjxHb0-Ew~~/AARGbBA~/rvU2TuODdk13RxpQOFl8NBgwK4Gz1Fbz85JPOAOCquinmN9cSIbbqsNfffImG_cR1mixe4qoknRjE2Tw-o3u8IxDgLACnuzpfvMvZcJSYUY~" alt=""/></div> <span style="color:transparent;visibility:hidden;display:none;opacity:0;height:0;width:0;font-size:0;"></span><img src="https://links.message.bloomberg.com/s/eo/e95JnOBOQovaRNnDwkLrIWLuIHtrDAqJbPZ8N6l8btGbdZr1ijVesukDYn0Gn9rBcqki-jRTZtvKaLWMumnNJtUUH_0ecggknDczBlt0DbXkKUmMTCofdrKC8mOuJSIR9uDMpn16JGIqmCb6KmPRzaYAX4w6_u7DdKmQ3c8eGOBGl3gikTYqD8HZDwEfDHqe4dav1aeQrHV7NRLxQcIuDLPDOXLyeYL8B1NB/Cgt5XGiE66-pAvORJENw1TcrPXX33znd/8" style="border:0;width:1px;height:1px;border-width:0px!important;display:none!important;line-height:0!important;" width="1" height="1"/> <table id="wrapper" width="100%" align="center" border="0" cellpadding="0" cellspacing="0" style="-webkit-font-smoothing: antialiased; font-family: Georgia, serif; font-size: 16px; max-width: 550px; width: 100% !important;"> <!--[if mso]><center> <tr><td> <table border="0" cellpadding="0" cellspacing="0" width="550"><![endif]--> <tr> <td style="border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt;"> <div style="display: none; max-height: 0px; overflow: hidden;"> This week’s mailbag episode of the Money Stuff podcast is out now, in which Katie and I answer reader questions about law firm IPOs, cyber h </div> </td> </tr> <tr> <td style="border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt; padding-bottom: 15px;"> <table width="100%" border="0" cellspacing="0" cellpadding="0"> <tr> <td align="center" style="border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt; padding: 20px 0px 10px;"> </td> </tr> <tr> <td align="center" style="border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt; padding-bottom: 5px;"> <a href="https://links.message.bloomberg.com/s/c/CiNZBfEfSS8By5ujY9RKEDU7zTFq7FmYDc5oelKWppsLoBVDHmd5ru099ksq0hDiNOQBrhUXMf06PrIEHqYKJ7Jc3-pR31twtKF7mS3xxvhbkPqloOlSd8iZjpJkakJHL1MmtWUkT1cuDTW9X_qVFiIN6ycuS5zo8-zcLSElDr3N769TUciqMHx28IvZ3KNVqBOPm22ARdZlrwrlOHUw9G2NWpb2tQ8RIZd2E3GfM95kBvIPT9Bc3d1A0vQGPFSDIfAY4MKJ4z5HPTfanXq90RhTaFSWSrOVZMtRkmv-8UA_wg8e66n5qE5t_zubeZ6jWVbO6JTR_tNGTIInrIbqI1d--DF6vWuFPDxWMnLRq2Q0y_lC8VwIqeb2tg/2pH2eMT_3kcFGftVLphZpUezKo7O_QmL/8"> <!--[if mso]><table width="550"><tr><td><img alt="Bloomberg" src="https://assets.bwbx.io/images/users/iqjWHBFdfxIU/iNRFZUq6PpLs/v0/-1x-1.png" width="550"/></td></tr></table> <div style="display:none"><![endif]--><img class="logo-image" src="https://assets.bwbx.io/images/users/iqjWHBFdfxIU/iNRFZUq6PpLs/v0/-1x-1.png" border="0" alt="Bloomberg" style="max-width: 550px; width: 530px; display: block;"/><!--[if mso]></div><![endif]--> </a> </td> </tr> </table> </td> </tr> <tr> <td style="border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt;"> <table width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 16px; line-height: 24px;"> <tr> <td style="border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt; padding: 0px 10px;"> <table width="100%" border="0" cellspacing="0" cellpadding="0"> <tr> <td style="border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt;"> <h2 style="font-family: Helvetica, Arial, sans-serif; letter-spacing: -1px; font-size: 26px; line-height: 28px; font-weight: normal; border-top-width: 1px; border-top-style: solid; padding-top: 12px; margin: 20px 0px 0px;">Podcast</h2> </td> </tr> </table><p style="font-family: Georgia, serif; margin: 16px 0;">This week’s mailbag episode of the Money Stuff podcast is out now, in which Katie and I answer reader questions about law firm IPOs, cyber horses, private credit marketplaces, S&amp;P 500 basis ETFs, the option value of personal bankruptcy, names for children/horses/ETFs and ETFs of BDCs. You can listen to this week’s episode <a href="https://links.message.bloomberg.com/s/c/F5l3oIX-mEBcRzSwnvzEVBydxjXq1G6YmAd-olljVC779aUn3PiNYAn-omKm_F-4hB9-0BEOdqZJqV0Fr00yWeG-UFeIGlXCO_Inn8xhi-rqBpfa1uYJy_VCajav4xHCoCTlvaBt1ZlEvWzQeVmjq1ivJaF43OD_Wghl6zV4U1I6rD9FuqoW5T8AylPXa7-XmQToJvdhYoJKqGIQt83m90HQb-DCantHgvKS8KI84z-sFGdB0wVg2xhH42OYuLUxZr-1SSNv0GyUzopInsiGU89R81_xwYpu7BhsK9aexzfuDud1IgaXttd7hz0_L05hQVBPwhNrsKz9FBRu96Y1sNbcQS4mVnFyOEP4G5r5k2GtSdimghAVORZitsvWO9dFMm4gflpU3KPwyQ5UK39nh0FChGBsnVk/rbrjvn4aI1Vi5RQc__djM2PruOrgvuGF/8" itemprop="StoryLink" itemscope="itemscope" target="_blank">here</a>:</p><div class="body-image" style="margin: 20px 0px;"> <a href="https://links.message.bloomberg.com/s/c/3GFOw5ze5Re7nvIVrujeL1jWtVqhrZZf8VB5Nm0jlIUbB7MayVPz1nysySiHFr33n71L7vnLnOgUNgsbODr9A-qTOdBtwzmabkztJU9IH1YH2nWGO-iADq9MQBfx6Szxkwm2R4u_kAGpq1Yv1pPtSCSa6MPlgp2iS6XXFi-TMs0Kwxxnx17siZR7_p4uXFd8mQFgpg8Q1eubSQn6dzYA8XA-wCKTvlHPRaYI8aLwS4aDgE-v7wXvX_EkI6vAK3EKMjsloI4ruuNaIzm8_Wwo_sDZtgfZurgnrszNpEZRAk2wVF65o7__FidusIPJWlUP_Y0h9RcP8aicOI3KSesIj4dSt_eIC3JUzOHjF2auY5ZgLPVjr4J46bIUWYIk53Jx151VzcY6l1cof0WL1oQiyLKmIa2cQzM/34AubqyOKxsMfKW99ZJ-aRS3je__6z9b/8" target="_blank"><!--[if mso]><table width="550"><tr><td><img alt="" src="https://assets.bwbx.io/images/users/iqjWHBFdfxIU/iHrhgyDCbr.Q/v0/-1x-1.png" width="550"/></td></tr></table> <div style="display:none"><![endif]--><img alt="" src="https://assets.bwbx.io/images/users/iqjWHBFdfxIU/iHrhgyDCbr.Q/v0/-1x-1.png" style="max-width: 550px; display: block; width: 530px; margin: auto;"/><!--[if mso]></div><![endif]--></a> </div><p style="font-family: Georgia, serif; margin: 16px 0;">You can get <a href="https://links.message.bloomberg.com/s/c/HnIqk-dxvZjheIo0voIH1mivAnepDc36h0ltTtARSwkuF1ydS3C4EpnSTxd53JMRltFHafYwp2WYcY8nNvfFhuWgy4xOjt8oAtY1cUar7bKamfEXeAccpH3MrZKq0jOGM3WXe9s7bgBJgQn1OHyMrFXKo-ugYdiFcrVgldHATntoqZ8nX1sajVYg5f1RIp_0y7tDhfr8K0hEIEypzzKX-W7DfA90eXtPo9swa88pLDFjSzcndCgOGFiuhgd1edNxI0QCU54egBPVq4U1IJhm7j7V_Hgccw0AXowcYauP77VHLL-3J01K3rNGXPnlC1vm0cyG8AkVRNA7TSmfbifvU1GpL1n0Va1qVM0-97kFSfOt-2Gw0bBDaMvuQr8AiTN5QyHItV9uPwWvz4Xot75ADUEmBf08vhE/utV2QtRQxSFzDVlmRSRJPG0gMvDH3cCq/8" itemprop="StoryLink" itemscope="itemscope" target="_blank">Money Stuff: The Podcast</a> at Apple, Spotify or wherever you get your podcasts. We’d love your feedback. You can email us at <a href="mailto:moneypod@bloomberg.net" target="_blank">moneypod@bloomberg.net</a>.</p> </td> </tr> </table> </td> </tr> <tr> <td style="border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt; padding: 20px 10px;"> <table width="100%" border="0" cellspacing="0" cellpadding="0"> <tr> <td align="center" style="border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt; padding-bottom: 10px;"> <strong style="font-family: Helvetica, Arial, sans-serif;">Follow Us</strong> </td> </tr> <tr> <td align="center" style="border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt;"> <table border="0" cellspacing="0" cellpadding="0"> <tr> <td style="border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt; padding: 0px 10px;"> <a href="https://links.message.bloomberg.com/s/c/44hDn7phFCxFtIDEYvC2uHV45l-MY42xoqLQBaCDtDxcXThs6KouMpXjAVSErwLwSN2rz4Jt-JP86dN80beDZ6TbJP03eiazxp0Us9e80jJjIDJ7X_zJxo4LeenSVHPduX6RmH6nmolkZiV4gZ8FQitzNBWz-rz212okYoz8BPjeGjGkTJ5NHSg8fBzHFEBFPZR91l6XGcGyCcv4U2JVUUE_PDITf0djh6vsVOc2BfcKigjXfyC3FKPhhPJCaFgcEOGXqdEEXC29oWxfPVxS5ELB02zBuSRBaLrdM7rVfK1O0ttZKly8_jivyAR3xa2NIB9mEQ-N5_RIA6OV8Tu-BPxO8MOCrGFAUb7d7tcR08JmNTnNb22CX0qHOBvuJZqtdrIOpDyrRdCzOxhjNtsxgbFsfpwM8nxKL7FkRvtK_qRG/66wIMjTRu0Ufqtbskq5DPyaYIQRKy3_O/8"> <img src="https://assets.bwbx.io/images/users/iqjWHBFdfxIU/i7G4HOaCfw0A/v0/-1x-1.png" width="39" height="39" style="max-width: 550px; vertical-align: middle; width: 39px !important; height: 39px !important;"/> </a> </td> <td style="border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt; padding: 0px 10px;"> <a href="https://links.message.bloomberg.com/s/c/NQqdP4aWuk5zw7sCJ9r7PTmaZFG1FORIBN1dlkTcQaEWFN10--ZH65Hp-BhXWYdnvC2VMmPllYT1RsayaoaIsc9s10QQ1YzQI7cmHcB5VUM7lrmDx0sEKfgYZEN68QQvYgwrW_vUSRbPzYNIfsaQQhb8uqFyoEJaod0Hz6ERqjN0JJCCNdGBLuLMIFIdUHO80fQiW7B_2ZS_g7I-zM0ZqGDBLEUl9tR7Y1b8ElaiebTQ6pzjquziStkcdanjfwkumAxqDEIdPg92TdOWovVtb_cGIad0XMFa_X6MqG_SRqrLxZcl8ns7EAP0PMXNM68Syn2lF1HStQzWPE6trEwgRDfmFNflrK9bt96bYTcWJqYXjiwnZInYFjgFtrwMeCdUzJbvOj1k_U-tF_O4bmanOYsyZP1nezp3yzhR2LLRh2vHXD_QGQ/S3JncZhaoveHcfUBZPcQfnRvY1UUscuJ/8"> <img src="https://assets.bwbx.io/images/users/iqjWHBFdfxIU/iDRduxloBOSA/v0/-1x-1.png" width="39" height="39" style="max-width: 550px; vertical-align: middle; width: 39px !important; height: 39px !important;"/> </a> </td> <td style="border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt; padding: 0px 10px;"> <a href="https://links.message.bloomberg.com/s/c/1l3VvIrGt-3WgOb4otZ4t-okOrLCQLJG9-d14eUZDJLCGzt5onmgH_l9Yx6NB3DUrc6SFLb-oilh8nu7qlaxZ_hQbltFV_7c29rRcaa5P7c0KW5jxTq6VzIzceiHW_eAVQpmfiuRYlc3m1OtumcwDm7h9aoeUEQiqSz2Nk6qfttHfCdbhMZN22CJKCNvjMRBzoc0T8CH7rP2TZ7qdSXw6uu97rOZYu184VyVG3FTzYT99aUr1wk1n-WItNKYyHZ9pJScNPjcd2LdOCMdRGuq__Kc6fqKsgcsd8pqRXQKMHLj1LrUUUpfFeJ2mk2FRtj9MgEyTay9UBLqb9TNWVCCdWKDhu6CQ9sCg0iJiyHmu5wHEbOtFjYaHp9LDovRopYLi_1E/XiqKCihEybHTS4u0KjYY86hNAC-KEE97/8"> <img src="https://assets.bwbx.io/images/users/iqjWHBFdfxIU/i5QE5__h22bE/v0/-1x-1.png" width="39" height="39" style="max-width: 550px; vertical-align: middle; width: 39px !important; height: 39px !important;"/> </a> </td> </tr> </table> </td> </tr> </table> </td> </tr> <tr> <td style="border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt; padding: 0px 10px;"> <table width="100%" align="center" border="0" cellpadding="0" cellspacing="0"> <tr> <td style="border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt; padding: 20px 0px;"> <table width="100%" align="center" border="0" cellpadding="0" cellspacing="0" style="font-family: Helvetica, Arial, sans-serif; font-size: 14px; line-height: 150%;"> <tr> <td style="border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt; padding-bottom: 10px;"> You received this message because you are subscribed to Bloomberg's Money Stuff newsletter. 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  2. CardsFTW #151: Swiss Cheese Security

    Wed, 16 Apr 2025 16:15:21 -0000

    <!doctype html> <html> <head> <meta name="viewport" content="width=device-width"> <meta http-equiv="Content-Type" content="text/html; charset=UTF-8"> <!--[if mso]><xml><o:OfficeDocumentSettings><o:PixelsPerInch>96</o:PixelsPerInch><o:AllowPNG/></o:OfficeDocumentSettings></xml><![endif]--> <title>CardsFTW #151: Swiss Cheese Security</title> <style> .post-title-link { display: block; margin-top: 32px; color: #15212A; text-align: center; line-height: 1.1em; } .post-title-link-left { text-align: left; } .view-online-link { word-wrap: none; white-space: nowrap; color: #73818c; text-decoration: underline !important; } .kg-nft-link { display: block; text-decoration: none !important; color: #15212A !important; font-family: inherit !important; font-size: 14px; line-height: 1.3em; padding-top: 4px; padding-right: 20px; padding-left: 20px; padding-bottom: 4px; } .kg-twitter-link { display: block; text-decoration: none !important; color: #15212A !important; font-family: inherit !important; font-size: 15px; 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mso-table-lspace: 0pt; mso-table-rspace: 0pt; background-color: #fff; width: 100%;" bgcolor="#fff"> <!-- Outlook doesn't respect max-width so we need an extra centered table --> <!--[if mso]> <tr> <td> <center> <table border="0" cellpadding="0" cellspacing="0" width="600"> <![endif]--> <tr> <td style="font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; font-size: 18px; vertical-align: top; color: #15212A;" valign="top">&#xA0;</td> <td class="container" style="font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; font-size: 18px; vertical-align: top; color: #15212A; display: block; max-width: 600px; margin: 0 auto;" valign="top"> <div class="content" style="box-sizing: border-box; display: block; margin: 0 auto; max-width: 600px;"> <!-- START CENTERED WHITE CONTAINER --> <table role="presentation" border="0" cellpadding="0" cellspacing="0" class="main" width="100%" style="border-collapse: separate; mso-table-lspace: 0pt; mso-table-rspace: 0pt; background: #ffffff; border-radius: 3px; border-spacing: 20px 0; width: 100%;"> <!-- START MAIN CONTENT AREA --> <tr> <td class="wrapper" style="font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; font-size: 18px; vertical-align: top; color: #15212A; box-sizing: border-box;" valign="top"> <table role="presentation" border="0" cellpadding="0" cellspacing="0" width="100%" style="border-collapse: separate; mso-table-lspace: 0pt; mso-table-rspace: 0pt; width: 100%;"> <tr class="header-image-row"> <td class="header-image" width="100%" align="center" style="font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; font-size: 18px; vertical-align: top; color: #15212A; padding-top: 24px; padding-bottom: 16px;" valign="top"> <a href="https://www.cardsftw.com/r/968574b7?m=c62b746c-f2ed-4fee-8f26-488cc07e1c4e" style="color: #F9A60D; text-decoration: none; overflow-wrap: anywhere;" target="_blank"> <img src="https://www.cardsftw.com/content/images/size/w1200/2024/01/cftw-logo-3.png" width="600" style="border: none; -ms-interpolation-mode: bicubic; max-width: 100%;"> </a> </td> </tr> <tr> <td class="post-title post-title-with-excerpt post-title-serif" style="vertical-align: top; color: #15212A; font-size: 36px; line-height: 1.1em; font-weight: 700; text-align: center; padding-bottom: 8px; font-family: Georgia, serif; letter-spacing: -0.01em;" valign="top" align="center"> <a href="https://www.cardsftw.com/r/a4814d53?m=c62b746c-f2ed-4fee-8f26-488cc07e1c4e" class="post-title-link" style="text-decoration: none; display: block; margin-top: 32px; color: #15212A; text-align: center; line-height: 1.1em; overflow-wrap: anywhere;" target="_blank">CardsFTW #151: Swiss Cheese Security</a> </td> </tr> <tr> <td style="font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; font-size: 18px; vertical-align: top; color: #15212A; width: 100%;" width="100%" valign="top"> <table class="post-meta-wrapper" role="presentation" border="0" cellpadding="0" cellspacing="0" width="100%" style="border-collapse: separate; mso-table-lspace: 0pt; mso-table-rspace: 0pt; width: 100%; padding-bottom: 32px;"> <tr> <td height="20" class="post-meta post-meta-center" style="font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; vertical-align: top; color: #73818c; font-size: 13px; font-weight: 400; text-align: center; padding: 0;" valign="top" align="center"> By Matthew Goldman &#x2022; <span class="post-meta-date" style="white-space: nowrap;">16 Apr 2025 </span> </td> <td class="post-meta post-meta-center view-online desktop" style="font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; vertical-align: top; color: #73818c; font-size: 13px; font-weight: 400; text-align: center; display: none;" valign="top" align="center"> <a href="https://www.cardsftw.com/r/e4c344a9?m=c62b746c-f2ed-4fee-8f26-488cc07e1c4e" class="view-online-link" style="word-wrap: none; white-space: nowrap; color: #73818c; overflow-wrap: anywhere; text-decoration: underline;" target="_blank">View in browser</a> </td> </tr> <tr class="post-meta post-meta-center view-online-mobile" style="color: #73818c; font-size: 13px; font-weight: 400; text-align: center;" align="center"> <td height="20" class="view-online" style="font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; vertical-align: top; color: #73818c; font-size: 13px; font-weight: 400; text-align: center; text-decoration: underline;" valign="top" align="center"> <a href="https://www.cardsftw.com/r/89d74bc0?m=c62b746c-f2ed-4fee-8f26-488cc07e1c4e" class="view-online-link" style="word-wrap: none; white-space: nowrap; color: #73818c; overflow-wrap: anywhere; text-decoration: underline;" target="_blank">View in browser</a> </td> </tr> </table> </td> </tr> <tr class="post-content-row"> <td class="post-content-sans-serif" style="font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; vertical-align: top; font-size: 17px; line-height: 1.5em; color: #15212A; padding-bottom: 20px; border-bottom: 1px solid #e0e7eb; max-width: 600px;" valign="top"> <!-- POST CONTENT START --> <h1 id="pay-by-car" style="margin-top: 0; font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; line-height: 1.11em; text-rendering: optimizeLegibility; margin: 1.5em 0 0.5em 0; font-size: 42px; font-weight: 700;">Pay by Car</h1><p style="margin: 0 0 1.5em 0; line-height: 1.6em;">Way back in <a href="https://www.cardsftw.com/r/e8e3ad06?m=c62b746c-f2ed-4fee-8f26-488cc07e1c4e" style="overflow-wrap: anywhere; color: #F9A60D; text-decoration: underline;" target="_blank"><em><u>CardsFTW #66</u></em></a><em> </em>(2023!) I wrote about in-car payments. The proximate reason was <a href="https://www.cardsftw.com/r/03dbb8af?m=c62b746c-f2ed-4fee-8f26-488cc07e1c4e" rel="noreferrer" style="overflow-wrap: anywhere; color: #F9A60D; text-decoration: underline;" target="_blank">CarIQ</a> announcing a deal with Visa. I haven&#x2019;t heard much since then. This past week, though, I saw two items on this (two!)</p><div class="kg-card kg-image-card kg-card-hascaption" style="margin: 0 0 1.5em; padding: 0;"><img src="https://www.cardsftw.com/content/images/2025/04/ChatGPT-Image-Apr-14--2025--11_54_37-AM-2.png" class="kg-image" alt="Illustration of an orange car with a credit card image on the door" loading="lazy" width="320" height="320" style="border: none; -ms-interpolation-mode: bicubic; max-width: 100%; display: block; margin: 0 auto; height: auto; width: auto;"><div class="kg-card-figcaption" style="text-align: center; font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; padding-top: 10px; padding-bottom: 10px; line-height: 1.5em; color: #73818c; font-size: 13px;"><span style="text-align: center; white-space: pre-wrap;">How I imagine this whole idea got started: Charley Car-d</span></div></div><p style="margin: 0 0 1.5em 0; line-height: 1.6em;">First, one of my favorite non-fintech news sources, <em>Ars Technica</em>, had this item: <a href="https://www.cardsftw.com/r/72131c20?m=c62b746c-f2ed-4fee-8f26-488cc07e1c4e" style="overflow-wrap: anywhere; color: #F9A60D; text-decoration: underline;" target="_blank"><u>&#x201C;97% of drivers want in-car payment system for tolls, parking, charging&#x201D;</u></a>. I can understand the research result here; it sounds convenient. I imagine the reality is quite complex. I have an electric car, and I&#x2019;m <strong style="font-weight: 700;">supposed</strong> to be able to start charging my car using a specific charger network. Let&#x2019;s just say my experience is uneven. Plus, that&#x2019;s only one brand of car and one brand of charger. The interoperability concern here is enormous. One thing we often preach in payments is the value of ubiquity and acceptance. Unless all the car manufacturers and charger brands get on the same page and share all this data I don&#x2019;t see it happening.</p><p style="margin: 0 0 1.5em 0; line-height: 1.6em;">Second, gas station chain Sunoco <a href="https://www.cardsftw.com/r/ffb3e9d0?m=c62b746c-f2ed-4fee-8f26-488cc07e1c4e" style="overflow-wrap: anywhere; color: #F9A60D; text-decoration: underline;" target="_blank"><u>announced</u></a> it would be bringing in-car payments to its 5,700 locations via <a href="https://www.cardsftw.com/r/7746e67d?m=c62b746c-f2ed-4fee-8f26-488cc07e1c4e" rel="noreferrer" style="overflow-wrap: anywhere; color: #F9A60D; text-decoration: underline;" target="_blank">Sheeva.AI</a>. There have been attempts for various gas brands to allow app-based payments (e.g., to start a pump from your phone by scanning a QR code or inputting a pump number). I have tried this a lot, of course (I also have a traditional gas-powered car). I don&#x2019;t know. Tap and pay is pretty darn easy, and I think the number of steps, authentication, and more to get in-car payments isn&#x2019;t really worth it. Plus, you still have to get out and pump your gas (unless you live in New Jersey, I hear).</p><h1 id="me-elsewhere-on-other-topics" style="margin-top: 0; font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; line-height: 1.11em; text-rendering: optimizeLegibility; margin: 1.5em 0 0.5em 0; font-size: 42px; font-weight: 700;">Me, Elsewhere, on Other Topics</h1><p style="margin: 0 0 1.5em 0; line-height: 1.6em;">Last week, I authored an article in <em>This Week in Fintech Signals</em> about the challenges of Regulation CF (crowdfunding). TWIF subscribers can read it here: <a href="https://www.cardsftw.com/r/8e879f80?m=c62b746c-f2ed-4fee-8f26-488cc07e1c4e" style="overflow-wrap: anywhere; color: #F9A60D; text-decoration: underline;" target="_blank"><u>https://www.thisweekinfintech.com/crowdfunding/</u></a>. Not a subscriber? I encourage you to sign up today!</p><h1 id="deserve-sells-to-intuit" style="margin-top: 0; font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; line-height: 1.11em; text-rendering: optimizeLegibility; margin: 1.5em 0 0.5em 0; font-size: 42px; font-weight: 700;">Deserve Sells to Intuit</h1><p style="margin: 0 0 1.5em 0; line-height: 1.6em;"><a href="https://www.cardsftw.com/r/1801bb9e?m=c62b746c-f2ed-4fee-8f26-488cc07e1c4e" rel="noreferrer" style="overflow-wrap: anywhere; color: #F9A60D; text-decoration: underline;" target="_blank">Big news</a> in the credit card infrastructure world hit Monday evening, with word that Intuit is acquiring certain assets and employees of credit-cards-as-a-service pioneer Deserve. </p><p style="margin: 0 0 1.5em 0; line-height: 1.6em;">Startups are very hard. Deserve was founded in 2013 as SelfScore, which worked to build alternative underwriting models for thin-file/no-file customers. Over time, the company pivoted to an infrastructure provider. My last startup, Vertical Finance, chose Deserve as our partner to launch the Grand Reserve World Mastercard in 2020.</p><p style="margin: 0 0 1.5em 0; line-height: 1.6em;">Like Deserve, Vertical Finance didn&#39;t have a winning outcome. Selling a company is hard, even when you exit via an acquihire as Deserve did here (and Vertical Finance did in its time). I&#39;m looking forward to seeing what Intuit does with these assets.</p><h1 id="swiss-cheese-security" style="margin-top: 0; font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; line-height: 1.11em; text-rendering: optimizeLegibility; margin: 1.5em 0 0.5em 0; font-size: 42px; font-weight: 700;"><strong style="font-weight: 800;">Swiss Cheese Security</strong></h1><p style="margin: 0 0 1.5em 0; line-height: 1.6em;">Anyone who has worked in payments for long enough (two weeks? one day?) has dealt with fraud. Understanding that fraud is inevitable and that fraudsters are endlessly clever is one of the most fundamental lessons of the payments profession.</p><p style="margin: 0 0 1.5em 0; line-height: 1.6em;">Fraud and security risks manifest in all forms and at every stage of the payment lifecycle. Companies face identity fraud during account creation, transactional fraud when payment credentials are stolen, and first-party fraud from users who initiate false disputes or who never intend to repay credit lines. On the merchant side, there&#x2019;s merchant fraud, such as charging users for goods never delivered or services never rendered. Then there&#x2019;s system-level risk. Your infrastructure could be compromised by a bad actor, or a malicious employee with legitimate access might abuse their privileges.</p><p style="margin: 0 0 1.5em 0; line-height: 1.6em;">There&#x2019;s no way to completely prevent fraud without harming the user experience. And that&#x2019;s the crux of the challenge: balancing the cost of prevention with the cost of losses. The best way to frame this is the Swiss cheese model of security.</p><div class="align-center" style="text-align: center;"><hr style="position: relative; display: block; width: 100%; margin: 3em 0; padding: 0; height: 1px; background-color: transparent; border: 0; border-top: 1px solid #e0e7eb;"><p style="margin: 0 0 1.5em 0; line-height: 1.6em;"><span style="white-space: pre-wrap;">Do you love CardsFTW? Share or forward this post to a friend!&#xA0;</span></p><hr style="position: relative; display: block; width: 100%; margin: 3em 0; padding: 0; height: 1px; background-color: transparent; border: 0; border-top: 1px solid #e0e7eb;"></div><h2 id="what-is-the-swiss-cheese-model" style="margin-top: 0; font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; line-height: 1.11em; font-weight: 700; text-rendering: optimizeLegibility; margin: 1.5em 0 0.5em 0; font-size: 32px;"><strong style="font-weight: 800;">What Is the Swiss Cheese Model?</strong></h2><p style="margin: 0 0 1.5em 0; line-height: 1.6em;">I first came across this concept while reading about the <a href="https://www.cardsftw.com/r/c5da284c?m=c62b746c-f2ed-4fee-8f26-488cc07e1c4e" style="overflow-wrap: anywhere; color: #F9A60D; text-decoration: underline;" target="_blank"><u>Gimli Glider</u></a>, an Air Canada flight that famously ran out of fuel mid-flight and managed a miraculous, engine-less landing in Gimli, Manitoba (not the original destination). A chain of small oversights (metric vs. imperial conversions, miscalibrated gauges, and more) led to the fuel miscalculation. Each issue was small, but disaster nearly struck when they lined up just right (or wrong).</p><div class="kg-card kg-image-card kg-card-hascaption" style="margin: 0 0 1.5em; padding: 0;"><img src="https://www.cardsftw.com/content/images/2025/04/Gimli-Glider-Wreckage-1.jpeg" class="kg-image" alt="Image of a plane after an emergency landing on a race track" loading="lazy" width="600" height="395" style="border: none; -ms-interpolation-mode: bicubic; max-width: 100%; display: block; margin: 0 auto; height: auto; width: auto;"><div class="kg-card-figcaption" style="text-align: center; font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; padding-top: 10px; padding-bottom: 10px; line-height: 1.5em; color: #73818c; font-size: 13px;"><span style="text-align: center; white-space: pre-wrap;">Post-evacuation on the race track</span></div></div><p style="margin: 0 0 1.5em 0; line-height: 1.6em;">The Swiss cheese model suggests that each layer of defense has holes: gaps where a bad actor or mistake might get through. One slice may be thin and riddled with holes, but stack enough slices together, and the holes don&#x2019;t line up. No single failure leads to catastrophe because another layer catches the issue.</p><p style="margin: 0 0 1.5em 0; line-height: 1.6em;">Unless, of course, all the holes line up. Then you have a problem.</p><h2 id="layering-defense-in-payments" style="margin-top: 0; font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; line-height: 1.11em; font-weight: 700; text-rendering: optimizeLegibility; margin: 1.5em 0 0.5em 0; font-size: 32px;"><strong style="font-weight: 800;">Layering Defense in Payments</strong></h2><p style="margin: 0 0 1.5em 0; line-height: 1.6em;">We know every security system has gaps. But our job is to layer the right controls so that no one pathway leads to total compromise, and these are some of the best places to start for a card program.</p> <!-- POST CONTENT END --> <div class="align-center" style="text-align: center;"> <hr style="background-color: transparent; position: relative; display: block; width: 100%; margin: 3em 0; padding: 0; height: 1px; border: 0; border-top: 1px solid #e0e7eb;"> <h3 style="font-size: 26px; margin-top: 0; font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; line-height: 1.11em; font-weight: 700; text-rendering: optimizeLegibility; margin: 1.5em 0 0.5em 0; text-wrap: pretty;"> Upgrade to continue reading.</h3> <p style="margin: 0 auto 1.5em auto; line-height: 1.6em; max-width: 440px; text-wrap: pretty;">Become a paid member of CardsFTW to get access to all premium content.</p> <div class="btn btn-accent" style="box-sizing: border-box; width: 100%; display: table;"> <table border="0" cellspacing="0" cellpadding="0" align="center" style="border-collapse: separate; 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max-width: 100%; display: block; margin: 0 auto; vertical-align: middle;"> <p class="feedback-button-text" style="display: inline-block; font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; color: #15212A; font-weight: 500; margin: 1em 0 0 0; line-height: 1.4em; word-break: break-word; font-size: 13px;">Comment</p> </a> </td> </tr> </table> </td> </tr> <tr> <td class="subscription-box" style="font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; font-size: 18px; vertical-align: top; padding: 32px 0; border-bottom: 1px solid #e0e7eb; color: #15212A;" valign="top"> <h3 style="margin-top: 0; font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; line-height: 1.11em; text-rendering: optimizeLegibility; font-size: 14px; font-weight: 700; text-transform: uppercase; margin: 0 0 18px;">Subscription details</h3> <p style="margin: 0 0 1.5em 0; font-size: 15px; font-weight: 400; line-height: 1.45em; text-decoration: none; margin-bottom: 16px; color: #15212A;"> <span>You are receiving this because you are a <strong style="font-weight: 700;">free subscriber</strong> to CardsFTW.</span> </p> <table role="presentation" border="0" cellpadding="0" cellspacing="0" width="100%" style="border-collapse: separate; mso-table-lspace: 0pt; mso-table-rspace: 0pt; width: 100%;"> <tr> <td class="subscription-details" style="font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; font-size: 18px; vertical-align: top; color: #15212A;" valign="top"> <p class="" style="margin: 0 0 1.5em 0; margin-bottom: 0; font-size: 15px; font-weight: 400; line-height: 1.45em; text-decoration: none; color: #15212A;">Name: roger</p> <p style="margin: 0 0 1.5em 0; margin-bottom: 0; font-size: 15px; font-weight: 400; line-height: 1.45em; text-decoration: none; color: #15212A;">Email: <a href="#" style="overflow-wrap: anywhere; text-decoration: none; color: #15212A;" target="_blank">tw51yjtgdhlsr2od@newsletter.rodeo</a></p> <p style="margin: 0 0 1.5em 0; margin-bottom: 0; font-size: 15px; font-weight: 400; line-height: 1.45em; text-decoration: none; color: #15212A;">Member since: 7 March 2024</p> </td> <td align="right" valign="bottom" class="manage-subscription" style="font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; white-space: nowrap; font-size: 15px; font-weight: 600; text-align: right; line-height: 1.45em; vertical-align: bottom; color: #F9A60D;"> <a href="https://www.cardsftw.com/#/portal/account" style="color: #F9A60D; text-decoration: none; overflow-wrap: anywhere;" target="_blank"> Manage subscription &#x2192;</a> </td> </tr> </table> </td> </tr> <tr> <td class="wrapper" align="center" style="font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; font-size: 18px; vertical-align: top; color: #15212A; box-sizing: border-box;" valign="top"> <table role="presentation" border="0" cellpadding="0" cellspacing="0" width="100%" style="border-collapse: separate; mso-table-lspace: 0pt; 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N,&#xA0;Sacramento, CA 95816</span></p></td></tr> <tr> <td class="footer" style="font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; vertical-align: top; color: #73818c; margin-top: 20px; text-align: center; padding-bottom: 10px; padding-top: 10px; padding-left: 30px; padding-right: 30px; line-height: 1.5em; font-size: 13px;" valign="top" align="center">CardsFTW &#xA9; 2025 &#x2013; <a href="https://www.cardsftw.com/unsubscribe/?uuid=c62b746c-f2ed-4fee-8f26-488cc07e1c4e&key=44d661c4f7da07f15bd29599b4345e87e54ce5bd0afd084e1bee49ee89a327ac&newsletter=4537ad55-eebc-4678-b2bf-fd6731d3805e" style="overflow-wrap: anywhere; color: #73818c; text-decoration: underline; font-size: 13px;" target="_blank">Unsubscribe</a></td> </tr> <tr> <td class="footer-powered" style="font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; font-size: 18px; vertical-align: top; color: #15212A; text-align: center; padding-top: 70px; padding-bottom: 40px;" valign="top" align="center"><a href="https://ghost.org/?via=pbg-newsletter&amp;ref=cardsftw.com" style="color: #F9A60D; text-decoration: none; overflow-wrap: anywhere;" target="_blank"><img src="https://static.ghost.org/v4.0.0/images/powered.png" border="0" width="142" height="30" class="gh-powered" alt="Powered by Ghost" style="border: none; -ms-interpolation-mode: bicubic; max-width: 100%; width: 142px; height: 30px;"></a></td> </tr> </table> </td> </tr> </table> <!-- END CENTERED WHITE CONTAINER --> </div> </td> <td style="font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; font-size: 18px; vertical-align: top; color: #15212A;" valign="top">&#xA0;</td> </tr> <!--[if mso]> </table> </center> </td> </tr> <![endif]--> </table> <img width="1" height="1" alt="" src="https://email.mg.cardsftw.com/o/eJwszjtuxCAQANDTLN1a82FgKeYwhsGfxA4SJrFy-0jRlq97pvxCFnFVMXr_IkACV895P567aYjLYjGhlFREQKRkEWFwm2Iko5TYxyVnmQPPlqHOCDEAS0S3KwEJeAwYUDBOQpQKB06YkLniw8O5TmXudi3jnko7XddxC_5-jNW24-rU7OHhq97XUceoferNanND8_fx-fxfuqHr1q7x1o_SXwAAAP__kUA-NA"></body> </html>
  3. Canadian Fintech: Shopify Expands Payments 🌎

    Mon, 14 Apr 2025 12:30:02 -0000

    <html style="scrollbar-width: thin;scrollbar-color: #dbdbdbrgb(255,255,255);"><head><meta charset="utf-8"><title>Canadian Fintech: Shopify Expands Payments &#127758;</title><style> @media all and (-ms-high-contrast: none), (-ms-high-contrast: active) { .typography .markup table.image-wrapper img, .typography.editor .markup table.image-wrapper img, .typography .markup table.kindle-wrapper img, .typography.editor .markup table.kindle-wrapper img { max-width: 550px; } } @media (max-width: 1024px) { .typography .image2-align-left.image2-align-left.image2-align-left, .typography.editor .image2-align-left.image2-align-left.image2-align-left, .typography .image2-align-right.image2-align-right.image2-align-right, .typography.editor .image2-align-right.image2-align-right.image2-align-right { float: none; margin: 1em auto; max-width: 100%; width: 100%; padding: 0; } .typography .image2-align-right.image2-align-right.image2-align-right .image2-inset, .typography.editor .image2-align-right.image2-align-right.image2-align-right .image2-inset, .typography .image2-align-left.image2-align-left.image2-align-left .image2-inset, .typography.editor .image2-align-left.image2-align-left.image2-align-left .image2-inset { display: flex; 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} } @media (max-width: 1024px) { body .image2-align-left.image2-align-left.image2-align-left, body .image2-align-right.image2-align-right.image2-align-right { float: none; margin: 1em auto; max-width: 100%; width: 100%; padding: 0; } body .image2-align-right.image2-align-right.image2-align-right .image2-inset, body .image2-align-left.image2-align-left.image2-align-left .image2-inset { display: flex; justify-content: center; } body .image2-align-left.image2-align-left.image2-align-left.thefp, body .image2-align-right.image2-align-right.image2-align-right.thefp { margin: 0; } } @media screen and (max-width: 650px) { body .markup div.youtube-overlay, body .markup div.vimeo-overlay { display: none !important; } } @media screen and (max-width: 370px) { body .markup div.tiktok-wrap { width: calc(95vw - 32px); height: calc((95vw - 32px - 2px) / 0.485714); } } @media screen and (max-width: 650px) { body .markup div.embedded-publication-wrap .embedded-publication.show-subscribe { padding: 24px; } } @media screen and (max-width: 650px) { body .markup div.subscription-widget-wrap .subscription-widget.show-subscribe, body .markup div.subscription-widget-wrap-editor .subscription-widget.show-subscribe, body .markup div.captioned-button-wrap .subscription-widget.show-subscribe { padding: 0px 24px; } } @media screen and (max-width: 650px) { body .markup div.subscription-widget-wrap .subscription-widget.show-subscribe .subscription-widget-subscribe .button, body .markup div.subscription-widget-wrap-editor .subscription-widget.show-subscribe .subscription-widget-subscribe .button, body .markup div.captioned-button-wrap .subscription-widget.show-subscribe .subscription-widget-subscribe .button { padding: 10px 12px; min-width: 110px; } } @media (max-width: 650px) { body .markup .tweet { padding: 12px; } } @media (max-width: 650px) { body .markup .tweet .tweet-text { font-size: 14px; line-height: 20px; } } @media (max-width: 650px) { body .markup .tweet .tweet-photos-container.two, body .markup .tweet .tweet-photos-container.three, body .markup .tweet .tweet-photos-container.four { height: 200px; } } @media (max-width: 650px) { body .markup .tweet a.expanded-link .expanded-link-img { max-height: 180px; } } @media (max-width: 650px) { body .markup .tweet a.expanded-link .expanded-link-description { display: none; } } @media screen and (max-width: 650px) { body .markup .apple-podcast-container { width: unset; } } @media (max-width: 420px) { body .markup .install-substack-app-embed img.install-substack-app-embed-img { margin: 0 auto 16px auto; } } @media (max-width: 420px) { body .markup .install-substack-app-embed .install-substack-app-embed-text { margin: 0 0 12px 0; max-width: 100%; width: auto; text-align: center; } } @media (max-width: 420px) { body .markup .install-substack-app-embed .install-substack-app-embed-link { display: flex; justify-content: center; } } @media screen and (min-width: 500px) { body .header a.logo { width: 42px; height: 42px; border-radius: 12px; } } @media screen and (max-width: 420px) { body .subscription-receipt table:first-of-type .subscription-amount .subscription-discount { width: 72px !important; } } @media screen and (min-width: 481px) { body .share-button-container { height: auto; } } @media screen and (max-width: 480px) { body .share-button-container .separator { display: block !important; margin: 0 !important; height: 8px !important; border-left: none !important; } } @media screen and (max-width: 650px) { .digest .item .post-meta-item.audience { display: none; } } @media screen and (min-width: 500px) { .digest-publication .logo img { width: 42px; height: 42px; border-radius: 8px; } } @media screen and (max-width: 650px) { .comments-page .container .comment-list .collapsed-reply { margin-left: calc(10 + 32px - 24px); } } @media screen and (max-width: 650px) { .comment > .comment-list { padding-left: 24px; } } @media screen and (max-width: 650px) { .finish-magic-login-modal .modal-content .container { padding: 24px 0; } } @media (max-width: 650px) { .reader2-text-b3 { line-height: 24px; } } @media screen and (max-width: 650px) { .reader2-text-h4 { line-height: 24px; } } @media screen and (min-width: 541px) { .user-profile-modal { padding-left: 12px; padding-right: 12px; } } @media screen and (max-width: 650px) { .subscribe-widget form.form .sideBySideWrap button.rightButton { padding: 10px 12px; } } @media screen and (min-width: 541px) { .pub-icon:hover .logo-hover, .feed-item-icon:hover .logo-hover { display: block; } } @media screen and (max-width: 650px) { .post-ufi.single-full-width-button .post-ufi-button-wrapper { width: 100%; padding: 16px; } .post-ufi.single-full-width-button .post-ufi-button-wrapper:empty { display: none; } .post-ufi.single-full-width-button .post-ufi-button { width: 100%; justify-content: center; } } @media screen and (max-width: 768px) { .file-embed-wrapper { padding: 0; } } @media screen and (max-width: 768px) { .file-embed-wrapper-editor { padding: 0; } } @media screen and (max-width: 768px) { .file-embed-wrapper-editor:active { padding: 0; } } @media only screen and (max-width: 650px) { .file-embed-button.wide, .file-embed-error-button.wide { display: none; } } @media only screen and (min-width: 630px) { .file-embed-button.narrow, .file-embed-error-button.narrow { display: none; } } @media screen and (min-width: 541px) { .audio-player-wrapper .audio-player { min-width: 500px; } } @media screen and (max-width: 650px) { .audio-player-wrapper .audio-player .audio-player-progress { border-left-width: 16px; border-right-width: 16px; } } @media screen and (max-width: 650px) { .audio-player-wrapper .audio-player .audio-player-progress .audio-player-progress-bar .audio-player-progress-bar-popup { top: -54px; } } @media screen and (max-width: 650px) { .audio-player-wrapper-fancy .audio-player .audio-player-progress { border-left-width: 16px; border-right-width: 16px; } } @media screen and (max-width: 650px) { .audio-player-wrapper-fancy .audio-player .audio-player-progress .audio-player-progress-bar .audio-player-progress-bar-popup { top: -54px; } } @media (min-width: 250px) { .audio-player-wrapper-fancy .audio-player { padding: 32px; } .audio-player-wrapper-fancy .audio-player .btn-group { display: flex; } .audio-player-wrapper-fancy .audio-player .btn-group .button:last-of-type { display: block; } } @media (min-width: 300px) { .audio-player-wrapper-fancy .audio-player .btn-group { display: block; } .audio-player-wrapper-fancy .audio-player .btn-group .button:first-of-type { display: block; } } @media (min-width: 350px) { .audio-player-wrapper-fancy .audio-player .audio-player-substack-logo { display: block; } .audio-player-wrapper-fancy .audio-player .audio-player-title { margin-top: 16px; } .audio-player-wrapper-fancy .audio-player .audio-player-hero-image-container { padding-top: 15%; width: 15%; display: block; } .audio-player-wrapper-fancy .audio-player .btn-group .button:first-of-type { display: block; } .audio-player-wrapper-fancy .audio-player .audio-player-substack-logo { display: block; } } @media (min-width: 350px) { .audio-player-wrapper-fancy .audio-player .audio-player-hero-image-container { padding-top: 25%; width: 25%; display: block; } .audio-player-wrapper-fancy .audio-player .btn-group { display: flex; } .audio-player-wrapper-fancy .audio-player .btn-group .button:first-of-type { display: block; } } @media (min-width: 400px) { .audio-player-wrapper-fancy .audio-player .audio-player-hero-image-container { padding-top: 40%; width: 40%; } } @media (max-width: 400px) { .audio-player-wrapper-fancy .audio-player .btn-group { margin-top: 12px; } .audio-player-wrapper-fancy .audio-player .btn-group .button { font-size: 13px; padding: 6px 12px; height: auto; margin-top: 10px; } } @media (min-width: 600px) { .audio-player-wrapper-fancy .audio-player .audio-player-hero-image-container { padding-top: 55%; width: 55%; } } @media (max-width: 650px) { .poll-editor-modal { min-width: calc(100% - 20px); } } @media (max-width: 750px) { .poll-embed .poll-anchor-target .poll-anchor-copy-button { left: 8px; top: 45px; } } @media screen and (min-width: 541px) { .poll-embed .poll-wrapper.poll-web .poll-dialog .modal-table .modal-row .modal-content > .container { width: 552px; padding: 26px 24px; } } @media screen and (max-width: 650px) { .poll-embed .poll-wrapper.poll-web .poll-dialog .modal-table .modal-row .modal-content > .container { padding: 40px 0; } } @media screen and (max-width: 650px) { .poll-embed .poll-wrapper.poll-web .poll-dialog .modal-row .modal-cell .modal-exit-btn { margin-right: -20px; } }</style></head><body class="email-body" style="font-kerning: auto;"><img src="https://eotrx.substackcdn.com/open?token=eyJtIjoiPDIwMjUwNDE0MTIyOTQzLjMuZmQyMTgwNWZkZTI3NzQ1ZUBtZy1kMC5zdWJzdGFjay5jb20-IiwidSI6MTkyNTY5NTEyLCJyIjoiMDc0ZGw1a3VmZnYzMDRvdUBuZXdzbGV0dGVyLnJvZGVvIiwiZCI6Im1nLWQwLnN1YnN0YWNrLmNvbSIsInAiOjE2MTI0NzU3OSwidCI6Im5ld3NsZXR0ZXIiLCJhIjoiZXZlcnlvbmUiLCJzIjo2NjMzNTMsImMiOiJwb3N0IiwiZiI6dHJ1ZSwicG9zaXRpb24iOiJ0b3AiLCJpYXQiOjE3NDQ2MzM3OTQsImV4cCI6MTc0NzIyNTc5NCwiaXNzIjoicHViLTAiLCJzdWIiOiJlbyJ9.vPS9sP21LQ9Kx5ici3OYiheGJQB-v5596GzRaCBrpsY" alt="" width="1" height="1" border="0" style="height:1px !important;width:1px !important;border-width:0 !important;margin-top:0 !important;margin-bottom:0 !important;margin-right:0 !important;margin-left:0 !important;padding-top:0 !important;padding-bottom:0 !important;padding-right:0 !important;padding-left:0 !important;"/><div class="preview" style="display:none;font-size:1px;color:#333333;line-height:1px;max-height:0px;max-width:0px;opacity:0;overflow:hidden;">Tetra Trust's majority investment. PayTic's Seed Extension. Polymarket crack down.</div><div class="preview" style="display:none;font-size:1px;color:#333333;line-height:1px;max-height:0px;max-width:0px;opacity:0;overflow:hidden;">&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; 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&nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;</div><table class="email-body-container" role="presentation" width="100%" border="0" cellspacing="0" cellpadding="0"><tbody><tr><td></td><td class="content" width="550"></td><td></td></tr><tr><td></td><td class="content" width="550" align="left"><div style="font-size: 16px;line-height: 26px;max-width: 550px;width: 100%;margin: 0 auto;overflow-wrap: break-word;"><table role="presentation" width="100%" border="0" cellspacing="0" cellpadding="0"><tbody><tr><td align="right" style="height:20px;"><table role="presentation" width="auto" border="0" cellspacing="0" cellpadding="0"><tbody><tr><td style="vertical-align:middle;"><span class="pencraft pc-reset reset-IxiVJZ tw-font-body tw-text-ssm tw-text-substack-secondary" style="font-family: SF Pro Text, -apple-system, system-ui, BlinkMacSystemFont, Inter, Segoe UI, Roboto, Helvetica, Arial, sans-serif, Apple Color Emoji, Segoe UI Emoji, Segoe UI Symbol;font-size: 13px;color: unset;list-style: none;text-decoration: unset;margin: 0;"><div class="pencraft pc-reset align-right-VJbKw5 size-12-mmZ61m reset-IxiVJZ" style="list-style: none;color: unset;text-align: right;font-size: 12px;line-height: 16px;text-decoration: unset;margin: 0;"><span class="pencraft pc-reset reset-IxiVJZ" translated="" style="list-style: none;color: unset;text-decoration: unset;margin: 0;">Forwarded this email? <a class="pencraft pc-reset decoration-underline-ClTkYc reset-IxiVJZ" href="https://substack.com/redirect/2/eyJlIjoiaHR0cHM6Ly9jYW5hZGlhbmZpbnRlY2guc3Vic3RhY2suY29tL3N1YnNjcmliZT91dG1fc291cmNlPWVtYWlsJnV0bV9jYW1wYWlnbj1lbWFpbC1zdWJzY3JpYmUmcj0zNm5mbDQmbmV4dD1odHRwcyUzQSUyRiUyRmNhbmFkaWFuZmludGVjaC5zdWJzdGFjay5jb20lMkZwJTJGY2FuYWRpYW4tZmludGVjaC1zaG9waWZ5LWV4cGFuZHMiLCJwIjoxNjEyNDc1NzksInMiOjY2MzM1MywiZiI6dHJ1ZSwidSI6MTkyNTY5NTEyLCJpYXQiOjE3NDQ2MzM3OTQsImV4cCI6MTc0NzIyNTc5NCwiaXNzIjoicHViLTAiLCJzdWIiOiJsaW5rLXJlZGlyZWN0In0.htx32QdS9l9fLUY6v0W1Ts-fDArBmdUMpktZNBJlNQM?" style="list-style: none;color: unset;text-decoration: unset;margin: 0;-webkit-text-decoration-line: underline;text-decoration-line: underline;">Subscribe here</a> for more</span></div></span></td></tr></tbody></table></td></tr></tbody></table><div class="post typography" dir="auto" style="padding: 32px 0 0 0;font-size: 16px;line-height: 26px;"><div class="post-header" style="font-size: 16px;line-height: 26px;"><h1 class="post-title published" style="color: rgb(54,55,55);font-family:'SF Pro Display',-apple-system-headline,system-ui,-apple-system,BlinkMacSystemFont,'Segoe UI',Roboto,Helvetica,Arial,sans-serif,'Apple Color Emoji','Segoe UI Emoji','Segoe UI Symbol';font-weight: bold;-webkit-font-smoothing: antialiased;-moz-osx-font-smoothing: antialiased;-webkit-appearance: optimizelegibility;-moz-appearance: optimizelegibility;appearance: optimizelegibility;margin: 0;line-height: 36px;font-size: 32px;"><a href="https://substack.com/app-link/post?publication_id=663353&post_id=161247579&utm_source=post-email-title&utm_campaign=email-post-title&isFreemail=true&r=36nfl4&token=eyJ1c2VyX2lkIjoxOTI1Njk1MTIsInBvc3RfaWQiOjE2MTI0NzU3OSwiaWF0IjoxNzQ0NjMzNzk0LCJleHAiOjE3NDcyMjU3OTQsImlzcyI6InB1Yi02NjMzNTMiLCJzdWIiOiJwb3N0LXJlYWN0aW9uIn0.hce-KxShO0U23s0I8AlyuWSM0E0E0nSDCNtiELBl1VE" style="color: rgb(54,55,55);text-decoration: none;">Canadian Fintech: Shopify Expands Payments &#127758;</a></h1><h3 class="subtitle" style="font-family: 'SF Pro Display',-apple-system-headline,system-ui,-apple-system,BlinkMacSystemFont,'Segoe UI',Roboto,Helvetica,Arial,sans-serif,'Apple Color Emoji','Segoe UI Emoji','Segoe UI Symbol';font-weight: normal;-webkit-font-smoothing: antialiased;-moz-osx-font-smoothing: antialiased;-webkit-appearance: optimizelegibility;-moz-appearance: optimizelegibility;appearance: optimizelegibility;margin: 4px 0 0;color: #777777;line-height: 24px;font-size: 18px;margin-top: 12px;">Tetra Trust's majority investment. PayTic's Seed Extension. Polymarket crack down.</h3><table class="post-meta" role="presentation" width="100%" border="0" cellspacing="0" cellpadding="0" style="margin: 1em 0;height: 20px;align-items: center;"><tbody><tr><td><table role="presentation" width="auto" border="0" cellspacing="0" cellpadding="0"><tbody><tr><td><table role="presentation" width="auto" border="0" cellspacing="0" cellpadding="0"><tbody><tr><td style="vertical-align:middle;"><div class="pencraft pc-reset color-primary-zABazT line-height-20-t4M0El font-meta-MWBumP size-11-NuY2Zx weight-medium-fw81nC transform-uppercase-yKDgcq reset-IxiVJZ meta-EgzBVA custom-css-email-post-author" style="list-style: none;font-size: 11px;line-height: 20px;text-decoration: unset;color: rgb(54,55,55);margin: 0;font-family: 'SF Compact',-apple-system,system-ui,-apple-system,BlinkMacSystemFont,'Segoe UI',Roboto,Helvetica,Arial,sans-serif,'Apple Color Emoji','Segoe UI Emoji','Segoe UI Symbol';font-weight: 500;text-transform: uppercase;letter-spacing: .2px;"><a class="pencraft pc-reset color-primary-zABazT line-height-20-t4M0El font-meta-MWBumP size-11-NuY2Zx weight-medium-fw81nC transform-uppercase-yKDgcq reset-IxiVJZ meta-EgzBVA" style="list-style: none;color: rgb(54,55,55);margin: 0;font-size: 11px;line-height: 20px;font-family: 'SF Compact',-apple-system,system-ui,-apple-system,BlinkMacSystemFont,'Segoe UI',Roboto,Helvetica,Arial,sans-serif,'Apple Color Emoji','Segoe UI Emoji','Segoe UI Symbol';font-weight: 500;text-transform: uppercase;letter-spacing: .2px;text-decoration: none" href="https://substack.com/@talschwartz">Tal Schwartz</a></div></td></tr></tbody></table></td></tr><tr><td><table role="presentation" width="auto" border="0" cellspacing="0" cellpadding="0"><tbody><tr><td style="vertical-align:middle;"><div class="pencraft pc-reset color-secondary-ls1g8s line-height-20-t4M0El font-meta-MWBumP size-11-NuY2Zx weight-medium-fw81nC transform-uppercase-yKDgcq reset-IxiVJZ meta-EgzBVA" style="list-style: none;font-size: 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'Segoe UI Emoji', 'Segoe UI Symbol';font-weight: 400;"><div class="captioned-image-container-static" style="font-size: 16px;line-height: 26px;margin: 32px auto;margin-top: 0;"><figure style="width: 100%;margin: 0 auto;"><table class="image-wrapper" data-component-name="Image2ToDOMStatic" width="100%" border="0" cellspacing="0" cellpadding="0" style="mso-padding-alt: 1em 0 1.6em;"><tbody><tr><td style="text-align: center;"></td><td class="content" align="left" width="1456" style="text-align: center;"><a class="image-link" rel="" target="_blank" href="https://substack.com/redirect/14565ddb-cd16-40f3-8a76-30e415dc4ccb?j=eyJ1IjoiMzZuZmw0In0.4eiGI4rivRuKCtZpUgTEqhM2H3NJM6U8dLH7tXnICvU" style="position: relative;flex-direction: column;align-items: center;padding: 0;width: auto;height: auto;border: none;text-decoration: none;display: block;margin: 0;margin-top: 0;margin-bottom: 0;"><img class="wide-image" 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src="https://substackcdn.com/image/fetch/w_1100,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd93b3cf2-54de-43a7-88ae-830d81d62d3c_2000x1125.png" style="border: none !important;vertical-align: middle;display: block;-ms-interpolation-mode: bicubic;height: auto;margin-bottom: 0;width: auto !important;max-width: 100% !important;margin: 0 auto;"></a></td><td style="text-align: center;"></td></tr></tbody></table></figure></div><p style="margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-size: 16px;">Good morning! Welcome back to the Canadian Fintech Newsletter, an industry roundup for founders, operators and investors.</p><p style="margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-size: 16px;">Every Monday we break down the hottest topics in the industry in under 3 minutes.</p><p style="margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-size: 16px;"><span>If you&#8217;re a </span><a href="https://substack.com/redirect/d8fe88d9-9423-4c74-a155-1e8b9ff67601?j=eyJ1IjoiMzZuZmw0In0.4eiGI4rivRuKCtZpUgTEqhM2H3NJM6U8dLH7tXnICvU" rel="" style="color: rgb(54,55,55);text-decoration: underline;">paid subscriber</a><span>, you also get access to the </span><a href="https://substack.com/redirect/3424c43d-70c9-4a40-811a-072670177872?j=eyJ1IjoiMzZuZmw0In0.4eiGI4rivRuKCtZpUgTEqhM2H3NJM6U8dLH7tXnICvU" rel="" style="color: rgb(54,55,55);text-decoration: underline;">Canadian Fintech Database</a><span> - a detailed list of every fintech acquisition in Canada.</span></p><p style="margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-size: 16px;">Was this forwarded to you? Become one of our 12,580 subscribers by clicking below.</p><div class="subscribe-widget is-signed-up" data-component-name="SubscribeWidget" style="margin: 0 0 1em;direction: ltr;font-size: 16px;line-height: 26px;"><div class="pencraft pc-reset button-wrapper" style="text-decoration: unset;list-style: none;font-size: 16px;line-height: 26px;text-align: center;cursor: pointer;border-radius: 4px;"><a class="button subscribe-btn primary" href="https://substack.com/redirect/2/eyJlIjoiaHR0cHM6Ly9jYW5hZGlhbmZpbnRlY2guc3Vic3RhY2suY29tL3N1YnNjcmliZT91dG1fc291cmNlPXBvc3QmdXRtX2NhbXBhaWduPWVtYWlsLWNoZWNrb3V0Jm5leHQ9aHR0cHMlM0ElMkYlMkZjYW5hZGlhbmZpbnRlY2guc3Vic3RhY2suY29tJTJGcCUyRmNhbmFkaWFuLWZpbnRlY2gtc2hvcGlmeS1leHBhbmRzJnI9MzZuZmw0JnRva2VuPWV5SjFjMlZ5WDJsa0lqb3hPVEkxTmprMU1USXNJbWxoZENJNk1UYzBORFl6TXpjNU5Dd2laWGh3SWpveE56UTNNakkxTnprMExDSnBjM01pT2lKd2RXSXROall6TXpVeklpd2ljM1ZpSWpvaVkyaGxZMnR2ZFhRaWZRLmFhZjRYZTNUS08zNnBpR1B2THYyOVRRM2dSTXdWcV9XSkY0T3htN2hucjQiLCJwIjoxNjEyNDc1NzksInMiOjY2MzM1MywiZiI6dHJ1ZSwidSI6MTkyNTY5NTEyLCJpYXQiOjE3NDQ2MzM3OTQsImV4cCI6MTc0NzIyNTc5NCwiaXNzIjoicHViLTAiLCJzdWIiOiJsaW5rLXJlZGlyZWN0In0.n6SgF3sLhtKVS9lX1EjBU9U1Ft1OBg-GLhuBC-8MoCw?&utm_medium=email&utm_source=subscribe-widget&utm_content=161247579" style="font-family: system-ui,-apple-system,BlinkMacSystemFont,'Segoe UI',Roboto,Helvetica,Arial,sans-serif,'Apple Color Emoji','Segoe UI Emoji','Segoe UI Symbol';display: inline-block;box-sizing: border-box;cursor: pointer;border: none;border-radius: 8px;font-size: 14px;line-height: 20px;font-weight: 600;text-align: center;opacity: 1;outline: none;white-space: nowrap;text-decoration: none !important;margin: 0 auto;background-color: #e85c57;color: #ffffff !important;padding: 12px 20px;height: auto;"><span style="color: #ffffff;text-decoration: none;">Upgrade to paid</span></a></div></div><div style="font-size: 16px;line-height: 26px;"><hr style="margin: 32px 0;padding: 0;height: 1px;background: #e6e6e6;border: none;"></div><h4 class="header-anchor-post" style="position: relative;--highlight-bg: rgba(var(--color-bg-accent-themed-rgb), 0.2);font-family: 'SF Pro Display',-apple-system-headline,system-ui,-apple-system,BlinkMacSystemFont,'Segoe UI',Roboto,Helvetica,Arial,sans-serif,'Apple Color Emoji','Segoe UI Emoji','Segoe UI Symbol';font-weight: bold;-webkit-font-smoothing: antialiased;-moz-osx-font-smoothing: antialiased;-webkit-appearance: optimizelegibility;-moz-appearance: optimizelegibility;appearance: optimizelegibility;margin: 1em 0 0.625em 0;color: rgb(54,55,55);line-height: 1.16em;font-size: 1.125em;">&#128176; Funding</h4><ul style="margin-top: 0;padding: 0;"><li style="margin: 8px 0 0 32px;mso-special-format: bullet;"><p style="margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;margin-bottom: 0;box-sizing: border-box;padding-left: 4px;font-size: 16px;"><strong>PayTic</strong><span>, a PEI based payment software for card issuers raised USD $4m led by </span><strong>AfricInvest</strong><span>.</span></p><ul style="margin-top: 0;padding: 0;"><li style="margin: 8px 0 0 32px;mso-special-format: bullet;"><p style="color: rgb(54,55,55);line-height: 26px;margin-bottom: 0;box-sizing: border-box;padding-left: 4px;font-size: 16px;margin: 0;"><span>PayTic </span><a href="https://substack.com/redirect/861d05bb-7369-4b73-9c7a-2149421de3e8?j=eyJ1IjoiMzZuZmw0In0.4eiGI4rivRuKCtZpUgTEqhM2H3NJM6U8dLH7tXnICvU" rel="" style="color: rgb(54,55,55);text-decoration: underline;">raised</a><span> CAD $3m in 2022 at the same valuation from Canadian firms </span><strong>Build Ventures</strong><span> &amp; </span><strong>Concrete Ventures</strong><span>.</span></p></li></ul></li><li style="margin: 8px 0 0 32px;mso-special-format: bullet;"><p style="color: rgb(54,55,55);line-height: 26px;margin-bottom: 0;box-sizing: border-box;padding-left: 4px;font-size: 16px;margin: 0;"><strong>Tailscale</strong><span>, a Toronto based security software that lets developers set up corporate VPNs raised USD $160m at a $1.5 billion valuation.</span></p></li><li style="margin: 8px 0 0 32px;mso-special-format: bullet;"><p style="color: rgb(54,55,55);line-height: 26px;margin-bottom: 0;box-sizing: border-box;padding-left: 4px;font-size: 16px;margin: 0;"><strong>Glowtify</strong><span>, a Montreal based marketing analytics software for small e-com sellers </span><a href="https://substack.com/redirect/dc895bc1-f046-4b99-a359-fddee7a64074?j=eyJ1IjoiMzZuZmw0In0.4eiGI4rivRuKCtZpUgTEqhM2H3NJM6U8dLH7tXnICvU" rel="" style="color: rgb(54,55,55);text-decoration: underline;">raised</a><span> $825k.</span></p></li></ul><div style="font-size: 16px;line-height: 26px;"><hr style="margin: 32px 0;padding: 0;height: 1px;background: #e6e6e6;border: none;"></div><h4 class="header-anchor-post" style="position: relative;--highlight-bg: rgba(var(--color-bg-accent-themed-rgb), 0.2);font-family: 'SF Pro Display',-apple-system-headline,system-ui,-apple-system,BlinkMacSystemFont,'Segoe UI',Roboto,Helvetica,Arial,sans-serif,'Apple Color Emoji','Segoe UI Emoji','Segoe UI Symbol';font-weight: bold;-webkit-font-smoothing: antialiased;-moz-osx-font-smoothing: antialiased;-webkit-appearance: optimizelegibility;-moz-appearance: optimizelegibility;appearance: optimizelegibility;margin: 1em 0 0.625em 0;color: rgb(54,55,55);line-height: 1.16em;font-size: 1.125em;">&#129309; M&amp;A</h4><ul style="margin-top: 0;padding: 0;"><li style="margin: 8px 0 0 32px;mso-special-format: bullet;"><p style="color: rgb(54,55,55);line-height: 26px;margin-bottom: 0;box-sizing: border-box;padding-left: 4px;font-size: 16px;margin: 0;"><strong>Tetra Trust</strong><span>, a Calgary based crypto custodian </span><a href="https://substack.com/redirect/cb7ff003-29c8-4b06-830c-ffb10925b995?j=eyJ1IjoiMzZuZmw0In0.4eiGI4rivRuKCtZpUgTEqhM2H3NJM6U8dLH7tXnICvU" rel="" style="color: rgb(54,55,55);text-decoration: underline;">received</a><span> a majority investment from </span><strong>Urbana Corporation</strong><span>, a TSX listed investment firm.</span></p></li><li style="margin: 8px 0 0 32px;mso-special-format: bullet;"><p style="margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;margin-bottom: 0;box-sizing: border-box;padding-left: 4px;font-size: 16px;"><span>Three Saskatchewan based credit unions are merging - </span><strong>Conexus</strong><span>, </span><strong>Cornerstone</strong><span> and </span><strong>Synergy</strong><span>.</span></p><ul style="margin-top: 0;padding: 0;"><li style="margin: 8px 0 0 32px;mso-special-format: bullet;"><p style="color: rgb(54,55,55);line-height: 26px;margin-bottom: 0;box-sizing: border-box;padding-left: 4px;font-size: 16px;margin: 0;"><span>Last week three BC based credit unions also </span><a href="https://substack.com/redirect/85a83172-6793-43f3-abc3-2aecbdca628f?j=eyJ1IjoiMzZuZmw0In0.4eiGI4rivRuKCtZpUgTEqhM2H3NJM6U8dLH7tXnICvU" rel="" style="color: rgb(54,55,55);text-decoration: underline;">announced</a><span> a merger - </span><strong>Coast</strong><span> </span><strong>Capital</strong><span>, </span><strong>Prospera</strong><span> and </span><strong>Sunshine</strong><span>.</span></p></li></ul></li></ul><div style="font-size: 16px;line-height: 26px;"><hr style="margin: 32px 0;padding: 0;height: 1px;background: #e6e6e6;border: none;"></div><h4 class="header-anchor-post" style="position: relative;--highlight-bg: rgba(var(--color-bg-accent-themed-rgb), 0.2);font-family: 'SF Pro Display',-apple-system-headline,system-ui,-apple-system,BlinkMacSystemFont,'Segoe UI',Roboto,Helvetica,Arial,sans-serif,'Apple Color Emoji','Segoe UI Emoji','Segoe UI Symbol';font-weight: bold;-webkit-font-smoothing: antialiased;-moz-osx-font-smoothing: antialiased;-webkit-appearance: optimizelegibility;-moz-appearance: optimizelegibility;appearance: optimizelegibility;margin: 1em 00.625em 0;color: rgb(54,55,55);line-height: 1.16em;font-size: 1.125em;">&#128640; Product</h4><ul style="margin-top: 0;padding: 0;"><li style="margin: 8px 0 0 32px;mso-special-format: bullet;"><p style="color: rgb(54,55,55);line-height: 26px;margin-bottom: 0;box-sizing: border-box;padding-left: 4px;font-size: 16px;margin: 0;"><strong>Balance</strong><span>, a Calgary based crypto custodian </span><a href="https://substack.com/redirect/623e24ea-9a99-4ef0-a3da-bfbb8d4c8f7d?j=eyJ1IjoiMzZuZmw0In0.4eiGI4rivRuKCtZpUgTEqhM2H3NJM6U8dLH7tXnICvU" rel="" style="color: rgb(54,55,55);text-decoration: underline;">launched</a><span> a settlement product allowing clients to move crypto between each other instantly, without blockchain fees or delays.</span></p></li><li style="margin: 8px 0 0 32px;mso-special-format: bullet;"><p style="color: rgb(54,55,55);line-height: 26px;margin-bottom: 0;box-sizing: border-box;padding-left: 4px;font-size: 16px;margin: 0;"><strong>Dimedove</strong><span>, an AI wealth advice platform soft </span><a href="https://substack.com/redirect/edbc75e8-cce1-4d7b-aedd-db52f433d057?j=eyJ1IjoiMzZuZmw0In0.4eiGI4rivRuKCtZpUgTEqhM2H3NJM6U8dLH7tXnICvU" rel="" style="color: rgb(54,55,55);text-decoration: underline;">launched</a><span>.</span></p></li><li style="margin: 8px 0 0 32px;mso-special-format: bullet;"><p style="color: rgb(54,55,55);line-height: 26px;margin-bottom: 0;box-sizing: border-box;padding-left: 4px;font-size: 16px;margin: 0;"><strong>Neighbourhood Holdings</strong><span>, a Vancouver based alternative mortgage lender </span><a href="https://substack.com/redirect/6356d76a-199a-434c-b990-33d1524dc440?j=eyJ1IjoiMzZuZmw0In0.4eiGI4rivRuKCtZpUgTEqhM2H3NJM6U8dLH7tXnICvU" rel="" style="color: rgb(54,55,55);text-decoration: underline;">crossed</a><span> $2b in funded volume.</span></p></li><li style="margin: 8px 0 0 32px;mso-special-format: bullet;"><p style="color: rgb(54,55,55);line-height: 26px;margin-bottom: 0;box-sizing: border-box;padding-left: 4px;font-size: 16px;margin: 0;"><strong>Minerva</strong><span>, an AML screening tool </span><a href="https://substack.com/redirect/51bdd731-e0d6-461a-87f0-390b9dcc731f?j=eyJ1IjoiMzZuZmw0In0.4eiGI4rivRuKCtZpUgTEqhM2H3NJM6U8dLH7tXnICvU" rel="" style="color: rgb(54,55,55);text-decoration: underline;">integrated</a><span> into </span><strong>Paays</strong><span>, a digital ID platform for auto lenders. Both fintechs are Toronto based.</span></p></li><li style="margin: 8px 0 0 32px;mso-special-format: bullet;"><p style="margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;margin-bottom: 0;box-sizing: border-box;padding-left: 4px;font-size: 16px;"><strong>Shopify</strong><span> is expanding their payment products internationally:</span></p><ul style="margin-top: 0;padding: 0;"><li style="margin: 8px 0 0 32px;mso-special-format: bullet;"><p style="color: rgb(54,55,55);line-height: 26px;margin-bottom: 0;box-sizing: border-box;padding-left: 4px;font-size: 16px;margin: 0;"><span>Shopify Payments: their merchant processor, </span><a href="https://substack.com/redirect/cdb6c47d-b110-47fd-a2b3-f1488d4a345f?j=eyJ1IjoiMzZuZmw0In0.4eiGI4rivRuKCtZpUgTEqhM2H3NJM6U8dLH7tXnICvU" rel="" style="color: rgb(54,55,55);text-decoration: underline;">expanded</a><span> to Mexico, Poland, Norway &amp; 13 others countries last month.</span></p></li><li style="margin: 8px 0 0 32px;mso-special-format: bullet;"><p style="color: rgb(54,55,55);line-height: 26px;margin-bottom: 0;box-sizing: border-box;padding-left: 4px;font-size: 16px;margin: 0;"><span>Shop Pay: their BNPL service </span><a href="https://substack.com/redirect/2156b1b8-befd-4e6d-9643-7c33550beb86?j=eyJ1IjoiMzZuZmw0In0.4eiGI4rivRuKCtZpUgTEqhM2H3NJM6U8dLH7tXnICvU" rel="" style="color: rgb(54,55,55);text-decoration: underline;">run</a><span> by </span><strong>Affirm</strong><span>, </span><a href="https://substack.com/redirect/9054de14-97b9-46eb-bace-dac1b7e852c8?j=eyJ1IjoiMzZuZmw0In0.4eiGI4rivRuKCtZpUgTEqhM2H3NJM6U8dLH7tXnICvU" rel="" style="color: rgb(54,55,55);text-decoration: underline;">expanded</a><span> to Canadian merchants last week.</span></p></li></ul></li></ul><div style="font-size: 16px;line-height: 26px;"><hr style="margin: 32px 0;padding: 0;height: 1px;background: #e6e6e6;border: none;"></div><h5 style="font-family: 'SF Pro Display',-apple-system-headline,system-ui,-apple-system,BlinkMacSystemFont,'Segoe UI',Roboto,Helvetica,Arial,sans-serif,'Apple Color Emoji','Segoe UI Emoji','Segoe UI Symbol';font-weight: bold;-webkit-font-smoothing: antialiased;-moz-osx-font-smoothing: antialiased;-webkit-appearance: optimizelegibility;-moz-appearance: optimizelegibility;appearance: optimizelegibility;margin: 1em 0 0.625em 0;color: rgb(54,55,55);line-height: 1.16em;"><strong>A MESSAGE FROM THE CANADIAN FINANCE SUMMIT</strong></h5><p style="margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-size: 16px;"><span>Early Bird Tickets are on sale for </span><a href="https://substack.com/redirect/14565ddb-cd16-40f3-8a76-30e415dc4ccb?j=eyJ1IjoiMzZuZmw0In0.4eiGI4rivRuKCtZpUgTEqhM2H3NJM6U8dLH7tXnICvU" rel="" style="color: rgb(54,55,55);text-decoration: underline;">Canada&#8217;s largest fintech conference</a><span>! Here&#8217;s what you can expect &#128071;</span></p><ul style="margin-top: 0;padding: 0;"><li style="margin: 8px 0 0 32px;mso-special-format: bullet;"><p style="color: rgb(54,55,55);line-height: 26px;margin-bottom: 0;box-sizing: border-box;padding-left: 4px;font-size: 16px;margin: 0;"><span>1,000 </span><a href="https://substack.com/redirect/14565ddb-cd16-40f3-8a76-30e415dc4ccb?j=eyJ1IjoiMzZuZmw0In0.4eiGI4rivRuKCtZpUgTEqhM2H3NJM6U8dLH7tXnICvU" rel="" style="color: rgb(54,55,55);text-decoration: underline;">attendees</a></p></li><li style="margin: 8px 0 0 32px;mso-special-format: bullet;"><p style="color: rgb(54,55,55);line-height: 26px;margin-bottom: 0;box-sizing: border-box;padding-left: 4px;font-size: 16px;margin: 0;"><span>Executives from </span><a href="https://substack.com/redirect/14565ddb-cd16-40f3-8a76-30e415dc4ccb?j=eyJ1IjoiMzZuZmw0In0.4eiGI4rivRuKCtZpUgTEqhM2H3NJM6U8dLH7tXnICvU" rel="" style="color: rgb(54,55,55);text-decoration: underline;">every Canadian bank</a></p></li><li style="margin: 8px 0 0 32px;mso-special-format: bullet;"><p style="color: rgb(54,55,55);line-height: 26px;margin-bottom: 0;box-sizing: border-box;padding-left: 4px;font-size: 16px;margin: 0;"><span>Hundreds of late stage fintech </span><a href="https://substack.com/redirect/14565ddb-cd16-40f3-8a76-30e415dc4ccb?j=eyJ1IjoiMzZuZmw0In0.4eiGI4rivRuKCtZpUgTEqhM2H3NJM6U8dLH7tXnICvU" rel="" style="color: rgb(54,55,55);text-decoration: underline;">founders</a></p></li><li style="margin: 8px 0 0 32px;mso-special-format: bullet;"><p style="color: rgb(54,55,55);line-height: 26px;margin-bottom: 0;box-sizing: border-box;padding-left: 4px;font-size: 16px;margin: 0;"><span>+1,000 meetings </span><a href="https://substack.com/redirect/14565ddb-cd16-40f3-8a76-30e415dc4ccb?j=eyJ1IjoiMzZuZmw0In0.4eiGI4rivRuKCtZpUgTEqhM2H3NJM6U8dLH7tXnICvU" rel="" style="color: rgb(54,55,55);text-decoration: underline;">scheduled</a></p></li></ul><p class="button-wrapper" data-component-name="ButtonCreateButton" data-attrs="{&quot;url&quot;:&quot;https://financeevents.ca/&quot;,&quot;text&quot;:&quot;Get Your Ticket Here&quot;,&quot;action&quot;:null,&quot;class&quot;:&quot;button-wrapper&quot;}" style="margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-size: 16px;text-align: center;cursor: pointer;border-radius: 4px;"><a class="button primary button-wrapper" rel="" href="https://substack.com/redirect/14565ddb-cd16-40f3-8a76-30e415dc4ccb?j=eyJ1IjoiMzZuZmw0In0.4eiGI4rivRuKCtZpUgTEqhM2H3NJM6U8dLH7tXnICvU" style="font-family: system-ui,-apple-system,BlinkMacSystemFont,'Segoe UI',Roboto,Helvetica,Arial,sans-serif,'Apple Color Emoji','Segoe UI Emoji','Segoe UI Symbol';display: inline-block;box-sizing: border-box;border: none;font-size: 14px;line-height: 20px;font-weight: 600;margin: 0;opacity: 1;outline: none;white-space: nowrap;color: #ffffff !important;text-decoration: none !important;text-align: center;cursor: pointer;border-radius: 4px;background-color: #e85c57;padding: 12px 20px;height: auto;"><span style="color: #ffffff;text-decoration: none;">Get Your Ticket Here</span></a></p><div style="font-size: 16px;line-height: 26px;"><hr style="margin: 32px 0;padding: 0;height: 1px;background: #e6e6e6;border: none;"></div><h4 class="header-anchor-post" style="position: relative;--highlight-bg: rgba(var(--color-bg-accent-themed-rgb), 0.2);font-family: 'SF Pro Display',-apple-system-headline,system-ui,-apple-system,BlinkMacSystemFont,'Segoe UI',Roboto,Helvetica,Arial,sans-serif,'Apple Color Emoji','Segoe UI Emoji','Segoe UI Symbol';font-weight: bold;-webkit-font-smoothing: antialiased;-moz-osx-font-smoothing: antialiased;-webkit-appearance: optimizelegibility;-moz-appearance: optimizelegibility;appearance: optimizelegibility;margin: 1em 0 0.625em 0;color: rgb(54,55,55);line-height: 1.16em;font-size: 1.125em;">&#9878;&#65039; Policy</h4><ul style="margin-top: 0;padding: 0;"><li style="margin: 8px 0 0 32px;mso-special-format: bullet;"><p style="margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;margin-bottom: 0;box-sizing: border-box;padding-left: 4px;font-size: 16px;"><span>The </span><strong>Competition Bureau</strong><span> </span><a href="https://substack.com/redirect/419e034b-a5b5-4891-b748-5ae435c2e396?j=eyJ1IjoiMzZuZmw0In0.4eiGI4rivRuKCtZpUgTEqhM2H3NJM6U8dLH7tXnICvU" rel="" style="color: rgb(54,55,55);text-decoration: underline;">launched</a><span> an antitrust investigation into </span><strong>Express Scripts</strong><span>, Canada&#8217;s largest pharmacy benefits manager.</span></p><ul style="margin-top: 0;padding: 0;"><li style="margin: 8px 0 0 32px;mso-special-format: bullet;"><p style="color: rgb(54,55,55);line-height: 26px;margin-bottom: 0;box-sizing: border-box;padding-left: 4px;font-size: 16px;margin: 0;">The company sits between Canadian doctors, pharmacies and patients to process prescriptions and collect payment. The probe suggests that Express Scripts pushed patients to get medications through pharmacies that they own, instead of competing ones.</p></li><li style="margin: 8px 0 0 32px;mso-special-format: bullet;"><p style="color: rgb(54,55,55);line-height: 26px;margin-bottom: 0;box-sizing: border-box;padding-left: 4px;font-size: 16px;margin: 0;"><strong>Manulife</strong><span> </span><a href="https://substack.com/redirect/1a8ee83d-eeed-4e08-be47-68ee7355f450?j=eyJ1IjoiMzZuZmw0In0.4eiGI4rivRuKCtZpUgTEqhM2H3NJM6U8dLH7tXnICvU" rel="" style="color: rgb(54,55,55);text-decoration: underline;">axed</a><span> an exclusivity deal with </span><strong>Loblaws</strong><span> pharmacies last year, after catching flak for similar competition concerns.</span></p></li></ul></li><li style="margin: 8px 0 0 32px;mso-special-format: bullet;"><p style="margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;margin-bottom: 0;box-sizing: border-box;padding-left: 4px;font-size: 16px;"><span>The </span><strong>OSC</strong><span> is </span><a href="https://substack.com/redirect/023a7f41-0830-4232-8cd3-4920d428ff93?j=eyJ1IjoiMzZuZmw0In0.4eiGI4rivRuKCtZpUgTEqhM2H3NJM6U8dLH7tXnICvU" rel="" style="color: rgb(54,55,55);text-decoration: underline;">coming down</a><span> on </span><strong>Polymarket</strong><span>, a US based platform that allows people to bet on real-world events like &#8220;will Carney win the federal election?&#8221; or &#8220;will the Bank of Canada drop rates?&#8221;.</span></p><ul style="margin-top: 0;padding: 0;"><li style="margin: 8px 0 0 32px;mso-special-format: bullet;"><p style="color: rgb(54,55,55);line-height: 26px;margin-bottom: 0;box-sizing: border-box;padding-left: 4px;font-size: 16px;margin: 0;">The OSC claims that Polymarket constitutes binary options trading, a financial instrument banned in Ontario since 2017.</p></li></ul></li></ul><div class="captioned-image-container-static" style="font-size: 16px;line-height: 26px;margin: 32px auto;"><figure style="width: 100%;margin: 0 auto;"><table class="image-wrapper" data-component-name="Image2ToDOMStatic" width="100%" border="0" cellspacing="0" cellpadding="0" style="mso-padding-alt: 1em 0 1.6em;"><tbody><tr><td style="text-align: center;"></td><td class="content" align="left" width="959" style="text-align: center;"><a class="image-link" rel="" target="_blank" href="https://substack.com/redirect/88f47342-cbcd-407c-970d-6b382ec7a460?j=eyJ1IjoiMzZuZmw0In0.4eiGI4rivRuKCtZpUgTEqhM2H3NJM6U8dLH7tXnICvU" style="position: relative;flex-direction: column;align-items: center;padding: 0;width: auto;height: auto;border: none;text-decoration: none;display: block;margin: 0;"><img class="wide-image" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/197ad030-6a89-4c8b-b32a-d90098cb30b7_959x796.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:796,&quot;width&quot;:959,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:98630,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:&quot;https://www.linkedin.com/in/talbschwartz/&quot;,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:&quot;https://canadianfintech.substack.com/i/161247579?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F197ad030-6a89-4c8b-b32a-d90098cb30b7_959x796.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null}" alt="" width="550" height="456.51720542231493" src="https://substackcdn.com/image/fetch/w_1100,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F197ad030-6a89-4c8b-b32a-d90098cb30b7_959x796.png" style="border: none !important;vertical-align: middle;display: block;-ms-interpolation-mode: bicubic;height: auto;margin-bottom: 0;width: auto !important;max-width: 100% !important;margin: 0 auto;"></a></td><td style="text-align: center;"></td></tr></tbody></table><figcaption class="image-caption" style="box-sizing: content-box;color: #777777;font-size: 14px;line-height: 20px;font-weight: 400;letter-spacing: -.15px;margin-top: 8px;width: 70%;padding-left: 15%;padding-right: 15%;text-align: center;">You can&#8217;t actually bet on Polymarket whether Polymarket will be banned&#8230; but my photoshop skills are improving!</figcaption></figure></div><div style="font-size: 16px;line-height: 26px;"><hr style="margin: 32px 0;padding: 0;height: 1px;background: #e6e6e6;border: none;"></div><p style="margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-size: 16px;"><strong>Raising money for your fintech?</strong><span> </span><a href="https://substack.com/redirect/4f4812d4-00d4-4682-962d-307154b744c9?j=eyJ1IjoiMzZuZmw0In0.4eiGI4rivRuKCtZpUgTEqhM2H3NJM6U8dLH7tXnICvU" rel="" style="color: rgb(54,55,55);text-decoration: underline;">Fill out this form</a></p><p style="margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-size: 16px;"><strong>Want to invest in Canadian fintech?</strong><span> </span><a href="https://substack.com/redirect/41a52fa5-2a8d-4f42-8bd0-0af019f25389?j=eyJ1IjoiMzZuZmw0In0.4eiGI4rivRuKCtZpUgTEqhM2H3NJM6U8dLH7tXnICvU" rel="" style="color: rgb(54,55,55);text-decoration: underline;">Fill out this form</a></p><div style="font-size: 16px;line-height: 26px;"><hr style="margin: 32px 0;padding: 0;height: 1px;background: #e6e6e6;border: none;"></div><p style="margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-size: 16px;">Want to get in front of 12,580 fintech decision makers? Reply to this email to become a sponsor.</p><p style="margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-size: 16px;">Have a great week! See ya &#128075;</p><p style="margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-size: 16px;margin-bottom: 0;"><span>-</span><a href="https://substack.com/redirect/88f47342-cbcd-407c-970d-6b382ec7a460?j=eyJ1IjoiMzZuZmw0In0.4eiGI4rivRuKCtZpUgTEqhM2H3NJM6U8dLH7tXnICvU" rel="" style="color: rgb(54,55,55);text-decoration: underline;">Tal Schwartz</a></p></div></div><div class="container-border" style="margin: 32px 0 0;width: 100%;box-sizing: border-box;border-top: 1px solid #e6e6e6;font-size: 16px;line-height: 26px;"></div><div class="post-cta typography markup" style="font-family: 'SF Pro Display', -apple-system, system-ui, BlinkMacSystemFont, 'Inter', 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol';font-weight: 400;text-align: initial;word-break: break-word;margin-bottom: 32px;margin: 32px 0;font-size: 16px;line-height: 26px;"><p style="color: rgb(54,55,55);margin: 0 auto 20px;text-align: center;width: 90%;line-height: 26px;font-size: 16px;margin-top: 0;"><span class="pencraft pc-reset reset-IxiVJZ" translated="" style="list-style: none;color: unset;text-decoration: unset;margin: 0;">You're currently a free subscriber to <a href="https://substack.com/redirect/3dcb49c0-c497-4d4c-8024-5b393d3d1cb4?j=eyJ1IjoiMzZuZmw0In0.4eiGI4rivRuKCtZpUgTEqhM2H3NJM6U8dLH7tXnICvU" style="color: rgb(54,55,55);text-decoration: underline;">Canadian Fintech</a>. 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  4. Money Stuff: The Podcast: Awkward Pauses

    Fri, 11 Apr 2025 17:01:30 -0000

    <!DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Strict//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-strict.dtd"> <html xmlns="http://www.w3.org/1999/xhtml" xmlns="http://www.w3.org/1999/xhtml" style="width: 100%;"> <head> <meta http-equiv="Content-Type" content="text/html; charset=utf-8"/> <meta name="viewport" content="initial-scale=1"/> <title>Money Stuff</title> <style>body{width:100%;-webkit-font-smoothing:antialiased;font-family:Georgia,serif;font-size:16px;line-height:24px;margin:0;padding:0}img{max-width:550px}@media only screen and (max-width:480px){.lihide{display:none!important}.lishow{display:block!important;width:auto!important;overflow:visible!important;float:none!important;max-height:inherit!important;line-height:inherit!important}.email-ssl-image{width:100%!important;height:auto!important}.body-image img{width:100%!important}.logo-image{width:100%!important}}</style></head> <body style="width: 100%; -webkit-font-smoothing: antialiased; font-family: Georgia, serif; font-size: 16px; line-height: 24px; margin: 0; padding: 0;"> <div style="color:transparent;visibility:hidden;opacity:0;font-size:0px;border:0;max-height:1px;width:1px;margin:0px;padding:0px;border-width:0px!important;display:none!important;line-height:0px!important;"><img border="0" width="1" height="1" src="https://post.spmailtechnolo.com/q/JTmEkn5RBrjiXMvv3ZsGhQ~~/AARGbBA~/nHMkHWqF5CLmeu6JQZyWaevoKBo-8DwIUbl7IjC316JsPlAApFFnUvNhVdy_Vx-9-NJS7_GvEVU91xas7tGqKdmJpeT_cSIWFSK36-laJQU~" alt=""/></div> <span style="color:transparent;visibility:hidden;display:none;opacity:0;height:0;width:0;font-size:0;"></span><img src="https://links.message.bloomberg.com/s/eo/g9RnQnDs9e0UEY6SydLSamX9YTkEnZofB-w3EorEPbH3wCjhG9_paInkAC5jN12MX8TL8nw3yONmSUdfnCYsWL2Jk8TnaWOm3q7mvaTXByNTCqN_ju2C0K95gPANxhqqxSWQqxoRIr7qjHxT_00501STrAP7dzjZoXjDjNLNz2adJMM1qKOwIYwmgAhw--C5KuFudSnfbvlkT0pCMlHBvnjLxJB7Y2Qp9ckU/uA0FLc6F5S8EvtuxVxsRrpM7iQEqtQH_/7" style="border:0;width:1px;height:1px;border-width:0px!important;display:none!important;line-height:0!important;" width="1" height="1"/> <table id="wrapper" width="100%" align="center" border="0" cellpadding="0" cellspacing="0" style="-webkit-font-smoothing: antialiased; font-family: Georgia, serif; font-size: 16px; max-width: 550px; width: 100% !important;"> <!--[if mso]><center> <tr><td> <table border="0" cellpadding="0" cellspacing="0" width="550"><![endif]--> <tr> <td style="border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt;"> <div style="display: none; max-height: 0px; overflow: hidden;"> This week’s episode of the Money Stuff podcast is out now, in which Katie and I discuss the tariff pause, trading on Truths, the basis trade </div> </td> </tr> <tr> <td style="border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt; padding-bottom: 15px;"> <table width="100%" border="0" cellspacing="0" cellpadding="0"> <tr> <td align="center" style="border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt; padding: 20px 0px 10px;"> </td> </tr> <tr> <td align="center" style="border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt; padding-bottom: 5px;"> <a href="https://links.message.bloomberg.com/s/c/dbkCf-2vo8qMl5NKnv9ja_cO6zvdbBFW51suGBbsZsCyqNoAUhKwjyomhOWvGN9MKk4BEbjdajLBH1xgqKrqcNgwF8MIRnsVKvIma-gtqi0pRgwmDXxTyp9c-meX6FTJIHvMktxkUq4UsEzKWac6IbUsSQHHdxkHscQBdWJEXwzLL892Rm6X7Bdp4zWWA32c3A_pTqDxtnYRUhoOf4P8VBBtNycjScykkF4FutBw34nsDiHOCrN69uMfL9b0L3FMamu2QC0GTfLRNp89gRmQfL-RCMwNk780VaC5joPdjg8wLbAqhVnLdekk7OJpGwaPgd6ugZmT6Cje1Q-WvQ8lU4h3801T6q-bNr7WezRuW_vCPxWBdCayPaOvpw/cmUIjhJ05kfHZ7XNIbCyJdY18TwufTJl/7"> <!--[if mso]><table width="550"><tr><td><img alt="Bloomberg" src="https://assets.bwbx.io/images/users/iqjWHBFdfxIU/iNRFZUq6PpLs/v0/-1x-1.png" width="550"/></td></tr></table> <div style="display:none"><![endif]--><img class="logo-image" src="https://assets.bwbx.io/images/users/iqjWHBFdfxIU/iNRFZUq6PpLs/v0/-1x-1.png" border="0" alt="Bloomberg" style="max-width: 550px; width: 530px; display: block;"/><!--[if mso]></div><![endif]--> </a> </td> </tr> </table> </td> </tr> <tr> <td style="border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt;"> <table width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 16px; line-height: 24px;"> <tr> <td style="border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt; padding: 0px 10px;"> <table width="100%" border="0" cellspacing="0" cellpadding="0"> <tr> <td style="border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt;"> <h2 style="font-family:Helvetica, Arial, sans-serif; letter-spacing: -1px; font-size: 26px; line-height: 28px; font-weight: normal; border-top-width: 1px; border-top-style: solid; padding-top: 12px; margin: 20px 0px 0px;">Podcast</h2> </td> </tr> </table><p style="font-family: Georgia, serif; margin: 16px 0;">This week’s episode of the Money Stuff podcast is out now, in which Katie and I discuss the tariff pause, trading on Truths, the basis trade, normal deleveraging, boring money machines and packaging ETF negativity into an ETF. You can listen to this week’s episode <a href="https://links.message.bloomberg.com/s/c/wMggfmLHJw3H4eGrwQ7ZjAKUijRq0HRIcARdRN-xivc9OLJ_ZWIYDsdRqdDRpVlTF2Cn56lnT2LATg4VmCWVA75qKtBGLkz_bweqq22mc2c2cWTrBW1fUJlMSTu8EGqg-W3UQhjG96rtGeZKFDfTu-C0oydgW8sPwTIeV0meQ7i-wiInJlJrqmnEIQJkc2M7mok4Dxiq7k603n1Dw12iEhSJCVaaIF2jXxbpySmuBfmqPzZwX09nmrVykkflpM5R2hBRmSD0Hk0H_6W3rGS1SLLERNNRmtHAM8dUokIXpvK5uCHnOCfg2dqnrJAHeQlh6hksZ_Bie9oqAfDfZlowTueTvUGZ-t1BNG-JNX-3oASB_QldcMReGHLG-9vYfO7IHefpEg-mft18ZdtRGSSShyGhionsRfE/wALSb_exzDtDVo_2zZqz5-lgJNRGEp4t/7" itemprop="StoryLink" itemscope="itemscope" target="_blank">here</a>:</p><div class="body-image" style="margin: 20px 0px;"> <a href="https://links.message.bloomberg.com/s/c/Gjs7uhiplEvmbq0CKJq-SOHyDtzUtoll6l2oTubd_B3gNchq70MG-tz1776J4u9RINN9WPWu-S9lPsVDKA1-aeU4GY9j9cXL9XPd2CncFmbQ5Vflps1UOwz6wL4rfv_stAaPvxTIfzaf4ffG3sTVbZnGNK_U4aNo3xhoOZ07zDMZlJz9hQCsorQLUwZm253pPHtPdvoWA68-L54GDDz4J2MUyNbfcjkaNJY9g4V8SVjxqxiAVsjROjQcNg7hsjJNVG87KP5RqBwvgpw0tjixBSLLpq_rAXx2bSk8I6RW7Ua1JkXSajlTlSoBYygEVP29zSF3SzQHNOBbHJn1Ljk9D4rcQ1RSs2j4O_d5MKTDe9jsNlxQGaj9pQE4EVRmDUBI6r7dfqLOXHkM0AjMtWJxeHbF7UEUzkk/Fw6k2GTCXvAz1-T8zpF2aYCRpRjwjkXs/7" target="_blank"><!--[if mso]><table width="550"><tr><td><img alt="" src="https://assets.bwbx.io/images/users/iqjWHBFdfxIU/iwmK1bUCDdBA/v0/-1x-1.png" width="550"/></td></tr></table> <div style="display:none"><![endif]--><img alt="" src="https://assets.bwbx.io/images/users/iqjWHBFdfxIU/iwmK1bUCDdBA/v0/-1x-1.png" style="max-width: 550px; display: block; width: 530px; margin: auto;"/><!--[if mso]></div><![endif]--></a> </div><p style="font-family: Georgia, serif; margin: 16px 0;">You can get <a href="https://links.message.bloomberg.com/s/c/radUXu4MXFncGgpdaYmZ2UsTydUpKH68aAq8490YK4QyUD_oBJ-j2qJssELv0mD7TAGkyDeHDYxua5ntWNG19LxTOQLYQt5pVSKIyQeqixx-82qB7l6ivMAsIvrYVXmqPLhzWgM0RiWW0rI_oJI4Uud8v1a6egMJ8O35kJkRq3ORZURW8VXcKdoPyWQ87hwtQ44A0zTuGISo8aGCDbx8F2DNUesPuH4WagWag-g_k_fALrhIT4jwRWT3SqNX9A-DkAp4dMfgBzKAA_zpmiMcz94XymOB9D1TRFBdIrHrurFCZ46MVF6J22FDKraQ3ir9b9MiPB6EHmRL1UrnEDsLdEISapDjqkdx6qQvcLLIy1A7ftZypLZTnc4tHAeVSm7AUc3eV8XodTu8g2MwGP-s7BSkoxelWAM/k3rs3nCnnTRx3SwdAk3wumYMx-Z7TG0n/7" itemprop="StoryLink" itemscope="itemscope" target="_blank">Money Stuff: The Podcast</a> at Apple, Spotify or wherever you get your podcasts. We’d love your feedback. You can email us at <a href="mailto:moneypod@bloomberg.net" target="_blank">moneypod@bloomberg.net</a>.</p> </td> </tr> </table> </td> </tr> <tr> <td style="border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt; padding: 20px 10px;"> <table width="100%" border="0" cellspacing="0" cellpadding="0"> <tr> <td align="center" style="border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt; padding-bottom: 10px;"> <strong style="font-family: Helvetica, Arial, sans-serif;">Follow Us</strong> </td> </tr> <tr> <td align="center" style="border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt;"> <table border="0" cellspacing="0" cellpadding="0"> <tr> <td style="border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt; padding: 0px 10px;"> <a href="https://links.message.bloomberg.com/s/c/9cYFhlt7IMsaV7Fw_FeGom-BHxHLQuRaImAYfCw-P1lzwVRMEYgwkJhg0FCRNUWkqx6vnXQowXK_sNLtCu3NbRQoH3ZX1Fsj5XFInT3J_wR8agWX_XP_L63v8_kXyPT94mvLXbbgRtRe4GHrTDQ-bQzvJBpLc46SnzPDt0_ygVoKTonZGXXMbjIIegySXtJq4Cl4dTnJYszqJAxLmYz1o7nm_MZeUpnKYR4RDndC1m9GeF8CXmTfoKCig8rU_y1BP2gc-W4LDZFp8C23EWzlFDgZmyft1gbtzG7IbzBh3hkV678l3FmA8l8RaQrarNU63zPOvFIrAqbAO5jG6atF4ea65OqJazK8g1y2_xyK8jaX4LgB38GpKymQhuVTmPc3joQbmsc2HBng7mahhRFuw7QwgRpkyzZcNlM8_WuOuCYs/1nTwouJGiBT0ymy6b7grfwyy__tdg0XE/7"> <img src="https://assets.bwbx.io/images/users/iqjWHBFdfxIU/i7G4HOaCfw0A/v0/-1x-1.png" width="39" height="39" style="max-width: 550px; vertical-align: middle; width: 39px !important; height: 39px !important;"/> </a> </td> <td style="border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt; padding: 0px 10px;"> <a href="https://links.message.bloomberg.com/s/c/zNiESzVGzCvlwYqL5eKzOZwzNnqr1DK6OlF20p2-J0Z3VRuQ0L8wq6P_9OiPcoa0J3QvwZNEJJYBkybI5QW2a4fOl3AWK7hjv4ciTLFeqIXtXSBy8UmQ-idmOvyFlTCdOqeqXDzmk3eMCS6PyHx1guXxnLQ0hnoypkLePl1BT_UhoWi1klCYWj0g5tiWSrVJNPspA-ySXjczt-QFTuRW8JwKXce1-hiz9XWlSizydmvYlLvKePJUAU9AsMp9Ugj93QNsfl-Jpk3aNC2wqm4FSfdRXQmW-Osecr8vFqLBVGdKHOE2e2GQQ_a9MNYWFMp01eu6aRZrPK2jsN8ZtL1s2wiCD36G4uxFWyPmbbZ_fv3P88VIXAgSfoYdEGFYXzDq8vlOz7QH3-XlUaemmKd-pytHJZ6IfHfXChgjjNTYEh0ldAspVA/aP-7MFY057AXydzqEkx3c15uK2KEHWe6/7"> <img src="https://assets.bwbx.io/images/users/iqjWHBFdfxIU/iDRduxloBOSA/v0/-1x-1.png" width="39" height="39" style="max-width: 550px; vertical-align: middle; width: 39px !important; height: 39px !important;"/> </a> </td> <td style="border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt; padding: 0px 10px;"> <a href="https://links.message.bloomberg.com/s/c/QFX0OxyfJ9ttKnNVYAsJspA6jwIo7qWwx_cOnkV9EVpNcHvjTaCpZ4eIybOzlhki3muV4dYIzVv1w8rFY5CdYQFWKcKX-jD_4VoaZrBfRVk9GyqFPm9CpsMp86HGipsxOutxcNscYnNjbtsrHDf3yv9CtIGfQ2MI81o5OxythLYglXtXnNfj7T1iyZwQovW5gpeJN4oZeJKKlkS0YcdEuBFvmRAcA9HlnuATlDTs5DiCsMajtLyJMm5RXxVBXqYtSKxC52eACiLxQ1Zm6_oqwl0sFkAXsJVxbjJKfrY4vM849n2EhhXMk0JGBamcAq9HQrbmHcbIP_zxmBfA_AU2JhaDsR3NKCdsjdUzViAVKKpJkYf1uJ4Qzr-udIvTm38gOJOv/_n9Z_RFP3Ibpy9r1Tmand6DvXM7P_o7g/7"> <img src="https://assets.bwbx.io/images/users/iqjWHBFdfxIU/i5QE5__h22bE/v0/-1x-1.png" width="39" height="39" style="max-width: 550px; vertical-align: middle; width: 39px !important; height: 39px !important;"/> </a> </td> </tr> </table> </td> </tr> </table> </td> </tr> <tr> <td style="border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt; padding: 0px 10px;"> <table width="100%" align="center" border="0" cellpadding="0" cellspacing="0"> <tr> <td style="border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt; padding: 20px 0px;"> <table width="100%" align="center" border="0" cellpadding="0" cellspacing="0" style="font-family: Helvetica, Arial, sans-serif; font-size: 14px; line-height: 150%;"> <tr> <td style="border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt; padding-bottom: 10px;"> You received this message because you are subscribed to Bloomberg's Money Stuff newsletter. 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  5. Money Stuff: Buy the Truth, Sell the News

    Thu, 10 Apr 2025 16:07:06 -0000

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width: 100% !important; max-width: 550px !important;"/> </a> </td> </tr> <!--<![endif]--> </table> </td> </tr> <tr> <td style="border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt;"> <table width="100%" border="0" cellspacing="0" cellpadding="0"> <tr> <td style="border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt; line-height: 150%; padding: 0 10px;"> <p style="margin: 16px 0;"><strong>Programming note:</strong> <em>Money Stuff will be off next week for spring break. We’ll be back April 21. In recent years, my vacations have often been occasions for <a href="https://links.message.bloomberg.com/s/c/EHaX6BrGZn5KKBDqsEQpxqOk_7ak4s9YoUcdVVjoTlY5aNI1IQZ-A_P_t-36gSONdYIwKVDvbHPL3_CzhLXFvbB8ZQNmT_r7jjaK3HHj27AY525mu_lrr78XiANLrxDd7eiJuokvly3brEJJ7NwuxJlSYu5WDKy-l5i9yGEvuVpVEzyh2H7_Ul66X32avnfPLwzGFP3R5Ad9h2OJfVGWgn_cotlVPzP3trcJV3fNHVobzErWdkBL_jUv2CeYyX3pxoOPhKU_PXLdAazDbDj-oDmww91rFOI0rwONIJGT0CtO2QHaWnwqyeoCISKP8izq2gcZdX25HOJWDfdZPNJsQQ7RQLZqbtuf0kjZbj4xW1_NosnTq20ryKZdQt2sq2m1CyWJ8polO3gtercK6pr7GmmlN_ZWNTzupcsR-yYHl2d23KGLJHdgmrb8_3umc4JhgosqDaE3hLzyvLAgbjyg-vOzFfv7q2LBVjz_PjBdxaf4Fx86KWtn8v8105_QZ2p11dCP-5_6AAFwyEzIYoy14h66TywchTG0JGAt/Z6eEQGdXuMB_XJ5pUpChkpyzHXEQmYas/7" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">Elon Musk to do weird stuff</a>, and that is certainly a live possibility for next week. Also, though, I once took a vacation during which Lehman Brothers filed for bankruptcy. Probably nothing to worry about though.</em></p> <table width="100%" border="0" cellspacing="0" cellpadding="0"> <tr> <td style="border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt;"> <h2 style="font-weight: bold; font-family: &quot;Arial Black&quot;, Arial, Helvetica, sans-serif; letter-spacing: -1px; font-size: 20px; border-bottom-width: 1px; border-bottom-style: dotted; margin: 0px; padding: 16px 0px 5px;">Tariffs lol jk</h2> </td> </tr> </table> <p style="margin: 16px 0;">One informal rule that I set for myself in writing this newsletteris that I try not to pay too much attention to politicians’ tax and regulatory proposals, because often they come to nothing and it’s silly to take them too seriously. I spent the last week breaking this rule for President Donald Trump’s tariffs, and <a href="https://links.message.bloomberg.com/s/c/oSvQkL6cs-vtvshXp0j8Xs1UjDcM_Q4q3o65snndaEOPxOZYFI-LNsIAtaDEzIPxUIM8sjys0Z7VDNdnnTGQVDuyhuWYONTzsvMB754Twn0AGR-G9KHnqovirQPQaUMbsBbxLNLRPDh1j7F3ZizqLKh2_PJEp-d9YHf8QfhcqP5dFLoAPUWXE_fOBr4F11fiXquEKu3zffqmv9kn8IK-rV7IQWvuUU94p8ujD6Pt71vE0Cc6ft2ULYXZzOzjw5lM8SggKFkWHqSYg3QW_zwnMxo3OpAadcgMMhcUUpWpvwZqeQJTVPpbbNDJXh4vTqqIDKVNqKW9_qJnupcXYYud7OoznfnvZ2P9-0wu1eBq8ClSG179D_kB_FV0JQ/L77TtBoyqDWmh3B4K1kYwgyqjd-6S3co/7" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">look where that got me</a>: </p> <blockquote> <p style="margin: 16px 0;">President Donald Trump announced a 90-day pause on higher tariffs that hit dozens of trade partners after midnight, while raising duties on China to 125%.</p> <p style="margin: 16px 0;">The president’s about-face came roughly 13 hours after high duties on 56 nations and the European Union took effect, fueling market turmoil and stoking recession fears. Trump faced massive pressure from business leaders and investors to reverse course. ...</p> <p style="margin: 16px 0;">Stocks staged their best rally since 2008 as euphoria gripped markets after Trump’s abrupt announcement. The S&amp;P 500 Index soared 9.5%, rebounding from bear-market territory. The tech-heavy Nasdaq 100 surged 12%. Goldman Sachs Group Inc. economists rescinded their forecast for a US recession.</p> </blockquote> <p style="margin: 16px 0;">Sure! <a href="https://links.message.bloomberg.com/s/c/za6SFXsUcZzuGtbQzx5bZizAKexDlh5eACUinU52ONuiISvw3x3vLsPIE5-3Qu4DBqn2iOd9jeDAPxWBuNdnUTMuLVmM2qoBxwbW60w2iM0fYbNI98pLGrVC6-JppdIWl9c7ChzfoR-xFfX2RY8tOdl3JD4GpM0cHfa_zbuuVqgd4lJ9iAKQ1O46qo2bbPWnNEJn00S-0efHMUniqlAh9356P7eQYUtncMqSlyNF5VJBcfKW8mu0SHGXAH_gp0yluaB_n374fZUWriRHJVGNqWomWyVDWJIhdv_ay_nvCaZJnECcOrPTe3lMxbIEfIchypNi0wMTg4lcHQI4uJKI17zJwBpair4pgz8RKAnC5VxhJAwZgHrxHulrxw/-MPPuqTWmI3rE8Ko0rlr9KO_rVc73Znr/7" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">There was a formula</a>! There was a whole worked-out theory of trade! This was a centerpiece of his policy! He was kidding! In my defense, financial markets also took the tariffs seriously, and were down; now the tariffs are off and <a href="https://links.message.bloomberg.com/s/c/PU6RM79qUH07ffzWWLYlPoCZ9lKO1kvqQDxpj0vJ-CjVHzjwINSsQdiYGPElXuGnPWLCIg_466hkx02gJPKBvj1KrTe3ZvmLNdkwwjmh18EDAWFGCcAx4Qil8ugPX3bROdNivCHzUuJz7wcXNyFjAhpe9P8Gv_qwR0JLt1EBJzaJNDx_rejeS-hsz2EPGdaQ-ozxFJ8zjtC04KpkSrR6gh6rJaQYKzr1558jon0qXAHqWtmcTBxI8U-c-4LLCt7AT1ElymqN3RO9tG_weDhNE1soRNmN9ebrcNuGxAYrvU6L045xghyp1j4l8CCuAasiDFIqfPaB7RE-q_Qv9xzWgVwJr_mywUkQx560TS62rPMt-WmOX9vXran9Xw/MFx0KGJW-vb46IOwr3_JamSiz1IWgy_t/7" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">the markets soared yesterday</a>.</p> <p style="margin: 16px 0;">Well, the tariffs aren’t <em>off. </em>There are still 10% tariffs on everything, and 125% tariffs on China, <a href="https://links.message.bloomberg.com/s/c/Kxi0wwu-odB7KgRfQRqJqapzgrBE17ygtZBnqtXg4G5QGzP4V9gUleLoLOj_9kLdHFyd6tfbu7Iu0uYmZHhSQSch-Z0x629sl6KAKbIOed4Ol6aE8DdID07PON9Y9mWT_0EO80KwxE-dEu_-742Hz0XQFflJlYVekvGrTpWNCpcvb7RitqnLn5kcVo6cmZw0aW6SP8ESN-FgC3625hsJnoquROFV6m5lq6GJKQwnwpVE0sufCYruLhMmMoyzi35obuOQORwGhRYUIVNQyZjBbuIOSGyMSNMW2tuyWOlKicaSE41W0aWOy3uQmN-3eephPlIlOFZdUL0Enl8uLvrkQ9MiznthWEO1XxNA-_JnfIRlhfnxjdGG7V0HWQ/z3gDVTOjuMolG94jN4jQ0riN9DPebSpx/7" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">with</a> “little prospect for a near-term detente.” <a href="https://links.message.bloomberg.com/s/c/LWvYFYxcLN6-acvOw_fKh9RaFE02ih0Lh_jGtWRGDOfmKmqwb0ry2YH-WomcV4EX9pfiTef0jE4Zz8SSvXEYUBIkoJkEO87p1FOyCKQFaDxDykwrWok213GEwqhTMEdmzeg-L3rI8Q4BWVwJGMCHSk4A4eWYGi6NDVYwAv44B_CZiTfFQf5GYyQFNv3spikszA3ljwi_f2Ee2L-iCygEIkZmWubDquKEHuzJHOgPpksGdmmrL9bLv1PcyntLFmuYuzpK4t9gSEjFPIDJpRYewT-O2bvyHYL51AEEaK0Vw9HLNnuju30Vx7hnx1RbSaN1AYCM9PvmAh6NJnDEsf9hr3nOqZTtKgzNLRyC-S_yKqkbC2sUYybprjyM7PUdp-HjFaoEn66v1p_HMREcpuPw8oD5eU3912hUxE4eezCbJ4pfyTv_zO8FnTfV4CqPSJzIUBmLcGmFM6ULJb7-PBKl0KbIkIBFB-M4WcsXW271mZPwhA/FVo83Nl7btHbgYOJ9BJiJ3rx3m-fAbFa/7" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">Adam Tooze writes</a>: “China is so huge that with 125 percent tariffs on that one country, the overall tariff level is actually higher than before Trump announced his ‘concessions.’” It is still a dramatic shift in US economic policy, but now it comes as a bit of a relief.</p> <p style="margin: 16px 0;">Also though this is just a pause, right? Technically, in 90 days we’re supposed to be right back here, with high pseudo-reciprocal tariffs on every country and the formulas and the non-tariff barriers and the reindustrialization of America and the wholesale restructuring of global trade. I will definitely have forgotten all of this by then, though, and so will you, and so will financial markets, and probably so will Donald Trump. “Remember the 29% <a href="https://links.message.bloomberg.com/s/c/Dj3lqsVwJ40Ts15hGRXCEqZMKO4VyljbBSmYGFeTK4wPjzMH3v7WdW2J3e3jBxmUm56-OdTFRVHq8yPR0idt0bVAMUr-FtokscSNFM0PqR85591liAhO0Dza39rvawbREA_l91fJWzcKSiPKVY372RIqJ4Fy8ZmfmY7J7MOSPSwH2s1ykgDgmGhSsdC4amG5z01qGnq8FzXSqFprxdt3LoacnP7rx-lwEmN1dEwhnz0eAz_yYCC-cZY-F4vBSD45-9n2HePnZQS2crZjPuN-v1q8HKR3x6mv0u5OujOKEHfbQf8RAuGqZM4cC9dLAo1hvKFrgHJAoZr4rJxv3t3XZnW5qhAEmxYhbRvagS9EOmpwOqtr_f7yFJW06VVyxjIezmhMLn2JuiFNw6EkrAAvS0jgpaasAa96O7KsuVov5NYmXesWmh5AlVMcUGUiAtfxBwohvVtiOCRFxi05DZyOU-UROCy4HRNMY_-whmM8-KScaa4_KY_nVXHQGoLYIUqrynDKGXtdKNlYRvnnX0pR00PzAKmg-GtPU9Fxlxn6lHis2UrLucy1VzSgHWN6u4rhMqIQryLIrAQAD-wcaON0bSiSx_-4Gwwze66iSNGiksJO8hKE/V9-x9ILp6A-P8zq-LC_uAbwasm6BCIAk/7" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">tariff on penguins</a>,” people will idly muse, like it was a dream.</p> <p style="margin: 16px 0;">Anyway if you were on Truth Social yesterday morning you got <a href="https://links.message.bloomberg.com/s/c/94ALhtRscXnMge5xu2h8cHEznPbMCuqloFMUlyjxe7MWOyE8mTAKln9SKjV--HUebVQgWqIKrQXtPzNJiGWoMDx7iNifi8vYnaH0A2TQwtTWjLTZzsEY9wrTQgXxMIg3z3wpCsEwrbj9HR2t55OB2LPdpW18fGytmvegzIWZast27U_dcr-i72ldFwe9K9SaMtrOuwy1x6j296q5pdzhxq4iz_-9uT4b4Zp1yJyQSF25cTX4pT6WQ67KtCCqclWn6SxSyKWPe0_mO6KHui5mVmVz1MyS4NwY4jEiiQk32xvNHEo4xxzxRoMWDB3ycquFEQqIt6ndKnxyy3gEcQBp2FLZkxcBTRb6n4A2l-8GTZy1jkVb7jbi0aW8cUpGvPZPQnvTWZTH755BL5IjSkr422yJqU40xLuwyxHUYgCcmxbgunyX2UPT26y251G336J5B36Cm020Q9bluTuo4mIiXODnw6FBwgBIH_vccwgOpG-rsMT636ivjajq53ZGRjR8PO42FS-y/4HjKT0yaJQTHf2dcX-S-6mFk7jIp4n-X/7" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">shockingly good financial advice</a>:</p> <blockquote> <p style="margin: 16px 0;">President Donald Trump on Wednesday urged calm as global markets continue to be upended by his wide-reaching trade war.</p> <p style="margin: 16px 0;">"BE COOL! Everything is going to work out well," Trump on Truth Social minutes after the New York York Stock Exchange opened. "The USA will be bigger and better than ever before!"</p> <p style="margin: 16px 0;">He added shortly after, "THIS IS A GREAT TIME TO BUY!!! DJT”</p> </blockquote> <p style="margin: 16px 0;">The “<a href="https://links.message.bloomberg.com/s/c/jWWYunLyqZ7mdfg-MRZlVT-juetlT_8ysUQxlVvD1vdJzjc78TRG5n6PoDN8j7Z-0zCA40GZ9hrd7bg4eI6xQ8fF9CLpXcgrbepdo2WugsfHZOR2H-O3QZ8toIHY_c2dReJdgKvmUGxGdUJDztHKpqW8C4fF0gZE6wDFEnAcLdZRqVonIZQQkU47JWtJUw2MlFYuwlh7YXxwWH8Ez9lB6UPnqa1ps6ICk_q8o-74cEEQKt6kRLdkdeFUxn3rHQ73ug977TgQF1Wl2qczuLZKrruyRROM0W6bG0CTEnVYLPwLWvp_RLU7qySUd_wqN9maCEfQwv7SiH33V8OsNq65AJXAqbE1qjtQyqXnN9kGegmZ0MVb9smX6Rxahvp3jZbm69yn-u2MAenyQnUV_mX0iehh1sAKzOXBkbr3jiWnpBRxYKxqLHB-zlm6laaAvTSECYVO04HE3b_3P2ItjyrIZnjwkdub9vY861E7qLU4LH0U_g/oWAcMwuFW1C1BFZvQiVx8JvaL16MgjVW/7" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">be cool</a>” post hit at 9:33 a.m. yesterday, the “<a href="https://links.message.bloomberg.com/s/c/E7CrWWN2KfiGxKhMbAwN9feLqZToUFfVxccnyvw9zWFjKeRHOCaLBORGC5e1-fdbdXZqAksG2yhb6KXHx57jdWGDJQ-5zXgul6QuCrV1ClBPxNRoO-YgTqXcpZ38ZA9dQcCIDRlREPzK9_xbZbeoVeljc1W0LuIT6F58CCgLl_QdX3FnBvDnt7f_5OJ2kZsxLzgISi3VsziAv1TTWmnw9yFEKXDUN3tZi2jWs_j7UE4xJXU3KH49VLXXE_uAcTsVfl-dvkC7i5g5kS4IBrUz89EVXzyEnpRP0f2XZ06ycYuzMSXcM5gthKuPQB9329v41bkFVpXRfnpf0FtPEoCAtFOinhoL4W17JQ-GbLl1N_8EmmwxXK_-FrTEHwtZEylN3Ay4LzBwpLVFjVy6TnGcqtCh57EsxBEf3miPKFJ1RemclJ3HXI9nLSYlqeQWvk6yCo5SVtKgXcOg6GXA7Gt6h9l33RhKGW4J4rhGZZPhb4zY0A/BpEaYYdBSj-9hSGYGXVMzwj5lzqaoPnw/7" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">great time to buy</a>” one at 9:37 a.m. The official tariff pause was also <a href="https://links.message.bloomberg.com/s/c/6FI4jl6xHbUfN1nxpZC2ctZ8F3ORrKPZJhY2NAiXPRh6pkG-uBqZ8xq3EUl3oBLIPhtMJtsjLK1uSIO4JFiafCV4URMn23_lm7EtpG1le-_Qc5M15l9GZjgBwsvz3DQxIr8kmlPqGpvaPCT2DUSO1fxZ83mu8pa3aeCMGAyB4i5tUuJ6iXkq18yfm2jAoXQ7FgTzUKpe7Fd_f-L0mHnL5rNsJc-kqIDWdslye63scJ9tZShcVENWaYhsphtq5XMdIloGaW0JnlERpmEL3VlaBf20fHHVRi62GddrrD0-HPayJ8NV6Gn8p3wnlssgqCEL4-JNVt29VszBaMjXwMPSxanscarGZzM1YV6uO4ws7ebfb2h-nlUfYxtRhIrrcJ4pDtAIUY3J85sVLDYSUNs2R7tJSjt8Ndx5DsjCdi7rTHpV6mtLNhcn8qHy1xj48GRzkM2h576_t9FmSjIKbcb_c-FN-6qdqz5lLozseZTQj5Cj-Q/h4RJivHaCyWNTZZSxq5rgRoE95IN16on/7" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">announced first on Truth Social</a>, at 1:18 p.m. If you look at a chart of the S&amp;P 500 index yesterday, there was a little bump at 9:37, and then a huge vertical line at 1:18.</p> <p style="margin: 16px 0;">So if you bought stocks yesterday morning on Trump’s advice, you made a lot of money. What does it mean? What does anything mean? Like, the possibilities are:</p> <ol style="list-style-type: decimal; padding-left: 40px; margin: 16px 0;"> <li style="margin-bottom: 5px;">Trump believed, yesterday morning, that his tariffs were good for America and that this was a great time to buy, because of the tariffs. So he Truthed that. And then a few hours later he changed his mind and paused the tariffs.</li> <li style="margin-bottom: 5px;">Trump knew, yesterday morning, that he was going to pause the tariffs, and he accurately predicted that that would cause the stock market to rip, so he gave his followers on Truth Social a little preview.</li> </ol> <p style="margin: 16px 0;">Each of those options is pretty funny, but the first one is (1) less funny and (2) surely correct. The “great time to buy” stuff meant that <em>the tariffs were good</em>, that you should buy stocks <em>because </em>of the high tariffs on every country; the four-hours-later tariff pause was a completely separate and unforeseen event. You can tell in part from first principles — why would Donald Trump decide something and then <em>wait </em>patiently for four hours to post about it? — but also from <a href="https://links.message.bloomberg.com/s/c/dYEiBHe6XJEiS4ZuCMIbsG6NDWgLxFVOl5xOPhkClO75axPOZZ7LYQFgScTKqFw6E_0hIUKEwD-EG4NlRm1hJlvUsI9krwschdaxznNm_2HDN_SMfX5NLymENtYr9nL7nGNzdnhUy8e9Hj9TJp6xCipBUeyvB-1JIqeUJ8tUXwlNmH8XhCbzcvscluTvn_uACSTtahHSwMfoAsbe_kAK1Y7NiT9N3kYZ31QLAuQLvVUsJpVVuzKKiFYUbPhJyO7XytxhQUEN3ppmn07b-aHSuLwwocs5DXusGxk7EsUGwSTG9cjy0XKO1TXlGmJsdZbU7j4lUVmuGWHRQBJ1NPymwYs-naRz4fnIWyIcd5mD0I_j9vynLzjLG2ToKDw/cN6mxqjJxb15LEiB4L9jIBJw6CATp04f/7" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">Bloomberg’s reporting</a> about how and when he changed his mind yesterday:</p> <blockquote> <p style="margin: 16px 0;">The president started his day monitoring the reaction on Fox Business, where a parade of executives and traders on the normally friendly network sounded alarm. …</p> <p style="margin: 16px 0;">Trump turned to social media to encourage followers it was “a great time to buy.” The missives underscored to Wall Street that the president was paying attention, helping fuel a stock rebound.</p> <p style="margin: 16px 0;">“BE COOL! Everything is going to work out well. The USA will be bigger and better than ever before!” Trump posted to his Truth Social site.</p> <p style="margin: 16px 0;">Still, as the morning stretched on, Trump decided to gather some of his top economic advisers at the White House. Notice went out to US Trade Representative Jamieson Greer, who was testifying before a House panel, that Trump was rethinking the tariff levels.</p> <p style="margin: 16px 0;">Treasury Secretary Scott Bessent, who had been scheduled to address the congressional Republican Study Committee to discuss tax legislation, hastily canceled his appearance to return to the White House. Commerce Secretary Howard Lutnick was also summoned. The financial markets were weighing heavily on his mind. …</p> <p style="margin: 16px 0;">The trio sat to draft a social media post to tell the world that he was, at least temporarily, rolling back the tariffs, writing the text without even consulting the president’s legal team.</p> <p style="margin: 16px 0;">“Just wrote it up,” Trump said. “It was written from the heart, and I think it was well written, too.”</p> </blockquote> <p style="margin: 16px 0;">“Be cool” and “great time to buy” were not previews of the tariff pause; they were the last effort to change the market’s mind about the tariffs being good. They didn’t work, so he paused the tariffs.</p> <p style="margin: 16px 0;">Still! Many, many readers emailed me with variations on the question “is this insider trading” or “is this securities fraud” or “is this market manipulation,” and … no?<a href="#footnote-1" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: none !important; background-color: transparent !important; display: inline-block;"> <span>[1]</span> </a> Even if the “great time to buy” post <em>was </em>based on an intention to pause the tariffs, it’s not fraud if it’s true and publicly disclosed! I mean, if he spent the morning calling a bunch of his buddies to say “this is a great time to buy, wink wink,” and <a href="https://links.message.bloomberg.com/s/c/Su-ft7KXjrQqb-bi0g5Qcr7d78qzV7kFZmuZkbOybhjd78W08nNTKST2b2o1uu0hXvXAR6aqhxAsJIOk8jAIs8ol7rwWw2kG3P2wPv1l8qV1YRp4nhsapq5_u90sjBMJJJTalMi00zEV1GOtbMWOGRAPnvmP_HAuIADKOWV2r0qhf52DUAASdbkPvvQ7EHTHGMU-386s1MZzEhBoxSGgF_a2NkAToC4FMjn8hiz8LLGWV4qOhKGdKvYfn9PuWqdqExdPjnjwxCgrzkK4__p4O9gSY4if4VukS26PdAhhwqQvih9LaVs0H1Le6FmmmyKhDH32WVEUMozgpeo0enudE-mQ8XefDb0jYHocQZqnpBdPTXzBc3PjWYfalLsCWyHHxscGuqyYO7C_qI2B7x1kp-3dSUO4VF_w90G52sTnVcJ0cL8tVuQkM3efXgzINeoNFR1cn-1e45urGoen7_U/UJpNFprXwozksmzayPPfiMJVJLCypMdy/7" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">they bought stocks</a> and then he announced the tariff pause, sure, insider trading. Obviously in a “<a href="https://links.message.bloomberg.com/s/c/t-1fIS-j5rqu7icjQqVuzygIKLSZRDHWbW-qs8DouJVZE-LXbDIH0C9I_Uw08wXuX7y_eGr-fl9Kxeyjsr7I1FP5akC62OXB2dSFOt98Fhq8I_EBrmmnHB-wSssu8pSeLhcee6boszJxTDPTEtpS7QcwZba-pYFDKnMmc-aL_eympJga0tNvMaOMzzHHx0tvamNA4U_zHjMumOnr7xMuJEYJFjIbjBr016ieNPng1-japQOTk2OYMT3pdzwBc85WNSZ0e1rMKbqPytugu6dA1_illLbuMMgYUNMIpP7RKnYh4WYVbHYJ9SCOmqFdlfFMCN7hAxk7rggCwqgkGbvhnEi7m68oF4nilXD7hegB_enwaCbwH0Jabc7q48vJHMT_nIP6iVz4nc1Jc3dmgPrtO9VLbzCtsPfQ3IsAMDQMZyuvRb57h53q0qRyewzg8Uq9D-3r1pDF_9J4JXW0433o8h-nS0_JvS6hb-jxIsVy8KWpRkTNPnxn8BYp9O7_DAbbEiJxIijgpQ0C8lIiyd6aUhPPr0gh38Dk3ZNSGxu5tN5Jff4dm9GnQBO7JXx-KT2vo_UlQ0XfUVUQ--uPsLM/RpDf86vAPA24tiC3rYQ5oNMl5KAbFMfU/7" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">unitary executive</a>” no one would bring a case about it, but still.</p> <p style="margin: 16px 0;">But if you say it publicly it’s not insider trading! (Not legal advice!) Everyone who follows him on Truth Social, or who reads news articles about his Truth Social activity, could trade on this tip or whatever it was. <em>I</em> was vaguely aware, yesterday morning, that Donald Trump had been Truthing that it was time to buy stocks, though I did not buy stocks. I just, you know. Howard Lutnick <a href="https://links.message.bloomberg.com/s/c/wM6Tc3eHoep3I4bi-jBtXHm7IDOvyWfMbC91a70k77G0XddtAmYIqPbw-WKYIE8pORMwu5cIT3QGA-7crfHj44i2JQFAqtWxuu7efyi_1XlGwbLZBhZvO5J9xywQ-3Cq3A-F2nffHS6ROavuLlFDJGgIfz-_Lq7qitfzqIjLt6_3J1gLLSPBfSXGsDagZ_2i8JmhOw6zK_mML69rVtv5nOoo-DgjoA7sFZh1vsLGV_sOlTzLLZSPKxA9nSIyK-EH2k8GANOx02g7YFCSbrmArjd1v8AOLXKy-siH70JWOrjqTIwH8Mp5kKQ_hgebvTStcaUr_rEYpuRvdkOTXeVoJ_xrSZMeThpY_FaRJRx7AsdkoligD-fH_jGl9Hc/xgjmwKBHg8fDhFhB8UlJZhjMmYbpZTw8/7" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;"> said on television last month</a> that Tesla Inc. stock would “never be this cheap again,” and then it was. The public investment advice of the Trump administration has not generally been infallible, nor does it seem motivated by dispassionate objective analysis. I just assumed that part of the administration’s job was to make public statements pumping stocks to make Trump’s economic policy look good. It did not occur to me that Trump was transmitting useful inside information about the economic plans of the president of the US. It’s not like he knows what those plans are! Though he is the president.</p> <p style="margin: 16px 0;">This is all pretty stupid, but it’s probably less stupid than the alternative of leaving the tariffs in place, so I’ll take what I can get.</p> <table width="auto" cellpadding="0" cellspacing="0" align="center"> <tr> <td colspan="2" align="center" valign="top" style="padding:0 0px"> <a href="https://links.message.bloomberg.com/s/c/XnDpTr6d1bYHXjP-hku0AgsCOfT52fOIxx6bHMwnY08e5i99Sde8LuOQDwT3GCc9qnUWFtKQfvtoX_whMFocmMdMdtrduaj8gawEH3v9r6DTrfF5lLefhWD6IUvo5xhDGpauVsWHxzG05XEjw4ftvh3pKgZ2atZteQNet9PsyHH6yIm9yTgWhK2w75NhvgdWCUqilpoXfVjbtOiNPx4giaRTGiOARa7JsTK4xtJ2YsdB1-sftMo3Rs0PS96APW3fmeK0xw36x45_ITAScjkY7xrrgw8q4FvKFC-OGJ06ce9XB-ZAn6KnEdKKEsFdIbhZDbE2xvGoxOBlPKla3d8UjoVXjsY71rfVeuXebOZKJd3C3vSXM85nkwTVCqeMjZenOECF38WiMVIZGH3bGQCDx8PqfpQL6KjPJGbLPM8_jvs7yZNdSuo_MqmueA30r_RKi9wV1_EgiX_7vgQr444Ln3j0KsX34MGBubgtxHjmgnj5yhU6A2v82AYSnkR3KnHXi0i_FajEob-jeHO2LadzTGr90bTkVxPRP30L-ATVMAZE4AOu_kfM28CRX3Snrml1h4kFFuW30S_xCLWnICy91NGW_cMdlH5Q8C7fFdUb6DfX4Q/4eU6pjK6z0eKKGaY5qou0Co98Yqtq7AD/7" target="_blank"> <img src="https://sli.bloomberg.com/imp?s=868432&stpe=default&li_coord=desktop&collapse_width=550&li=13182760&m=c869f5c3f0784f1d3b0577b4456d769f&p=04102025&lctg=a19ab05d-8da0-4a2a-9dfe-e93d8d341869" width="550" border="0" style="display:block;height:auto;width:100%;max-width:550px;" alt="" class="lihide"/> </a> </td> </tr> <tr> <td colspan="2" align="center" valign="top"> <!--[if !mso]><!--> <div style="display:none; overflow:hidden; width:0; max-height:0; line-height:0;" class="lishow"> <table width="auto" cellpadding="0" cellspacing="0" align="center"> <tr> <td align="center" valign="top" style="padding:0 0px"> <a href="https://links.message.bloomberg.com/s/c/aqvyAdjJmDXue7K3QltPN_fPeZJfNzijFzmaWR-b01ArJp0QUD_nXs-zu4jwHdtDSJfdWV5ZhslfTH1upUTMrL7U0o5fc6DTo0mZavypWmeWzq4tgQdjoQ8DEq8HCurh-tnwoh8apaVjnzMNcR7xHWCXhHcBQv18IVhFyMXempj903XUvmUG6ABem0oQftUcINUDHLOkqAKTgNGQ5cmVoz01t-WXEVmioyP4Hp7XgB2qGXoqPcYA4-lEact56_NQ0mkwVH5NeZMCsQ4TdgzIJ7bxv6fEB91IJP5vm_gW9--zp6Mr14xw-Paa_TwwyA0sytb-9rp4ZcMc1B6LAc3VFnav2Myzxt0H8UWo0JvXbuxij72a0MCV9NnNhC40ed6Oa_-iQtwhD2U9bPMtYWs_vILSjLvsb-bg3YMqX6ytzmtUuHxNBFv6bGpMxdRlAdUJs5wAy-fiOCB1KZBVUTT6MNhcrxGfP5cw1lWG0wRmgrV30_nndGH_dI5fohWrwpzCljqLlVZjYGcQdrVlxNwGhzmiTA_WwqaZa83oFEWuHQp6SI617zJA0N8JGEUsFgnpt8FDgjZAWDr5pd8v__BgKraKoJ2Y4dBdYyCZO0ruhxuNEw/GEXbQUP-aUBxHSf0rR7H4XLRbkGWYtje/7" target="_blank"> <img src="https://sli.bloomberg.com/imp?s=868432&stpe=default&li_coord=mobile&collapse_width=550&li=13182760&m=c869f5c3f0784f1d3b0577b4456d769f&p=04102025&lctg=a19ab05d-8da0-4a2a-9dfe-e93d8d341869" width="100%" border="0" style="display:block;height:auto;" alt=""/> </a> </td> </tr> </table> </div> <!--<![endif]--> </td> </tr> </table> <table width="100%" border="0" cellspacing="0" cellpadding="0"> <tr> <td style="border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt;"> <h2 style="font-weight: bold; font-family: &quot;Arial Black&quot;, Arial, Helvetica, sans-serif; letter-spacing: -1px; font-size: 20px; border-bottom-width: 1px; border-bottom-style: dotted; margin: 0px; padding: 16px 0px 5px;">Citadel Securities</h2> </td> </tr> </table> <p style="margin: 16px 0;">The stylized story ofbond trading over the last few decades is that, before 2008, when a customer wanted to buy or sell bonds, it would call a big bank. “I want to sell some bonds,” the customer would say, and the bank would say “sure I’ll buy them.” The bank would use its own money to buy the bonds, and would hold them on its balance sheet. Eventually it would find another customer who wanted to buy them, and it would earn a spread on the trade.</p> <p style="margin: 16px 0;">This was a risky and capital-intensive business, and 2008 happened, and banks retreated a bit from it. Regulators raised capital requirements, so it was more expensive for banks to hold bonds; the Volcker Rule in the US also discouraged banks from trading with their balance sheets. Meanwhile technology got a bit better, and you could more often trade bonds without making a series of phone calls.</p> <p style="margin: 16px 0;">And so the business model of bank traders shifted somewhat. It used to be that, when a customer called a trader and said “I want to sell 100 XYZ bonds,” the trader would say “I’ll pay you $97 for them” and plan to hold them on her balance sheet. Increasingly, though, when a customer calls a trader and says “I want to sell 100 XYZ bonds,” the trader will say “let me put you on hold a minute” and will call around to other customers to see if they want to buy them. If she finds a buyer, she can do the trade, matching up the buyer and seller and taking a cut for her efforts. That way she doesn’t have to hold the bonds on her balance sheet, tying up capital and taking market risk.</p> <p style="margin: 16px 0;">This is a broad stereotype; of course banks did riskless matching trades like that before 2008, and they still do plenty of risky principal trades on their balance sheets now. But stereotypically there has been <a href="https://links.message.bloomberg.com/s/c/WDSPrEsvCRcZ09P3TSbw2z5wEsLSCrQmDGusdRXn9cZH7pi2cv3crjng_TmXeWs1euEdV9clSN9FA7kRGC-HFcURkoI8siQ65WT5PYF6sr1PaUAJCIM9u9TTadbqHlibHnfXi2cbLcrywxvbWW7gZJBqTAQNK745sFSuJgJHdosGYTEo05Yqt2Rm5Ed2hL5mqPYQ_Lwxis6_-qJ3fPhJXa5n5ExNIRBk-2bAfTUgjYOkZsYoy4OsG4RyLVaGSTfVsuZSCymxbRVGou4d05dgoxmcm83D0B1cnd8pD-dWMxlBZA4XhUGYGKkPFBO83DvDNr8w_wAEDJ_ijlCXXEhkA2wrU2C3K1DzzcqLgyk0pdBGtbkgGKPjXHHXBEI/BOlKOvdDOKDjigX8e2utiCci1NR4qrsD/7" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">something of a shift</a> to a more agency, less principal model, as it becomes harder for banks to take big trading risks.</p> <p style="margin: 16px 0;">This arguably created a new business niche. The niche is: Be the other customer that the bank calls. If some customer calls a bank trader and says “I want to sell 100 XYZ bonds,” and the trader says “let me put you on hold a minute,” you want her to call <em>you </em>during that minute. She offers you the bonds, you take them. And then an hour or a day or a week later, she calls you again and says “hey now I have a buyer of XYZ bonds, you want to sell?” And you sell. In expectation, the price that you sell at is higher than the price you bought at, in part because you are good at predicting bond prices but mostly because you are <em>providing a service</em>. The service you are providing is <em>liquidity</em>. It is <em>balance sheet</em>.</p> <p style="margin: 16px 0;">Historically, this was a service that the bank provided, a service that came bundled with the bank’s other services like “answering the phone when customers call” and “taking the customers out for drinks.” But as banks retreat from providing liquidity with their balance sheets, there is an opportunity for someone else who can provide that service. Arguably that someone else could provide the full bundle — liquidity, phones, drinks — but that is not strictly necessary. You could let the bank keep answering the phone, and <a href="https://links.message.bloomberg.com/s/c/d9f0o9PxmBPcRuG5JCxqa1E2zLm4WrdYDgwRO55fejXF9eqp0kmCBHN-6IYnJ-WVeeRvul_gZhCas1c2mYsLV5aoQdDAo1V28JQmW6Ua381JyMRKaAUTvERPmGZNBYfK2KkUC1eWSbgLp8hrLE-RyWH_RdRaOU9L6vdFdNhVXo0DVkw-ifzyjv8w0zbeJ3Erf1x9QSW5va4i0NRixUFdNXaBSYezArQF-VK-MS2V7BVr4tjRTgL9mkdJ2frN0iY-0SwOdVpFHJhO_u6YS0-ORy773KMoQ8R5xexaK9EI1nqFEDYPmYNs0KjIFZY-dCs0ws4czcOpDer0qOpqUvlKsumwYAcTS-lUsaIJ84pRJPVuq9-zybTcAuiq9Zg/c_vrFhSehpMKRMI4LTLaW9PVwTaUVpq7/7" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">just provide liquidity</a>, through the bank, on the back end.</p> <p style="margin: 16px 0;">Bloomberg’s Katherine Doherty <a href="https://links.message.bloomberg.com/s/c/3N6aurezaBtXupy1Sj4UwOABET-LEPmeEsViNAITy9Yh0MTu4P4ycpAmgTzxkyTG1Gy3Jz_rDokztpwx4RTZw1hUKylxLzU71EJ3j0muRi2v7ldSv20gX0e9JtiJrlCJY7OXpnz307X9H-5eFZr-gJAyBet3MWl62GFfGX0P6FzS2azifV0HlUDqBts7SbaOHvVuvVIxDsgkvYUucUTuzYg-qBvukJSO41KE5OjaxlxlbMUQ0j6qr7RElEI0Z_nLEcjK4nWdxT7dDmBquRP2eCULt0F8i3ZkIm9vPvGk0tJ0Ec3bLqH1unMaV_il1J2Mh92cKkwFfRgBD2M6byZIp3sKywvu-4OoNPGrKMgBvLgoPUKHqFiBF1zP6l8/q4o_Lv7HkkIaB7eqj3Cb2A1FBJVdHIdC/7" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width:1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">had a story yesterday</a> about perhaps the most obvious firm to fill this niche, Citadel Securities:</p> <blockquote> <p style="margin: 16px 0;">More than 30 banks are engaged in talks — some more advanced than others — with billionaire Ken Griffin’s market-maker, hashing out an arrangement that would let them submit orders to the firm without revealing their clients’ identities. Citadel Securities is marketing the concept as a way for small- and mid-tier banks to provide better pricing on fixed-income trades. But it also would give it more insight and clout in markets. …</p> <p style="margin: 16px 0;">Citadel Securities is zeroing in on fixed-income operations, where the strongest banks have invested heavily in systems to consolidate market share. Its executives canvassed dozens of banks and smaller broker-dealers to discuss their pain-points and concerns.</p> <p style="margin: 16px 0;">Banks are highly protective of their client rosters. To defuse concerns that Citadel Securities might later swoop in on customers directly, the proposed system wouldn’t reveal their names. Instead, Citadel Securities is enlisting a third-party firm, TransFICC, that will install its technology at banks and brokerages while sparing them the cost to connect.</p> <p style="margin: 16px 0;">TransFICC’s systems would broadcast requests for quotes across banks, which could accept or decline prices they see. If banks choose the price from Citadel Securities, it would fill the order without knowing which client is on the other side. …</p> <p style="margin: 16px 0;">“The solution here is for us to be able to sit behind a bank, to be able to provide them with liquidity and competitive pricing that they can send back to their end-user,” said Amit Bhuchar, head of liquidity solutions for fixed-income, currencies and commodities at Citadel Securities. “What the partner chooses to do with their client is completely at their discretion.”</p> </blockquote> <p style="margin: 16px 0;">We <a href="https://links.message.bloomberg.com/s/c/HQJt_9qao5EiesSwj_VSJ9DrLKfn8Gx7RI24UNgNtvSjcuiJulqrwJxEnFxfgccTGlVyQwCgZnIuz7CRTORv48OzvoTRPO4YMokL36LoXHZnjfJjV9vI8kXCgkWKqWAf_M1IarR6yaKxOFLjXLYxbHHfeieP0EEPu4lFgkIDP0RRoNu2A3RMs6XqXBTbT1zaDH07gVIXOaTrnIP1VBHJZIjZp_KFkNZO6lb3qfZ_GvEo7x7zo0dZebObeGYZcKlxsMK-cGyQD3vzYvjAqmQYK-qrTOZ6U-MsNoI7tnA5JrO_UGTzJx7W2Z2EE6sfrkGHcF4ppLiI-aIqZeGwpK-B3_uBNTYVy8b7sh0ju1Fs1G7PFM1Hfk_7vG70fvc/OIcxyrucBA9EPWtl2PnrP5GRCJ2vPWD3/7" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">talked about this model</a> last year, when Doherty first reported that Citadel Securities was trying to get into the “white-label trading” business. It is roughly what Citadel Securities and other market makers already do in the retail equity market: If you put in an order to buy stock through your Robinhood app, Robinhood will send the order to Citadel Securities or a similar competitor to fill it. Robinhood has the app and the customer relationship; Citadel has the balance sheet and the risk appetite. There’s no reason that those things have to be bundled together. Historically, in institutional bond trading, they were, but that can change.</p> <table width="100%" border="0" cellspacing="0" cellpadding="0"> <tr> <td style="border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt;"> <h2 style="font-weight: bold; font-family: &quot;Arial Black&quot;, Arial, Helvetica, sans-serif; letter-spacing: -1px; font-size: 20px; border-bottom-width: 1px; border-bottom-style: dotted; margin: 0px; padding: 16px 0px 5px;">Gardening leave</h2> </td> </tr> </table> <p style="margin: 16px 0;">The basic deal is that if you are a high-level quantitative researcher at a hedge fund or proprietary trading firm, and you get an offer to go work at a rival firm, your current firm will usually (<a href="https://links.message.bloomberg.com/s/c/94RsDbZy4lPckPe3SptBBI2YLnQRFh6Sxbl_4ikULETTEi6GqA3bVhXKQmF9WBNQifD0hDbq-uOcAGe2UGH4ODBOPDoDBjrp5MJSnqi6ZUjF9abRC5kJF1w3g4wPI3_AqnbUBsF2H6c-kQdbPMOoxWYpuExpQbQfysG5Sv7QiGVLq5P8sY2fk5XV5EXOv8xBZarKyUsqyGaptxxLh3uEXreGVMjNynwhbehGIXBRg4Fheu4qzRLPiKkZlwNyD5XUeW-4bSLLpdF5xzEvHmEzUy7amCxMbF1fXJkxMuD-eXE0tFYHr4DdcDZLXEIqYowSGO2e4_5jkOMCBixU9Hdj8eJJW3HyckK_Ux2t8rWQFziE1hIaeBhE3wciuuo/iF7NeMIbXMvmZPXVWKcF1Jn5iucgYb8G/7" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">not always</a>) require you to take months or even years of “<a href="https://links.message.bloomberg.com/s/c/KgPmjOcKORwnskFgGBqWaYbZTy13iX7TmWSHCAeCtBoLGvdh-Z9Tr8Fe61ftGMXdVjgcVPMY2zp0PR0mDxQ_aji5f6Hg8ddhcx6WnsEIwtzvh-Zh5HiM-Oxya6M9YdIyOI5hWYiFp524rZxnjOeMLYDQ0o8GalCXGDAoj8EFYtARJm2J370ybgGnwUM86hrr6lof0_RhxNewD9yrlkvEwm5pUDCVjtf-Q7pbsvPDnVUIcdd1auohGSL79DQM6kQrzWZBl4VFqSDFXrAgSQ-d0tncsp-cy62Qx-Iin_pN4uiVUxQHnurtwUHwuDcmxN2LNdeLectSscZx_ApeIrNMJucKdHdkrmaIzN47Ipn6ita54G4Ppye98YAigyk/d5AKU12LCVbv_66bLd0J9HQ9aAtgO9IO/7" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">gardening leave</a>,” during which your old firm pays you not to work at your new firm. In some ways this is nice for you — lots of paid time off — but in other ways it is not: You probably get paid <em>less</em>, considering bonuses etc., than you would at the new firm, you might get bored, and your skills atrophy when you are away from the cutting edge of quantitative finance. By the time you start at your new firm, you are less <em>useful </em>than you would have been when you left your old firm, which is of course the point of the arrangement (for your old firm). </p> <p style="margin: 16px 0;">I have always thought of this as a particularly financial-industry thing. You do not see it so much in tech, because tech mostly exists in California where noncompete agreements are <a href="https://links.message.bloomberg.com/s/c/K9l_aJSlBezKud4rlMJ_lPuAN7BLUd23Flvl-r4qZy_fK5bhDiyNzQZZp71Irew_wwJ4eohaup5npusqhf6erW32XnAbj08ROrB-L_ro0abyW5_ppDsqBmSVPvnBtSqHYJLLkDA1RoMJNBD-Mk-QdYfxM-316yaXPu8Ee5g1F_FgkOCyIwO7kI3ZK6_aOAR4_UK3ryopJxuXIK4_YxqWFIbO2YBPDIJvnDLXaDCxcoko1jAIfDiL8SsbRn58Ko_Xp0SLrxB6vrBPoTmEUoqJH7ZkEVtUfVIAxFg5CMVWnopq_qfJe42JCSk7-ZRYPvsRr6FH10eGbRmrJ1rHvHm397D1nHadTvkrjjYigdu3ttJsCieWQ4hz_CQ524peKIXYELJO2YKZIywwi0rCrzaawSFQr7IF5Lki-IbJ-ISOgud4iZJxUnGQOX5ptxr8qr17ZSn9_dDe35D2nWxaT6qEmj-EV-g142l_J3FQT6K3s2yJnrmlFSRwb8MCGaDXzrTss7dxOTqi89wE262Zdksz6rNPS5bYblBpw7cdLCJNnAyz3IlbBWqRF1qo88Nm1C9gIutnzzcjx_Lq4b5plqwuln6NqkDvj5hEEdpDJ4Tf-ITx3A/oCX4-EPfM7Dd591twFjMgFeSb8iH3oQK/7" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">mostly unenforceable</a>. But not <em>exclusively </em>in California. <a href="https://links.message.bloomberg.com/s/c/Ps4dSzKIaIJFf7W_5p_dxtuiXtR-krhm-aZ_Rv_AMpWCht3-A4XyWa7W9khmA96UE8Rp7mE6IRAajq-Nh30NODAYbHSnYQe-C0KqotG43nMaMuOO_SWzfBdwjnaVgce0VKJkGK-xvj-nohr1Ipc4TiAOkrxw2ndcF5yAjlrvYDXubtDVnnHVmXSt6bZhdQIwiC6cbBXzytLf_nxFyzcjKHS6YrMYASx1PHsYV0ZGrumr3oX11x2SCZne0KaM2fwd18VNDHZk8OYsA-Lg9l0IFLzAh3Y8rmc8A-q5Xma_S-hsZoNniCgR0N_X37KiDi4BAmF4_KKRUiGTxZ0cP5i5qym4MNdDs04yyAMCBHF8RIOGc2RDMsVHSpxCfZ16to8Cn_BHTotfRt0rJ-zRXTnHsJINeHAgjnmjTm_xaS3zP5EHkLNhy__194JDLr1mwLWEsnA3lcfoWOebo3dLbAoRTWaEQNS_WUoXRNR6UpmZM2DaZcuYtVBx_VxZK640DH1e84XOmwsJM1D09wsXAuxG_G3seZYVsH08eGJ7bVUUM5GuvefyRTY/H29tJBx0xbxejDH6UoB4wKAEUxJNzPbO/7" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">Business Insider reports</a>:</p> <blockquote> <p style="margin: 16px 0;">The battle for AI talent is so hot that Google would rather give some employees a paid one-year vacation than let them work for a competitor.</p> <p style="margin: 16px 0;">Some Google DeepMind staff in the UK are subject to noncompete agreements that prevent them from working for a competitor for up to 12 months after they finish work at Google, according to four former employees with direct knowledge of the matter who asked to remain anonymous because they were not permitted to share these details with the press.</p> </blockquote> <p style="margin: 16px 0;">Meanwhile, here is <a href="https://links.message.bloomberg.com/s/c/WYsqD8sTn6ji3u8faB0PxNeUbMFrZzFaEhYzU3p6gGAE_sxHRD-nmRhmP8Fb-a2XYfcqzrlrRIKsKsb61EI4m64TU6OV7qkVRRLaUtm4ed6Prbn3R3FZBrD5-8t6AUEvuiZQwRgoFuwDiN0aGcUlh0es3cIe7_sDg1HGLbnr3wVSHk1QPDO1sRQunZcTRm7JYPJb6fLnHvdw0VB6b9AR3KofOJdLw9ikjbyUnoBo51-ZD5rcU6oJuOJRwi0BYdxi8ukm5SKB-dUEW5OuMK24OnQOGYB68y671LIm3Af9lLYF76F5pZkIv9tpAZcHtCEFGhiFR7w-SejfES8xd9BMCDU6kn1wNb9NGW34aKu2xR08ASBmh5v6O8fWtezOdQ-DPsbRaggcwxI0QVAaqOh21DIZeO-le8v6PJk442tKr3wTxQSv1rgIl4se0FlpkBJ_VWtexOwpVYS4mrwEZdMa_cSaw0mS9iMHvS0WgoUdflb8TLOwUa0biirCjcrtgzWSkcBUZeVko-p1qmBrR84tV91wIFHoAE72DHqkkHzYL2Qx21nyA46_0Uohb2h3SfqAhBhVP58wCxqSsAeyoLGneuIt/u3ecTIVyvsleK_VhELLksPdNU79YMVT9/7" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">a story</a> about how “Liverpool [Football Club] are set to appoint Laurie Shaw as their new chief scientist when his gardening leave from the City Football Group ends.” It would be interesting if professional <em>athletes </em>had gardening leave,<a href="#footnote-2" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: none !important; background-color: transparent !important; display: inline-block;"> <span>[2]</span> </a> but as far as I can tell the main gardening leave in sports is for data scientists.</p> <p style="margin: 16px 0;">One curious discovery of modern life is that a lot of apparently disparate businesses are <em>actually </em>machine learning businesses. We <a href="https://links.message.bloomberg.com/s/c/O2GwuVRbi1wb3m4wQX-_CGRDbe5V2PvABpjezAswCdP82Gy1lXOdYuNCxWFc-8d_DwfA6Jp25u5TdTdKgjDv12T_P_z5Ca2xl9qKH3FVWKt7WE4xiLQw5Icd4mioRxDvoMGW8gYYOZ7CY6Aqy2UWmiBVK7DNj4rD0UuXeNaY7CTf5k1wVeGWX4hAmPYQeh40QRawZe5rIaU_cwEFlLxlstKEWVgM8D7ndw2Q1Dc11ADbm3c4KRCD9noU2t0hnuI9tOuzOjuyD19ET3PdXkTiingZc7KXO0NEKULi4MnKR6mcX3naiqpZX21F6cFH1_1G2ynn4ctDHu3JDSv3KmFLDyLLRjm-jbWBREzePIsFoGxY5XCYwtHv78GNTnI/pX6DeXU_odggl5rCdYYr-FgHQeZAIJ4p/7" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">talked a few months ago</a> about how DeepSeek, an influential artificial intelligence startup, grew out of a quantitative hedge fund. It turns out that those things are the same thing. You might naively have thought that “teach a computer to write lengthy texts in grammatical English that read like they were written by humans” and “pick stocks that will go up” were <em>wildly different </em>activities, but in fact they are approximately the same activity. I wrote:</p> <blockquote><p style="margin: 16px 0;">It turns out that there is a sort of general skill like “program a computer to take a huge pile of analogous data and predict the most likely next _______,” where the blank can be filled in with “word in the sentence” or “pixel in the image” or “stock that will go up.” And people and companies with this general skill can move between various applications, using similar techniques to pick words or images or stock picks.</p></blockquote> <p style="margin: 16px 0;">Similarly you might have thought that running a professional soccer team is very different from running a quantitative hedge fund or programming a computer to write essays, and in some crude mechanical sense it is, but in a broader sense the soccer team is also essentially a machine learning project. That <a href="https://links.message.bloomberg.com/s/c/0nPK8Lr_R0lLTwn_EJfEMNxKJqSXPgF2ermPEibAhkHjBCh_gg9ZDGn3ESCGw8IXaqVwZNNp0hgNH7Nv-5sZqnk2qhFU0Cu2iIovDCnAnHGG90ftPR7EC0ZXE_LNwq3AUuFZXOWLJX0n3Kx5AMfxQRAX1Q_hQ-fkK5sdPYQ6JAus0P1CdiCu3HOr0rwiYjui2aZIjE9fBTP6hSESoaQI5LiOxZolFcvcWzsW1Nqy2nPiSrkYk4CZG4R9kxf1Ton2-lVJeEhHBryO_VqDtphbP3K2PNfx04hhq-fQcxC2C33y8m4wpJ_eCOEMtZA_2FYjzAk5QknWObd-giPbS4b1glhtE0Y70D9GQrnrGatEPp-Zb8sQt6uJM51z78BXm9sEynGZfxvucZ4bAevEBwg0Vhd_ZTWY1V290qoAaz4Cdenz5tNp7itYRXyhWHTkMgD4iZiFPZYqHXBk_PAKE8Wzx2ZmOms9Z3Oe9BjhVsc1zQ5q3dL6d-AgLJ-jUSLsoLEZHkQXJc2vAp6sg-SX_Pw9QUidwA9K_djM-RLwpK607NRUpjJyTtFYkYuqlPQhH3MK2Act3-wRI5oiIboatvQiLia4/1ED1E9kaIh7ye5NDX9wpgr1va0dhkGQs/7" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">Liverpool story</a> has more on Shaw’s background:</p> <blockquote><p style="margin: 16px 0;">Shaw had been at CFG since 2021 but had previously worked for a £30billion hedge fund while also acting as a policy advisor to the British government. He holds a PhD in Astrophysics from Cambridge University, and an Msci from Imperial College, London.</p></blockquote> <p style="margin: 16px 0;">Oh yes of course astrophysics; astrophysics is also the same skill set as stock picking, language models and soccer analytics. </p> <p style="margin: 16px 0;">Anyway I have previously somewhat-but-not-really jokingly <a href="https://links.message.bloomberg.com/s/c/UZTzGv3ljE6sPtKP-WE0DusK1XE6tHsVHYJqeRC5qORiuxLAeETsUOt33oJQb9O3cfhYxbJKJkzMb2S7Gm_w7i001YlYv0WeGOsHTk-ub21xPDJJP4Za3wLy3Kb5zsfnPJD5snRrFOhqSJqmir-d0PEuIkVaOv4vxskkdYKaAmPJKYS4cJdyiquqRHLYC4b5M2ZILVVNiokAzmBu-E7fJW8jzjrE82oe5y_DZzd-pyOsUKo-LZOfgaMHEL0dyY9vCg_SroB2JG4YWf_YNe7-iM_SffM_YCm1IMcejvtHqYIpwQp-pcvTPkEDBXzXKAcdvdHmxDhlj1FbAqdMIiISg9XAc8ferJizwi5GAWFy2dfV7V-0Ctr-dVLk0qw/lq8qZd1D3WlhNkKTczJw4KMMuxenzyMD/7" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">said</a> that this is good, that “the general background condition of ‘a lot of people want to learn statistical techniques to get rich’ creates a deep pool of talent for all of the applications” of deep learning, that we have a pipeline of astrophysicists because getting an astrophysics PhD is a good path to running a hedge fund or a soccer team. </p> <p style="margin: 16px 0;">But of course all the <em>gardening leave </em>feels like a loss to society? All these highly trained astrophysicist hedge fund researchers and AI researchers and soccer analysts, sitting around twiddling their thumbs or gardening between hedge-fund or AI or soccer jobs. Really there should be an exchange program, a gap year for quants. Your gardening leave from a [hedge fund][AI lab][soccer team] should prohibit you from working for another [hedge fund][AI lab][soccer team] for a year or whatever, but it should <em>encourage </em>you to work for a [soccer team or AI lab][hedge fund or soccer team][hedge fund or AI lab] or, in each case, university astrophysics department,<a href="#footnote-3" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: none !important; background-color: transparent !important; display: inline-block;"> <span>[3]</span> </a> during that year. Have some sort of centralized exchange or website where the hedge-fund astrophysicists can match up with AI labs or sports teams for their gap years, where the AI-lab astrophysicists can match up with hedge funds, etc. (I feel like the sports teams would get a lot of takers for one-year jobs?) Just seems good for everyone for all the astrophysics PhDs to work across all the applications.</p> <table width="100%" border="0" cellspacing="0" cellpadding="0"> <tr> <td style="border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt;"> <h2 style="font-weight: bold; font-family: &quot;Arial Black&quot;, Arial, Helvetica, sans-serif; letter-spacing: -1px; font-size: 20px; border-bottom-width: 1px; border-bottom-style: dotted; margin: 0px; padding: 16px 0px 5px;">Texas lottery arbitrage lawsuit</h2> </td> </tr> </table> <p style="margin: 16px 0;">We <a href="https://links.message.bloomberg.com/s/c/_O_S6oMMXNLO9H5jBgjLBoyU7QooT5bYrwZuU3RU4ikdHmERJHSZ89iiaT7XDeTOkCxkU1RL92A6zJo-fq3-qbXKgCCxjbJhrz61czy4KhRneuh_0cIFs_-inHyXP4TGWb-RNYxsN-2iGeDnq_NO_J95XFo-DU_s6_frvWy7YxndwvZrA2YnINzDpcCzfKtHXk_ste7sITvgtcY8Cguz-uMi7EA9ueFggTJRtzwKPMwKoM3yCnjCf-NJlkE-fgj96ebRkvFZTEl7uHxgjT1WUL2Vw6DeQ4-kbqcb-AtRb-H-5gbUbHQ1NaCMJqawnhMkW9H3eDuEwa8aFRfa6Tmrt7JvirnW-tq44kc-GFnSosX2mgol3yYfAL-cCUI/nXohPsFsHmWWJFeInd6V7Lap0XBXV9BJ/7" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;"> talked last month</a> about a Texas lottery arbitrage. In certain situations, it is a positive expected value trade to buy every combination of numbers for a Lotto Texas drawing, and in 2023 <a href="https://links.message.bloomberg.com/s/c/UB6eAeIzAj91VuIRKwdyRrjH5UQ819fnUZekbPfSOtZzcFLvPfDrtDo9T_HMAF7OjFkdb-xi23eZgEub8VtnO7Q42cz_9eYGRxqlJY0fc0wxaHqpmlrbPbfVpBC97HawnPjVd2KUmBrKeTnQGRXMe5qR2LPTIeHqEzBy5Q_1QLtesupKOC7T5ImkQ0Z5LdKho7INDmTSaeWPUsjYam1WCcbyt51veqviJa7hOuT4-ydm5r6cH8hkZlb4Iv_Luw1TjYQ80ImNe3EoIhco5SQyZJ0jEXKNviCMlKpCimj60kvhsGpeugIdTjT37-HRhkuy9QRyD1BGccaB71xI694y0myBeKUYL9XYKpMvylkoujqcuFzCsJC85M7uRp1pvX-r8zpJx7WXoWEuGJCOeJiUH6p-Rf-hPAS-KvIaSWsLaqGaHw57rX3d5VZ4tsrx_W1NWqgxAshwsh9ftjU7-Fd71QNN6nXhDIaedjB-pYRosVNxo_LihVCDTnwuPAziUTZnDE3nUeIr5LiR7rbJtmQqfD8VU3mMUY189GVzjE1gZMSuRWJotGP7Y2IhQHDW3082nDcxmfoelkmrj4yt9tRR2_GbHhhESxypgXXZ7MUM/FWONyt-QzrLltApsrN_R6O-eeHTZdLtV/7" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">someone did</a>, “collecting a one-time payment of $57.8 million, by acquiring virtually all of the 25.8 million possible number combinations.” (The headline jackpot was $95 million; the $57.8 million is the one-time lump-sum version.)</p> <p style="margin: 16px 0;">One reason I wrote about it is: That’s cool. Another reason I wrote about it is that people seem to find it miscellaneously unsavory. You are not supposed to be able to buy 25.8 million different tickets for the lottery drawing. It’s not exactly that it’s illegal to buy every ticket. It’s more that you’re supposed to buy your tickets from regular stores that sell things other than lottery tickets. The syndicate that bought all the tickets seems to have set up special offices with lottery terminals to automate printing every ticket, which violates at least the spirit of the rules. Even they think so: They asked Texas lottery officials to help them do it, but they <em>testified in the state legislature </em>that “we fully expected that they would laugh at us and say, ‘Well, no, of course you can’t do this.’” But the officials let them do it, so they did it, and they won the lottery. And now there are investigations.</p> <p style="margin: 16px 0;">Let’s assume that, in fact, this was not allowed. It was bad, a violation of some rule or law or norm of behavior. Who was the victim of the bad thing? One possible answer is “the state of Texas, which gave this syndicate $57.8 million,” but that can’t be right; the $57.8 million was going to get paid out for lottery prizes anyway. Another answer might be “the state of Texas, because this undermined confidence in the lottery and thus reduced future lottery revenue.” That answer feels about right — if lottery prizes are just for big professional syndicates, why would you play? — and I assume it’s why the legislature has investigated it.</p> <p style="margin: 16px 0;">But there is another, more direct answer. Lotto Texas has a jackpot that builds each time no one wins. The person who won the jackpot <em>after </em>this syndicate missed out on the money that the syndicate won; if they had never played the lottery, the $57.8 million that they won would have stayed in the jackpot and grown the next week’s prize.<a href="#footnote-4" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: none !important; background-color: transparent !important; display: inline-block;"> <span>[4]</span> </a> Their arguably illicit jackpot mechanically reduced the next winner’s jackpot; the next winner is the direct victim. It seems a bit silly to say “I was victimized by winning a lottery jackpot that was lower than it should have been,” but I guess it is technically correct.</p> <p style="margin: 16px 0;">Anyway <a href="https://links.message.bloomberg.com/s/c/z72D3tIPNulu9zKTb5w2lKLfPgZHZjBcEkSf1cPc6ZNLNg3Jqur9CS8kz_dUjFoqPenM5azm0-ke18IlC7GntZ30XEi8-nIqFJkG1TBqs01xfjroCg877cJshZv-0h4-7Z97Q3AG4NopVrFSz7oryrkNUlXyX3r2pkhEKL1BURDcY3RRNtH8hboJ2QPm96rPmQg0o7GVjAeh8jNBsXl2VAF6yc3qSBeOo25aobMEH1THOrc0JDUJNxpDou1yWfGwDp4gS8jiSigrL7e1Arnm7DmC8snCBIl4MCa9MeBbTqienwFGzMUtX0UD7lpM2T09N2hgmZak8KEDbaLRVHzd23cx9SZsXtUN7GyJDgYcG9KCnmHMunLelXKIYKg_dd9gKjmlg56ub979ZnSgafBrTt-kIKEoQOzciP4AlSRFIF1YpF1UO4QvXKCekVnGszXMOA_-MQek0xSt6WkYPKc8ItbLZ2_VvfJbzmi1n60E_Rsf1-pXGIlaAAN3Svmmj3MpsdraEyjVqe2HpvwCnhYVzfLGXKPzYxV2NpC8eFSaqyASlti_G48hN2QJ3HCzeSEUcU3usk7zzv5mD8Sv__dzJJ7XaS-AP-otcJxNj45TqgrcFg/FQ_iWq8G2MaFDQlQB0r2QD5qBAN3efOO/7" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">that guy sued</a>:</p> <blockquote> <p style="margin: 16px 0;">A Texas lottery player filed a lawsuit in Travis County on Tuesday alleging his May 2023 Lotto Texas jackpot prize was severely diminished by $95 million because a group of lottery retailers and a London-based sports gambling company conspired to rig a lottery drawing less than a month before his win.</p> <p style="margin: 16px 0;">The plaintiff’s name is Jerry B. Reed of Hood County, Texas. On May 17, 2023, the lawsuit says Reed won the Lotto Texas jackpot which, at the time, was worth $7.5 million. Less than a month earlier, an entity known as Rook TX purchased a winning Lotto Texas jackpot ticket worth $95 million. That April 2023 win has drawn criticism from Texas lottery players and state lawmakers who have called the event a money laundering scheme. </p> <p style="margin: 16px 0;">Reed is seeking “recovery of funds fraudulently and illegally obtained” by the defendants in the case.</p> <p style="margin: 16px 0;">The lawsuit alleges four lottery retailers, Lottery.com, Lottery Now, Inc., ALTX Management, LLC, and Qawi and Quddus, Inc., worked with a sports gambling company, Colossus Bets, to orchestrate a bulk purchasing event where they bought more than $25 million worth of lottery tickets that covered nearly all possible number combinations to almost guarantee a jackpot win. …</p> <p style="margin: 16px 0;">Reed’s lawsuit claims the legal avenues for purchasing a lottery ticket are far too slow to print that many tickets in that amount of time. The suit claims the retailers “used custom-designed software, loaded onto smartphones, to generate a system of counterfeit QR codes that tricked the state-approved Texas Lottery terminals into recognizing the codes as if they had been generated by the Texas Lottery Commission’s authorized mobile app.”</p> </blockquote> <p style="margin: 16px 0;">As a former finance guy, I am tempted to say “no, figuring out the operational details to buy every lottery ticket is a shining example of American ingenuity, and they should be rewarded for it.” But as a former <em>lawyer</em>, I am even more tempted to say “no, figuring out that you can sue the previous lottery jackpot winner for reducing your lottery jackpot is the <em>real </em>shining example of American ingenuity, and this guy should really be rewarded for it.” I might have to go to Texas to cover the trial.</p> <table width="100%" border="0" cellspacing="0" cellpadding="0"> <tr> <td style="border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt;"> <h2 style="font-weight: bold; font-family: &quot;Arial Black&quot;, Arial, Helvetica, sans-serif; letter-spacing: -1px; font-size: 20px; border-bottom-width: 1px; border-bottom-style: dotted; margin: 0px; padding: 16px 0px 5px;">Things happen</h2> </td> </tr> </table> <p style="margin: 16px 0;">Trump’s Trade Math Ignores a Major Export: <a href="https://links.message.bloomberg.com/s/c/g0IAEAmph_6wZNrHvqHxpF5A6MSivgeye9NHbixGQS-4t60M6p2fVTn-HMjcf-gDqo2n75c3EnxQqy4jEovuezPlqT3Vi-5YTSKFL8esHDlTK011b2TW619CpSKrHYAw3L8qfS83qfKjASXet_hUclaKu6LLrXW9YeFJebqWnEajvvo9BWYTUVn9pjnIcr-Q33YmsNGjssoYldtJZgXUd8cgXDWkbdXkFLMWIw-EPjKdgUuQmQKxPXFNQx1fRHdcPui0wT42x4WEPy4QT_QG6-hg6XCjKwuo1fJ33I-GaxRuEuyb-_z9dGgN4Q8ZMb3Z0kSnVhrsq65fbm3KeD-ZRvDZprMTmZOx8BryGGkYwn6XLC_lW72dHcZtf5zIuhUKdZecyQJlSIwYNHpNblMjAlkkyjqedTIF6LQO-vAab-m42WS3xR-jZtEuO326gp15jJgsbOns76p0zjZKLnd36sIyEXe-u5GlyhFJrz0o5HVMs_x3v8dNCYDrQBS5h9VFyJd_-XGe_KRHRV_aBi-PJeHjo0zzzDGIx-YlFYk-2WVdQJqGERm60IN4YADEP1gptG0dHD19y9fH8IzJNaq-R6vCEmLCxaJIWNyAN4Ib0zIJS-FC4lZXXpqTFh4qAUXXP23LY37VdfVTaw/0h20Et9pZky4oAvR8mMTMzdDvUfv0twf/7" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">American Services</a>. The $40 Billion <a href="https://links.message.bloomberg.com/s/c/NwBQGX1RTxqayxaJnUm6vHinmkNohQzoQENOPYf-ny9XcazcwSlQLcaLzoulZhARSTZTrifrlgkcbztIjqop-2kbYvOqayS3KrIRFZq_c40cH47PHC8vOvE0OeFZZz6OlwxLLg1ogAInGXaKasyIqTiKkOK5Z78bn-pxQro8CMQi6FHrS5yeT6MvA7sap_X-O731gea5G2BFRh32glwJ7gwdaYuoY5sxBl6KaZetHpl5_07fn2rTX3hHpHtdGfEPAE_SBNHo4uXrSKwK_O-byg35Nl8j-tOLhpoR9TNLNOpcqNBgrXU29avfZnRGUhVq5BigUC3_AyZvOmBbO5gFlhMER5F-WEGJdYp_8r85vhDPlRPQfmoKLSDEDvI26pXdUslcC1SzlMu_AYi1LDIu167gDWXztlj2YLSfPrTST76-s1-iIA8pUKdXDjwkyCd6zJpTMfspxmHTQ9uO4WQO1r4BEHqujYhVHD1mxHgc2-zgAOrJRzB0mDRjqy614IKMrBYwJSkj3tUHVBU3xMDIfc7VTt2jYvldVZuyNEM9t2d68Gx34fwHc06_2nJwLk0GW5cac_P_zG6m-XN9tsI3DfaBVQxcurLIblkkkKW7PBPAXmkfnjH2AFLvj0qk3rNlBJCRQNuQNq-Rd50B/BWUzy1EB0v8vDYlGGhkJfyegazfs3I0x/7" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">Startup Mystery</a> Shaking Up Silicon Valley. Justice Department Scales Back <a href="https://links.message.bloomberg.com/s/c/8YG90w1PE3Rr9pdY_8ufq0F8jFFK2iCQqvZ52RQ2KhjNh8YnFvKfnHzSLxU1HSveSuk6G0iFSosaPYAD8ZuD0TtgNwc2QxiASQsjkonJOf6xc6wgh2AOiX25G_Y7FU9qXueCOnkOtj6bLTBJfsxB_Y_gUgXwq4yMD74TDqIoRvVt0BCvCG92WVusKSGE8-wtgOvifGegr41116LiOMvmIcdVWu-ConvTRJcjvZWUcDPgEr3dZsWiq6orZC1DNw6kxSvxfxg6iugzrxDxmDxQI7F8_OH_gKMUtk4KK-KzHFaV2IJnHmG1BbkoPtMV7zWPGriV0U1yDSgty0AO_CngkRXEKxg_d2bexTJCY_Q63s69J7i6BgOQjOV588MQIZCtQR9fWT6a9RCXAL631Tv39nhKMQdHL9mT2Hr9cqt5MUZSyNMpeJv_aC44hOQXcj7ioiSCNCxsx4LIJB6p7pC3yzjh8c_mS23V3RCYytuixqXVgERKByXOjnLiDSBsTiFCpUbvbOPq1Yc1TVzBEmVoBthwTOqeVll6CtDWuxdHrTcliyccTEgvmTK24RYAMZGSqRs0m8nTeZDaGbP6_5TuAHkUxhOyQmvY96WD5ALBXMRqpNvz5OPDDstUn98qAJz3cPiLQaQhnQdvPlLrJko/zLSEmPSfwZQtHf8XzgtfyLYDM1IsjsTR/7" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">Crypto Enforcement</a>. UBS’s Colm Kelleher slams ‘extreme’ plan for <a href="https://links.message.bloomberg.com/s/c/8Jd2i5ILgKlykhW2dy1ixRAeIFLmiVXFTIndQR0VjmCDsmQQrxOM0NW390pdZWz4Xa-Co9JruQUXU-AboiD2EM7zopI35z-jBWwi80ys0PbpX2Az7PiLhY1yDgEkUPg4c2e2qWzGzH4_ScAWv5qcUgXYU7wsuAWV-FV45ZPElof7rsU5x-SXgwRxqJPoB_pIqt7VTxBuMildswF8AfNzNMuU4X1t4rROMERQLwBHeMdF9tcs16cCDEk5Bv6dGXS5PWkZ1NhLDvKV1azR8yoTy7C5-OehLhHqxanPbhWwlJrC55JFVbUnV7029zrSdQZmVwuTSwXfGzcOaH_dGSvrted0YqC4qD3VL05EL1lucS8UriqxhpaYc8pqFdqH3N2HTuNn1RUlrFFn7kmAQ8gpCRxEkkB3xsDxOApVm9njjzEEqpYo0n5Ti9JSCj0c2ygXxBU4UPICtAu2Jxw4INWSV6VwssVrfoDzI-YRRZUb/YND17dMp3f3NTvVPs33rcNuR7NKVaMjG/7" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">50% more capital</a>. Prada Strikes $1.4 Billion Deal for <a href="https://links.message.bloomberg.com/s/c/KMHXEjZgjyYFukOxymRT_0EOb0SQ9gG1ANL_mXC8bDQswkwiiArD5hzZsNipmw1T5gmAGGwzHwhemal63FyO2_-K49FsUuxh14a5n-rapAuEU27BCbm5GAkzfo4KWjBqVLOPwD8F35hnkwGM0T7VS0Kb-yUtr2WY1GrR3vyKwbE-QDXhm6wdtj-H-oZU9t1Z9XnVVdSa2iiYUx31Or629iq1AUMRR8HzZjMJg4CtFj8YwpnewiPw334ysVjG0dNaGigqXXUiDxugjaBUJsaRG4Zt0B2A4XIhjPOiPnjNTaVRI1Xsf6o2sQIDCDg9ZPdSOATvxQGaddd1N6UGHAXDulJ3M48NuGE7br6zHM5VfLem38Lb1Gvf3CJEglGonhGvSgNRf4-rTt_IIzEFvhY4L7V3DqcxkSLXe0_SepSBc0wndwq1xLwbX6pqmxMHmh1Q3Ujm2zJYXC3c-HWkUzk_UeOCiM7fIwqxXSpFpJm63zdCCDBtcJdZNyFt0toxMcA9tnJGsqF4qDCzP_T5hlNAR5Z35RxbmNwnvYye1zYjCe_JHt3CER6Q68vDTe1bZZ-1GFeguBfYnkw3er6dyM1HkaQnLEu4zUelnAX7M6dtH5VoCAukAxZJy-Q-gM05rsIkQgqSOoslj3dBeUCb2lSnvg/YT0I4AjvjuLAP7GPx3cN3CUadPj0DB-D/7" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">Versace</a>. Buffer ETFs <a href="https://links.message.bloomberg.com/s/c/U_l-OKb2wmn_vE5dNOyY3VDLq6T9Un7VZu8P6eZ9HNeooR1_AZ7JvBjUKAN_w1gSElRPYruS5kBoh6EqwzmTv6LAPXJ62YpkwJCZauqLB9zJL6A2ROGWobiW9AkLgsvXwDMYMrhDrIuYI145n47KZ_9m3LKtj04tDNGbIFzPQ7b-6nX0Fq_RUV0xpIPiZbWTek3MadGAMygeKOXF-vnB7PChTc_Ljr7vPFtgqA0fAoN8aUHad7QIbobQpO_7-4P6GisEF25LKCOY-W2b-iUlbrfjrROCxakgkUFATQQktjiIBSuR1EVpW1Ojw5lPznyp2LzKBYcaKIVdNObQ2ELBQ2CUuT6Awuc10SW9UKy8gOZ7qxspI33I4KPLnfY/mCPZLyn7vHWKIhX6B60KDmMNek7D36T5/7" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">are working</a>. Hedge Fund Veteran Set to Lead Trump’s <a href="https://links.message.bloomberg.com/s/c/Ob_LeoAMJr-gI9D1kGVBomubmKp1-iZpoU3RnacxNLCHwE7WQexkVKCMZYs0P9iE_tTkCva_UxMWkGBnGABIgbb7LP5wyf3BGtxzdxGyYv5PiYyCuoX-vOFGinaIFDxEEut_FeMtB4hmsjZa-osIGX_lXBUSW2EDhB8qz0IbtcCspaXEexexnfQvOIvTFEvuTOJQTpSuuNVBpD7TW26Yyv_xrcfwUbil10q_doqjInaiXCn9SWZkwcz750bwGeyNWrZMRaSYXk0W-1qa812MiRFVWvGNtsuZ3CSlFMucx8POt6_sCAAjehQUPAMmt48TK06ChAoot3WPmS_o7Nq8g-jpTObRknK6i0bpqvDNeH49u9AEanjx7PzzFGI/QY2yhTOKSiIRTsIz2gKmkLIbi7skcjdd/7" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">Sanctions Strategy</a>. ICE Chief Says <a href="https://links.message.bloomberg.com/s/c/2tEoDeXx5CIqwTruK3-MNSVl7lZQpgYCfBBnsk3IfGeWgWEdnbbsGE_XuairnpLdDi82IjqKL_iEPJ00tYqu42eZQwNKO3zjBzIKw_q99aqPiSxvtpTkDySxN-4VQwmpP8r5C-sP7LHT1STT2vLxqL9ZAxddObDatCg4-jnSJ4drSvRLaq3eOMLhH7KUvDdHRajNk4PfqeHgGbsRyTivsesKMs7dTGJygPKW3J0qUeNQw-J9-wYcqYlKI--q63KsU36W6M7d1fB-MNRP5RB1kHsffyVNmcBibNpRtObo5Y-SpTrzgh7-KjIDeQP7DJ5LZgKt6-SArFnoQT0SYC5aAs3hUW64Xk8MuY0nUv6Ssrr9qITgTSksKCs9woI/SPiIDODTjeubuNdrm-L2pdhckb16IXSa/7" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">Deportation System</a> Should Run Like Amazon Prime. Musk’s Doge fired <a href="https://links.message.bloomberg.com/s/c/iSU9_3YCqXaKfgrXgrSH27NQz5fJ2OlX681GUBZIOeznKLW4R9e7KagfH_Zd994OD1xz_46ASV0COtO4LiOkEcOpOYvkDdMnXcqlSEXHE30BxbXE-TTLx8eA6F1Dj6KnqUw2SxnmMd3NRCh8_wgVh4RNyyOo_A1pmCuDr6lN9de2Sv-sgx1dZNhWWKNtRtNcBhDAZZVohJfw64sBJk6HD2bdJQpO5Zp2oFd-j28rkSQH4jO1xsCpcob4iI7ZId4-IT6wkYHq3XJENpSrzdytddRcQROIcFTbq3xIPlyFx96rcQWY_KjdTmCO69KH0YsNXjZtDJl6mZS0ts3DY4fSphCdH5ejnHeYmJGnhqSyyn49DAcJPctw2mCJp7K9nCEGUYw-pYXxorZD4sIg3uuYRnAE_vGl5eehp6cAjLX_g0kbtl6sIy4dhaC8VR9JiaYVn2TFuOKbUpTxOcs0S3J21XYXPReFI4rO_eF5cbrL/Q5soWeIuW06bKjs8RucW2dAwdOOV3aB0/7" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">self-drive car safety experts</a> at agency that regulates Tesla. Flashbacks to Covid Send Americans <a href="https://links.message.bloomberg.com/s/c/x8hd1bXqJD-bpWYKTBrJPV698ZEquzhBHB1YKJnw8NRLjelND-oAi1Ja9KStWcEewPllN-GYSRXLgz1C5Ny5PgOkyzD4Sy0dOsbKRGoIHSkcNp7XQn0xui7QqKKSNBmSxYqLxM4ZJWewTnc66RkrgG52er5fkGUV0VLWkUXdetqU8P2rXC7GcbykEP5sGn-aXbHos4_fRdSPdy4LXE-eyi-6HR7twSfC_8YxULcXHq9hdL_tTE3yHQGbvyFI-xsJerGlXQeY__h_jTh85J_WrUncMSw59bsjmMu74-7msvALopYaEo0LGrfCsyYnIyc5HA0y95pAy5-b0EtAekn979a9JuYWQ5SO9aWZof11htEZ5G4NvzR4YSuXdEE2H2IuaciSyszXHwEu3FFvhN4j6mV3NhJ4qs__MVeWFWc8X1LsJ1CfebUvlBo6X7etMxpg049EJulJGltu3-3uPU0A1kELa6MhpRzTYxnRUOni4Cw0y3ZrSrTslzun2epLDPv5VPcMK9c_u7Jz96ysqHSuT6xFk99-HyZbM5FSZnknDUv7LJwYdgD4JN7MmBacQarHMh-WMTtUH56KuPZpmKohcqNpIhZ1COQcJuKVdi6cf1YBT1jxjvPGhZR-KoVfieQp7yG4o-n9g27mUPqcwSA/7peKGqsCEDXiCKxMRKlNyZQq9GZQnlNW/7" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">Rushing to Stock Up</a>. “You have lawyers in big firms getting $20mn a year. God bless them. <a href="https://links.message.bloomberg.com/s/c/ZjMZToIXO6Jfa4gjGbWC1lfDaGQQmSmvNvBwv7o91pNyjdIWssDf0o4eTSdbf9qKcHgKhnfuee5q-fVuSkO4CVrwqV90wUt397khZIEXSi_mYU6kCRbt9YchbUHgVnkEt1QOOJwL93ZHSpIUYboAtA_-metvRxk5tpNEFqN5RitQsNXjy2DaW1cCVwYQgcVFXY1p3ULa_hYMY4-tcTSWT09Sl7FqSzHIO2pteIS8JF0gAHTxv_ztFZuGT7PCHNi0TOe39nJz_soq-75ezLGrnDHtfKtNulXslPyIySEI29FP_tZal9y5hCrWedRjMVyJXBGmGLjr66rOuH7pZy9tUembQqTW5MRsd5iOpxGhB3mDbopDEtzQzjKYtY6dwNZIzqssXi1asT5zhmoby-OPCX2DKutFh-t1befHt0L2H1xh18z0OE_GOJkl2u8pw4liUsr5ArHPaPK738bQ_oMqmx9pHm3IeqOd6BnTuHPo/own1CPUHuS178oN4u2gL0tYwZDNJrp4L/7" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">I was overpaid, too</a>.”</p> <p style="margin: 16px 0;"><span><em>If you'd like to get Money Stuff in handy email form, right in your inbox, please <a href="https://links.message.bloomberg.com/s/c/NAvow3Ar4iBXFbJFzzWqqobtYGdTEHqmfI17D0ftPp8PxKs_e92YkexdDQStsxofQn5yKgbkg35WhQXBHsSNjKwsxf6DDb-eb6OLU8mAzsa8r1WnblWC-FTiKydUe3dXbrpg7jOVxOASPi4VirriaHhDqVF08Hilx-h_QhUkiCayv5-Wzs2fPxfKJXocWplnJOSYcf3_Tf7CPfCfmPr-JT7UOyVEQeIF7niBfYA6i4FikEhkAJnDCZNYbl00nRQ9JkmDHHW2CX5J5v04_ZnBGDKOyuqtuzYXuAh0l7se92_ueJNC5jzVbI9lo9eoFZWVsnolHGpYAYSZ0rU1eyhAGU-KPkw1r5WW-scd3_s_Zof148sQdVsidxXJHWZy_BJxExgf0a7K98RxkLwi1UGYdyK3b_GAIP6yPOizfQepxy6kP11_N0ErlG_mn1ktixIWtJlVp62A8H97EjSzLFVqucxJjl8ULu_A-XTcY-BIykBVfZJdHsemGQmCBoLtgZS3toECEilMavLk2QHmguQaZQ20KPo97AVWvSDOg5ou9bcICNB16jkX0Q2XC9xgtH6j1XrAt9EgheAZDNgQqfQ/0Dx1AnHMkRXFlMV6H5-hgWk9RMBfebxx/7" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">subscribe at this link</a>. 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Thanks!</em></span></p> <div id="footnote-1" style="font-style: italic;"> <p style="margin: 16px 0;">[1] Not just my readers. “Senator Adam Schiff on Wednesday <a href="https://links.message.bloomberg.com/s/c/2ZXm4Fo3_0X1A3byP9VyqPgO2ELBGzIFgc6_FgApTz1Xj8ksZkP86OmK2-Mi_hzpk4TzlRAAz2mjPMtn9E_BoedAUCIfRJg_pDRovw25htgSxlxNVBBjg-TKEHe_xDSEH3gIAXJp7iRqpOUx0C-vDqS-_bnB_6XERETbAHzZj30GfoOG64qXmQ2VVNUHj7ZaKGuCPad6hH3HNjH5JfElhQYqw99vtt5WE8cEkdjGuCFsETLpUZb5EsgHyYSc82xqCf9kVWRkPZ6wPXZfc4k9FbWpcsktNDmrgcGHEjMpLcNksblBxHFcGrLxr1YWNKtdR0CbX3jbd2oeom1v8J6n9H7sWginCoGcSRbn04mUJMpfx5uW400XsuJJE7jqUi6y9bh50mEEU7Q1mGATdmvRXdp72qk-eoj86FGAZJ-ABjdvfstMao-LowDTCMcS3n7QATvAuqW5mDtghipOsSg-onqispOzIUjqTKpgtG8CVy4SIZqdpiFTgLzOE4kH0ObpQHsnPK9EoNWz0-MphkOnxK2N/fuUCoLLQIIfXqCMs-TkgwEZH_GPkT-im/7" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style:solid; background-color: #ccc;">called on Congress</a> to investigate whether President Donald Trump engaged in insider trading or market manipulation when he abruptly paused a sweeping set of tariffs, a move that sent stock prices skyrocketing.”</p> </div> <div id="footnote-2" style="font-style: italic;"> <p style="margin: 16px 0;">[2] I know, US college sports used to <a href="https://links.message.bloomberg.com/s/c/YtePhlLclu7SnRg5Hm6xKx43RCsKWgnSVz4V9K9WsOBgDKKfTs8tPw_A_FcbkwdnSNxcUHo8CfPwzmnljbY1NVoWUAKBIbVXYuCg2O9rGAXOaH1ggy4oV_2JVKorBDKVY9QJKfBeo73b8UqL_XjfMHaAZGVPZZ35sodgjCnm78pjI4FL8_0cr4TElZORfSU6LAZ_X4NSqYTxzX5zfZ285miMwsib1G8fcmZyD7Ng3jhwDXV0zsqdSkgEVROH_OyuWJDyyQNtsEza3o7QcCrMzDtvRbGCzlyj1E8nCKXSp2OsRuyMHBekVPlvrVjzjBHCwIkZhEF2c8iJn0X74e0tPKXYl7OmHhyR3S9h2DO0757bAU00QzYZoVCOvhYtwFSDWkjYYHxo6eaRVHeEiZcsHf6vEUdwhvg0SnaSJrJlQhmFt9C4N-f4y8TkH7OXINeKBpTOimHt8LX32yEuCagwwl64VhhqOFhaqSjqvQFe4AK4ltMFFTLd8FH7usdYGswik_ZE_L4D/zYQkqOeqVhuPvFXOgK10_ENWs3yPKBnH/7" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">sort of work that way</a>, though the leave (like the players) was unpaid.</p> </div> <div id="footnote-3" style="font-style: italic;"> <p style="margin: 16px 0;">[3] I assume the university astrophysics departments do not have gardening leave. Unlike the hedge funds and AI labs and soccer teams, they are at least in theory not in the business of hoarding secrets.</p> </div> <div id="footnote-4" style="font-style: italic;"> <p style="margin: 16px 0;">[4] I mean, then their $25 million of ticket revenue wouldn't have gone into the lottery, but that's less than they won.</p> </div> </td> </tr> </table> </td> </tr> <tr> <td style="border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt; padding: 0px 10px;"> <table width="100%" border="0" cellspacing="0" cellpadding="0"> <tr> <td style="width: 100%; border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt;" width="100%"> <center> <a href="https://links.message.bloomberg.com/s/c/wTALFNbnHcUZzpJQH-zFi7XWKBi229QoHkpcoqD0DmUKiAm9N6ux-a9vij_YVI7hPKvOeYI2_TAq1zhhWV74wGCNc9BNp8-9s6EN-W3x2J_YuFYC6iJEyKoFKfG35Wjh3o-UOBWr5EPH74DfhxQXos2cMPlrLUExH-1ejTXqK89xZfHF_DMvGClh4_G5L8ue_o00j4t8fn6FeqT5KaR99SgYp1fOfOe0rZluD1-lX-RNLWIhH2eDG-PRsiV8Pe7olNV0_sQA3ROmLtnp6DMDfcbBKpU8I6dN6oBY2EVV8cquojqZtq_plkfHWXcEDrE_eOjK37i55CLvqiyFne3gddB2QnZCGpQPAVta45a3x_c_VBl2gDm-X4aDL4Vb3wIhU6FaJXBIezzb48uply4O4juvYhLRP90lkmjmqy-BOf4GWkp-eokG1S8T5khaVzuppFck2k08VIDyMA/VMnjikxayRFUNieoHjh_1zsS1T_Gy-U8/7" target="_blank"> <!--[if mso]><table width="550"><tr><td><img alt="Listen to the Money Stuff Podcast" src="https://assets.bwbx.io/images/users/iqjWHBFdfxIU/i6H.ue2bNPOA/v0/-1x-1.png" width="550"/></td></tr></table> <div style="display:none"><![endif]--><img src="https://assets.bwbx.io/images/users/iqjWHBFdfxIU/i6H.ue2bNPOA/v0/-1x-1.png" alt="Listen to the Money Stuff Podcast" style="max-width: 550px; 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  6. Money Stuff: Save Havens May Not Be

    Wed, 09 Apr 2025 17:19:59 -0000

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width: 100% !important; max-width: 550px !important;"/> </a> </td> </tr> <!--<![endif]--> </table> </td> </tr> <tr> <td style="border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt;"> <table width="100%" border="0" cellspacing="0" cellpadding="0"> <tr> <td style="border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt; line-height: 150%; padding: 0 10px;"> <table width="100%" border="0" cellspacing="0" cellpadding="0"> <tr> <td style="border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt;"> <h2 style="font-weight: bold; font-family: &quot;Arial Black&quot;, Arial, Helvetica, sans-serif; letter-spacing: -1px; font-size: 20px; border-bottom-width: 1px; border-bottom-style: dotted; margin: 0px; padding: 16px 0px 5px;">People are worried about safe havens</h2> </td> </tr> </table> <p style="margin: 16px 0;">For as long as I can remember, US Treasury bonds have been the world’s preeminent safe-haven asset. When scary stuff happens in financial markets, investors sell their risk assets and buy Treasuries. This has been true to a paradoxical extent. When scary stuff happens <em>to the creditworthiness of the US government</em>, investors sell their risk assets and buy Treasuries. When ratings agencies <a href="https://links.message.bloomberg.com/s/c/-Y3mXQ9BRC5zfvpTvFbZvkEXE3YvF8mqK-hfCG7DyvK_Sb5SXL68qFqcLhxLFIFbCqARfPj8dcwuo7jOc-W6Lo4AkT-qc25INRIQeLEKqgojw-yeVNq27Wovo_Tkel-ApAEgcM2QOtsU8NrmJHVMRxozvwpWASXUDGfVZeEhZ4-fZsTjqHRXFi7zMzE0wuzV3veh8vtmcASfLEOy1mX5riZifQD5E-lDgfEK-Qs8PSM_GgcgKYOd9hNdhX_q6U3wyFqfqclbCitdBY7hYwFTo-739wRii95mi4f91mIL3xcN5wrAVC-BxlzBmXRUcjP4fEiaT3SIupJ573Za5vL4nBGJQF2impJA5UoLJSjhOxfTwmRK_R4rM2LiqQSSTZcw5RFWZNCokaNYyqodCFIioZwZAB17EeaLQn-eK9bzyzaWMyC2Kgi-T0vkMq8gpY17wAxPBUypdrLTOHG58HVzh-mKFwUL_JMsut9QhG7siR95aMGWpsjAWucCvkazr_5kJ9_g_EgZ-rBiBYhu1mpm4r_QxCmGRlxCB7Ynlij7vNsd8DsFc--lJC3M1E0FZjipl_l0lIwZnC5L/x5Bv99b2ufhDY1dCtTByS18yDrLsFVB7/7" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">downgrade the US</a>, people buy Treasuries. When it looks like the US Treasury might run into its debt ceiling and <a href="https://links.message.bloomberg.com/s/c/xOAmtZw82kck3LpGFEQXyzOj97l9nJYqRGlUvEBpCl8iJDwsUvUV-UMQ8Cc32z5yPEL4Ka_a6JHvuhyuNKkgJDA-NVwxtPk9LNOtc-8rC8tCggxdLb4g5IlXSG-eOWhisz3zLu-N4gU6oPF43IfgZ3I4wAwvYK8nQJp1E3WpAxah14Me3QN8ZIKqL6ZpXzANIluNftz5k6wRNhldXA9jlk7FJSwe-e0d5mFsbI2b8Z-Pj5o2LEOCL_CewlIgk6xAwAozQqqt0-Wf-eM2S5zrAfcXm2D_kLUhmNBRl-Njgh-xnrUsB2LOp3DerW5xowTt-flUMDea1p-f4g7-OfYPWIi_qG_c905NxTUnYG6x9d19ORAHrdAG40YDopj7ryBKfPXkNl_5j63lK5SnnXxcZKlBfN3lom7brxjLZwaFGhU1pZjP8qMIeDblDSy62x1KibjL88cXacM-wF5wn437UN-azXDWtTMKhdkML3SffX-r5d-dfXaCc94Y3763475Dtuhjdqwee6-CwIfGl_gSqiTYj4_HTGuBtLyAbP7NLI8z0pO76Wfj0e4iOdun-b3Ay7yPDBqKhfX1sY55WT-v1j9bc2Ip4JbUG-KOrox_-lnGmcBZVSNERHhhSOq7NTs1UU1gMHrN-QjpLnbbpepA_pdIsCLXJjPy1KUwg23CWyYz2eTi_b9OXFubpT9sElTe-RnG-Ik/vjL__6WHFH9Tg3Ez1bKSNT81sEc-2SRh/7" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">default on its debts</a>, people buy Treasuries. When Treasuries get riskier, investors flee from risk, to Treasuries.</p> <p style="margin: 16px 0;">This is extremely ingrained in market expectations, but it is not a law of nature. It could change. The US government could find a way to make Treasuries risky in a way that causes investors to flee <em>from </em>Treasuries. I do not have a well-worked-out mechanism for how it could do that. Evidently saying “hey FYI we might default on Treasuries next week” does <em>not </em>work. Perhaps <em>literally explicitly saying in so many words </em>“hey we do not want Treasuries to be safe haven assets anymore, and we are going to enact wrenching far-reaching economic policy to make that happen” would work? I don’t know. We might find out.</p> <p style="margin: 16px 0;"><a href="https://links.message.bloomberg.com/s/c/3DGuimWEZJfZWcy9epx85KWXim4DaA9VvtAfiAb8GsKT-Bgak77sWiwzX_EyjpwicINiO-z2JWlT_TCpMplqS_FZMBeMz2z6ujzOU3prbtVPJIgmyfYHNauhj2u_qhv0t9HoWzLYE3c_jrJvL3_hMoBp5iO2djUoIDgmCTzRuB55gFYjgbM2O15s2FpvigWhZzaUT_hHLwZJPw4uxpL79z88gcbaxg3PgT5d3qdszY9mmoPdBsuR0HiOhTogmoSOtl2MkpuRfsKcXyQyViecmiTnkynqt8eF9qU6pJlwYfB95UUpOy0okiZPOpZ7-HSn2TTPXtQcljFEix-lB_fa3NhqINlKxpSRufJDRQJhXStZldu6VbPposKDYA/dCVbTo41CmHvZtG08bQeSY7-JV4qb_wj/7" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">Yesterday</a> I quoted <a href="https://links.message.bloomberg.com/s/c/7fwynYCpCAgWN2PYcVl8Qo3eJQX7affLnlt6JSxyfpiSZ9hfU1oK7AhgXknofaOkcb88aBYKgAldUCu2IC2Rd630Lfo6lBTF5Fi2ZckpPM7u7zYa4QoSWW2021uzP3Rg6_qoAO25IFi3ALa9YWs5fWadbpdX-FscWaa2ef-B6sgW8a8_yqkmlaRn7QG7WcekLkAWdWKGJbRTdQwR9PgvVpppTnVyT2HZ1zEDroh4Sm46On98rdigtgYw3b1lIUtg7cOlqNEYBuIOFTpluBagquZP3NhqBTmRSS_2D8PyOsTu626BDJPW9N6A_jTj49IBtTYFDmhEkD4n-ru7rm9tNPtpeoQupSRSSmMFLzACs9MEqVYB9keIeyZaGGf76s_J1Fagu_wFQFLa5fHU1hzvuwMrYWojvQIHvKv08wBEtmDYlSMrDREOVKHYrvMslkcrCa7iLHigHU0a2Wplz49mVapLmiY4f5egsnExGyWVfpmWUjGvtbYnfwkhE7cD--TpfX_IQoIqbh-TLzRIXJ7NLnPky0uBNjtf0NmCayaf-1jFjVLmSKN0s5n-IQ6f4k8UmMwKj5YrRIQqSOU-NYXqlFBF4RiDnVOi6EgLvP8blDTUY2VdJu0oq2U_JeWQWi_8HHuseXckIQuh6CUNa301ohn-VidbLFIjGZFheKWs3kK_qJopyIagSdtiuw9aW6vSxEVYsjDe1F2gmHnsMlYepDXng9CuDo-qoMz8Cx7yJsA94XeIk2Ay6jokcS9v7qHtr19qg59sfd97E_Ag5njQ1QbcpD0skBTEbf_iy_mhb7lw0TrO66-hM03jyY0wSl2eWW1k5p-M6th9FQ9jLEqBkgG7hA/NG0VwH0dXBXxicg22_km_Tp9RxBenJ4H/7" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">a speech</a> by the chairman of President Donald Trump’s Council of Economic Advisers, Steve Miran, uh, saying that? A sample:</p> <blockquote> <p style="margin: 16px 0;">The U.S. provides the dollar and Treasury securities, reserve assets which make possible the global trading and financial system which has supported the greatest era of prosperity mankind has ever known. ...</p> <p style="margin: 16px 0;">The reserve function of the dollar has caused persistent currency distortions and contributed, along with other countries’ unfair barriers to trade, to unsustainable trade deficits.  These trade deficits have decimated our manufacturing sector and many working-class families and their communities, to facilitate non-Americans trading with each other. …</p> <p style="margin: 16px 0;">That trade entails savings housed in dollar securities, often Treasurys. As a result of all this, Americans have been paying for peace and prosperity not just for themselves, but for non-Americans too. ...</p> <p style="margin: 16px 0;">Reserve status matters and, because demand for the dollar has been insatiable, it has been too strong for international flows to balance, even over five decades.</p> </blockquote> <p style="margin: 16px 0;">Miran’s speech justifies Trump’s blanket tariffs as a way to correct these imbalances, by increasing US manufacturing and exporting, and by reducing global demand for Treasuries. You do not have to believe that, on any number of levels. You can feel free to believe that Trump will walk back the tariffs, that the tariffs will not have the desired effects, or that the desired effects are bad. But one way to read the tariff policy is that the status of US Treasury securities as the global reserve asset is <em>undesirable</em>, and that the tariffs will fix that. </p> <p style="margin: 16px 0;">Anyway here’s <a href="https://links.message.bloomberg.com/s/c/_VqrG6-jWYk6AUya9JaFAbF5iNGNyZtTedP9bbQtrr2k6VlrgzhwczmYgHeJ7fAS_u2jyUWK71LFwn0eNMOKGZdk-68-5VeCUNTBeHGM13OIW2zTYbCviHqNDoajcLU0SXBZnfGn0YCaR1sv4DHNtU3p6S78AFf7lTUeSilDHd7FbGtrnZRxGEVsN_1XxtFg7CFg5Pv94_s0XzZxDJ11uV9jTW__xzKoWICdMBd84abBML-epxrgSW2r_wVlH6YqXqnNVVnix7Dl5ij2uOBha2vlbadGjoIURIugeDBYYYOStbyhH2k10g5e8tQF-ldgnbOmjE0pUfk-HSl1YBKQE90wgzHLWAAk-3_gGZuF746U4p9_KUeLF2vAvQ/IKmHlA2SYQAdAtnE5M7ICp9GQIdbQ0nf/7" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;"> Bloomberg’s Richard Henderson</a>:</p> <blockquote> <p style="margin: 16px 0;">A lackluster run for haven assets during one of the most acute market selloffs in years has left investors seeking new forms of protection.</p> <p style="margin: 16px 0;">US Treasuries plunged Wednesday as Donald Trump’s reciprocal tariffs took effect, sending the benchmark 10-year yield up by more than 10 basis points to its highest level since February. Gold rose but remains down for the week, during which global equities touched a one-year low. The dollar also has weakened.</p> <p style="margin: 16px 0;">Just as Trump’s latest tariff war pushes global trade into uncharted territory, financial markets also are scrambling for answers to questions about the role of assets that typically shield investors during crises. While some observers point to the likes of German bunds and Japan’s currency as potential new shelters, the candidates also face risks from liquidity to their own economic and monetary policy outlooks.</p> </blockquote> <p style="margin: 16px 0;">And <a href="https://links.message.bloomberg.com/s/c/_pL0F6kVwVVeVapfAe-6XgwVU3AXWQZGwd5tbdkYb3mRygrBUcimRJGoGSgdhduYlcjGBtzbFicY1EBaqmeQ1ybIPrcS5fSy3_Up3IXYhE9K1DzZ2WZ9wBKA4MzlQF7peEAFSHmwzo1egQQP-vmR1a_R3FfvuzzhR_9rbEPw1jZvhw5MdmFHr_O6U50xRvaibGyWZMOoDriY7NLXRyXOtfFhdZ_0wYGQrLdc9yUXahqCvq7aziUR6oU0S47qXJARuN8-9AAURnrethD9asWp-s9RvclOK1euP80yfx8bB1rRIV2tAHrwPNwcodwcuaDTOz_njhu8-NZhbZJS059NAiZyP7iWA9dy60MCKZ3r4aK8OZ8FhLGUdeJ81kVKXyAABcvClb61TGKRayBXhyrF_-sRviDZy-TJZvik-NEGA55XfBQ81RhuXdBlNGvs4fZ4p1j5P-WXlW0HpvXE0SfjcIyFFZQThWxz1JDD2g0M/NsHE0XwX963TwEepO11XhVY2LYpHgRMc/7" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">the Financial Times adds</a>:</p> <blockquote> <p style="margin: 16px 0;">Treasuries sold off on Wednesday as President Donald Trump’s tariffs took effect, deepening investor concern about the “safe haven” status of US sovereign debt.</p> <p style="margin: 16px 0;">The 10-year US Treasury yield jumped to 4.51 per cent before falling back to 4.45 per cent — up 0.19 percentage points on the day — while the 30-year yield briefly rose above 5 per cent. The 10-year yield has risen from less than 3.9 per cent earlier this week.</p> <p style="margin: 16px 0;">The move dragged government borrowing costs around the world higher, with yields in the UK and Japan climbing sharply.</p> <p style="margin: 16px 0;">The moves offer a new challenge to the Trump administration, which had previously cited lowering Treasury yields as a policy aim, and could mark a loss of investor confidence in the world’s largest sovereign debt market.</p> <p style="margin: 16px 0;">“The sell-off may be signalling a regime shift whereby US Treasuries are no longer the global fixed-income safe haven,” said Ben Wiltshire, a rates strategist at Citi.</p> </blockquote> <p style="margin: 16px 0;">Yes lowering Treasury yields is <em>also </em>a policy aim of the Trump administration<a href="#footnote-1" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: none !important; background-color: transparent !important; display: inline-block;"> <span>[1]</span> </a>; not everything needs to be consistent.</p> <table width="auto" cellpadding="0" cellspacing="0" align="center"> <tr> <td colspan="2" align="center" valign="top" style="padding:0 0px"> <a href="https://links.message.bloomberg.com/s/c/On_UtYqIEHHzW0HSeHJbgk10SyXfpoevtPTnJ3jbUb0hOSzQbfuNmyJgKGFh1Gv5vYi1NYiYMx-h0clzN9bsZ79T26_6KIZUGJHR83t1m4Ag3vdz2iIrki8e5iwzLG56M-fwXPO3HZ3hkwAf1tRvQmduo_5rWXlDy7k2pyfFNlenc6C2tpX4ZQhs_cQbjTu8mDNWwmCm26_B1sgxDuWjhsYvQTQ91mLaHvQ0MCH60SKoRIkRblcJGTpXcN8_YxPP_GAMMK25iVucAlP0SRdGPEj08AqNGxYdOl0EtUo5EJzDzKhY7LTHu4wbtYxokyEpeWIIxMnpu36H_bkewYi446uR0jGg-x-s5K-di7W2Jc6L2ZXKc8wTkETHtAveXuR2rH8dwWKT0_eBb6oghX0sbCBN3TIu4Eh7N_LAbNRu7V5OJB_Nxov6XpYCnRWp7nHoCjA3gE-DD8sIQK4ep-nEEtCsjgZck3c13PHkww0vzDU6qChaIL0TphSNK4XGv2x9MZ6HaPMQOfMeE56fbgzOOD01JZVYFt36lLCjpo0m6SiDBqew0dAkcr9xaME7qKw_0XWV8DvumuUtkQeI5Vua8z58wzXEOLaNMimB1i6v84VmBA/ESd3GRb4D3QvNHvohcUOwVFD1K9FPy5x/7" target="_blank"> <img src="https://sli.bloomberg.com/imp?s=868432&stpe=default&li_coord=desktop&collapse_width=550&li=13170650&m=c869f5c3f0784f1d3b0577b4456d769f&p=04092025&lctg=a19ab05d-8da0-4a2a-9dfe-e93d8d341869" width="550" border="0" style="display:block;height:auto;width:100%;max-width:550px;" alt="" class="lihide"/> </a> </td> </tr> <tr> <td colspan="2" align="center" valign="top"> <!--[if !mso]><!--> <div style="display:none; overflow:hidden; width:0; max-height:0; line-height:0;" class="lishow"> <table width="auto" cellpadding="0" cellspacing="0" align="center"> <tr> <td align="center" valign="top" style="padding:0 0px"> <a href="https://links.message.bloomberg.com/s/c/B1cK1Gyf8mrRHRpcsHL3cIB45Jbe_bcCL-DeWPsxhert-YeWydqkE_kWi7pKGfRdSxktu1wvq_GtRuqdQN1mWesK9-412XdGpO4nEaHjbn1JnTtMcNMmd3Sr1YuNV3Q36kAM74f27WdHjndZ4U79pZGGQ534Iy4ZrYU3IpM6yCzmFSKcE121AZN_LYiHkR5te9HMZPh5chwdKNDDW_tuvpBSnMTjQxOvKktm7N_9AqTe36bQedbSQZwX-gcOwWL1xIyrZf5muU2ofGX7tzoORKn8i_or61geu_ReooBCO3cM06Z_9AtWLdLmm6RgQPevKs8FJc6GI8oo_JIj7-4h3xtmICsWaEXqhEz7OAP9xuSyETcKh8GqKlcLJsyZkzHNFqlen8tCosw1oDIllHKYRNYRMSvCFnLnfU65oyhJoUtQiYNp98DaJf36FyoD9p-9qr9PelKbfB0fKSGnmjXSYYFjr3anI3731Oi5xd-jvZwQ7Rgr9EfcOO6OA5oJEckV0YJuBw3WqxotSmkSwrCECSz5vPH0mQLLyP6pg7dfLnr7eC8o1fwEnGe4j4rtJ_OenH3ha_eVp_RYb0DOsHQahMkbfjpX0DZlSOOl9bbKOACoIg/T8FayRi50nVGJVByRSFL4f8GmwCRZCyf/7" target="_blank"> <img src="https://sli.bloomberg.com/imp?s=868432&stpe=default&li_coord=mobile&collapse_width=550&li=13170650&m=c869f5c3f0784f1d3b0577b4456d769f&p=04092025&lctg=a19ab05d-8da0-4a2a-9dfe-e93d8d341869" width="100%" border="0" style="display:block;height:auto;" alt=""/> </a> </td> </tr> </table> </div> <!--<![endif]--> </td> </tr> </table> <table width="100%" border="0" cellspacing="0" cellpadding="0"> <tr> <td style="border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt;"> <h2 style="font-weight: bold; font-family: &quot;Arial Black&quot;, Arial, Helvetica, sans-serif; letter-spacing: -1px; font-size: 20px; border-bottom-width: 1px; border-bottom-style: dotted; margin: 0px; padding: 16px 0px 5px;">People are worried about the basis trade</h2> </td> </tr> </table> <p style="margin: 16px 0;">One consequence of US Treasuries being the classic safe haven asset is that you can borrow a lot of money against Treasuries. In particular, hedge funds apparently do <a href="https://links.message.bloomberg.com/s/c/03gPo2tcg6seojM8E84bgQI-UyUwzoC5tGH9_AU01LsPjuQUFVdcWn4ZdSkYy-LApKNHlhiMvlZtI3z6FsLCXVKMZIabqxm74oqIXl47qsMoyBDYCFvncE00FSKF1g-k7KbqLfS6JKKcAf3kiGrhPt0qH3jieDQJoXE4oKfpTFmw6vEisyl1RyD4n_Yqeeg_vhy8OiKl1ZzrUTcq4GNMTIetr2KwvZBoSv4ZEbKQNHvp_Nzq3NskVapnoJPVITrLmiM2wMJ5swapI_scmIUXH7_HjmlkDuNaWlIjADk2HbRbYghLnUlC_Jud6En4j27oH-5c4qNN_-Mh8PgRhJFrL9vHNGDYc_3mgFCqy7WhJK5T6dxgikwa8FOE524/NR7RJvwyx6kH3LvbXa0eU6OHp-na8Oj9/7" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;"> the basis trade</a> — buy Treasuries, fund them in repo markets and sell Treasury futures — at leverage ratios of <a href="https://links.message.bloomberg.com/s/c/FzsDngzYJb9aRkBFEVnTd0JxYJ7E3FYaAhyJOm4VE09f1M7gV6SOrM76NUkvU0aRJu_vsdrgcEJX4PF_N_lUwjd3Z79T4mb6n_2eNQvqEGTM76yUiiUVxwaf98ds_pvldkzOQ0EqxBkwRAdSw3sxVE9RNgQ1inHQuHHhr-W8n9QAH_nzgvrQ2clk2_t83kwTVGYa_fa46sb70y55OvdD1rRRaJtSt-B8t52Qo9JEBFnzDRPb6iZ2O-3cyvAS12ADIeMGrdfiN0PjC7C6Y_WlJdfOZ6X9tcV54P4c-XSWzVIsVDF2igpguFmOZ7XnUM-qnS3WI-JUzh1L0POgPqoIc8JNMqDbDIo_zhRGe3rJusOgoYEqsN6c7-734H0/jU0dnKa0oj6aozIgvTifn6sWtVkbw6x0/7" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">50 or 100 to 1</a>. In times of market dislocation, you know. If you have 100 to 1 leverage and your position moves against you by 1%, you have blown up. The basis trade is not supposed to move against you much. “One model,” <a href="https://links.message.bloomberg.com/s/c/ZDT3KIW24KaQGUqvOEk6dFRnwO9bsrtJ1hDJUYaocxVuiZ3vIEpkd7W7fQjv5WjXKz4_KIwXM0m9WuTOL46uLr60TDJFWPKI9kHxArFDa036dSlJq3fd45ZvRDmz8F0-a9c2ojhvRtHbxTRGmXJMhnATql3Fa4Pj1CyWlMdZ_3U3pvjN-3WQIq1j0wLJx2Kr7JokGqXiL38MX77JWm5pKqQLOQpKiPeTVE_T4Wr-1IKJIOL4M7triy8LlhSfkM3_YDJDi7uEI2BCyJa5DUvAYZzaED35og8XUlj4MUPZd-v2liCiI6_xkKVxSu27YS3brHnGmtkvOc8axS8O7zgj-xCnHGCwwIgWd6GXX4749oHeOP6ctqsd9WeP0Aw/hRfH_P47JPdu8Xz_vtawzi73fREyegTm/7" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">I wrote recently</a>, “is that some trades want to be done with a lot of leverage”; buying Treasuries and selling more-or-less-precisely offsetting Treasury futures is one of them. People worry.</p> <p style="margin: 16px 0;">We <a href="https://links.message.bloomberg.com/s/c/GjJqbFwoJ1lJHdNEX0GUGmN3uDroKeNB4dijH-msnfPWXgaDTNoSRmiqCYppBgSkuXLQ25VD7JU2mYsX0-3am7fIp6IRyqJ9Ohd-sicjSvKiAilS0uuap5ej6hEcQvi71fhvLwU_swHZKmjn6gfay57_ENpVYyFSpPaX6nyfdfs5siNyG5oHfzjiWPfbjjRZWTs7cEAkq0FFmzCSWcYFcIoVkaIJSl2sXcz58y9yjcmJEM1-79v_CjSKPTCk9avqXUWdoDE1QhzlCMP0ZupZY9t5kIDmb13tVNn4nzbFZaZwIntP7UpXAzOBeY8Qe7KTI5UdMlKUyeC5EG8xHkXqXZykkyYzYWx6oMkaWSaenUu0Ewe6hDJ4VkibYAU/2t3XfK9HEg3Mia_zRuKgXx4G4FfxO7pR/7" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">talked about this yesterday</a>, and my view at the time was (1) people are worried, (2) those worries seem reasonable but (3) there is not exactly clear evidence of big blowups and dislocations yet. I guess I am still there, but here’s some new stuff:</p> <ul style="list-style-type: disc; padding-left: 40px; margin: 16px 0;"> <li style="margin-bottom: 5px;">Bloomberg’s  <a href="https://links.message.bloomberg.com/s/c/B64cx1_DKcRaS-qjkv5SiFfexWsab0zBD6VtCtDFT9xpMjqNT8omMIlRDwtD-zz0fWZHm8BydEfQGhIXdBMmDkQrhivhT2n6cIiPQOYUxlv2TmWBA9eU2QYoJpSKnQqOBck6SF-IZLoQ7U0upsDzaZg1MPTmWxPHQatrguNvWUEmruJzwoxewhpPtBlAu39JcVJ5H106E1s5SMB2CEaIiLedMEMe5Kr_cPk5RzvWVWuOLxtz4zOwuicjivI0OVFFSF08qExyYdao6OedfITZUriAg9hDWrFH-9IiucWwcLM_InzUuv6kOPfHDkceU3JU-BzxzVt-c3yjonFv1uu0lP7BJcLHUXKJ4E0avBHkATwAFy9hZwtoIyiIGOY/ClcGWrpMuFUOa39Ut7LdXJU87E9KwAm7/7" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">Edward Bolingbroke and Michael Mackenzie note</a> that “the upheaval from President Donald Trump’s tariffs is accelerating the collapse of a popular hedge-fund bet that Treasuries would perform better than interest-rate swaps,” but add that “the trade had been losing momentum since February, in part on waning expectations for an imminent move by the Trump administration to loosen bank regulations and allow lenders to keep more Treasuries on their balance sheets.” The theory of the basis trade is that, for many market participants, it is cheaper or easier to get synthetic leverage by owning Treasury futures than it is to get real leverage by owning Treasury bonds and borrowing against them. Big hedge funds can own Treasury bonds and borrow against them cheaply, so they manufacture the futures, owning the bonds and selling the futures to investors who are more constrained. Classically the constrained investors are long-only asset managers who want to make leveraged interest-rate bets. But banks are also constrained; holding Treasuries on their balance sheets is expensive. If it became cheaper, there would be more demand for Treasuries and less demand for swaps, which would make existing basis trades — long Treasuries, short swaps — more valuable. People expected that to happen due to deregulation, but now they expect it less, so the basis trade was less attractive even before the impact of tariffs.</li> <li style="margin-bottom: 5px;">Bloomberg’s <a href="https://links.message.bloomberg.com/s/c/IZmzGpQ4cqAtFFTg7mDZdiO3uurt3dLREAWYt_RZ5Zsf5vJxwxZx9l1eciogyeuAJojoJE52AHyavg2mo5ImfzZfIcj7JkjgwNlhNMV6fibxOL-pXMok2P6uCMv7PhABRwkwrIxfJ1j2oUallrA8s8g4Q9tsoqpGRocpHe7D7pRivOOHyc40YfzuaAgMS-u0AOe2fBODheRdLuqf3DvivBAez6PggrRdnaW6cckU3HqqLvRtUgA56g-XvEPWAQHUuTaHxsKq5pEZ0TJaAOD1EH13Tk_fifhJ9KZ_0DqEqaoisKWLHb1VW6mtk93DRn9jeG37X2BRk064pOmjV0Nr3GHWZxu9ozbGNfxxOHBNbQ442eyF8nJGBjczPzA/b3MBz3xpzP30AWc5wgqpPIb-8TNkTV28/7" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">Tracy Alloway has a good explainer</a> of the basis trade in historical context, also noting that in recent months it has been “in effect a deregulation and duration trade.” She adds: “So far, the deleveraging looks okay-ish.”</li> <li style="margin-bottom: 5px;">Liz Capo McCormick and Mackenzie <a href="https://links.message.bloomberg.com/s/c/UveGp51kyAPxoo7r94h4r391naXSBqrNmWwrcz_92s54F4D7Cx_fe0xru7UfnJJkQ9QH3NnxGHwC9w6MvS0iorE2HK4ZUMAFLpgv54q-HUzkHCrxDXmju7PFRTW9PMBzQecnSD_n3e2E4vXmfROqXJAizBukNvd1nd2h8Qks5qIIPVEuNrgXxojcefPTJrW6wVbujlwYChG8Tczbtw-buzYnehsX3SowF_-AEj7FHRXuB6G1mTQ_xaWUczvi7proRh60R1nSGWn1rMRwjN6m-afW6ixTUzlcH4I2SV0sW8YsKDfWqQfQvBSvBY_I4e35uSPkWUGVK8g_QKnrL6mZwPBviOKrd5ss00ezG10evCO2n0C43_CztVuETNc/6rh2SQehHK_bfWt2MZP3QbDReC60E4A0/7" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">write that</a> “there’s little concrete evidence of dealers cutting off financing or hedge funds getting caught wrong-footed thus far,” but “basis trade deleveraging has played at least some role in pushing long-end yields higher in recent days.”</li> <li style="margin-bottom: 5px;"> <a href="https://links.message.bloomberg.com/s/c/yRY_NSTM9of2wLe-JEzt2dWtwk2nfs2rHI1DDbtFgGgzyUIQQFtK8rGU78wMxInwgAquFJlPkzghzJWdnOxxOtJnukRjU9I4z2iBPiynZ1YdVvMnpMRrGqwEMd36Fbu49kpxbnUTzFMOY4YFCFj0iGtu9xdEigXPutn2NWt_LsW6fMJYCDJOdtiuBdR_SN4BcXbPJv59KWvnpVo0QL6IENbWeUn-1mIjdUqrA67YFpiuoTarAeRr5dddH291g4mkx6mTQ17xYGU3NUKdr0kAYkQr_T-cKdWHuFqaFEYvGHVeGCfeRwl3cNOV24Q7cHS5XCKtIaC8mzLpqTgrB-9JrlJHrYcNMaHpAPJfSTYxZp1YCG3ByWOnVtj7H9I/uWKD-hj1fLQS8Y6yYjkZUtGrkVkCYJEn/7" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">Bloomberg also reports</a>: “The Bank of England said hedge funds have faced ‘significant’ margin calls from their prime brokers as they navigated extreme market volatility in the aftermath of US President Donald Trump’s tariff announcements and warned that the risk of ‘further sharp corrections’ remains high. While the central bank’s Financial Policy Committee found that so far those firms had been able to meet margin calls, it warned that the overall global risk environment has deteriorated, according to minutes from meetings it held on April 4 and April 8.”</li> <li style="margin-bottom: 5px;">At FT Alphaville, <a href="https://links.message.bloomberg.com/s/c/Q0Glrs7wI6J5XFPZvSuQXQsvsL4ZqRlMS1OX1hgsmFHg4t-3RmMWKq6q2j1tivPhig23HhWQRnWzWhhcvHyl4hl78C3cdE6A_j9TDpDJFFIROMWHoHf6m0p4eHD6ae6AHGbetdGQ8b2YIlJDJpVKDCZIl7mOdZXZZKtKXjmWf9F2K7aCzEvlDBlE6hUcEE5rWRKj-sp1HsDurm2-daIbxDaYWQbA1RtLCwCJU8RMIVJpwd1bwGOXDQscPCGc7nLPJwUBmK24ea0WB1cRnJMfVmwHFCaSogdqt-YEqO3thyhvCJN_58Si90rdz1Hx7lUVTdgXqRHf1DuR-de6qm10Nndbo9Vi4M79akIUedxtEc8PzrFQJo7avSF_oHh3bS-A6m7hM_zGymC87t3WM8YoTmOVfkQLw6xvwYumlE7sANrTujK_EFp6hDhWcU2gToHgJcDMInNpaDMgYWcPGhEb0lVq20eUwxeDjLXOuKlC/B0_65ljcQuDKryzar7gS1dLGOa-aE2OM/7" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">Robin Wigglesworth notes</a> that “the basis trade has become such a major pillar of support for the Treasury market, at a time when the US government’s borrowing costs have already ballooned,” and adds that “so far it doesn’t seem like any basis trade liquidation is having a major disruptive effect on the Treasury market.”</li> </ul> <p style="margin: 16px 0;">So I think the overall view is that there has been some deleveraging, but no huge dislocations. <a href="https://links.message.bloomberg.com/s/c/vgNb26MmrkkYI1_jb9_ZzQ-XziuMMp_RL4rWaDSI8UzspSUzauRX3LdTC-2GQNwHQNGL2a7LYpIQu4fil8ED0nBQs9_baDv1KTYxCpY4PuLthTSmZNjHxe7dVZIFFw5OvD6wNLvc8OBHuCUgeHbpOSqqUGYvMrhbDNIj-Gu_RPeU9P1mqnvTs_j7Df44NXoVV-EiVxrrbHCt8-2KRY7SO1HGmjn8_AZClIPnXFRYg522zKgSj-JApWjfZqffu2keiOOvnS2J5zRhVyt7qF-m5b0KKLtGCW5ZI3lCtDU-4e0u-YrX8XYZLtIAnJffzgg12iVKWgDzT90ElYhyTcrQ4lbpAfb5PMNkUUD-V2DYHavBQcVj1xQ5qYSwA5E/tEHg5ghuBpGwaGRK5RK0eXTjp2gm_Ba6/7" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">Scott Bessent agrees</a>:</p> <blockquote> <p style="margin: 16px 0;">Treasury Secretary Scott Bessent played down a selloff in US Treasuries, saying that there was nothing systemic at play, and also served warning against China not to attempt to devalue its exchange rate in retaliation for American tariff hikes.</p> <p style="margin: 16px 0;">“There’s one of these deleveraging convulsions that’s going on right now in the markets,” Bessent said on Fox Business, adding that he’d witnessed those very often in his hedge-fund career. “It’s in the fixed-income market. There are some very large leverage players who are experiencing losses, that are having to deleverage.” ...</p> <p style="margin: 16px 0;">“I believe that there is nothing systemic about this — I think that it is an uncomfortable but normal deleveraging that’s going on in the bond market,” Bessent said.</p> </blockquote> <p style="margin: 16px 0;">It would be a little weird if an <em>economic </em>move of this magnitude doesn’t cause any <em>financial </em>blow-ups, but so far so, uh, uncomfortable but normal.</p> <table width="100%" border="0" cellspacing="0" cellpadding="0"> <tr> <td style="border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt;"> <h2 style="font-weight: bold; font-family: &quot;Arial Black&quot;, Arial, Helvetica, sans-serif; letter-spacing: -1px; font-size: 20px; border-bottom-width: 1px; border-bottom-style: dotted; margin: 0px; padding: 16px 0px 5px;">Tariff lawsuit?</h2> </td> </tr> </table> <p style="margin: 16px 0;">I have written a <a href="https://links.message.bloomberg.com/s/c/L0_kY9ZErbKW5B6FyTJtfzr2PrnqmKeYWguBG8HDJivC_gFgs3ySC0pCOlcJE9j-MbQQPeGtvwcHOiYp-fE-If2YG1UThBM9g3sJ7keVFH0oQB9X7KMjNYinF9oVt5AJQwC4M_8iNcgJoA16UL7mpbXoyP1scmmYuSuG-RCBYMBq3lLvq-r6o2t5f55lJ7yfrJGcmeQxhVUWIrojGlowmUpPItWHn91oHGADLZGTFwn3yjQYhnURZDs-1EiSUTstLqT0BYjyYS3FV_GLBr9N_gXI-tMmkzzfyfSPeNKy5S4juToYQ8N34EeV2e5HnMJi_zuOaAtfnu0E-FneGoaGmTMrYISUHJqjETzMk0MHJpUbsoN_KBB-o3RG60E/7X_8z67xzW0dcXAX3Mx66LrQc2Erk6KK/7" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;"> couple</a> of <a href="https://links.message.bloomberg.com/s/c/bFGqMoznOEvYqZ_6WScOBBUCIPQyBYlPJWjdqNBqOCuqWYTglGxWfR5ixjRYD7W_rbFsZBRhLpzJnj6EIlQiOSo1Omw24Tch7jQNG731Clgfq9Yw0qwq7r2w6I3f8q9f8Mvkx6mjrmnyaCSHBgmKRXF5Vh7ok32lt-vclfnUliWA-UGnZNo2MJH9VXl1fh0LB5fUUB4ClXwjqo34T-2qRo6KyWneQgfhItrBz__RFegaEPbCwoXjQoQCQ0EUzOQzrshHErx9NNNakuUh9Li_WzkZ_qxGUkeTpwmvu_kuO2BdHDTgQ8D8TsOn2oInixYYZFf_8RQE8P8bIEzmCs17plNljzwCT9H7ovOWFtXmwGl3xcJI_FA1JOqX14Y/0vdMmz6Glon-n_PPWLsQcJmoaumvktsd/7" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;"> times</a> that there will eventually be lawsuits against Trump’s tariffs. The legal basis for the tariffs is pretty slim: These tariffs are based on a law that has never been used to impose tariffs before, and that requires a declaration of a “national emergency” to deal with an “unusual and extraordinary threat,” which is a weird way to characterize the last 50 years of global trade. (How can everything that has happened in the last 50 years be <em>unusual</em>?) It seems plausible that a court might reject the tariffs (not legal advice), and with trillions of dollars at stake surely someone will sue. In fact <a href="https://links.message.bloomberg.com/s/c/S6nJ_MbWi6qbqRt9QMQ1IZN8YO5dDz_B8kAeLN7N8eepH93N2hxEwV99LgelRUxDW_VPXzdKTN0tO6RlwrUxata5hEbdBX5EpSm0EElIQYTXGbDdjI__4lIV_n7eu_7A5q3jIEKA5Sp2v3zC6oBW79v3rYOUX7XytHq1WY2RPsnHWgIVHSPRTqeCszr92jHNfxmcCYPVR9dcsMCWrI0uctjmDJexwM0b8vzilr24aIc56aSNkyCshEajgHJAPEwUr6gZJ9ju2AJIOCSnLmv73rSFBQgf1lZMUQ2SmAuukf3hTkg3W-ceu-sb-YgF5bzYSoutl_Dqbz8d6fvKnKGVTU7_gXVS4qrEsuPSjm1zrad1I3yEQTv-P8Sgjv8/NJmhJrHmIiB6-QkmmagFFcSZu2A2YA7U/7" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;"> we talked this week</a> about a small company, <a href="https://links.message.bloomberg.com/s/c/m437cShiHa_4v6bK1CUU3HyonalUuQ2I4eGkjhwrG9pPWQuO_o88D54wGey6fpOVgEUGW1YVCGbrMxQtw2KBcUYwBZRzLudMqXLZZcIGu_DQKDrukDEaGT87avUDbUWH0UlS6g4_f6HEO6RhdLJ8ku1lnLhX65BL6ROw-6IiO35CfJWb3kWpMXUhhuJmxT_qcZdmTzYl4uMkt6djtAx5idxkDNpaCS2drEjEEzDa_9If_ogDIg8wCrJOgMiiJIrd1lhfgHNSfGs4khRbLIFafYTh_RPYhF9AIAGfx0H6ID68OBSMhK3d7-EOKsJgB9MlEP-D8dUNYZ7jcaflqpVibe7YP2f-rO4jFMtEgaYE-XNU0HQiAfWpLxzOAdc/5hl-XFwagwt0xYqm0Iw5f-Lvom3-qBFk/7" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;"> supported by a</a> “powerful legal group backed by conservative funding,” that did sue.</p> <p style="margin: 16px 0;">On the other hand, if you sue to block the tariffs Donald Trump will probably post mean things about you on social media, and possibly find other ways to punish you, so. The <a href="https://links.message.bloomberg.com/s/c/cpLuREFxrQuZl0PqpGlzPKJD83ZVCG1JprFEkFBhWgnvi81F7wTUPVcztqxng0n6678P-yNmBARXmKvZSKd7Otegm2KyUoolyRmmK5GvESVbA1KDPqvYUy3PcgGk1s019lAiKQPhSBv_2qQqStnr2lxNgfkby5YPIHaDGFKJDdDBOIKx6Lxo0mNmmpCZ-NBo2oUFksOVgkApKsBzUcCYRuvKadRKTQY3q6m-bJ2NRCRcqcCxF855izM17_NneT8G2qbgVkgthFBf5iFXhx8cDvkq4vhrYpj5MtZZnYbuHaXLOEig_H0mUWStM8X2uDgzWeMZjWsKKAwHzixSTEAZbSGgIDGeoaC7wUrikVck6bpu9O_Hvkx23erGm7_DfBoH6TmGHFro9vYKgkAsJUU2wQwNUN3kJp5bl4LqfQJnjsKxnxswXwfbVUslt1kEyLMw7FzdtV8AeAmbq1YGODC3Mzl10BA5hzoY-ejj46oqehoYm14r0rwXaq-v4jhj-6x1gVIybZROLXHZmpKgqsEXPu3I_3NDPawxhwPsk6fewls_dfZDiBAzp6q9krcdkIuuKr-odmPCaZRenw/MN7wcp5UZxsjgLKCXO6SyUFQy6NwbhvR/7" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">Wall Street Journal reports</a>:</p> <blockquote> <p style="margin: 16px 0;">Businesses are contemplating a risky strategy to fight tariffs: suing President Trump.</p> <p style="margin: 16px 0;">Amid the scramble to beat back the tariffs, the Chamber of Commerce and other top industry groups are discussing whether to file a lawsuit, according to multiple people familiar with the conversations. …</p> <p style="margin: 16px 0;">Trump-aligned lobbyists have warned that speaking out publicly against the president could only cause blowback—and make him dig in further on his controversial tariff strategy. Suing him would provoke an even harsher response, they have said.</p> <p style="margin: 16px 0;">The talks highlight the lack of options available for many businesses that oppose tariffs. On Capitol Hill, lawmakers are sympathetic to business concerns but this week there is little appetite to publicly buck the president. …</p> <p style="margin: 16px 0;">“Lawyers seem to be in consensus that this is illegal,” said Consumer Technology Association CEO Gary Shapiro, who declined to comment on the possibility of his group joining a lawsuit. “There will be lawsuits. And Congress will be forced to act,” he said. </p> </blockquote> <p style="margin: 16px 0;">And <a href="https://links.message.bloomberg.com/s/c/bn7BAXwCZSqAjLz3TQFT_wwgFrJP7EGlua5ol8DjUME7JAcFojWdw5sqEYkrq9XsGeO92_RhiFNctf5tA4so3m1L3iJlNTH3d97kgOMZE50q-CHOeIy-1PV3YI0XVbgDJlCdFsCD0MuZEO-1FioX9UV7coVr0GHlIWb4oTbjL7lwycxJaeZj6LXotHm4VXWLuxQWO67uFFhYR3E9-kLS9SNYObJi27y4a_GddkaKLiu-DhwEUkbNzpQCn1wOk-YyQIKS07T3QdOgUIumLo3awFlreeCoxrI6QHcucNOUfBYdapfwMtt8Sx--BvR15aAWoUP46HO5s6f_vRDYxvGJmwx8M41gGqPEL5_Hc72lb-GkP0j7_k9Mynt1LzI/lCoBY2HTpxlzqiRB_isxM0m6psiM-evE/7" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;"> Bloomberg reports</a> that the Retail Industry Leaders Association decided not to bring a lawsuit over the tariffs, “even though the group’s research indicated a legal case had a good chance of succeeding on the merits,” in part because of “the potential challenge of finding law firms willing to bring suits over tariffs in light of Trump’s attacks on some of the biggest names in the legal profession.”</p> <p style="margin: 16px 0;">I guess I would summarize the position as “we all agree that the president is doing something that is both illegal and bad for the country, but we are afraid to say that publicly.” Seems bad!</p> <table width="100%" border="0" cellspacing="0" cellpadding="0"> <tr> <td style="border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt;"> <h2 style="font-weight: bold; font-family: &quot;Arial Black&quot;, Arial, Helvetica, sans-serif; letter-spacing: -1px; font-size: 20px; border-bottom-width: 1px; border-bottom-style: dotted; margin: 0px; padding: 16px 0px 5px;">Bad AI</h2> </td> </tr> </table> <p style="margin: 16px 0;">Broadly speaking the way that quantitative hedge funds work is that they use machine learning models to find stocks that will go up. Sometimes the way this works is that <a href="https://links.message.bloomberg.com/s/c/iX2VtfN0eK_PuIrgAB3_5lKDMXquMnhl4Hrxog0fmuWcEpfsOQTNADLUjIDfyLEpuBYtsa-SEqqFfEcCCLytfXkshoWMHjeIUJ3HUQ7aa9iCzCzzvKoO67EiejSbIe9kYBS5HQ5uh3JAlbUFPKx_xYs0Oqbuyn7RMSmkjKJl5espag8D-OlvRNQ_DwuUeEHuh8DLfaEWLbKxG_XzaLoYRqwoHKQRezsDbWkltegOIwWe-KWc0_svtspb3m6iQxduR9AEAZkPSafS2Q45FUqB8Lyh7AkYwDkx76W1bKth1qKQJyWxDKvBKR9rartSwBh8nrJ5E5m-0xBFBYYLJbCkGsJzRJfGIDwYOk80ACKGc_aF1KHkh6r2fufq-zc/4_fy3DD2Nzh42v1A6szqRTo4D8op2xrC/7" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;"> a researcher will have some idea</a> for some intuitive signal — “maybe a new chief executive officer’s golf handicap is correlated to the medium-term performance of the company’s stock” or whatever — and test to see if it works, and if it does then the signal goes into the fund’s trading model. Sometimes, though, the machine learning model just finds some extremely complicated pattern in the data that seems to predict prices, and that no human can understand or even hold in their mind. “If these 600 data points look like this, then these 12 stocks go up 53% of the time,” that sort of thing. Why? They just do.</p> <p style="margin: 16px 0;">There are reasons not to rely on signals like that — if you can’t explain them, how real are they? — but there are also reasons to <em>prefer </em>them. I am fond of <a href="https://links.message.bloomberg.com/s/c/lgMUIDvpPUMPIgcoEMEp_gR_eX2kai23GvCpyM0AEk5qRl4Wf55BrBSOXNG9qy29PLjGggtxs2lgW_wuvrThLDeYAfIa0O3VrWxtD7GKFVPs6jRo87DXvUGHT_YV7ZEWkAHaJZFMWWx5B2M_talo872uWAPyon9v5l-HsW23oIM6AodDHjlN6BGDhFPtjxKzQ0yRP-RQ7iRDzdbXwqO9M96VRoOjy0TAkXh2qPZBHWzsToSBUOGBYhY-iApJEBV5iqkUD6oRzR4Q1JUPTgYPULHbSeW7F8uZECIv7Bq6h1MWGCxRS8mZnIX6W38E6FkhDBw2w1FANeiP1nBmq09WDAh1wOqe0A6zHsrPt8nFBwJZyWbE3oWjf7fvsmE/CVsle2N2e8ecF8Dktbn5F3_WpR8_urOS/7" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">quoting</a> something Robert Mercer of Renaissance Technologies said to <a href="https://links.message.bloomberg.com/s/c/QrDsC6uahhF3pFyJs-dV2Ya7X43MR0rbhbLvhxOvLHYYaV-vy9oYRwDclU4k9iUmkXLFLcxYIy_tb12OE5DhFolA6PMtdnsEIH1ilL9tsPHecp5pMAN646yVj7EdnWDFSFk4yDHkphwtLwxX0hcC4vV3aF9Fh_UdtYNawZ5TGCIyxlGOobzj0mSij4eEux5D8Z_Sp5QIGX-tGHbXiGIFQa4U_o8vn4nSqn9dEBk1wJo86fJihB-wBKOZvuEHqV-RbsjkdqS4lVFe7GG8B6nYkFLs3zJ5yL3vUQWyCf1ezNh27UW2SCBxCeSC7QZy8FKYJAY4mYLC-zWFZKcvTok9WI3GfXVvJ6DYxFJzh_rGI27UWtNOqv6gKh-i10mjThn-HtOTIzsSC8IWFQPX__yop1tnfuHHo7VutMFv73b9/KchN1WTWgqRbPbLLC9XLRM1xe8M5kYu4/7" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">Sebastian Mallaby</a>: ““The signals that we have been trading without interruption for fifteen years make no sense. Otherwise someone else would have found them.”</p> <p style="margin: 16px 0;">As artificial intelligence models get more complicated and capable, and as AI agents are increasingly able to take actions in the real world, a funny yet plausible sort of signal would be: “If we manipulate this stock, it will go up.” Like if you are training your AI model by rewarding it for finding stocks that go up, and if you don’t really understand how it predicts stocks that will go up, eventually it might get it into its little AI head that it can <em>make </em>the stocks go up by doing some sort of subtle market manipulation, and that this is what you want. And then maybe it will do it.</p> <p style="margin: 16px 0;"><em>Is </em>it what you want? I dunno, maybe. One model might be “everyone would do market manipulation if (1) it worked and (2) you didn’t get in trouble for it.” Perhaps the AI will find a market manipulation that works. (This is <a href="https://links.message.bloomberg.com/s/c/xd0DV8NnyDnkJAeBBs3NbbJm4DbtSn9C-dYSut-8paYscoDZ5B-KgZ-Ybic3UHof0KJKO966uV1w6rXIipnUJwLSFH4dS9WwSC3L9tTN1HhOE4proI9oEl8ZM0uL6vyisGGz9Dlnp_w_1N5kcUIJ6o7Tw0JSV4JJY-hxVi4rUjRss6EXveJJnimWiUxqXmW8qLpIeFjRLOjtPqnWs0mA7cadgjN9WYYzNWeLN_xzKtiKrx1MD_zQ5tv26bWorO4-uOih_w3-DmwENyLdnDnDju-K2jwL99ORd1rTTHxozdNjPWbwYqS90Us0UcrdhvOBPvD9hscU6E8UfgPUTvsNd26djwl-oSR70TqVwmMZrSDY0HYkN-L_6wScxTI/AVVw2vjFiEhmF4-ViJ4PMMEgKaDJ11rB/7" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">hard</a>.) And perhaps:</p> <ul style="list-style-type: disc; padding-left: 40px; margin: 16px 0;"> <li style="margin-bottom: 5px;">It will be so subtle and complex that no one will notice it; or</li> <li style="margin-bottom: 5px;">If a regulator <em>does </em>notice it, the regulator will come to you and say “your AI is doing market manipulation,” and you will (accurately!) say “what, I had no idea, I don’t really know what the AI gets up to, sorry about that,” and the regulator will be like “that’s fine AI is pretty complicated” and you won’t get in trouble. Not legal advice!</li> </ul> <p style="margin: 16px 0;"><a href="https://links.message.bloomberg.com/s/c/0RAFUOa3w02ngTPYeH9SEk38fChd1mVwtNm9G82UoeJceb__irPyBYacQw01YKjmWBXURCBtVmGe3uLtjzNynLH2px5cn3tOpKk7dGMZHjKbuH-hcjtOyecGBiG5ktI_FTCs9aEIcaaxM-1WcU4CVN3Pi8LqjU3Fpf4AxdBq4L7sDNYzv1A7oZxvJTW_6f-9laUQcn6ZJcZKDRfQSPSlbASkwZ6m2Z_DfrCrFWVWe8NBucxW5FJqzXHDDPTrkUHQ_sON5VglncWZ5xMucqVTlD1BfP1w5J72tKUCaimh6U1cKjlak0SrR0VTcbbOC_EoTm-N_nK0SnscCczICM69Y2CRW2kLJQ4er8JGTZt-zpNJN4BDW56makDgXlo/-LaYSRFRJTGQ_vIWFdkJW2jo7WPB1Iha/7" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">Anyway</a>:</p> <blockquote> <p style="margin: 16px 0;">The Bank of England plans to closely monitor the use of artificial intelligence by banks and hedge funds over concerns that the technology could trigger a market crash or manipulation without humans even knowing about it.</p> <p style="margin: 16px 0;">The central bank’s Financial Policy Committee warned that the technology could destabilize markets or act in other adverse ways in a new report on AI published Wednesday. It added that AI was making such rapid headway among hedge funds and other trading firms that humans may soon not understand what the models are doing.</p> <p style="margin: 16px 0;">Some firms are already experimenting with autonomous neural networks that “may not be well understood by risk managers at the firm” and could result in “unpredictable behavior,” the bank said in the report.</p> <p style="margin: 16px 0;">“Models with sufficient autonomy could act in ways that are detrimental to the overall stability or integrity of markets, for example by ignoring regulatory or legal guardrails such as market abuse regulations,” according to the report. “Human managers would also need to manage such regulatory risks.”</p> </blockquote> <p style="margin: 16px 0;">Obviously one point here is that, from the regulators’ perspective, you <em>shouldn’t </em>be able to disclaim responsibility if your AI does market manipulation. Who is responsible, if not the human managers?</p> <p style="margin: 16px 0;">Here is <a href="https://links.message.bloomberg.com/s/c/q31hhM5ENyUWU0slPsVj9_LUrvxLgHf8SP4gORMyfQOYkDlNfF5CDx1eG4CzDb0q0_JAzf2KxGM9UjsreNdKZQQGnTfzMaxw8fTjv5Uz3XyJ7gGAFpy0qnVKUiP36RNPbW2XtIbIYyqL45a7uGQhVDUHTaNeJPSDuNs0nGkjIjS1FQPDyaphsiHfle_b5cOsX-ghfW6fmWQixNOtyF3TRu2MXyFeWRuGc_p9QvYl1fgG6dsrZ1P5euEwct_7CA5iIRzVvppw0E4lz4vRSFQSl2OyNvoMWxjSKdkBuuVxIBhOtjE5h2b2b_nJZaDd744G3K63ARKwREo28oPzHfQGrZ92J2WVFqwnFdSFYW0Z_YnPHkoZneFZm8xv1oNLdeJm32MSPQaDKlM1f4Sm83Fo-6vKP4q5aa34ZFB2P5xoojb_2P94wSaD_iRdBX2sJLhns1uRUuLZ918AiFLPixRramsVrBjmTIUPgfHpcnZo6nYY4j4kAI4OY_VrB5jbNc-MUZ-OAK9zefs/jHfcwVVZ-yD8zZEbulO1cQ3P9ZkigfiB/7" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">the report</a>, which makes other interesting points. One that I like:</p> <blockquote><p style="margin: 16px 0;">Greater use of AI to inform trading and investment decisions could help increase market efficiency. But it could also lead market participants inadvertently to take actions collectively in such a way that reduces stability. For instance, the potential future use of more advanced AI-based trading strategies could lead to firms taking increasingly correlated positions and acting in a similar way during a stress, thereby amplifying shocks. Such market instability can then affect the availability and cost of funding for the real economy.</p></blockquote> <p style="margin: 16px 0;">One <a href="https://links.message.bloomberg.com/s/c/ci6u1oX1szNBvDjaJNIO9O5nV_BhOXq7Zr7d1B6fp1EneEaWD3zCYwCKTC6Tsy_yR0YIiJC4EmNCaQHme9NA32L4UvsKVG8MhhKmlp6GBLXKK5uZbxV6MXubYhjLmatQP7Bm8HOjXYeajsqZ7X6c1MEOn7pERkf11YJxAQgEtWYHUdYYRcs9_Ks_34GDU2wMwoos1IFr8mMQ_05x3_AjDQdW1TekIomcv1kX94wJIHTH98w9pO5F7NH1ohCIfPEpedR3Fi-0plBramhLDqgdFCY_V71xgS97lHSd92VohEp3pKcJg1xzhH5KkJiW6sFiSY2PgKIDg5cflLPlNgPJpMNo2SvWjLLyqvpgBH4bh_BKrkn8oYiZRMYVak8/_laUyWg7j_VrDPV6OefUb9TO86m7QC6E/7" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;"> simple model</a> that I have of hedge funds is that they engage in scientific research to find the stocks that will go up. This is a rigorous, truth-seeking, somewhat collaborative enterprise done by highly qualified people, and so, just as in real science, you should expect them to be good at finding the correct answers. Then all the hedge funds will buy all the good stocks (the ones that will go up) and avoid the bad ones (the ones that will go down). And then, because this model is only approximately true — there is no such thing as a “stock that will go up” as an objective fact of nature — it will lead to increased risk, because all the hedge funds will own the same stocks, and if something goes wrong at one fund there will be contagion to the other ones.</p> <p style="margin: 16px 0;">This is of course an approximate and jocular model, and you would get roughly similar results if you replaced “the hedge fund analysts engage in rigorous, truth-seeking, high-quality scientific research to find the good stocks” with “the hedge fund analysts all have the same background and biases and all converge on the same stocks out of groupthink.” (Presumably <em>good performance </em>by big hedge funds would support the first model.)</p> <p style="margin: 16px 0;">Anyway if you replace “hedge fund analysts” with “AI models” you get similar issues. If the AI’s training incorporates human biases and groupthink, you will get herding and “increasingly correlated positions” in ways that seem straightforwardly bad. But if AI is just <em>really really good at picking the right stocks</em>, everyone will pick the same right stocks, and then what will happen in times of stress?</p> <table width="100%" border="0" cellspacing="0" cellpadding="0"> <tr> <td style="border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt;"> <h2 style="font-weight: bold; font-family: &quot;Arial Black&quot;, Arial, Helvetica, sans-serif; letter-spacing: -1px; font-size: 20px; border-bottom-width: 1px; border-bottom-style: dotted; margin: 0px; padding: 16px 0px 5px;">Exxon</h2> </td> </tr> </table> <p style="margin: 16px 0;">I <a href="https://links.message.bloomberg.com/s/c/cMrDYbPEgDPd62irQmNJW3RiGaE4ED2HDtnGwRQQbMqDFI3gZ9PCGMP2FWkdopI8cARrWZpTzcO8HKQzmK9FsVVOdnoULOhF-OiyOBkQ1BQRjKFMlaXaPSoFiBIUtw5GQPlv0azNR1h2wAc71ZomP1MaZeeeAB70qSoNSJaDIFijhlsN4Zi9fmxa9Mt4nTJQlXBNL-evyl9h4XTk7_LCzzJsmfLSkIRcTBm4EUMA7V_8vwUb6PQiotg-G43tIZWgBohIXk6U-u-Cv8f-XAvNdtxx1uSB5l0HgcmmpmEFdsAJ9btWlLY-7gGtV0dayCmHPYECgVl0XKd6LF1nkrgJOXNPb11pcB2fgPrpT3mx0MLjcX2zD8RE2CEakZI/L5_Ap6626o3dc_8nI3_6XZ-Zg5kg5e_y/7" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">wrote in 2021</a> that “it’s only a slight overstatement to say that, every year, every publicly traded oil company asks its shareholders to vote on a proposal” calling for it to write a report about climate change. For a long time, the way corporate governance worked in the US was that activist shareholders asked all the oil companies to write reports about climate change, and the oil companies groused, and there was a shareholder vote, and it was all a bit theatrical.</p> <p style="margin: 16px 0;">When I wrote that, I was referring specifically to ExxonMobil Corp., which did get those proposals every year, but in 2021 it faced a different form of climate-flavored activism: A small fund, Engine No. 1 LLC, was running a proxy fight, criticizing some of Exxon’s business and climate decisions and asking shareholders to elect some of its candidates to Exxon’s board of directors. Unlike the usual report stuff, this would be a <em>binding </em>vote: If Engine No. 1 won, its directors would join the board. <a href="https://links.message.bloomberg.com/s/c/Swa9LBCVbLQynkkw6Bc2dDhi88WWrCtY3A6bsVj0nItckvcFbz1k9zCbLlziIwBiK0EUQrx4JwiZG3nN1w6NKiIuCAkGENGIrwlpHwFxsHnfaEQzeCrqindHn5ndLP64YuQrf7DfRJp7zn3-_NFWgIkOfYOXXUdyAUSpcBRj_4Ed8wrzkZaVogwcxQ3n7miFk6PdxBSpGo1b1r1jaxOtqnUWyZys-TV1FYGBPGm4NNqAaQl7Cm71ckDnlF9lN_5ia7BbdJ4CikQwA68Gy_IjvGWYXiYds7CiTzaDPaJWV4u1TQrqxRROeO590FWVAwMDg-VuYi4YXGoODKSOgKoVk7TcbKIAAbpIIdJ9OSdFgGn43NUq1Tf9mIy9ruM/dAz3nkDH781K_kGNzyYLXiAq3TWs7yzh/7" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">It did</a>, and they did. </p> <p style="margin: 16px 0;">The Engine No. 1 thing was climate-flavored, but only just. Engine No. 1 is economically motivated, and its goals in the proxy fight were not, like, “let’s shut down Exxon’s fossil fuel business.” In fact, since 2021, Exxon became rather more aggressive in fighting back against the climate-report stuff. We <a href="https://links.message.bloomberg.com/s/c/eB7O3nc4YGVctkLdPdZVF2WrjX6ADdFf9JDfqK1-5tVdIM_hdf3GLykI20jxUBtP8ls913p6c4bqhlDsjS1dIrhogM_La-Bfz2Q0ZJTF0pNKDJH-7WH8L44wwcO2-3mYDlYMdDRqtj36kcIuvXBVbd95vnUQG3ZWwd3jGhARj_FQnIUGo5A1koStytxvMIAOH9vW1ZpseSUH9I7zeIzFVn8wkm8tHikDpXTSqCA3CM20XDWDqPo1UIb4gwOiT6see1I56HI3bBQwI_MPOWYHv0IdY_ACKEZ-FJswtTX2EPtF4plUvKubv4LdENN2p5gQj0pQUHSDp080Q_niNYRrPBy6xVuDi433QhRdMNlAF4bgwtRugohhiPolcV8/pJ7brRPvQHOUgfe4_FsJfbGXXm7VYOVG/7" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">talked last year</a> about a lawsuit that Exxon brought against two other investment firms who had submitted another nonbinding shareholder proposal asking it “to go beyond current plans, further accelerating the pace of emission reductions in the medium-term.” Exxon more or less succeeded with that lawsuit, and the shareholders withdrew the proposal.</p> <p style="margin: 16px 0;">More broadly, between 2021 and 2024, the overall environment for climate-related shareholder activism has shifted. In 2021, Engine No. 1 moved beyond the typical nonbinding shareholder proposals, using climate-related arguments to enlist big shareholders in a binding proxy fight to change the direction of Exxon. It looked like climate-related shareholder activism was becoming <em>more </em>powerful, more effective, more able to shake up boardrooms. In 2024, Exxon swatted away a climate-related nonbinding shareholder proposal with extreme force. It looked like climate-related shareholder activism might be dead.</p> <p style="margin: 16px 0;">Anyway yesterday Bloomberg’s <a href="https://links.message.bloomberg.com/s/c/xd5SeEZp8WY_YTkxB74E0JSwxZgE6s2zAZaRrGaVHL1L-KTWMDbKEvRpwDRqUNllavy5zu-79OkFaK4H49ResXEd_cJep1z0VmwYYOEfqVP8WFe4moqfPiqQuIx1fz4f6IUCQ95_Y2YoCPSduQUvlEpUAQaX2k5TU1arQoNhm8-3MDOp_CcfAzKkZNiL9P-uKro70rWrEgAeWsIaiKJAlyySblMNAwHkM-9hpBPqWEgsq6HTxuC-rydtFEL65ytmCXMZQAT667hnwwh879NG5HXTwK9ZTpCADq4tEDceKMcOBlMouO0TSJSSJj0ysXvuSzehc9tdn4lX8hnRoZeOrUcjeTDJLhvFtYSJEMGSvPSOJYGmKPjIdk3igB4/uPJo8CSstA00fbgnpxwcl8bfQ3a6OZ54/7" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">Kevin Crowley and Saijel Kishan reported</a>:</p> <blockquote> <p style="margin: 16px 0;">Exxon Mobil Corp. is facing no shareholder proposals this proxy season for the firsttime in at least 25 years.</p> <p style="margin: 16px 0;">The absence ofrequests follows a year after the oil company sued two climate-focused investors to remove what it described as their “extreme agenda.” It also comes as the US Securities and Exchange Commission released guidelines making it easier for corporations to block votes on shareholder resolutions at their annual meetings.</p> <p style="margin: 16px 0;">Exxon said in a statement late Monday that it received only one proposal this year and the SEC agreed it should be discarded because “it tried to micromanage the company.” In 2024, investors voted on four resolutions, including one that linked Exxon’s executive pay to cutting greenhouse gas emissions and another related to plastics production.</p> </blockquote> <p style="margin: 16px 0;">We <a href="https://links.message.bloomberg.com/s/c/FOHTRMlSroBayhErd-ljeLdSeY0lYLnt1dkPScxUKnWqG9l_c8xNoSOlJTkywmU6Sbohh-8LmbbpmNUoitQ6VCZXcbHrwMEGoTi40TpJiJAI1DYxgDdHLiu2O7vJ3KVMEYpcfXzD4RexjlSyrD_HTRu2oT0GA8YKK-5fN-gLy5A1IRlADY4qLtWROv_q8lQahWiQ6B_nEgQajixStZTqsejMW0nrWfiNEA4xzbCZCYVIMBcHsHBQUMa6GMO8634V_1da-l_ZCrjQzG_Jzu1lre-CkCuky6psL4e-So47pVk6qYYzdYOLj58mOLoOwuVay-RjrPbKXmvMwXoI73WenDFx0uVLZcjXoHgb3z6gf3co2IfYR17zo-VjNQ8/fv1W-GloKUb4CW-hTWhRKAM_pk4liB6P/7" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">talked about</a> those new SEC guidelines earlier this year and I guess they are working. My impression was always that these nonbinding proposals were mostly theatrical, so it is not exactly a huge substantive development that Exxon doesn’t have any of them this year. But they were symbolic, and their absence does seem symbolically important.</p> <table width="100%" border="0" cellspacing="0" cellpadding="0"> <tr> <td style="border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt;"> <h2 style="font-weight: bold; font-family: &quot;Arial Black&quot;, Arial, Helvetica, sans-serif; letter-spacing: -1px; font-size: 20px; border-bottom-width: 1px; border-bottom-style: dotted; margin: 0px; padding: 16px 0px 5px;">Things happen</h2> </td> </tr> </table> <p style="margin: 16px 0;">Trump’s Tariffs Put Fed Chair Powell in a ‘<a href="https://links.message.bloomberg.com/s/c/ROGX9y0hdXp4dsoFFTWAMtF81Hs97PrdtObYB27WO7aKwcU99omtwOi5Kg4iabl6gIwEKpY0iAfATpsGky_UBXtQqlGI4n5P1H6S5vIlbwm7kcIAva-2EMY5Lhcsc0LOgJoj5MXR2djMnnjimkE-nOTiM8Qi-uYH5R2Wu1dmptL_c82lRC4ObuJxDkLYxE5UzpT6AEyMQXqlj_bn2tmT1N7_ckSN5tAaX--Bbtj7zrJk_UxSDjsTIbww5RdDlx7TAdIqiqYNJEow9vmpCfEgZFHrcN6bUyAEAJUvY4ljhpC8CbMT2MSakssJx5JYPdhBGTr-mK-DwRkvT4sCcgsReTDfp-tGk5xO42VFUO0NFoBa4s5bbJu4J-A7qnZIuZHhzsrq2AFBWP4J4YMZMgn-yJ3TA757AI4nzY1np4MdypWvhW8gAlLutl3Ko6N57UzAWtU69X0Y_tCu75r2s0fUJiW8f860iGobKbbwCcBP-mbyeeRhZjc14QlI05OVbCef5RdHqfmUfsGYKgKAYqWZy3Rck9r9pzsAhBYMJxwYgLHpEL8Ivc1U9QOjF2i4tQd417pLTGJBm6gWdisk--ir6rphbgF7V7LbK6yX0XhzdzOOqbZ0bikmleHyezGpuwxkK5UJc_ACmXwi8A/pFeOi6HPc-p1GzCaUGA9c8t8o7yV5qcW/7" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">No-Win Situation</a>.’ Big Banks’ Record Trading Streak Overshadowed by <a href="https://links.message.bloomberg.com/s/c/umRhPZkFa3hC8FBoNwxh_lWsR2XBdLh_sMvNhsL1FV5h0sntKYxsyKWbfHoGVeGwemJ47q4pw25VXUWuzpTPRuHC_KXwCf_SfpzblDLNAG0YsTnT96tn7dvxqgOveatZEsNZFtp53iluaas2FqcwtluR3PLFVJIDBQpEgGq3IDdTNEUrSZaObFFMPiH-Yh3VohCFj5gya_jE72blCA61iGPx-Vb_UUnbD3SdH53i8FHC1821fmGphxcGYzIR1dqr2aEzF5MXMELhdA8R1TdsozUCzAulUZgLUrHD8Usoan2Q-Xe3h76XQdGDbfEHsuFrPzAunbr4pdnrqoEIdiDufOMQs4UFjkz8BnhqoUuXYYiJeNuSoTfedbYf7QI/UA9M1pgsV2v_-Lp9NGHDZYxVqZ5dnorV/7" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;"> Tariff Upheaval</a>. Dalio Sees <a href="https://links.message.bloomberg.com/s/c/gIKnsVbjtrZcjbf-RoG9JuiJ6SdqbLELhQAd9lRjuSiYaipTokSgX3p89vzP_VBdWNgpOFEG59jCOZ5AGYRonsnp1veAlAqamSx9l0lDdeMMo_jCC58KrotS9UiqzLzivxMaHzDaKY4noqwaIgXBsuLfSrnFkZ7y1xpHm60gzVAYDUZLsHeu9pZEUH7OAQuXZJgQ11-z_j3uc-s3zUCIy2Jgt0l0X4qy-LRZMFG1ZZHvfI_AQ87zsoyUA3bJjwv0oR9U-R8tyZ5p22gN_K9pbw0oJKQm9UQnNg5VGDo_cj5zDaYjvu-4wUGChxgEpWNac3cYieWLCa8SRp2Jz37DJMLZRwsMtyLRgY__SXCV96ajc0mFm6A5Y-UBe4Y/6oPdC3PVlJQ6pzPiVIp6ITHAYcqtRgFK/7" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;"> Once-a-Lifetime Collapse</a> in Economic, Political Order. US consumers face <a href="https://links.message.bloomberg.com/s/c/wGVeGNr5keCOvmwLof2arCicVSg92cC752WX_T2n1Hq5Lx3j7l7iwxA_KhotvGZILY1Ajagih8sl1DtY1TIpEWFEs8ZmNjgY_uAwWdmxGko67JMYURzUTj35nSTO23Pq2D919HMKsZPa3nXf3OOsuYnTJNxRiRYsMTxtlSgRCC11Xz98jaVj9ptc1OZUWaSMx2CYkXu5OTlqXzcvVjwN0hlirsdOKPcnujp3KI8BlJBL6OeRd9C62ID2Xf0MXUQssqXVoxqorqdVsf_JfwM_2V92OMYIVB8Kde54RL9kJ3yg_OlpYhKkh7q7SLRpJEYG3bH3tkw_M0-OyERcYEDgJ_PiboGtPAoCcfZN00BW4dyfJFj6JZRHAF86aYSbzLJHjd-4gMzA725NEmH25BSbBm850iK9uoYoQqdHFA2mHGbV01ZRFDnxU9C84FleLKxSxlTZL4wW3cCegQT9hUzZ3albx__B6NBw94OuWe6b/i20D4gApFSkxb4AZZ7C9oLRIbzLpZgQ4/7" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000;text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">sharp price increases</a> from Donald Trump’s tariffs, say analysts. Dimon Says <a href="https://links.message.bloomberg.com/s/c/gBMYdNCSmxipReJeCFZNsQKRLCMKUng1lqaALHY3auvpKKgsJOMLgQpuqDvAwMydyc4GgylmRt7xCoVd1JFCweowsufTMcWgpgxSJW9djTetP8e2yJRRcY1mDn6M_qgcgbo0gDhpSKXeu4RfpjVXbB5GvaFcNAJAPfAAlJZxuwWKrji1oUozP8fUDx2dw4RCDbNLvatB7hmRouxLf8xLiyqeWOqtemNY0acb8boEJLNliOPru5V8rtuzocUV5r6TVVNoAQjYC--i3BnAttgMTsMWC9uynxzKOuylzBkejyTvApfwinZz9AUuw0rxb398dcj80PDeAZjJfTfRU6ms2QuEDPVt6gGcgMFo5Lyk5lsUnPFwjz4y8faUm20/VTv1C1UhnWkx-SowsTA0G499iWzIoZZy/7" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;"> Recession</a> Is the ‘Likely Outcome’ of Tariff Upheaval. Big Bank CEOs Reckon With Their <a href="https://links.message.bloomberg.com/s/c/GBT72hpRuygLQ7NUwMaTAmD9xgBI-mB0Vdf8F2-ecwB9L7MTGujOT5VaomBL_5yVS1_vr6lggcJ4pYL-HysVicJW-ihl30dl606SzmN4DEKoyLvN2Yftd5Y0LhDGaHA7fp6CSC6p80zix05_qYUuwVZ-tOlEuP4yl8ZD3VOLlP75nnBk2YYDvQN-YlS31MlGSPrcodqiLo1DGfGtyeHGJzJyobBSTccCTaj2z8aLdrXv9eQphzqPw2jMaPDnwOBMVpclIXhenmEfGsNHRQHdof1cXHPVgoBjQSNWBPuKIuO3iG8L_kHKFOiPSMl5B2Rp9qQQ_cblUty77t1651cWsjFSbbD1dirHgouB-CoLxHEgQdUQOETcMBW60x0cle0EFDGSXLQc9Bwnhew6YoYvShwX7wH8GdJe50-ZDLuaaJoS14bxcmHtHhSE7zc01oWEcFrz0CskfbCJ2JqB6vxo8p3W3Na1s-XY4AyF9VJEnd-QgL5BleUqM6bR7vvOdKRsXFMsuRfQviQxs4xLfmDPG1IKWGiXdhl9EAoEPbBsJi8J1XpY1piC_UiFWrZjZE8KakAXVcI7-9NLIStf4tmp5z8-4ZYAUAMAKdJua3VISV2xlHAT/GqTiumNVm0Izc4MSUcTZMZ1fPlkEMBgN/7" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">Lack of Influence</a> on Trump. The <a href="https://links.message.bloomberg.com/s/c/pSqg1MQA3fm6AolhM4Z3JTbxc5_VvsWfPORpPi59kLl4t1YdnjyLSmHC46Von92rthRYfzYKdd50Z0X8WTnv5ktFmKZm1bCu3zihOBJNjVtHnLft2lbEtOVxC_mOW2FYFvcJ7ETqwu1nmZ_ymH5QH2z2VZP_IA57TaVHMX04NmNuXWHe2xWGimvwWJP9l-DLCl0FBjvtDzCf_Vyj8Dqr50QPoVKuFTgrgQU75Oqfv-xDLxgKvss9RTn3J-KhLkOCVIh0PiUg68Q3QY7MoCz9GFp-vlCsERRMluhQawS_ZsqyJJFrtmMBon7_AeSl8z9ZRY4f1ccQIMr5yzEHNL_svAjDMjjTF20WqUgufPA9Jf-1GWVbHcn32RM6sk3MnAAGoITmMvJiQk9uUi_MoJKrHCZeBfjPDdiDbJjUbCD3Th-eFMZ9pReBPT4x3wokSzsRm7zCJN6NSf0AkQzJRfu54UFqSJmzDOdwfWfoJMJ8ErLzky-Ru_t9NycFmEFGvSoKBmYodzpnsIidpFR3PDeb6AfDTKiQyC9a6Z-m3KNLiTEkzO1fFJiAUIcbpROHvCVxTZ-g7m2jEuh0lhs1zoebMYYIQUcnDQkQWsoLgQYt3TP39w/9jCbL_9B0Iw8BY5M9-SeSNJwgOqeAxF3/7" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">Dip Buyers</a> Braving the Market During Stocks Carnage. Quant hedge fund <a href="https://links.message.bloomberg.com/s/c/Yd8ShtKLeRd8MQLXT0rAKPwdsGyoMN6p41S2m94KDilmBbJNRh8Y0tWNX8dfVyCHzuV7lRCx4nqZ0egVlRn2fqEJGWApGSaBArRDbAWB66ekY3mnJRkWuSjVmQeN0JiPvlBOYS-_ApKIOaRWGJSm1QMZQhAXy1zR3bRr226LVgfGPX9V9Mlr_jN1Ut_XmZdukbHhrIjpvwo8tqIjMnQSrGlDr5FH1cFGGZjW-Cz6CBpE9qlniFjQlAa-jBOgMkApjCapLuJ8UaCDkVSI1w-K7DDq0UkLErPAEvUYiVh5rsIqat47VsSEAkIbxk4bCVgWbAZAqp-ccSTxWveTEoFSD47D349ri5AB7iVtQtYXwWVw1XWcVYDBNv2XtBmtqXxKR7eRDiKvLI7ZE1_WS6HBXIyM8n4CHGNR_AxDKJEvfhK6Sji_PGjOrNXGBSTHcb51fu-LL9S4_umXeuUWrmT_24oU8-xbsKew3Pjj8Oin/Vb1btcB6X5QG7uK8vsql2ZSum9m2alC7/7" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">Renaissance</a> suffers steep losses in tariff tumult. Bain Capital clinches $2.6bn deal to buy Blackstone-backed <a href="https://links.message.bloomberg.com/s/c/MlwnzftNNyTY6tFpa4F2D4geQ3STtHjckqSOg-qmfjL4zmewlOaCauj2irgSeWmXlcjQ9-JhvteTJK6JTTh4zKhflKWvoiMfkMjXrlrmy81Vu8uYkGH4Ax2jqJfUMOY3FW3pORK1Xk6UVXf2oDYmP1I9oZ13Xe0AySqQR99Q57TX8h1tjYCtrGvNJnWjCFo75p8J9XYIYVEELZy8mRa7INgYlCXfnwADLVgPYd6luxCmWgvZ7KPdQJMCtcD3YMGxoB45pfmK2ikUMXGtNQ-TMEwYzlB0lNXhKlj21R-rbqSs9ZBA7RdzzBjxG8RCzsKk7dWx6hCYgFwFPonmHpZbGxRHTdZDRr5jPKI0zB0msHtQuJAn-LlYNJUnKuuF1ycnDmUzlJXbSW__pGZyoCKMBOX-5shnNkJopl8zofZFk3WcYmlZJBkizWUVVpT5nu-D1162Duf__YQrre59NzOztu7APIhaaRM5fpeylmh9/k-Praf2ZGq_uPAIc0bRnNbcJVMHXJawl/7" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">HealthEdge</a>. BlackRock Backs <a href="https://links.message.bloomberg.com/s/c/6IgXbOwC5GsJymJdAC4yjgISmu4oHF13HJ51EOAQoZ3CqHZT7xVjQgp0UcgWVJjgs61j0sL85IJyEXPV1NC4-W43hlcb4etoX0m1M5NspLvtD_Vn0cCtQDusppYG-1_wSpj3cHm8wiHntqXkvSwhfMXoEGlP9rP6DDOd7FJbCy0sSbpXUaxfdYXTQm_qW_zHLlNh69H_YUHko-FF0SeCDHz_P2HHVGmt2eEDCQcZhjKq7UKMg7c517yK8rVYcBQzMNIr8_HC-dND3klYhUHCNEPdV_9x4J3aOF2DekacVM0SmNtYK4EyRfJEMpsoHve_LC4aH9ZPGKPfevmtWY4xHKpzAKe3831oyD76pLd54wwZkqPCm8lXcA8Eq4I/MDeJz0yAHT8QOACOibhpSaltq3OO1la0/7" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;"> Adani’s $750 Million Bond</a> to Fund AnAcquisition. How Elon Musk <a href="https://links.message.bloomberg.com/s/c/s0axzUuehgQpR4ZztiAgcoHMD9219Ta4aE8_tAUQXgkbILc8wQ2_ADM7xSyVDcsFlahmSCCUY8EUGvhGR5LxxbMpS5CImYO-ULvQxBsu5qK7cR4osGU86tAAj-HSAatjlZ0JK7GlpiMtQx9q9tKLV3Lh1om-WiBPNvWqv0qXst5pLjFUyoorJ5ru1Z0vU9K67K_k6-Z_Qd7CMy8RCKUrAgCzfxsXYHfs60UuIA5hSBJBZ7UHgrn4Jw3uCFy20zq8SOXJvYpRjTKO9VAFcbSXls6aTTGuCI8IVsJN7xzjDn1XXCDjQoDStZITcAUdCx3DTapELsomr9W0-QL9oJxZKNTXki-UgxaGkIXBYLh4al0uZyUNoHtTFFkBdS7NDCJKiqDZHy44kpQcdKQKasTKbdD4LpxVLsIVgiwJiSf0AyfWqy_Aoq3LLJp8A6oN5bci4V6zRvzrOciXH3PjyXKQM9ovO9t7n5pVYjUynYC1decmKrJGeQI_YwrsvY-YBiQYWsu4rSqT9dRYeYK9zniCVTBSdiTbpiMhHvhyY_2zz-Y/pI2gdG-z1Fzk2Q_qIwbNqZhRYZnFXsy2/7" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">Rescued X</a> From the Brink. Musk <a href="https://links.message.bloomberg.com/s/c/1Vjox6nZdRbxijtoyAY4ZoAy7FOvJqER8kWI3z7Nuft0pkim4OhAB8Cp1QgL2In1BK3X57t0VJlryX9OWQYUjVzg-tO1u8JjfJ22NIdOAupwzzBzv76Klh0MnNmvYCohOhSxJHC04PIGNqscyw3eb1zjR5bk78-MDXJTImqG5LrGfkfepIZ4ewAVvjnMr_LXaU5ebKATLXcRTDpXOMDKLROHETKcbyZ2FJJmowYdTJ3UsrvYOEk7U9Wy6xZXOTc7QQDRcOs6-jbCuVZxoouo5L2GBa0Nj7CbV4dcQBTS6S3SVV4fJzltNxk4PSVsraMULBcAzQDzwpvQn40w6v290qOYoqJ4OdVFHOM_UJ4W3QMHL0ffOG1ib_RIdFY/acL0Wc5osr4XNOplrxKE5Dh73lX5t06x/7" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;"> Skips Deposition</a> in Investor Lawsuit Over Twitter Buyout. Market turmoil strains <a href="https://links.message.bloomberg.com/s/c/6pcOKhpwaBowigX_rhwt2f356B61jzbx7WCNqdBG7as1mIZK5U3whFhe3HGKuU0wVuuunMi99iOmnUsn81sWjjINqWFyCEMLx5YsWr5lXPq7JJICuZMZ5LfopevnA2fuN61r2yM32Gf2p-iqAESysoKqHBbMbn8-s1fYvCHRjYDXEkZSReFXt_khPqazmzD0NZ_z8I-cWir7QLk9DC6clBSgwcljnF7YjoMjolBT_lqXAfFl4ohDs6KwUXWitzxBLyGvNQ32NdmEtLDCYsuKGXeOM5oIjsOhL7UXWumlRI8A7jiVe1GX686jiT2mX5L5l2xkzZLCX5OhDNCbU-J85qXlwlAWhae3WG0XhQIPn3tYfEb27JExdZ_dq5bCltWRtf3PKnAqgIo-imokekrjRv43AoRuIDy3c_MNXJU_OOak4ZitjNoqvN61Myu70SrMG_FqQr7tPxcaladeLpzoMNolz96aozWb51R1DPlA/00T_y3OMFQpZuWiEDiJKCc9UPhFqfLbJ/7" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">bro-sphere’s bromance</a> with Donald Trump. MrBeast attacks Trump’s ‘brutal’ tariffs, claims it’ll be ‘way cheaper’ to make his <a href="https://links.message.bloomberg.com/s/c/wdwYkfZY_Sj8a9fGb0AGlZcdZtToUWnhf6YqJYoeUgXrXj_fDAGQnMhcQ0hZgPIAQDev0qUzaCy_YRn_rJe650Ajyyed8-irlyqmjV9mMbX0pvOxoYBgVhA11aymgmNKJMes-E2YQS7AhgvAhtniX1GQXcheRtJ38WSq6HLOkdbIjtKnwzkWYJSwnga8uMI-rTjRv39c_sx3jMMc57Bke_VRPJMRZ_lclVMPjozz69QkDrtif9RN9sHNoHwugRIB0fpSwuc5jb0tpSkAe8Hbbx9V4XmWpI9A6WyKSvWlg5L_JUxRLNJhbdUvIQxm14XvqgcXDmhAnQ1f5-3yVv6YDW5aFOFoduvd9Y0ZRsDiv8keACZsZeiVHFKscrnOwnAd2BVu3wn9bFmY-EHyUaBANtQbJJsa8NPIFAgDKXuCnTafiqjsIW-LGuEXfurVd4LMrgvNH7grL-vaSvpC0R605EV5rcL1uo5wXHlJH99D83if8xXAJ62gYdZRCkmzAeOx3czfBBqXa-axXHcUQqUlqjxSigC3B14gr_ulJ4nac9sXkC78jTSXvyFQPyQWyJwA8yeU7b-c5Qy4hsvh8g1eWzzblwzgYcFx4lu9ZJbfverf4djM2iQpRzlY6vbcRd5tWnox6rcYaEaFCK2WWGxBCYF80Tlz3TZnvMkcs4QYpt8Xy7remo39SV9r7L-PqOgo7f3gCiJ7LUBEC0Cc/o_cEEjN62IAM0gKqMsMs-QEahT-gJPT4/7" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">Feastables chocolate bars</a> overseas. A Masters Tradition Unlike Any Other: <a href="https://links.message.bloomberg.com/s/c/KLcTlrQMgMuS52VZ2c9_oF3K2LrnEgjCJKWiXUi-Qlm3KJE3ZuE8w2hMDi7vfjT-OycKGdYW_dxWoatEKvTvzDia0vpll0qBVDfd5ekZxrucI9LljopAQ-7MD-CQvQLvXJ-Yym5szUd43Q4nzuv8PVeglH41g4ZMwL7YprO_GxN_oN_enzxeEOQT0DlySuocdQGTfG7Lu0OzDDHcG5AbxQvcLUyRm3jJ21YQT9vE3Nf9nERmIdanV-o5yNtYEgwsWo4WXLes0O8ydwayzd8f3jwBywAW5C5KKgIFm9zmL_Df9xb7c1MDihhpFq39TL8NSoH7aaHSOgQPUI5rdsoYrvO_JiEIR76VuQJUU1GYTX81qGqnmHnD_4YsNrpBSuEzSDQg1EAoZB9Q1XQIDbkYjkZ5yvg3bIsPCOzKPxPCm6chATbU0GxxQxRZj9epZupDZMGTjCnkWV6bZOdRxVcgSL3wFuzWmayq-TndIOOJsSrZcB8bRs-ERtxp-_rlNE-OSpjKNihuGllO4ThK8OBgp8p1Hv-FjAf07Vv44hXJigwBvEV-Vpga7k4MWVza5bSCjHaGtwXn/OcdwRSQgjDhyXQrxcigc7rCntY9RVTJS/7" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">Gifting Tickets to Government Officials</a>. The Skin on Mysterious Medieval Books Concealed a <a href="https://links.message.bloomberg.com/s/c/R2zUnag8q-K17CaTtLdDqtvjVwVntBy35PmvWAI4Up586eeSziUHVK8ja2TW7v7MS3scHdn2eGucvzZGcGVXcJJ-cLVdBOyTr2azJIf1oq9KtZtpqWfWpJI5qbrMPvMjzyL9pumvey9L-bhB0FX7_j8ZfrimUAz36hMLveTmvv6mipqOVCvSwkdA40PcY3tsLOZmdPQowodKN9Md0BSk5diT41Z_VIYL1vTJgmAaESoyYEIW0beIW6N1kl7ObQr2vVLYiUl_9Y0t97WKI5rD0-_u1R1AKVGqrin-DJQed5j5ujHwbIZ4tAFWj0o-6qmPytsolhK-KN_oMUx-gCbDbj20S2Gf4lHmFvfnUNHagXPcewp8mC2krntsRKbfT7GgyddiGXbdmRF6ef_C3ZmEq7xImW4ybjCafOJOiyeM6T7DJFSETAKCXcJ3A9hj-8TEbSUudj_HuydLIYgoP1cwKQXaE8j24Qhs02qakpt0qpVArRgKgWQu3qTbU26l6iStcCXuFm-i/p0gSaz98GD2Ncd-POUU5NPAkfBA0wTY2/7" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">Shaggy Surprise</a>. “Statistically, the <a href="https://links.message.bloomberg.com/s/c/dBc-jpY0cXbLw6nlfuoM9qdX8D7bTigcF8agXstkVci5M9FbPCes_IxvedKc1zXl1K0z3y8G3njNE66G3VecvQgmM-D5FZIoIWYfE6qYXdhR2l7VVJTDiVNbbTD0MpnEVl0FHlrB85ICRKsGdwNYXunQXIKmrYZx-C0ctod9IpTLjEvde2uqaUojFwPgMAIVDfsTMl-MjKsqn-nL-wkUWbMfd32UzTO0qKMczHzwQ6_0uuIDiVsgVx3Hl3enEH8EG73I8b6RUMK48B4tqIN5O1JEgbjwZ_vAa5HdBH7bWUnLULAMDhEB0g4z_NyBu6cYKdalIU-bXatmDccyLk9bN4M-LWKC5EEKMzWXPMnBAA_YCqdvTBpQdVR0hwIFcAPLgzr3GWed7MFeHwj1oKxGepuMKeA7vU9Ac_Wi1lGsYWRDRBlsxNQzfU5pUHHA2r7Ggml2XtRAmAuOYCsrKAr3zpF-lWmVUZzy6VfAuiYGYAyJLP3keA8gqDZXKBNKZC_kGDrM7QC5CSU1wTIJCzLyza9DqxUkCyDMHAfGFOOi0TaD5COiQX5Xlnm2OPlMHXnjuRabs0uGzQy8jUALa-ClARNBVZyoggotEl0/n2paZhsZknWh6rpOcq_du0FJvjXPrIdg/7" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">worst baseball game</a> of all time.”</p> <p style="margin: 16px 0;"><span><em>If you'd like to get Money Stuff in handy email form, right in your inbox, please <a href="https://links.message.bloomberg.com/s/c/9MTPTAG2hEx74tfyo6ezRksvZtSL3z_Bv-ioWkpcn-pPnmeNrOT8WFSmFIbxquHs6R-PiYzK3a-UFc3blW6x08cZKBudGUquCL2SQle-L2iMInKmYQ_tLPr775w8shCE8lb4R-CZjKpCLEysFJC4DUOfs7VZNgANnzZrSfpSjaMZ39asb6qUOLzd_CPt20GGAiD7vuM3hfsSXPp9QUXkVXJcpabcIorqcXemrYwyf2djlQK4W1iiKfO5ST_8itgbdwCoZOUOjSYR2rnGomelI_n1l_X38OEVo3K_Knu3hRoVFuXPd-AHw91j6ipAgPQyxm1Dr_hTOrMwAVVHUO7PtPEf_ql-i3xIynSSO6YhpO_MxZ21nhWMqHGnNdgTUlnc-_UiSXlviLeBypGwRJHpg0K04vBH3RkWNq047kJFdqzYTTeC67vuoxPspdpXefGhChXSwopbWUbNHDPLQ5girs-M-g5Ma-urLMT7X76vBjDdgPbaIjWHYMZYycPRjsHP-Pl0l_-6AV4MBPjFXlu2eelEg_6CIL9sfuaPNfjU__D6PciUpEqeX6HNd4LPqH2SzN3h9ZX_nt32NM5r37E/zeEg2jaIqg9w64bwSwN3s5ZnJK7iOQFD/7" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">subscribe at this link</a>. Or you can subscribe to Money Stuff and other great Bloomberg newsletters <a href="https://links.message.bloomberg.com/s/c/WpPOffPjpeLmMvKzfXrkKGkYZmQ4boVBjL4PxGOShqbrc08QtvU429gItIemAOZ7i0L3LXSzJ68sxxD2q6ZuvRz89bpujCaqMa63W-1NtZIb4g3A226BEXCo4GVg7bq9inrAhf81l8JrZCJvvwEmAg0oJwSlz1sXBj4qn41kywwdG4Ze4pjPzWSSaIgq9jJM8AmtKvmoDNASh_K0wRouujrwAFths1VyOjWuzDsrtwxH6oFKqviOzFLSZOKhdRnUqAMPH7euUnPzgLdbdHFYJhIiT_KAf-kNs_A_SFp-AzHowVoZuNXmk5tfws5UlrdNXDpfdIlyZZyRDEPlQE5uPdghKNWijgcipMGB5Jcq_0Fme7LQdStMGBRWkwwauldbxkeRxrNuGnNEyxp2Jur7girSWhndpL72_l72toUI/3cdS8nEq7fkCuIr_fa0MXrFOdk2SkCf_/7" itemprop="StoryLink" itemscope="itemscope" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">here</a>. Thanks!</em></span></p> <div id="footnote-1" style="font-style: italic;"> <p style="margin: 16px 0;">[1] Bob Elliott <a href="https://links.message.bloomberg.com/s/c/V8M-QiVKs5un-ijyo4HUSMDxmHsnKSVGh4IG8kIcxXK8i-s3fUvttoCKQrglja8J97r24fAq75FuhMNtL0F9TUJ9GKT-jA8vBfNyeQ9BipM1nxUD1QDc8UiRLraEoJcnkt0nX0uJ9gVpQl3PZYh2n56tHDGDvcjl-9TjiNWX_p2X_jVBnWs6WKCpf9fHUqF48NKn2CURpQd-Soo5HWRNRkVtvk5-oBJ0BWSAKHva4t5Tkmwf2qxosTSvWzsdaPf8Y9iX0xfTfxaxcVIGcGj79kQ9-anSQIFnAP53QXvcrQSCJWjxqvfX-X1UTIbrhCR8BnhzoAnUeKw74wR8RWDfG4sb2bBcGIn2Nwr_LtmVak7P9DQ0xVvKJSEoj_Fswk-1mjKfDOLf4qrvnOSe6C2dtkTigyzNl1LWiR6CNlkpaOxuFw/70LzcyzBSsWD9mcRjOFk4UMTCgebz9He/7" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">writes</a> “about whether what we are seeing is a more [coordinated] effort beyond retaliatory tariffs from Chinese officials”: “While many say the US [holds] the cards from an economic standpoint, the buildup of enormous financial liabilities over the last couple decades suggests these trade partners may be able to inflict far more pain more quickly than the US ability to create pressure.” And here is a <a href="https://links.message.bloomberg.com/s/c/aBHoZ_MML_sH1SWiDlSYg1XR7AgXY0uwh8OOb3tVWpuC371r1xKPS9DE_Su5mmnCry5wFOP9-lsoSHRjQQEMwkIX06reeklhriqyTZqb7dZK63o2pAYckqQThG_1U1KFvEJGIHZamobJYAO9ZuqnmEuUkx-53ACywUgDdv8OYXwBZ7ByKiyadJ-kaEjart1xww_w-3ifUoRylaK3XWHr3dvycluurpMsOcfRPzDGYouJ2N5zgUvDLegGdp5P1FlX7kejwtX97uJI0pd2V_WrwBg_7adD3UGkIEGrfRdiymeAqfxo0MYoFjV8rHRZVuhe1gnpKc56TOnLb1glz4hund8UCXzWA3kCKrdPrR-2sj2c-SIhgbrNe8KGLWw/_JunBgQdwiuCxFgZZtI_V3InIVfb0uLt/7" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">Bloomberg explainer</a> about “The Many Reasons US Bonds Are Falling Despite Haven Status.”</p> </div> </td> </tr> </table> </td> </tr> <tr> <td style="border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt; padding: 0px 10px;"> <table width="100%" border="0" cellspacing="0" cellpadding="0"> <tr> <td style="width: 100%; border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt;" width="100%"> <center> <a href="https://links.message.bloomberg.com/s/c/PINwJo1WZ89rz4WzvlV9KqEZePQLiRVQqNWOQ-TfXd0VWCzI1-7NKBETojaxZTjMIfIHHJ0VO_DMWve-9qGwIMG-6Jpd6CdMgTwmUtj5BdAPhan1Hx56-RDRpYMTM5qrBNqSHHs_6wvWUfbschstm6ww-YAQVNqim1LmMDkCYtzJ72vvjBSoy9NfPJZm2UzE_XutKfqFaTs4OgKNygpNUxTaBnmVu6G0nIShsTgKh_2zL9bu077wPvey4Vyo4iZE9GhDpUiLH_BMgKaDnsfc6_t73Svo61-2fW0yUH6SYjZ-QIDUhUQgaD22AhkjL7HfhQdeOE67I6SkM6aSbOKKC8Sr_4ECngjf40MOL7b73p4SVh0PNGokA7TdWBhLAo9ywW2rJy2ukqkjnIjnNqOjZvjnin_1lWA0Valx-xOf3yB028XWoaUnrXYWkCj0iMktwGRYwPMjENN3vQ/DbL741eS7xAdBakZcQhDrk1l5OuTxEEv/7" target="_blank"> <!--[if mso]><table width="550"><tr><td><img alt="Listen to the Money Stuff Podcast" src="https://assets.bwbx.io/images/users/iqjWHBFdfxIU/i6H.ue2bNPOA/v0/-1x-1.png" width="550"/></td></tr></table> <div style="display:none"><![endif]--><img src="https://assets.bwbx.io/images/users/iqjWHBFdfxIU/i6H.ue2bNPOA/v0/-1x-1.png" alt="Listen to the Money Stuff Podcast" style="max-width: 550px; 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  7. CardsFTW #150: Small Merchants Didn’t Benefit from Interchange Regulations

    Wed, 09 Apr 2025 16:15:45 -0000

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-ms-interpolation-mode: bicubic; max-width: 100%;"> </a> </td> </tr> <tr> <td class="post-title post-title-with-excerpt post-title-serif" style="vertical-align: top; color: #15212A; font-size: 36px; line-height: 1.1em; font-weight: 700; text-align: center; padding-bottom: 8px; font-family: Georgia, serif; letter-spacing: -0.01em;" valign="top" align="center"> <a href="https://www.cardsftw.com/r/6d411edc?m=c62b746c-f2ed-4fee-8f26-488cc07e1c4e" class="post-title-link" style="text-decoration: none; display: block; margin-top: 32px; color: #15212A; text-align: center; line-height: 1.1em; overflow-wrap: anywhere;" target="_blank">CardsFTW #150: Small Merchants Didn&#x2019;t Benefit from Interchange Regulations</a> </td> </tr> <tr> <td style="font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; font-size: 18px; vertical-align: top; color: #15212A; width: 100%;" width="100%" valign="top"> <table class="post-meta-wrapper" role="presentation" border="0" cellpadding="0" cellspacing="0" width="100%" style="border-collapse: separate; mso-table-lspace: 0pt; mso-table-rspace: 0pt; width: 100%; padding-bottom: 32px;"> <tr> <td height="20" class="post-meta post-meta-center" style="font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; vertical-align: top; color: #73818c; font-size: 13px; font-weight: 400; text-align: center; padding: 0;" valign="top" align="center"> By MatthewGoldman &#x2022; <span class="post-meta-date" style="white-space: nowrap;">9 Apr 2025 </span> </td> <td class="post-meta post-meta-center view-online desktop" style="font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; vertical-align: top; color: #73818c; font-size: 13px; font-weight: 400; text-align: center; display: none;" valign="top" align="center"> <a href="https://www.cardsftw.com/r/e002d0a4?m=c62b746c-f2ed-4fee-8f26-488cc07e1c4e" class="view-online-link" style="word-wrap: none; white-space: nowrap; color: #73818c; overflow-wrap: anywhere; text-decoration: underline;" target="_blank">View in browser</a> </td> </tr> <tr class="post-meta post-meta-center view-online-mobile" style="color: #73818c; font-size: 13px; font-weight: 400; text-align: center;" align="center"> <td height="20" class="view-online" style="font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; vertical-align: top; color: #73818c; font-size: 13px; font-weight: 400; text-align: center; text-decoration: underline;" valign="top" align="center"> <a href="https://www.cardsftw.com/r/cbd5ecf9?m=c62b746c-f2ed-4fee-8f26-488cc07e1c4e" class="view-online-link" style="word-wrap: none; white-space: nowrap; color: #73818c; overflow-wrap: anywhere; text-decoration: underline;" target="_blank">View in browser</a> </td> </tr> </table> </td> </tr> <tr class="post-content-row"> <td class="post-content-sans-serif" style="font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; vertical-align: top; font-size: 17px; line-height: 1.5em; color: #15212A; padding-bottom: 20px; border-bottom: 1px solid #e0e7eb; max-width: 600px;" valign="top"> <!-- POST CONTENT START --> <h1 id="fintech-nerds-unite" style="margin-top: 0; font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; line-height: 1.11em; text-rendering: optimizeLegibility; margin: 1.5em 0 0.5em 0; font-size: 42px; font-weight: 700;">Fintech Nerds Unite!</h1><p style="margin: 0 0 1.5em 0; line-height: 1.6em;">I&#39;m excited to announce that I&#39;ll be speaking at <a href="https://www.cardsftw.com/r/4d511ab4?m=c62b746c-f2ed-4fee-8f26-488cc07e1c4e" rel="noreferrer" style="overflow-wrap: anywhere; color: #F9A60D; text-decoration: underline;" target="_blank">Fintech NerdCon 2025</a>. The team reached out to me to speak at the event, and I said, &quot;This might be the only way I&#39;ll go to Miami!&quot;</p><div class="kg-card kg-image-card kg-card-hascaption" style="margin: 0 0 1.5em; padding: 0;"><a href="https://www.cardsftw.com/r/095ecdfe?m=c62b746c-f2ed-4fee-8f26-488cc07e1c4e" style="overflow-wrap: anywhere; color: #F9A60D; text-decoration: underline;" target="_blank"><img src="https://www.cardsftw.com/content/images/2025/04/fintechnerds.jpg" class="kg-image" alt loading="lazy" width="600" height="314" style="border: none; -ms-interpolation-mode: bicubic; max-width: 100%; display: block; margin: 0 auto; height: auto; width: auto;"></a><div class="kg-card-figcaption" style="text-align: center; font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; padding-top: 10px; padding-bottom: 10px; line-height: 1.5em; color: #73818c; font-size: 13px;"><span style="text-align: center; white-space: pre-wrap;">#finfluencers #fintechnerd #nerdnerd</span></div></div><p style="margin: 0 0 1.5em 0; line-height: 1.6em;">The Content Council is full of the industry&#39;s best-known influencers, including Simon Taylor, Alex Johnson, Jason Mikula, Julie VerHage Greenberg, Miguel Armaza, Cokie Hasiotis, Nik Milanovic, and Katie Perry. </p><p style="margin: 0 0 1.5em 0; line-height: 1.6em;">I hope to see you in Miami&#xA0;from November 18&#xA0;to 20th at the event that every fintech nerd has ever wanted to exist.</p><h1 id="the-fed-takes-another-look-at-debit-interchange" style="margin-top: 0; font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; line-height: 1.11em; text-rendering: optimizeLegibility; margin: 1.5em 0 0.5em 0; font-size: 42px; font-weight: 700;">The Fed Takes Another Look at Debit Interchange</h1><p style="margin: 0 0 1.5em 0; line-height: 1.6em;">A <a href="https://www.cardsftw.com/r/1d5b9da7?m=c62b746c-f2ed-4fee-8f26-488cc07e1c4e" style="overflow-wrap: anywhere; color: #F9A60D; text-decoration: underline;" target="_blank"><u>new paper</u></a> (PDF) from the Kansas City Fed digs deep into the debit card interchange landscape more than a decade after the Durbin Amendment took effect. For those of us who&#x2019;ve followed this space closely, it&#x2019;s no shock that these regulations haven&#x2019;t done much for small merchants, and now we&#x2019;ve got the data to prove it.</p><p style="margin: 0 0 1.5em 0; line-height: 1.6em;">Let&#x2019;s rewind to 2011 for a quick primer. Regulation II, which came out of Durbin, introduced three big changes:</p><ol style="margin: 0 0 1.5em 0; line-height: 1.6em; padding-left: 1.3em; padding-right: 1.5em; list-style: decimal; max-width: 100%;"><li style="margin: 0.5em 0; padding-left: 0.3em; line-height: 1.6em;">A cap on debit interchange fees&#x2014;but only for large issuers (over $10B in assets).</li><li style="margin: 0.5em 0; padding-left: 0.3em; line-height: 1.6em;">A ban on network exclusivity, forces issuers to enable at least two unaffiliated networks per card. (This ban wasn&#x2019;t enforced in e-commerce until last year due to technology limitations for single-message networks.)</li><li style="margin: 0.5em 0; padding-left: 0.3em; line-height: 1.6em;">Routing freedom for merchants, letting them pick how transactions are processed.</li></ol><p style="margin: 0 0 1.5em 0; line-height: 1.6em;">The cap ($0.21 + 0.05% of the transaction value, with an extra penny if you had fraud tools) was a big win for large retailers. However, smaller debit issuers, which include volume on all the fast-growing fintech brands (like Chime, Current, or Cash App) are exempt and represent about 35% of debit volume. The idea was that increased routing competition would push down fees for exempt issuers too.</p><h2 id="for-small-merchants-not-much-changed" style="margin-top: 0; font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; line-height: 1.11em; font-weight: 700; text-rendering: optimizeLegibility; margin: 1.5em 0 0.5em 0; font-size: 32px;">For Small Merchants, Not Much Changed</h2><p style="margin: 0 0 1.5em 0; line-height: 1.6em;">The paper tracks exempt debit interchange fees across 13 networks (3 dual-message like Visa/Mastercard and 10 single-message like STAR and NYCE) from 2011 to 2024. The focus was on four key merchant categories: grocery, general retail, gas stations, and quick-service restaurants. The analysis zeroed in on small merchants, who don&#x2019;t qualify for volume discounts.</p><p style="margin: 0 0 1.5em 0; line-height: 1.6em;">Out of the 13 networks:</p><ul style="margin: 0 0 1.5em 0; line-height: 1.6em; padding-left: 1.3em; padding-right: 1.5em; list-style: disc; max-width: 100%;"><li style="margin: 0.5em 0; padding-left: 0.3em; line-height: 1.6em;">Only four (including Interlink, NYCE, and Jeanie) generally reduced fees in at least one merchant category.</li><li style="margin: 0.5em 0; padding-left: 0.3em; line-height: 1.6em;">Five networks (including Discover&#x2019;s Pulse) both raised and lowered fees, depending on the category.</li><li style="margin: 0.5em 0; padding-left: 0.3em; line-height: 1.6em;">Two networks (ACCEL and STAR, both owned by Fiserv) increased fees across the board.</li><li style="margin: 0.5em 0; padding-left: 0.3em; line-height: 1.6em;">Two networks (Mastercard and Maestro) made no changes at all.</li></ul><p style="margin: 0 0 1.5em 0; line-height: 1.6em;">What&#x2019;s worse: Fee hikes were often much larger than reductions. Some increases hit +68 cents on a $40 transaction, while reductions maxed out at just 11 cents. A lot of those hikes were tied to &#x201C;premium&#x201D; interchange tiers (networks offering higher rates to issuers who commit to sending more volume their way). In other words, networks still know who they serve.</p><div class="kg-card kg-image-card" style="margin: 0 0 1.5em; padding: 0;"><img src="https://www.cardsftw.com/content/images/2025/04/Screenshot-2025-04-08-at-1.31.28-PM.png" class="kg-image" alt loading="lazy" width="600" height="549" style="border: none; -ms-interpolation-mode: bicubic; max-width: 100%; display: block; margin: 0 auto; height: auto; width: auto;"></div><div class="align-center" style="text-align: center;"><hr style="position: relative; display: block; width: 100%; margin: 3em 0; padding: 0; height: 1px; background-color: transparent; border: 0; border-top: 1px solid #e0e7eb;"><p style="margin: 0 0 1.5em 0; line-height: 1.6em;"><span style="white-space: pre-wrap;">Thank you for subscribing to&#xA0;CardsFTW. Please consider supporting this newsletter&#xA0;by upgrading to a paid subscription today.</span></p><div class="btn btn-accent" style="box-sizing:border-box; width: 100%; display: table;"> <table border="0" cellspacing="0" cellpadding="0" align="center" style="border-collapse: separate; mso-table-lspace: 0pt; mso-table-rspace: 0pt; width: auto;" width="auto"> <tbody> <tr> <td align="center" style="font-size: 18px; vertical-align: top; color: #15212A; border-radius: 5px; text-align: center; font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; background-color: #F9A60D;" valign="top" bgcolor="#F9A60D"> <a href="https://www.cardsftw.com/r/ae6d2aca?m=c62b746c-f2ed-4fee-8f26-488cc07e1c4e" style="overflow-wrap: anywhere; border: solid 1px #3498db; border-radius: 5px; box-sizing: border-box; cursor: pointer; display: inline-block; font-size: 14px; font-weight: bold; margin: 0; padding: 12px 25px; text-decoration: none; background-color: #F9A60D; border-color: #F9A60D; color: #FFFFFF;" target="_blank">Upgrade to Paid</a> </td> </tr> </tbody> </table> </div> <p style="margin: 0 0 1.5em 0; line-height: 1.6em;"></p><hr style="position: relative; display: block; width: 100%; margin: 3em 0; padding: 0; height: 1px; background-color: transparent; border: 0; border-top: 1px solid #e0e7eb;"></div><h2 id="why-didn%E2%80%99t-routing-pressure-work" style="margin-top: 0; font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; line-height: 1.11em; font-weight: 700; text-rendering: optimizeLegibility; margin: 1.5em 0 0.5em 0; font-size: 32px;">Why Didn&#x2019;t Routing Pressure Work?</h2><p style="margin: 0 0 1.5em 0; line-height: 1.6em;">In theory, routing choice was supposed to create downward pressure on fees. But in practice, small merchants aren&#x2019;t routing-savvy: Many use flat-rate pricing from their processors. If you&#x2019;re a corner bakery on Square or Toast, you&#x2019;re likely paying 2.6% + $0.10 no matter what. That model removes any incentive to route transactions over lower-cost networks because the cost is bundled and opaque.</p><p style="margin: 0 0 1.5em 0; line-height: 1.6em;">Large merchants, by contrast, use interchange-plus pricing, where each fee is broken out, and every penny saved by steering volume matters. That asymmetry gives networks zero reasons to lower exempt interchange for small merchants, especially when they can still use high fees to lure issuers into preferred partnerships.</p><h2 id="single-vs-dual-message-networks" style="margin-top: 0; font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; line-height: 1.11em; font-weight: 700; text-rendering: optimizeLegibility; margin: 1.5em 0 0.5em 0; font-size: 32px;">Single vs. Dual-Message Networks</h2><p style="margin: 0 0 1.5em 0; line-height: 1.6em;">Interestingly, there wasn&#x2019;t a clear pattern between network type and fee movement. Both single- and dual-message networks were found across all four outcome categories (decreased, increased, unchanged, mixed). However, the broader takeaway is that even though single-message networks are more susceptible to merchant routing, they didn&#x2019;t necessarily lower fees. Why? Because small merchants don&#x2019;t route, so the competition doesn&#x2019;t happen.</p><p style="margin: 0 0 1.5em 0; line-height: 1.6em;">Let&#x2019;s not forget: while dual-message networks like Visa and Mastercard were theoretically vulnerable to routing loss, issuers still push cardholders to run debit as &#x201C;credit&#x201D; (especially with contactless), keeping dual-message rails sticky.</p><h2 id="the-fed-hints-at-what-comes-next" style="margin-top: 0; font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; line-height: 1.11em; font-weight: 700; text-rendering: optimizeLegibility; margin: 1.5em 0 0.5em 0; font-size: 32px;">The Fed Hints at What Comes Next</h2><p style="margin: 0 0 1.5em 0; line-height: 1.6em;">The paper concludes by suggesting that routing choice isn&#39;t enough to reduce small merchant costs. Other countries, like South Korea and Canada, have experimented with broader caps, either across the board or targeted at small merchants. (Fun fact: Canada doesn&#x2019;t regulate interchange by law, but the Department of Finance got Visa and Mastercard to voluntarily lower credit card fees for small businesses.)</p><p style="margin: 0 0 1.5em 0; line-height: 1.6em;">In October 2023, the Fed even proposed lowering the Reg II cap (to $0.144 + 0.04%, plus $0.013 for fraud), a move that wouldn&#x2019;t help small merchants directly but could set a precedent.</p><p style="margin: 0 0 1.5em 0; line-height: 1.6em;">The merchant coalitions push a narrative that regulating debit card interchange helps small merchants. This paper suggests that this is not true and that Regulation II is a regulation affecting primarily the largest merchants and banks alone.</p><h1 id="goodbye-stand-alone-zelle" style="margin-top: 0; font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; line-height: 1.11em; text-rendering: optimizeLegibility; margin: 1.5em 0 0.5em 0; font-size: 42px; font-weight: 700;">Goodbye, Stand-Alone Zelle</h1><p style="margin: 0 0 1.5em 0; line-height: 1.6em;">Challenger banks across the U.S. have been cautiously planning for last week&#x2019;s discontinuation of the stand-alone Zelle app. <a href="https://www.cardsftw.com/r/0d8c81cb?m=c62b746c-f2ed-4fee-8f26-488cc07e1c4e" rel="noreferrer" style="overflow-wrap: anywhere; color: #F9A60D; text-decoration: underline;" target="_blank">Zelle</a> is a peer-to-peer real-time payment network operated by Early Warning Systems, which is owned by a consortium of the nation&#x2019;s largest banks (Bank of America, Truist, Capital One, JPMorgan Chase, PNC Bank, U.S. Bank, and Wells Fargo). Many challenger banks see up to one-third of the deposits onto their platform coming in via Zelle transfers.</p><div class="kg-card kg-image-card kg-card-hascaption" style="margin: 0 0 1.5em; padding: 0;"><img src="https://www.cardsftw.com/content/images/2025/04/IMG_316AC97230E1-1-2.JPEG" class="kg-image" alt loading="lazy" width="600" height="564" style="border: none; -ms-interpolation-mode: bicubic; max-width: 100%; display: block; margin: 0 auto; height: auto; width: auto;"><div class="kg-card-figcaption" style="text-align: center; font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; padding-top: 10px; padding-bottom: 10px; line-height: 1.5em; color: #73818c; font-size: 13px;"><span style="text-align: center; white-space: pre-wrap;">The Zelle app is going the way of Zune and Zulily </span></div></div><p style="margin: 0 0 1.5em 0; line-height: 1.6em;">The stand-alone Zelle app allowed most bank accounts to use Zelle by connecting your account via traditional ACH routing numbers with your phone number. Now, you can only use Zelle from a participating bank directly with Zelle built into the app. EWS says that this is because Zelle doesn&#x2019;t need a stand-alone app anymore. I&#x2019;m feeling more like a conspiracist about this, however. I think the EWS banks don&#x2019;t want people using Zelle to fund challenger bank accounts.&#xA0;</p><p style="margin: 0 0 1.5em 0; line-height: 1.6em;">Part of Zelle&#x2019;s success is its ubiquity. As they pull back on availability and introduce new transaction delays to limit fraud, I think they will push folks back to Cash App, Venmo, and PayPal.</p><div class="align-center" style="text-align: center;"><hr style="position: relative; display: block; width: 100%; margin: 3em 0; padding: 0; height: 1px; background-color: transparent; border: 0; border-top: 1px solid #e0e7eb;"><p style="margin: 0 0 1.5em 0; line-height: 1.6em;"><span style="white-space: pre-wrap;">Do you love CardsFTW? Share or forward this post to a friend!&#xA0;</span></p><hr style="position: relative; display: block; width: 100%; margin: 3em 0; padding: 0; height: 1px; background-color: transparent; border: 0; border-top: 1px solid #e0e7eb;"></div><h1 id="quick-notes" style="margin-top: 0; font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; line-height: 1.11em; text-rendering: optimizeLegibility; margin: 1.5em 0 0.5em 0; font-size: 42px; font-weight: 700;">Quick Notes</h1><h2 id="deserve-launches-cc-bank-cards" style="margin-top: 0; font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; line-height: 1.11em; font-weight: 700; text-rendering: optimizeLegibility; margin: 1.5em 0 0.5em 0; font-size: 32px;">Deserve Launches CC Bank Cards</h2><p style="margin: 0 0 1.5em 0; line-height: 1.6em;">CC (Capital Community) Bank is a Utah-based institution with about $1 billion in assets and less than ten locations. Many smaller community banks like this don&#x2019;t issue credit cards directly, but work in an agent banking relationship with a company like Elan Financial Services. In this case, CC Bank is issuing the cards directly using Deserve&#x2019;s platform, marrying modern capabilities to an institution that has typically been stuck with legacy providers.</p><p style="margin: 0 0 1.5em 0; line-height: 1.6em;">Deserve is a pioneering credit card program manager that has issued cards for fintech brands (via traditional sponsor banks like Celtic Bank, also of Utah) and for traditional banks (like its former partnership with Sallie Mae Bank). As far as I know, this relationship is a sign of a new type of banking customer.</p><p style="margin: 0 0 1.5em 0; line-height: 1.6em;">The new partnership encompasses <a href="https://www.cardsftw.com/r/0dc8c4ae?m=c62b746c-f2ed-4fee-8f26-488cc07e1c4e" rel="noreferrer" style="overflow-wrap: anywhere; color: #F9A60D; text-decoration: underline;" target="_blank">three new cards</a>:</p><ol style="margin: 0 0 1.5em 0; line-height: 1.6em; padding-left: 1.3em; padding-right: 1.5em; list-style: decimal; max-width: 100%;"><li style="margin: 0.5em 0; padding-left: 0.3em; line-height: 1.6em;">A co-branded card for the Utah Warriors Rugby team</li><li style="margin: 0.5em 0; padding-left: 0.3em; line-height: 1.6em;">The Peak Card, for consumers</li><li style="margin: 0.5em 0; padding-left: 0.3em; line-height: 1.6em;">The Summit card for small businesses</li></ol><div class="kg-card kg-image-card kg-card-hascaption" style="margin: 0 0 1.5em; padding: 0;"><img src="https://www.cardsftw.com/content/images/2025/04/CCBANK_CREDIT_CARDS.jpg" class="kg-image" alt="Three Mastercard credit cards on a gray background" loading="lazy" width="599" height="377" style="border: none; -ms-interpolation-mode: bicubic; max-width: 100%; display: block; margin: 0 auto; height: auto; width: auto;"><div class="kg-card-figcaption" style="text-align: center; font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; padding-top: 10px; padding-bottom: 10px; line-height: 1.5em; color: #73818c; font-size: 13px;"><span style="text-align: center; white-space: pre-wrap;">More vertical cards and somehow still no vertical stripes</span></div></div><p style="margin: 0 0 1.5em 0; line-height: 1.6em;">These are decent cards with all three carrying no annual fee, while including Priority Pass lounge access. The two consumer cards are 1.5% cashback cards, with the Warriors card also including 5% cash back on Warriors tickets and merchandise. The small business card is a 2% cashback card.</p><h2 id="capital-onediscover-merger-moves-along" style="margin-top: 0; font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; line-height: 1.11em; font-weight: 700; text-rendering: optimizeLegibility; margin: 1.5em 0 0.5em 0; font-size: 32px;">Capital One - Discover Merger Moves Along</h2><p style="margin: 0 0 1.5em 0; line-height: 1.6em;">The <em>New York Times</em> <a href="https://www.cardsftw.com/r/03fa0621?m=c62b746c-f2ed-4fee-8f26-488cc07e1c4e" style="overflow-wrap: anywhere; color: #F9A60D; text-decoration: underline;" target="_blank"><u>reported</u></a> that Capital One&#x2019;s acquisition of Discover has cleared an important Justice Department hurdle. The DOJ informed regulations that it did not intend to block the merger for anti-competitive reasons. First announced in February in 2024, a bank merger of this size is bound to be a slow-moving process. I think this deal will be great for Capital One, but I rarely believe folks that say two large companies combining can be anything but negative for consumers. Oh, well.</p><h1 id="cardsftw" style="margin-top: 0; font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; line-height: 1.11em; text-rendering: optimizeLegibility; margin: 1.5em 0 0.5em 0; font-size: 42px; font-weight: 700;">CardsFTW</h1><p style="margin: 0 0 1.5em 0; line-height: 1.6em;"><a href="https://www.cardsftw.com/r/be7cad58?m=c62b746c-f2ed-4fee-8f26-488cc07e1c4e" style="overflow-wrap: anywhere; color: #F9A60D; text-decoration: underline;" target="_blank"><u>CardsFTW</u></a>, released weekly on Wednesdays, offers insights and analysis on new credit and debit card industry products for consumers and providers. CardsFTW is authored and published by Matthew Goldman and the team at <a href="https://www.cardsftw.com/r/6d67f867?m=c62b746c-f2ed-4fee-8f26-488cc07e1c4e" style="overflow-wrap: anywhere; color: #F9A60D; text-decoration: underline;" target="_blank"><u>Totavi</u></a>, a boutique consulting firm specializing in fintech product management &amp; marketing. We bring real operational experience that varies from the earliest days of a startup to high-growth phases and public company leadership. Visit <a href="https://www.cardsftw.com/r/f562c4b8?m=c62b746c-f2ed-4fee-8f26-488cc07e1c4e" style="overflow-wrap: anywhere; color: #F9A60D; text-decoration: underline;" target="_blank"><u>www.totavi.com</u></a> to learn more.</p><p style="margin: 0 0 1.5em 0; line-height: 1.6em;"><em>Interested in reaching our audience? </em><a href="https://www.cardsftw.com/r/07ac3d4b?m=c62b746c-f2ed-4fee-8f26-488cc07e1c4e" style="overflow-wrap: anywhere; color: #F9A60D; text-decoration: underline;" target="_blank"><em><u>You can sponsor CardsFTW.</u></em></a></p><p style="margin: 0 0 1.5em 0; line-height: 1.6em;"><em>*Indicates a company with which Totavi has a financial relationship.</em></p> <!-- POST CONTENT END --> </td> </tr> </table> </td> </tr> <!-- END MAIN CONTENT AREA --> <tr> <td dir="ltr" width="100%" style="font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; font-size: 18px; vertical-align: top; color: #15212A; background-color: #ffffff; text-align: center; 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font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; color: #15212A; font-weight: 500; margin: 1em 0 0 0; line-height: 1.4em; word-break: break-word; font-size: 13px;">Comment</p> </a> </td> </tr> </table> </td> </tr> <tr> <td class="subscription-box" style="font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; font-size: 18px; vertical-align: top; padding: 32px 0; border-bottom: 1px solid #e0e7eb; color: #15212A;" valign="top"> <h3 style="margin-top: 0; font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; line-height: 1.11em; text-rendering: optimizeLegibility; font-size: 14px; font-weight: 700; text-transform: uppercase; margin: 0 0 18px;">Subscription details</h3> <p style="margin: 0 0 1.5em 0; font-size: 15px; font-weight: 400; line-height: 1.45em; text-decoration: none; margin-bottom: 16px; color: #15212A;"> <span>You are receiving this because you are a <strong style="font-weight: 700;">free subscriber</strong> to CardsFTW.</span> </p> <table role="presentation" border="0" cellpadding="0" cellspacing="0" width="100%" style="border-collapse: separate; 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padding-top: 10px; padding-left: 30px; padding-right: 30px; line-height: 1.5em; font-size: 13px;" valign="top" align="center"><p dir="ltr" style="margin: 0 0 1.5em 0; line-height: 1.6em;"><span>Totavi, LLC,&#xA0;2108&#xA0;N St., Ste. N,&#xA0;Sacramento, CA 95816</span></p></td></tr> <tr> <td class="footer" style="font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; vertical-align: top; color: #73818c; margin-top: 20px; text-align: center; padding-bottom: 10px; padding-top: 10px; padding-left: 30px; padding-right: 30px; line-height: 1.5em; font-size: 13px;" valign="top" align="center">CardsFTW &#xA9; 2025 &#x2013; <a href="https://www.cardsftw.com/unsubscribe/?uuid=c62b746c-f2ed-4fee-8f26-488cc07e1c4e&key=44d661c4f7da07f15bd29599b4345e87e54ce5bd0afd084e1bee49ee89a327ac&newsletter=4537ad55-eebc-4678-b2bf-fd6731d3805e" style="overflow-wrap: anywhere; color: #73818c; text-decoration: underline; font-size: 13px;" target="_blank">Unsubscribe</a></td> </tr> <tr> <td class="footer-powered" style="font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; font-size: 18px; vertical-align: top; color: #15212A; text-align: center; padding-top: 70px; padding-bottom: 40px;" valign="top" align="center"><a href="https://ghost.org/?via=pbg-newsletter&amp;ref=cardsftw.com" style="color: #F9A60D; text-decoration: none; overflow-wrap: anywhere;" target="_blank"><img src="https://static.ghost.org/v4.0.0/images/powered.png" border="0" width="142" height="30" class="gh-powered" alt="Powered by Ghost" style="border: none; -ms-interpolation-mode: bicubic; max-width: 100%; width: 142px; height: 30px;"></a></td> </tr> </table> </td> </tr> </table> <!-- END CENTERED WHITE CONTAINER --> </div> </td> <td style="font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; font-size: 18px; vertical-align: top; color: #15212A;" valign="top">&#xA0;</td> </tr> <!--[if mso]> </table> </center> </td> </tr> <![endif]--> </table> <img width="1" height="1" alt="" src="https://email.mg.cardsftw.com/o/eJwszklOxjAMQOHT_Nm1ih07iRc-TDN0gJZIaaDi9gjE273dV9RFcMymKgQiBHZEpl7LcU5HUR9WLwWFs2Rmy5wTU0A2u67W-pAioVsSQIieqv9NLJAIRnMoWmRLVsADE85rECZcSoxJvJP6Inttc156udfxzLldput4GL7fxlb28-7YyovsR33us45R-9xbqc0MTZ_n-_SnNEO3vd3j_74UfwIAAP__SfE95g"></body> </html>
  8. Money Stuff: People Are Worried About Deleveraging

    Tue, 08 Apr 2025 18:21:10 -0000

    <!DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Strict//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-strict.dtd"> <html xmlns="http://www.w3.org/1999/xhtml" xmlns="http://www.w3.org/1999/xhtml" style="width: 100%;"> <head> <meta http-equiv="Content-Type" content="text/html; charset=utf-8"/> <meta name="viewport" content="initial-scale=1"/> <title>Money Stuff</title> <!--[if (mso)|(mso 16)]><style type="text/css">a{text-decoration:none}</style><![endif]--> <style>body{width:100%;-webkit-font-smoothing:antialiased;font-family:Helvetica,Arial,sans-serif;font-size:16px;line-height:150%;margin:0;padding:0}img{max-width:550px}.body-component a:visited{color:#000;text-decoration:none!important;border-bottom:1px solid #000;background-color:#ccc}.body-component h1 a:visited{text-decoration:none;color:#000}@media only screen and (max-width:480px){.lihide{display:none!important}.lishow{display:block!important;width:auto!important;overflow:visible!important;float:none!important;max-height:inherit!important;line-height:inherit!important}.email-ssl-image{width:100%!important;height:auto!important}.body-image img{width:100%!important}.logo-image{width:100%!important}}</style></head> <body style="width: 100%; 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width: 100% !important; max-width: 550px !important;"/> </a> </td> </tr> <!--<![endif]--> </table> </td> </tr> <tr> <td style="border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt;"> <table width="100%" border="0" cellspacing="0" cellpadding="0"> <tr> <td style="border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt; line-height: 150%; padding: 0 10px;"> <table width="100%" border="0" cellspacing="0" cellpadding="0"> <tr> <td style="border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt;"> <h2 style="font-weight: bold; font-family: &quot;Arial Black&quot;, Arial, Helvetica, sans-serif; letter-spacing: -1px; font-size: 20px; border-bottom-width: 1px; border-bottom-style: dotted; margin: 0px; padding: 16px 0px 5px;">People are worried about the basis trade</h2> </td> </tr> </table> <p style="margin: 16px 0;">The basic fact of finance is that there are a lot of big important firms whose job is to borrow money to own financial assets. Sometimes the value of the financial assets goes down, a firm has to pay back the money it borrowed, but the assets it owns are now worth less than the loans against them. So the firm has to go sell other, better assets to raise money to pay back the loans against the assets that went down. (This is called “contagion.”) Or, worse, all of the firm’s assets are worth less than the loans against them, so the firm goes bust, its creditors seize the assets, and <em>they </em>have losses.</p> <p style="margin: 16px 0;">Often the leveraged firms in that story are banks. In modern markets, the big banks seem to be pretty heavily regulated and well capitalized, and people worry a bit less about them than they did in, say, 2008. There are other sorts of leveraged firms. In <a href="https://links.message.bloomberg.com/s/c/wttVDLBE0XYghX3hNVkLt2f2K5mqQ-UAMlNILZbh5M5MD1Ica7kGEmKIAY73FhwAmTgjgt-NmxvSxDOElz9WNrr2FGfsHg5oZFBOoKyWskEzk3nUqE0D-kg3dAlb6kcHVDqiZ5v0Ua2orrYzC10vPqxN6gGZWrjGBwJ419VHHuPdAiiAtpHYaaBg1kt93CbQA2SKKjZO6jZzg5t_uZcF8zPCbCIme2he9uJXhyylR9TEIS6t2wL5XY8sO6X1_WlSEIGvhl8E508OxxPCA7nXDxss0isYIP7u5KfzkwoHrCzfapqb5dSbvKiWxgdRHmn_VFmUIEnrhmIccE0t98faEgt1PvFbd21qApDMB2HDRxy9CXINPTJjiSDSbA/vtNirj_czeUvlgbpFRYYH-F_XywTXVfx/7" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;"> 2022</a> it was crypto exchanges. In 2023 it was <a href="https://links.message.bloomberg.com/s/c/O-m8mEVZylygQpQX1hiYgV5caKX-kUx-OuRO_Zt3NwH9Il0Yk_g6NdjEEGxmrNhPa9KMXchH2g2vHJzHPjRS3Y2y1J3XxwqHaKlwaVdfApqqU5sxxlLMA7pYwcz7aJ595znY4paAh5TRiy4VjsbMupxxmtHvaga2-Gc3UYihTWegEuA48UTBUpf5__D1tlAL0p2P62XHoZO5JR6Wky0NsCArz1JAY87cvqKtiSLomn4FUY2D3w1_Qpop18Yehb9orq_JN3FuZqKFBA8YQyCkNtHptfZGunFgiI8Kcn-QH8n5j6egmn_lVkcXrAOUwXCkgZlIDqUO0vDb7QlZfrNKEhFPWs0vZLuTYyWyaLifOnY89BZf-HuEFi8iRw/Hg84nku_gSQ6k_aL11tMwvxU8HoHoR9i/7" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;"> US regional banks</a>, and also <a href="https://links.message.bloomberg.com/s/c/NPRGmsb7BlGe7m-IxWCkXoNbkhESjEPD_Y9Yoe2Vrmu-xeddnKZJYzTkyyURtDrLRzZo0-yR5rzvSSepTjU0qYU8PEcmArSEuN13X-65vkr-W1Oa6Su5mR8AKjjZO56taIKsTPQEM-vb2iTt_RR6AGVbeHkh2PlrKN6QbGxeKAjnzXUg7loHtCJx6ajKX1MQdlhm1cQJVL_tjQXR6gXIRi94C7KIjgPyDrZLCxUMd8rNwFOMHkFLY90EimUywAh52D76nnJly_s6CotjQvUCJO-ko-O273rOwkOxD3fQen-dDBPK8mrwhHsqMAywgL6bTqMrUceQlP0oSRcWSms_lkRQTTiqVZdrK4GdseWDVK9QC_Kw8AKMMAodoQ/SakshZijTMyizNNGZP8Clk909UdfwCf_/7" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;"> Credit Suisse</a>.</p> <p style="margin: 16px 0;">In recent years a lot of the worry has been about highly leveraged multistrategy hedge funds, <a href="https://links.message.bloomberg.com/s/c/UwNdOnG8PJLWnG6dTn7NYFsgn06qP1J7-9ZR9tp_HoYLAP6EM8cGQHhmWPxSqSkwJganXsUFpx_FMq4IjazC6rT7D13iyxo7BIiY9vKzDwVeN1tWM2VK_gveybgQlWBZq9bU9wiFnXCYhtsOiUXzbExXde0YzJaXrA0UevbDJUWucBew1a5vdVtENQ0MWzgHL-GmlsmSTkfnWfuVKbBvn9SQlfLWNrf0_UP1uPQaMjpd81qOtriN86xriGakqXL0AQtUgp3opDBfLNiwGBy6PL3Y9aJLbjb6YNo0ehCmEot1x6NJUqoKQ5AdtKnyVQyR3TqikFSi9i8CFZBaHZEOizZMAqZc6UkaraW3KK7G5N53nT5HWLfV8O3tcw/jVSwQ3sH96zoSyA33dBMY91NLC6z3kh_/7" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">which have</a> in some ways <a href="https://links.message.bloomberg.com/s/c/7f5YFDvionTMa1NnvLGmngxy2my216EtlwSE_ulF7sq82w_bJ6iv0z6pEecixjtqOoa5rpi3hjlsMxJ4b0ZspRNHAGAdzI1I2QBw3UISzFkjA7BXKFY448w9VgG2jLdivYcc3qnSPFr2JOMn3IHqXhABSVEXjHubBR1JzrLAV7Kl8JnNCi0zPRrTzchRFTczvR-NOrD_5uhUpPZ8w5CpfJ0yC3jAUt6nZ3kiOvcpT4NpbvPdrcFUnHtpu1iM7nVQ8rfGmjmgHlWu9s39Gm3A8XtH9euKM-Jd0Vi6QxgEP3LJa4Y6Ja1Mi6J07_ipJSod5VA8C2UWtKTXxm1Bnqbvo2JQgPkm_EgTpEww32KWbUOZFutBlgz-JOPzjQ/8mEkBnR3pJc8JjXjh7iBBK-o6J7INiNZ/7" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;"> taken over</a> the role that big investment banks used to play, and which borrow lots of money to own financial assets like US Treasury bonds. This is called “the basis trade”: Hedge funds borrow money, buy Treasuries, sell Treasury futures to asset managers, and collect a tiny spread. Because (1) they borrow quite a lot of money and (2) this trade has gone wrong before, people worry about it. “People are worried about the basis trade,” <a href="https://links.message.bloomberg.com/s/c/ToksHXK_zrM_WdXSFWwv5a-iJ5csPGNV_qWjN1obuHRyiYlNUKr54HINyu0f8QYnbz_T6Qp0uxfByoUl5Y90ZHybjvnOKg5crAcnKAelGrwBICkAaogjUeUTEs-r_2Yb64SwpJsCsiimdMR5HTiHif8Rawn5uI5s0EGXLF27O-gKgLTQcuigtktSR7-gt6zIdL2WNfdMRsJENJH9ubgEtvyJLSgWzMXEhsrZRZy5atP91x8gfB94lWtVZ8LtHdhY1g8loVo_yIbQM1svIacDeNl29G-2bpcuq1gdWz99bVoX4_F5nbePySA0ToNDOktvM6r6bv8ubVIalb2mtqAtFl76xii5x5ux67XD_A9WhWZFzu4VVcLsPycH6Jg/r77ScE6rdh5EdwB7uuDfdO0risap8aIJ/7" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;"> I wrote in a headline</a> in 2023. And <a href="https://links.message.bloomberg.com/s/c/hn-Y0zU-25FctGzk98Btb2BUrYDoTWJO8Si2F5e--0Lr27l1dh20tbQpAmeED8VBCDOjbuxynVDTtlSurQxAuPNGhL0ApcYvxjGGqSxcdNHadD2orP6vxivKTbje8ywmY0pvWWdXBfjujFzMIa3uLTNS_OXqIt_06Xmq6EZfdCvwViPsXhFRaDaI-H2zkXk0Nwmb3xiGBah6b5rNZtRuk6mh5Yt9hxWuBpprnu-SwoJRyIV4qUocK8PWDbbM_PzXsOGuYKU8xnKl93nGzlnfeb2ENRuKSViphRkrY8aKw3i6Y0mtJEQ1CWNPCjCmMnrfN3zcjgxh_CS4HkGOuEmqiSaHYcO18l8MiiWMcxCVOzpIMcGbAqioFN31Tm8/MF8eU8LAj41WlqOGWirN1C_R0uJKVRe3/7" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">we talked last month</a> about a proposal for the US Federal Reserve to set up a facility to bail out those trades if something went wrong: The hedge funds are big owners of Treasury bonds, Treasury bonds are important to financial plumbing, and if they are forced out of this trade — because the trade moves against them, or just as part of a general deleveraging — then that will be bad for the market. </p> <p style="margin: 16px 0;">Anyway, uh, the value of financial assets has gone down? Pretty broadly? So the obvious question is: Will there be deleveraging? And if so, where? My Bloomberg colleague <a href="https://links.message.bloomberg.com/s/c/D3Y_Xd4TwfCp8AfISCEr8LvhOfsi3rypQnwbdWC5ysvt_km0mYzTUhhJ3DjG5guxQ4RLsIM9sKijH91QPa_7gfxMFxpTgXluiMUX30g91Wy2I9-omqjiSz9Sh_7Tdvxe1Hr8_8PPsQIDH8InGNEKJdcGK8_uS40_o5u8-KGWiiOtL_ogVtB--IUBzcEyYS2jXdJuRawb96NmwungX9j1miDxUeSB1Qu9jhPhl3kw16z3gUOx0xuRzFuGh10h2DknjKXK4QV9R2VwSbeG85Qh_V41Uo4WhlDrBv8_HvSF2ElK7P-jKRe4LrLpAcx2mdt1IB2qRy3zu0HKD3mPE5ulTabwJM_pSkRYtm8FI0jzGl5mM7o9E_3Xz_goO3k/-IsUKNsISdS4LyrWXPL1xc4VxDkTp4jz/7" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;"> John Authers writes</a>:</p> <blockquote> <p style="margin: 16px 0;">If there is reason for concern, it stemmed from the bond market, which suffered an epic selloff [yesterday]. As the dollar gained a little, it’s unlikely that it was foreigners who were selling Treasuries. And as the stock market was directionless amid the drama, it’s hard to believe that asset allocators exited bonds to put money there. …</p> <p style="margin: 16px 0;">A logical but alarming explanation is that someone somewhere had to make forced sales to raise cash. … Particular concern attaches to the multi-strategy hedge fund groups that operate several different investment teams — “pod shops” in the Wall Street lingo. As the dust settles on an extraordinary day, traders will be most concerned for the health of the pod shops in their midst.</p> </blockquote> <p style="margin: 16px0;">And <a href="https://links.message.bloomberg.com/s/c/RIWdMF1y0OeOUNbbVlVip7K7n2TuIMADeTCG5cK5d3y3wi1ju7O4-rfzG21KylzRzM49vN53a2E0bdzY3xDumBFNnISZcHvMXpr3aK4QZeyoY5-kgzgPSu4fNHAzQAIUXVF7HHIxmai1muSqo51a9STyqaoD7fzxHvy1qkSEaAn9A3StAykj59mnd9Wxtp5wx0ByfrMVDcdgtw14ieEjI0vhp5L8qsHqRANuvxM-95vO4HGn0nuOQh3sLyba3YesqPPuTnI6qXspO2j2BxkW0cjtOgT3IDaLM-P_LXhFS0sa263oZ6yt5sLE3R5_9z4xcZGqgIE_i0wbQeYK3_yYwSH79ziwkBPPzRjwQM9pVixopAzYHm2tL28djq323k0tcagPrXko1n2yVfz12vC4CKcIJOuXPO_8T3C8KWIfZsrfgMDvB8OAeiGdyA9pluPQkvGjTAYeKidTb23lBNBvMw11QTyAaMFb4EKgyREZ/ZrnOyFzUbcIocmET54g7wvYEQg6Sq3ad/7" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">the Financial Times reports</a>:</p> <blockquote> <p style="margin: 16px 0;">Market participants said the declines in the $29tn Treasury market on Monday reflected several factors, including hedge funds cutting down on leverage — or borrowing used to magnify trades — and a broader dash for cash as investors sheltered from swings in the wider market. ...</p> <p style="margin: 16px 0;">Investors and analysts pointed in particular to hedge funds that took advantage of small differences in the price of Treasuries and associated futures contracts, known as the “basis trade”. These funds, which are large players in the fixed-income market, unwound those positions as they cut back on risk, prompting selling in Treasuries.</p> <p style="margin: 16px 0;">“Hedge funds have been liquidating US Treasury basis trades furiously,” said one hedge fund manager.</p> </blockquote> <p style="margin: 16px 0;">But it adds that “investors across the board sold Treasuries to raise cash, with one fixed-income trader pointing specifically to traditional asset managers.” And Bloomberg News <a href="https://links.message.bloomberg.com/s/c/1rsIWKB1a3fB6u1uDCH8UCMj0Vkbdl6SsVW8HxwR5io0efhnPvbeAZqwJJ-6wWO3UlE5LNBZYLyOhmhxpix9Pnq7pd1oJarUHiUdOlN_DscxvZkZEHzZqUXstPqSnSw-kkofUv3ndb2T6N9Em3zNSitlB219fSljRC-NyyCXeplfgRi9lMcsOx2qrmjf7RLqwZnLGtGlukx7NKTe7NbeK7i-PHaEDWH_Ijs1iLkb_hQfGLu8y74mM51CFaKC4Pw0Gc8QuUwBquZQ9BVpSH4vjiL9fAISZKKtXRSb93-xSd6qL6Kx8W6DtlKInqd4MSXNW2nVinx7BK8xqLfgjT_gn2krj9h0B4jdX3fQAWx41oQVToIQSpkYbAfNBos/YXFhvBHzEx8iylQm1c4QTGodsc6tkJjM/7" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;"> reported yesterday</a> that “down in the financial trenches, hedge funds had been reducing risk heading into April and there has been little panic selling.” It does not, to the naked eye, look like a panicky deleveraging. And of course, for many funds, volatility is an opportunity to make money. “Michael Platt’s BlueCrest Gains 20% on Trump Tariff Volatility,” <a href="https://links.message.bloomberg.com/s/c/tWw8QSLwUs1XarlLSGL3BS7jOsnby5emXs0C9LZuj1gRDhdm2BfYW-KjclKKToMsQsrIYJtRCarrOs6LRImSVc2FDCrhmW8SmFpnfMMsxGouMAePxb9uHj-afXLTaB5jE3T8BK1nFkipRx0taMnXXmmjcTzvpBzKre5-1Lj1jU84YTI2ahD1sbHR8atftTScjLxfxi9n7mUNu7xVg0UBQ1_cS0p_JlNrjRRhWw3Wmk6e4TGySf6XlbRnlwucuLNvvlEOChFfddb_hiSco_dMAwHfLcIgYb10gXfnXm4MYWOpWX7fzBkyuCNsXujya3FVHdxXuV9eKriy28_o_BvULHlyWXxg5JTjJh3qyum8Kfi2LlGGwugka5yHPa4/Snu8iZzpM0cYMvVLySGIvnnG1VKY5Pwn/7" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;"> reports Bloomberg</a>.</p> <p style="margin: 16px 0;">I will say though. I <a href="https://links.message.bloomberg.com/s/c/V6m8v4AacimCTDDVm5UyWlQ66zeaHZEMhRcKmZuZ7f4vBl0f4EPQVw6ydSqp-vu0L338G4cbiCRFStaEqPiTfZN5Y6pO_yFZ1KhrHGD0_7zyrbXvglsHoFuhFZOy0FrrIsN-_5sOzYV8N4332z1EiqCHc7EwEJc9m4kN1FXER9g1-FBQANeT98JsNdnnGtnhfbBXDNFRZX76B3tG0nMOxRyMLKUCgFgdJthF2BvCkCxHy7ygsK9hmtT5aSH7MLpG0hXXUKCUip-3AdBuVwrfQfhQt68uIQufVEJVnXKPQH2BlT1_fDxWapY1gHHv-ldAIk8P9587NgaAX5hdv-BhCfQcOU_AbcFfkCMaUzOOh41r5Z-vDvyIgZwEW3s/EmthbmtbpL4LIhQP90G9HMsWFhIvVFvr/7" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;"> wrote the other day</a>:</p> <blockquote> <p style="margin: 16px 0;">You could crudely characterize a portion of the trade between Vietnam and the US as (1) Vietnamese wages are lower than US wages, so Vietnamese people make sneakers and t-shirts that they sell to the US cheaply for dollars and (2) the US financial system is big, so Vietnamese people invest those dollars in US financial assets. We are good at making financial assets, they are good at making low-cost clothing, so we trade. To Trump <em>this is necessarily unfair </em>and we must stop it. …</p> <p style="margin: 16px 0;">Now my biases are obvious: I am a financial columnist because I find finance delightful, and a world in which the US gives people finance and gets back inexpensive goods strikes me as good for the US. We give them entries in computer databases, they give us back food and clothing: That is a magical deal for us! </p> </blockquote> <p style="margin: 16px 0;">The basis trade is one of the purest examples of the US being good at making financial assets. Primarily in the sense that the US government is a huge low-cost producer of risk-free debt that trades at low interest rates, and then secondarily in the sense that there is this finely tuned mechanism to direct those Treasuries to their best uses, with hedge funds borrowing a lot of money cheaply to buy Treasuries and turn them into futures for consumption by asset managers. There is a huge ecosystem — Treasury markets, repo markets, hedge funds, asset managers — built around the efficient manufacturing of <em>US interest rate products</em>, because that is what the US financial system does.</p> <p style="margin: 16px 0;">There are some reasons to think that this business of trading, you know, interest-rate products for shoes is good for the US. Manufacturing interest-rate trades is less physically demanding than manufacturing sneakers is, it pays better, it scales better. </p> <p style="margin: 16px 0;">But this is precisely the trade that President Donald Trump’s administration <em>doesn’t </em>like. Trump’s tariffs are designed specifically to eliminate US bilateral trade deficits in goods: Instead of the US buying sneakers from Vietnam and Vietnam buying financial assets from the US, we will have a sort of barter system in which the US buys physical goods (sneakers, etc.) from Vietnam and Vietnam buys physical goods (also sneakers?) from the US.</p> <p style="margin: 16px 0;">Right now, many foreign countries sell goods to the US, get dollars, spend some of the dollars to buy goods from the US, and use the rest to buy US financial assets. In the Trump system, they will use all of their dollars to buy goods from the US, and no financial assets. This, the Trump administration argues, will be good. It is bad for foreigners to buy US financial assets. Trump trade counselor <a href="https://links.message.bloomberg.com/s/c/A7GAr8jVHEB_0sAaj668osmxUhrHfru-9spw_4S_ngBzkcfQXWTEFsQezh0viblEprQWFa1cTjHXlo37JJz3AT50EMXvUPm9Yf4HhZYeAHkVLFhcsjhidizlfTsCk0uSB_xX1OaI2JNfJl0sOg8WtjVW_ZGMDbxkRyiDl9zfMyrEqoZaK-1OnusHmuC_0CL8SmpdLuDipuXNCQMrdNzXE_EMAVJ3ZUZlC0mQTJJ2LMtlrONYI_90tgjpeUzsQnFOk33tJiY_M1l9BAaz4NlmQtaD64wIrue37dzOmEZ2zyw0oV0uekzS99gY3TYFtxTNg4CEpYOAhoGBJeG1SBma9RXSV6e0lCIllMX4IHFDKolr6Lp1ZezOsMfI22-xIe1DM_Pc51i4hTvH0egYKtci6dOuZh13Zk3Sah86ms7EeVwaJx-_wFKtOH4sDPuFOqMAq3AOihs3ugewtsHvY4SMKrrxLbFgjB5ZT_exleHG/Qj4i58LYLIdLzKyjse2g5Uy6F7iOwfC3/7" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">Peter Navarro writes</a>:</p> <blockquote><p style="margin: 16px 0;">The US cumulative trade deficits in goods from 1976 — the year chronic deficits began — to 2024 have transferred over $20tn of American wealth into foreign hands. That’s more than 60 per cent of US GDP in 2024. Foreign interests have taken over vast swaths of US farmland, housing, tech companies, and even parts of our food supply.</p></blockquote> <p style="margin: 16px 0;">Steve Miran, chairman of the Council of Economic Advisers, <a href="https://links.message.bloomberg.com/s/c/Km5Fpaz242Yw75R8mIrpHhFPgkRFoze2FLidWrXCB8Cy-AJnc9zaPIklq_sF2Y_wwYLdS2cE7FSUbC5sE87yljJ-frJbyogzmTSDt0lHrqrwSHYm-m3GyVpa15VbmW1nO9SD3oddtqP4cLERhORJGgye1O2Tv-hImyQ7K4srIlfzigXLwN9z9vVdSaRd4bLaDw41MHgGwiA-dvO1ju3Y_0KnFPMRzESqgDzxmOOoMbbjvLuMM21lbm_eZvkmxhGjMCA6SWHZW2tdGw-hxAy0JD83JX0yx2VP4mOi7dZ8BAWI_QOOUhPp1NeuFAT61nVvTshT2PyvjU7P1HKWYkPEDHHunhDVoJf6sH7xUfT3_BtnG75VLkgRX76jvbcT0UGhle-VHjeJNo49MvQEgJLheZx770s4cHluCTVhsuCBVaDWcptdNuy6fu183DmQBh9GakkujJCFeVeDZ5_9qIQqpqXb8ptqYXdkZzRi6-JklaLF5BidOxnhE2nBXMxeyuyTJkicLxDB33xJlxifMfAruHNSUu5SnbSZ8yq_8b9HMNWBoOOwiNSjzgmsZU1i0IrLEkk3MMppO9WyFsQ5q7lWt7oseI28BBQV15wyLjCTk8bPIhPKQuLP81l-wR7H_rMYTj7SchNzPgm2VPN5HxinB0Km07tH62kZL-fzFcvSI5eFa3Ob_FT9Jt2aOx8Qx3rS_jNcDoKuA95F505vfrqlGF2KZYtKdUM7bfuaHdmG02FYi1erVu-KS8D64I3oA9eqI0hBUtAkwhyo5WIwp0_0YEYyMM4yWqaKMBt4kv5puuZQH09r_7YXMxCk3WGpzQ7Y6GEMxv5tisCcjv7qi1zudihGI9s/G1vQqceda9l8nkugGAMIttcpiWmaemRw/7" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">said in a speech yesterday</a>:</p> <blockquote> <p style="margin: 16px0;">While it is true that demand for dollars has kept our borrowing rates low, it has also kept currency markets distorted.  This process has placed undue burdens on our firms and workers, making their products and labor uncompetitive on the global stage, and forcing a decline of our manufacturing workforce by over a third since its peak and a reduction in our share of world manufacturing production of 40%. …</p> <p style="margin: 16px 0;">There are other unfortunate side effects of providing reserve assets.  Others may buy our assets to manipulate their own currency to keep their exports cheap.  In doing so, they end up pumping so much money into the U.S. economy that it fuels economic vulnerabilities and crises.  For example, in the years running up to the 2008 crash, China along with many foreign financial institutions, increased their holdings of U.S. mortgage debt, which helped fuel the housing bubble, forcing hundreds of billions of dollars of credit into the housing sector without regard as to whether the investments made sense. China played a meaningful role creating the Global Financial Crisis.</p> </blockquote> <p style="margin: 16px 0;">Foreigners are happy to give us sneakers in exchange for our financial assets, but Trump and Navarro and Miran don’t want that trade. They worry that the foreigners are <em>too </em>happy to pay for our financial assets, that they pump “so much money into the U.S. economy that it fuels economic vulnerabilities and crises.”<a href="#footnote-1" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: none !important; background-color: transparent !important; display: inline-block;"> <span>[1]</span> </a> There is too much foreign demand to own our tech companies, so we have to reduce it, by making the tech companies’ stocks worth less. That part seems to be working.</p> <p style="margin: 16px 0;">Similarly, the US is at the cutting edge of manufacturing interest-rate futures, but it is now US industrial policy to stop doing that and get back to manufacturing physical goods in factories. I don’t know, seems bad for the basis trade, no?</p> <table width="auto" cellpadding="0" cellspacing="0" align="center"> <tr> <td colspan="2" align="center" valign="top" style="padding:0 0px"> <a href="https://links.message.bloomberg.com/s/c/-bWuqKKCUU6m7bUXCeRcb0NTYNd0f422-UjJdPwCL4LtDEdrE2CGiLeCXN-gHz4fwbjaWcLssZTmP8_05botKc876bqqH9gjgm6DTC2cRyvZ1nvKgD8t2iEQ7O9zsZyaSiPinu-Wpv25r2vLf_1Y-Oc0eUmDCd5oKpPKo7BULAovXSyw9cf5NsVkQECfuX5atQJr4KVOeW4A32pER93rL7k43CBDhh0VGQqFFVOfpM9GoQYcDvEuTRcwM1EJq8WqCDLX6GVfQphmOciAoCBgmUsORxjBpA2oHCQBaJKWrQh7SmUg2h9l4wymxbwCBHiXR-pFsjppmK_vtYzDX-ATSdWmKxi2GzvcQWKctW7Gltkopj545MYOHhppRgBrHrWyZhYbpLp45TNG15BgicGRBIpjxDaRxGbZ9BAoEE12r09RpChC--SzlGVGMcdSgevNYzmyuEckj5S8yjFXuxLUZ6BG-ZO1tu8bbKxXV7kzgwd-tW5gazFVY2-rqnEMf3qq0NRFodEMiC2mckG6gjh3ruWtNTtuSyBNkxuk___1gmNYj4llRU_HWoYzEsLmWuJqNdho26exbNzYCRQP8IOYPbX3a4gxkmKBF5Kh-kjfndDYDw/vXZ8xmsbXBr2_3tKRkej0ECAH4p8Z5Lx/7" target="_blank"> <img src="https://sli.bloomberg.com/imp?s=868432&stpe=default&li_coord=desktop&collapse_width=550&li=13158812&m=c869f5c3f0784f1d3b0577b4456d769f&p=04082025&lctg=a19ab05d-8da0-4a2a-9dfe-e93d8d341869" width="550" border="0" style="display:block;height:auto;width:100%;max-width:550px;" alt="" class="lihide"/> </a> </td> </tr> <tr> <td colspan="2" align="center" valign="top"> <!--[if !mso]><!--> <div style="display:none; overflow:hidden; width:0; max-height:0; line-height:0;" class="lishow"> <table width="auto" cellpadding="0" cellspacing="0" align="center"> <tr> <td align="center" valign="top" style="padding:0 0px"> <a href="https://links.message.bloomberg.com/s/c/zKM6LxJ9Jpx7RBRuy6GhHJQgesrYn_ofmN0f7_MgzLjaXjp6Oq3gaLVIhusTciHSsqXAUc0uOJSOkNrwjzwBkTblqoL5AjA2E-mtyd2QwHXNhD1hWKx2tbE9gtau49uyyTD-egdN5Y_Ia4SYw0dDaSxEUqsOpSGe-RLmMKGJJBE2F_WXtoQILLWgcXpyhEiIfE59lo1eNJidH86KSB-Seo476oDBwcuqTs4dRQk4fM4TmaKinsZUNA6yql_VSRgBr_EA4ahYLX5ZgVo338JOHGeHfk3dtqt_k1biMUQ4dJsZYKMU4b_Zey_Cc5f_GIfq46ARHqt71ZV6xoItpY5OW12qwTRS2muZHiEIS7Hy3rfX6e9uZ69VWiaeyxMLPqhR3pAHOCdMpDmhKSoRFbQPMtcR19_91BTPjDB9QRnoTEXVynKFacT28InDgRAzIZqOSUwcCuGVXyp-pnjiFIwBRtjEDUnhzWvejpgDMouIaJRI_XfIs1gUNb_fut8uAdiauM2SDPxmiHqjJkW5INhkJ7jBtdSe6zDHXWgU9lCCWn3qGZiHBHDwSu_HMsm4MANv4rgsUlFE7QfNGHlkG-upKNxSKBpQ2la2tcVw9wT44UuOIg/S4fRy8gbbeFxA2qJQKMF4f019zeiYFGT/7" target="_blank"> <img src="https://sli.bloomberg.com/imp?s=868432&stpe=default&li_coord=mobile&collapse_width=550&li=13158812&m=c869f5c3f0784f1d3b0577b4456d769f&p=04082025&lctg=a19ab05d-8da0-4a2a-9dfe-e93d8d341869" width="100%" border="0" style="display:block;height:auto;" alt=""/> </a> </td> </tr> </table> </div> <!--<![endif]--> </td> </tr> </table> <table width="100%" border="0" cellspacing="0" cellpadding="0"> <tr> <td style="border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt;"> <h2 style="font-weight: bold; font-family: &quot;Arial Black&quot;, Arial, Helvetica, sans-serif; letter-spacing: -1px; font-size: 20px; border-bottom-width: 1px; border-bottom-style: dotted; margin: 0px; padding: 16px 0px 5px;">The bad tweet</h2> </td> </tr> </table> <p style="margin: 16px 0;">Last year, Keith Gill, the meme-stock influencer known as “Roaring Kitty,” tweeted a drawing of “a man leaning forward with what looked like a gaming controller.” This post drove up the price of GameStop Corp. stock by about 180%, creating something like $9 billion of market value.<a href="#footnote-2" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: none !important; background-color: transparent !important; display: inline-block;"> <span>[2]</span> </a></p> <p style="margin: 16px 0;">Probably you read that paragraph and were like “oh yes I remember that.” Or perhaps you don’t remember that particular situation, but you have lived in a world of meme stocks for some time now, so that paragraph strikes you as unremarkable even if the details are new to you. If you have been in a coma for the last five years, though, you probably found that paragraph pretty strange. Surely I have neglected to mention some important detail there. Surely the $9 billion of value came from something other than a guy at a computer posting a picture of a guy at a computer. No. I’m sorry. </p> <p style="margin: 16px 0;">I <a href="https://links.message.bloomberg.com/s/c/PRRHhCgIoeyslOXH3mqnJ9jtEyg_a7IFVnjV3Dl_dMvMVOwCTSY-T37u-KBrkuezkl7XcMhPP2D2QqmRLRgIoIaDrtttdBydoW8p2muLBVn53xOh4hvvndT88g-yxSYkEhjoyv2JqxVks773e5kMeYevxvNQ28vhg9AvwQDFEgm_BHITRb6DLfSuaHBTj5D7ITUlXv6l-QkHaFVOaKY1d7tbERYl4hF6FoxngJUSQI9sGaRxG6OtqopfUwZWITcTftp5t_ig1e0OWY1ROIRY_PfVnPbcKirAuzWMcvbq9D_YJTce2Z335BYPA6Pk9EFVqzkRZ-0n2Ez5CehTJqg30RbJnX7bT9AALIzrHMN9TJDUBmHvjt0Yh7CLcAY/V2TSqOvWDsCOxfLCcDsEA5GxES7g7lTA/7" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">wrote at the time</a>:</p> <blockquote><p style="margin: 16px 0;">Is this just how life is now? In January 2021, the whole GameStop experience was new, and there was perhaps some genuine uncertainty about how things would turn out.... And then the stock mostly fell back to earth, and the meme-stock machine ran again on other stocks with mostly diminishing results, and you could <em>imagine </em>that the whole thing was a confluence of novelty and social media and pandemic-era boredom and incautious short sellers that would not repeat itself. But in fact is this just a permanent feature of financial markets?</p></blockquote> <p style="margin: 16px 0;">I don’t know. The GameStop revival mostly did fizzle. Yesterday <a href="https://links.message.bloomberg.com/s/c/loZv1vDBwwi46Dc2fx1UNxFIIC2ht30UaNQMrfQRXKwFVBP-xpKLy0mwrq5z8VLgqFLpx1F3iJuU_O30wC4ngiKx7eSHcCkNWjXwO4mnKAmLEwdoAzLB8LhMhXQBcVxXKGR7sSG-udVkpaOjyP46feuG-xx7taVDNUtgSOsfQzOWEIpRlckuLTAEsF2bmYR04fxRal89vyFMJqaLKfjh3j8gp-gW0SQqQB0yQzWCnjprcv1XCZLgCw9haC-9uyCUhBjoSSDp6IDHpv3FCo5EeZQkerqdAu8Bzy8Azy2Es7QPeWm3RSXqPYALHalYNw3tz662_ThkWbBdbOlA6SOhzCzTIggkHGIuT6-wIobsKTrII3W5GF9vsivumHwSlSOrRFBwcCxuXLfYGH-fgISxfZpaIQfEEWIeSPu2pFb88YT-WPcb17z2sb0dJYzIpDIi08XpSsAMmQ_5xrjW_lWxbbVmyjLVtwTrRslaLRXO4DtlZXqW5uI1GGwec0bGzae7cVhg2Ks8Pf3tyrCa1AQYaqtEcX_0g3Dek6CWSvQxNc_1AkFSxrsJ-4iMXx7xOgdp4mqItvBQ1myVrDYRqTjE6IpoGZuBD34MZSGldrdA_TD3NEP5f98PiXsGjbJXL8BKrE3FdC8mDNVSzaz9E6iTqgPeg6XWF_v2ibd5-ZAnCkVdrr-tZjbdVySAWJj4i57VAkr8JII7b564T2gfqcIJExW00mnOBPtNcxeyyg/fbz_Ojpvf_qQBLXMg1_IVPhXmfufJGIx/7" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">this happened</a>:</p> <blockquote> <p style="margin: 16px 0;">A wild stock-market swing based on false information added $2.4 trillion in value and erased it almost as quickly this morning.</p> <p style="margin: 16px 0;">The episode played out in just over half an hour, all based on misleading reports that said President Trump was considering a 90-day pause to implementing tariffs.</p> <p style="margin: 16px 0;">It underscored how easily misinformation and Wall Street’s high-frequency trading strategies that react to headlines in seconds can impact asset prices.</p> <p style="margin: 16px 0;">News that tariff-shocked investors had been dying to see began circulating on social media shortly after 10:10 a.m. in New York: “HASSETT: TRUMP IS CONSIDERING A 90-DAY PAUSE IN TARIFFS FOR ALL COUNTRIES EXCEPT CHINA,” the headline read, in an apparent reference to words from Kevin Hassett, director of the National Economic Council.</p> <p style="margin: 16px 0;">Stock indexes soared. After trading as much as 4.7% lower early in the session, the S&amp;P 500 rose to trade up 3.4% in a jarring intraday reversal. The broad-based index added $2.4 trillion in market value in the ten minutes from 10:08 to 10:18 a.m., according to Dow Jones Market Data.</p> <p style="margin: 16px 0;">By 10:41 a.m. it had all been wiped out. The S&amp;P 500 erased $2.5 trillion in value in around 23 minutes after the White House quickly denied that such a pause was being discussed.</p> </blockquote> <p style="margin: 16px 0;">You could define a meme stock as one that moves on social-media information that is <em>not </em>related to the cash flows of the underlying business. When Roaring Kitty tweets a picture, that has nothing to do with GameStop’s operations; people buy the stock because they enjoy buying the stock together as a sort of online social game, not because of any underlying business fundamentals. This, obviously, is not that. The difference between the net present value of the future cash flows of publicly traded US companies under Trump’s stated tariff regime, and the cash flows of those companies under some “nah just kidding” version of that regime, plausibly is $2.4 trillion. These are absolutely real macroeconomic calculations, even if some of the inputs are fake tweets.</p> <p style="margin: 16px 0;">But it is kind of meme-y, isn’t it? The main input to the calculation really is the whims of one extremely online guy, which he often expresses on social media. It does not seem particularly helpful to have some economically motivated, game-theoretic model of his approach. It has become conventional in modern markets to talk about a “Fed put” or “Powell put”; a lot of investment decisions are motivated by theories about what Jerome Powell will say or do. But those theories tend to be grounded in some underlying economic model: “Jerome Powell will not want a market crash, and if X happens there will be a market crash, so he will lower rates” or whatever. Your theory of Powell’s mind reflects your economic model, and what you think his economic model is. </p> <p style="margin: 16px 0;">Is your theory of Trump’s mind like that? Maybe; what do I know. Bloomberg’s <a href="https://links.message.bloomberg.com/s/c/BS8l62uN85Ahnb9gNPUZzww6yyBKw8Rb5zRgYw9QI-Y4YMwXrpS7ZTR7F0609Ir4TcaQPprqxPWhAcQ4ZV46QmafVL27nwVDEhVoJfOik96DBYLgrL8V2FvyQ7HlaAfYvtUAUBDMeeU3rnMTGZp4y38KkJNNfpgyoThpnd9IqOmTGbeyx8VyQhyVc5EdFO5MDLoisy5X-h-YI2zoO6EcTS1f1Xf6trYooYZOhzV5nHva27KyehNR1J-rrGO9qJUfKvasVQmQ4Uo1L5XCVVtCvvK1BtQUMp0YrFw9DGOv8slZyZ8wQjJP5-4NirAjQ6dJmYRArk1Vhhm2A71cX5laX8lTW0I0doutcoMN8AErDE7B-CmNvtgNmg5qZSk/E30InwNJN7GxbcxsH8EecpxEgYK54d-C/7" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">Carmen Reinicke writes</a>:</p> <blockquote> <p style="margin: 16px 0;">The episode laid bare just how binary the potential outcomes are as Trump proceeds with his global trade war. If he leaves tariffs on, as he says he will, the economy could quickly contract and sink the S&amp;P 500 into a bear market. Take them off, though, and the economy can churn higher and stocks will reclaim records.</p> <p style="margin: 16px 0;">“There’s no question that if Trump woke up tomorrow and said, ‘you know what? I’m not doing this’ the markets would just move back to a new high,” said Ross Gerber, chief executive officer of Gerber Kawasaki Wealth and Investment Management.</p> </blockquote> <p style="margin: 16px 0;">Just a theory of whimsy. I do feel a little bit like the meme stock episode <em>prepared </em>us for this. Ten years ago, if you were a professional investor, you could have had a more or less rational theory of how financial markets operated, and if someone showed you a picture of a guy with a game controller leaning forward in a chair you would have ignored it. Now every professional is hardened from years in the meme-stock battles; everyone understands that “what mood will the guy wake up in tomorrow” is a normal question of financial analysis. This is just how life is now.</p> <p style="margin: 16px 0;">In other news: People have emailed to ask questions of the form “was this market manipulation” or “is this a good way to do market manipulation?” My best guess — I know nothing — is that the bad social media post was an honest misinterpretation of something Hassett actually said.</p> <p style="margin: 16px 0;">What about the hypothetical, though?  In some ways I am tempted to say “building up credibility for years by accurately posting real all-caps financial news headlines for people who don’t have subscriptions, and then burning all of that credibility at once by posting a single fake headline that moves markets by <em>$2.4 trillion</em>, <em>is </em>honestly pretty good market manipulation” (not legal advice!), but I’m not sure that’s right. If you are doing market manipulation, I think you want depth, not breadth. Moving GameStop by 50% is more valuable to you than moving every financial asset in the world by 5%: Your capital is limited, and causing a $2.4 trillion move isn’t worth $2.4 trillion <em>to you</em>. From a certain (dumb) perspective, that fake headline was briefly one of the most valuable pieces of <em>writing </em>in human history, but the person who tweeted it couldn’t capture most of its value.</p> <table width="100%" border="0" cellspacing="0" cellpadding="0"> <tr> <td style="border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt;"> <h2 style="font-weight: bold; font-family: &quot;Arial Black&quot;, Arial, Helvetica, sans-serif; letter-spacing: -1px; font-size: 20px; border-bottom-width: 1px; border-bottom-style: dotted; margin: 0px; padding: 16px 0px 5px;">Strategy</h2> </td> </tr> </table> <p style="margin: 16px 0;">MicroStrategy Inc., now known as Strategy, is a publicly traded pot of Bitcoins with a software company attached to it. Strategy’s stock trades at a large premium to the value of its Bitcoins, for reasons that we have <a href="https://links.message.bloomberg.com/s/c/KGjnAEVs9C32WxbDdieJjncMFIukS7UmXAJVG0VhCbmDF5tXyPStzqLWaaCmofVcM0E4JvzdQZRSybiXXoCNzr96bgikzdlBm877VelD5lzuyUJ1OMXz34ygJ13Jm9Oy9eRD_ZXue1fKPp3tvQyzjDWBgxfb92I8xjBOgDeAGhZwV27sB1sBvx6LJQKtNoEHBloF-9cgMXPcz4jIbFvb4NcPzIEq8f75WZE24gqT6bXLooDGXGr6fivIBTgDJF-18Ftzru-g7Z8IeZC2cIJ0uzLkENHMUTv89MyBFiTPaHwGodUp6jKsP8WZ9KA1LIoqI6fL23KlPpHYWuXz4hcrZmbJ2iZ_vsKNK5VxHMs3oP9nrh-JJpOzbHCvHcY/0trOFlgI43t74JanqjxCKl3PcpsWjA5Y/7" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;"> discussed</a> <a href="https://links.message.bloomberg.com/s/c/5ad6jxDBIeqc3kRwxhMCqA-dFlxcc8PcMb6h3CrZxfusMvePMrxVnmUArT_ajtB7ljhc5UfA6TwnzQ_lEb3oUpMkqdiOewd_5fGq2AW0GCSkI4nE3GSXFFuvb8Se5nuzPhWZoRdMOThbPbAknTzjnafNy76LAwMGvd_io_HiqixFl4NTT0rbHqkBmbLxUNKAAE89y7DjOFoGfH-2h14mzCHV8WEjDHPzix618JgXaL_dEi5Xva_zzJzSIkrr8CYOq7sie1TtjWoyTNQDEWBQJ48GVUND50GJ2vWMa_qagvDMCVaasuedWArm-RXpo-ny37e_rdhIdeGh2UQx2BhZvnshd2kV7p2SPAgsmDqB4GxkzqDf1lpAIQc4k6k/UehsGRBCAFzMzp-RCaXEOi9SQ4Et3skF/7" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;"> frequently</a> but that are ultimately mysterious. As a public company, Strategy issues financial statements. What should the financial statements say? From first principles, Strategy is a pot of Bitcoins, so the balance sheet should say things like “this is how many Bitcoins we hold, and what they are worth.”</p> <p style="margin: 16px 0;">But what should the income statement say? I mean, Strategy sells software and stuff; presumably the income statement should reflect that. It issues debt to buy more Bitcoins; it pays interest and has offering expenses and so forth. But if you abstract away all of that and think “Strategy is <em>basically </em>a pot of Bitcoins,” what is the net income of a pot of Bitcoins? Plausible answers might include:</p> <ol style="list-style-type: decimal; padding-left: 40px; margin: 16px 0;"> <li style="margin-bottom: 5px;">The income statement for a pot of Bitcoins isn’t very interesting so I am not even going to read it.</li> <li style="margin-bottom: 5px;">The income statement for a pot of Bitcoins should not reflect any income: If you hold some Bitcoins one quarter, and you hold the same Bitcoins the next quarter, you are not doing a business, so you have no revenue and no expenses and so no income.</li> <li style="margin-bottom: 5px;">The income statement for a pot of Bitcoins should reflect income equal to (i) the number of Bitcoins in the pot times (ii) the increase (or decrease) in the price of Bitcoin. The income statement should reflect changes in the economic value of the pot, which means changes in the price of Bitcoin.</li> </ol> <p style="margin: 16px 0;">I am a little partial to Answer 1 — do you read the income statement of your S&amp;P 500 index fund? — but I think you are not really allowed to say that about publicly traded companies. Loosely speaking the official answer used to be Answer 2,<a href="#footnote-3" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: none !important; background-color: transparent !important; display: inline-block;"> <span>[3]</span> </a> and then it changed to Answer 3, so now Strategy marks its Bitcoins to market through its income statement. This is intuitive and, in a sense, <em>not informative: </em>If you know how many Bitcoins Strategy holds, you can easily look up the price of Bitcoin, and then you will know how much the pot of Bitcoins is worth. It seems somewhat redundant for Strategy to send you a lengthy report saying that changes in the price of Bitcoin changed the value of its stash of Bitcoin. I understand why Strategy would do it — public companies are subject to securities disclosure rules — but I don’t understand why you would care.</p> <p style="margin: 16px 0;">But I don’t understand anything about Strategy, <a href="https://links.message.bloomberg.com/s/c/lg_d-Yqt_yROki27G7s3Vt8OspBCyNspdCcr_Bht8EYF_3fTSISMOWyjPYXUgxNZaBRbTAMJsQB6TFkh67yBOSaIx07IfqrrudeMx3rsHu9qy6NnrHQxT1D-8i2wGWib-7hQS81UuyK9YF1v4LBS946jjU4qquzhKxNfk-klJ8qCRS322k_NZYOXmVOZ9aD0VlNysxY-kAte6joxdJByXdZq-ySOcysCrPdre4gU1FkZDFGV1y4vJNqrQR5_gOSLDBSWioNgQPrBnWudzzWtsPpWz7AXyQ3StgNvu1JpDaMxo6o_ZxBJ9R1-obCrkPsrRbYEpXwPI2gkYNxUwYGlfl5NciJ7md18IZnZfobdPYR6ctcBoeDXl43MI9I/Q-pw1WLlyJoe7SMC90PBLErGbOpgWXEh/7" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">so</a>:</p> <blockquote> <p style="margin: 16px 0;">Michael Saylor’s Strategy said it will register an unrealized $5.9 billion loss in the first quarter after adopting an accounting change that requires valuing the digital asset at market prices.</p> <p style="margin: 16px 0;">Shares of the dot-com-era software maker turned leveraged Bitcoin proxy formerly known as MicroStrategy fell as much as 14% on Monday. Earlier, Bitcoin wiped out almost all of its gains since Donald Trump’s US presidential election win in early November.</p> <p style="margin: 16px 0;">Strategy and fellow corporate buyers of Bitcoin are being made to recognize the unrealized changes that often produce big swings in earnings or, in the case of Strategy last quarter, losses. Strategy waited until the first quarter to adopt the accounting change that was approved last year.</p> </blockquote> <p style="margin: 16px 0;">Yes, I just, if your company is a pot of Bitcoins then the value of your company changes with the value of Bitcoin; how could it be otherwise?</p> <table width="100%" border="0" cellspacing="0" cellpadding="0"> <tr> <td style="border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt;"> <h2 style="font-weight: bold; font-family: &quot;Arial Black&quot;, Arial, Helvetica, sans-serif; letter-spacing: -1px; font-size: 20px; border-bottom-width: 1px; border-bottom-style: dotted; margin: 0px; padding: 16px 0px 5px;">No new hires</h2> </td> </tr> </table> <p style="margin: 16px 0;">It would be a weird coincidence if, in this era of rapidly improving artificial intelligence, Shopify Inc. had exactly the correct number of human employees. Like there are probably some areas where 100 human employees could pretty quickly be replaced by two employees and an AI model. There are probably some areas where 100 human employees would work better if there were 110 human employees, and where AI can’t substitute for the human touch. But it would be weird if there was a team where 100 human employees are all absolutely necessary, but one <em>more </em>employee would be excessive. It would be weird if AI could do the job of every prospective Shopify employee but of zero current Shopify employees. But <a href="https://links.message.bloomberg.com/s/c/T8EjRUS6A03P3-5PEf8jsmGjIo17Fctgfi_sUk17kJ4pgMPQmp6bKaiK52k1PQirazEoXWQHEDToqnGu2PZRZJEU-8WPXYrWd3-JgXjkq6_ov6XZmJ2vaIyL92Mlv8Mhr9Ts1v6fQCx8f6Rj2hIdRz_071BiV2CWQv01ULjB1KOFgrzcLjU3w4be6v4OevtT30wMjQ36_vTOwrnCETruwgXSODO_Ic5VhZ9w7qTvuIkTVt5LLxeab2OrHzPtLxrdQdQSHC20lPXgC_oJ3Cn6-muiZby4NQbF1ggGoOIqZOIcbYHM8lkming8_7rERpwikk7sUtX-C8SGhGZfxqZIBX7GHhMx37SP4nUegd180ijKwiDieZv2TykPGJRAe_QD1YzgFsWAPYrMczzHwsb51XWZZChXjubl2CmyFjoZpO2sV5q5ahF0gmxNGoYleEk3WURFfsf-kgayoOM6v2CzyJ80T2oaG1U8r4Kf70Fi2oqX_s3dtuVM9jTY_bk5SC3qSkWRJngmY9sTEKUVmWXXfDYl8bW3L-cibohQBv9XVohMyTatKpyrSDqRhKfn1SY0u1WT9TBJWfk/7jxj_a2oOu7TIHa3rmBiIpj35a4IUyzL/7" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">the Wall Street Journal reports</a>:</p> <blockquote> <p style="margin: 16px 0;">Shopify won’t make new hires unless managers can prove artificial intelligence isn’t capable of doing the job, according to a new memo from Chief Executive Tobi Lütke.</p> <p style="margin: 16px 0;">Teams at the e-commerce company need to integrate AI into their workflows, and doing so will be expected of all employees going forward, according to the memo, which Lütke shared on social media. </p> <p style="margin: 16px 0;">“Before asking for more Headcount and resources, teams must demonstrate why they cannot get what they want done using AI,” he wrote. “What would this area look like if autonomous AI agents were already part of the team?”</p> </blockquote> <p style="margin: 16px 0;">I feel like the answer he is looking for is “the team would be smaller,” though the Journal notes that “the memo didn’t say whether the company’s AI philosophy would lead to layoffs.”</p> <table width="100%" border="0" cellspacing="0" cellpadding="0"> <tr> <td style="border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt;"> <h2 style="font-weight: bold; font-family: &quot;Arial Black&quot;, Arial, Helvetica, sans-serif; letter-spacing: -1px; font-size: 20px; border-bottom-width: 1px; border-bottom-style: dotted; margin: 0px; padding: 16px 0px 5px;">Activist podcasting</h2> </td> </tr> </table> <p style="margin: 16px 0;">Last October, Elliott Management, the hedge fund, launched a podcast about Southwest Airlines Co. At the time, Elliott was running a proxy fight at Southwest, pushing for changes in management and strategy, and these days I guess investors want to get their information via podcasts on their way to work. So Elliott met them where they were and podcasted about its proxy fight. That is, I assume the podcast was about the proxy fight; I did not, you know, listen to the full season. We <a href="https://links.message.bloomberg.com/s/c/rKPoNFTjIM9JpjPe_khrFV8EZEiXicI6wQrhivmIfhKUPjARxjAB1h4QbWPo1XDIZtQuFYrXtR-pGdbuLM3NCuGWYEJTDgFCcAuvWRsgWZcTUygaLA8Wnh12OVeqg4XDBFN4YKYfEkXcg7oK3QTx8d1sKenzBszU_PPmw_EHSqmatqnsFZxjGErTg4iDkyme3S4LRt8QYmsLBkdJF_h1l4KLdpN9fhX00z7-cEI_tDMFr-G8gSf-durDnRiNAbkEKXZ_l6ny358-aXo_lKCDsiEtsZbKZ5uDFsWjQeaY3Sg5DWW3IgtzXbgyor9cis2iU76HCTYb11AqEa-VAORXaAHVl6W433j2ufjZqZ5-5RAew-bwCSAqDUEoTWE/pVCc_8lMw6DkmWkxQ6WEX6pUVOu_Var6/7" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;"> talked about it</a> at the time. It worked, in the sense that Elliott <a href="https://links.message.bloomberg.com/s/c/mK-mbEgmJkSxpR_mRKYrCs9h2BeCy-lzcv2tKVAfFRwiyw4et7WPelQk9huGohp6e4rp86lqF0DQLslRNLuZNMqEgKVYmDCAYfUSDY_IjGQimqOUj5zmevNQ3QZb7_fsYrgvV9vHSfKqBd7CJfRh-4GdBgPNBCEJdwpqau88UqjoKA7vJVIPQi_UHG7XeQ4OWNnnRph7LjvcPYndT9XOWMpi8nGfrwrjOYF6dH-12AvK6sNO4T3HdjM5yYuPE-f3rpOaK79RJP4tcd2aMuiBskWgeSWfhueKGu5fJePhyjl8lt1HZJJQYiC2-uxvtcvXHX1UQtwtigqeUvd-t95tEb_t8dQv3geGt4WlZYamYilZDjsV7gd-CA54Gjb31BKDqIeicBTxWm_koyHkhQwpIxAAYIH6vdaBRZdICb9lhZB1LXuPGyM7q1AQceJH1cCytV1N0y98udi811GS0htRVrXgcgufMcgydwAID4-kZWASA46GeKQHvW37FnGal-NZ0Y5sMZA2OLf739YlXXX8ZuMC_pQrgF88COT1E6fiTJVuIxVHIybvPxCRsj7fv5wrbwPlNTkIadWUc-RQuzjIIsud4Jk/EXcPykC2K-YBeezzjWt2ClzOj2B0Dg1A/7" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">reached a deal</a> with Southwest that gave it some board seats and much of what it wanted. Southwest’s stock closed at $30.37 the day before the podcast launched; it closed at $31.86 last Wednesday (pre-tariffs; it’s much lower now). Did the podcast add $700 million of value to Southwest? I mean, no. But that would be a pretty good podcast.</p> <p style="margin: 16px 0;">Anyway this is <a href="https://links.message.bloomberg.com/s/c/kRubIFqI5NVbdI6QhBFmfCYq4eFwzcx0M0LqE1dk6hsgMvQMWgobi-F8Gk1_oeMMF25iCcm5DmAvO0TxKdQIfHW9wdVZf5lnXQi2PlJgsTxW1VUM-GI7hatfh0YvN5FO1OV7q25b_WAhwkgu-DvEJSTVhZURdS9zj7PknitMP5GeQAlDCOa8r-5iIZCVACcB0IefFdOxXfjD5vfWU46VNdb4IdgFYNlBcbEQ_Q1ccILe5X8TgedFMNuKCkzNL8_1qPO9SbVkQE0kexT-dkLXG3pTuSQhEdIT_wJK_DNBkS7-7CYl1pQAJPEiYHv54MFxfbE40swIZMX-kUCs2u58H0hZcovh4hA8eOPEkhhm-2CAfeN3zsVT-sLgpWT8t-4upL0wiU6EteioSumtv2_DTfzgpl2Xjc4YzVRHRFWlJnJtKOugEjw92nSgTl8yUpK7E_l8xBsBc_VA8ZgVHv6CG8OhtaH-Qr4xGlwMn0WaT1GksDsgcJHawNHW7f9POdoMIjr4LHG0xT-TnoZ5kWk7pWMUOyFjK19UxTYXLWagr1e-Rzt-HFxog-SQGxn3gNXD3U6kkCqBi2bjwRv5CdhkbHXFs3_BUvwu485ofbZZKhZ9PTH11MfeZZPWlUSVW16XcX8npJYt0aUuxZ28nK_Qy7pjHneVbpM_NAtsfZwMDEmeBRz7GwalrKVIf-nJmCG7yMmwzhR2ptAbBeqRr55Bypp-C72gxu6k29uEUzqoTRlL1VBR/KdCiVuomohrtyBbeRn9jzRNq2q-UUhA1/7" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">now routine</a>:</p> <blockquote><p style="margin: 16px 0;">Elliott Investment Management L.P. ("Elliott"), which manages funds that together make it a top five shareholder in Phillips 66 (NYSE: PSX) (the "Company" or "Phillips"), today announced the launch of the Streamline 66 Podcast, a new series that will feature 1:1 conversations with Elliott's highly qualified director nominees ("Nominees" or "Nominee"), as well as industry experts. Episodes can be accessed on Streamline66.com, and are available on Apple, Spotify and everywhere podcasts are heard. You can not only listen to the conversations on all major podcast feeds, but you can also watch the episodes on YouTube.</p></blockquote> <p style="margin: 16px 0;">I really want them to do a full range of proxy-fight-related podcasts. Like sure an interview show with the board nominees is the obvious move, but what about a highly produced <em>Serial-</em>style narrative podcast that tries to crack the mystery of why Phillips 66’s shareholder returns are disappointing? A foul-mouthed sports chat show where the hosts sometimes gratuitously insult Phillips 66’s executives? A sleep-aid podcast where they read the 10-K out loud? The podcasting business is tough these days and activist shareholder podcasts are a bright spot.</p> <table width="100%" border="0" cellspacing="0" cellpadding="0"> <tr> <td style="border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt;"> <h2 style="font-weight: bold; font-family: &quot;Arial Black&quot;, Arial, Helvetica, sans-serif; letter-spacing: -1px; font-size: 20px; border-bottom-width: 1px; border-bottom-style: dotted; margin: 0px; padding: 16px 0px 5px;">Things happen</h2> </td> </tr> </table> <p style="margin: 16px 0;">Hackers Spied on 100 US <a href="https://links.message.bloomberg.com/s/c/4EgFMsS0HUcpbSx4Rgo9aI2GendRRdZkbCuRb7_z8fab4W8Gyi8eGZHKAm7PXXn6LJuS-H6L1mJ3_yAc6dbpLWqpoidtTtXVfEWVxq9biPILtuU2PfJqvfISt3YLoE5cXW1_6rwK9c9SvsTN3Lf7JIi8_lx6N7kdBebm50V9uNa5WC7Ho2EGHK_bD2hOoJhktSVgned8spKG2UGI_SXYk6nPtEh420o3J6kqazliY1hIe3v-5ecE2y2o-nHHM7t1XKRg0mXeHjeD-f9Am4EGd5g4zICgmQYOb_sCy7NDVk7ewqgtmBZytOonTz5PXfukaHkTeG05Ryxr1n8FhbCkau1bza2RiPvsM5pSnr204-ro6_N60sdhTxplclM/xyz43gKPv7oaxBTW6NsSeYO1SL_eie3T/7" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;"> Bank Regulators’ Emails</a> for Over a Year. Billionaires Seek to <a href="https://links.message.bloomberg.com/s/c/k7I59V_G3yd9AakNC-a9YGUnwV87XJbDTrePw2DPbNtdlSeZiWh7TS1z25ENu_OF1JWxHafuPeegLSv5VJWdHCoqt-wcCzVdAkfjh2DKtG36192_lvYdPRX7WEgJAP0oML4NE6fKp3AtmcF7ZSdfUr3v3nBN3QLy8TARuw2TWvv9PJSKlxpjiJn5w7AQs9KZVpOklkcZIEzC7kMoPX2iaIB8JpmOy7fpGdCpBcpMeKoxSpRYZ3r92l55LEXSf4tKAxatK2WBqOogGv8l7EtFX9gNqrDrfm_XH1PMeYYmIUFgHwIWEq9wz7Ohl1MS_YASIh_0Fwo8Q6mlspRaysba1dpK1MM9YGZebYBvKGikIIoNRdD5YYr7ouseBoU/vw6aWPFRluRLouqIq0lRXMuJwEN2gUpN/7" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;"> Take Companies Private</a> as Market Melts. <a href="https://links.message.bloomberg.com/s/c/cTj7js3-adO18YGsqDq3rJP27onrKy2W-qyDDzkysFXV7XU4E0Qq_0z26x66oj49yqjsnq-9SYZBUJBuM6_s1GrNPbl0WkP2UcBf_alc5Qqu8lRkfptA3IlCw9vzOdlIGz7JAXAwpG0fZuhICnCUndM4fTPJ8KRt5_W1XeEKXsdbrZIsp_55IMng31TlGTMoCEnx1Y0JR7VJ5DFw96b2Q2Uha7NCy7_LA2hMxL3QuDC3T-o-GG-v5bGWuu7MwmgFB87EqXlsju0ewTD0WIROBfcZB1o9W3rkP8ADUYAKRRvN0ng9Q-4W9OZd4jI4v7VcvlfSWdAS4yr103i0zfGHFLJyp6FVN7OgIW8ge9J8LWkF2cYQVtJKUlq7e7RzaoOZdz3qh65alGr8PVjBVeUDlm52667C6LVhLUYac9A8tWo_9RW4IJ_ytpiQlrpU8Kb7KxVpbGXiWoXh7tk2bEqSinLVh_hG9SdeJEPyt6T5v7vqe7gAv9MZyGZedHxhDD7o-aL7Qz5DHMAz6-1MTdAiWpRVYJb2zVyeU1UMonNu9dNQkqx6qssm7N_I5tmMFcdnJHzCdWJpCDNcjwxZ6MYQdlbriUrjwwcbzxY/jxfY4WzAjh2mQ3XLl4edZ2bZnJe8CLpU/7" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">PNC</a> Names Former BlackRock Star Mark Wiedman as President. American <a href="https://links.message.bloomberg.com/s/c/Xu5zqZ2Qzd9jfRfxHogO4Q8Qxzr37oUh17OZhiNXrj0iVdmvj_SU1Ud9i0EiNDSmaNnTHW013af2kbzLIrB6E61tTQYjPK633tEyKKoJ1R5iI1P_ql0nrUeoAq8-T6oJ7NyRW8n7pPxtjDg2xztVG1axplVcTCdHYk9UG-86XOKa9Pz0wI6GfgmrwQxQH-L0t_gjl1g2HUv1DXuhQ3GVWJJsOP46YYS5L7oNM89qRh_--BEE9E43UxlDaNXVVd4GKFkMgW3dP3o1HjP1h7a__TQ5yspfxTsC-UdtnN0hZHLp35x0U2CEUXRZF7c0s7U5OXE78fLe76FR-Z6NTHdjHE9mY1mFwkho0yGGPfGfi_ZNoMDSVASXkVO9ON-zEZ9Myw77AGYf6u12rgjgsdbfwUTXJv3r1ETM8qJWAxJ_ks-TGWC4Oj-xAtM8YZ4YH1tRv8q1yJKh1HTIjQu2qf4CuDFXK_5TMnWdpxc29pKBZi9BO0aoNOXhrkrOBG8/l4zGHgZtx3wcGXaT7eRWngfjVPn2eQpZ/7" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">Whiskey</a> Braces for Another Trump Trade War. Musk <a href="https://links.message.bloomberg.com/s/c/GOoSECZTLZq_TjRC-6pgd8a8QR73iUJfAtsrS2B25pX2BO-ZfUcYmaVa72BsFZO6ixq62jFSVebczjHBTRRTbX7pPrpSXw2T2aVPdHVUPRSHEtry15UirG9Tporw-nCaTWnwAD1i6Qel_x1HQ6kbqm7z-xw7gOIGgkCuGg5q9BJFKAcg74UhH6QXngj8hZCny5fxPMX7BtOhkG0NpfXw5BoZdP9xS0BP9z9FDGTIm-sms4DbnsaGf2dwdBFsc58hgIhX1b7Y33g_ok02cAqyhzVZhx5BToIXEaPDQVepfC7Fea3yWFa-wXqzwjUlVhvGjYUzN0DfERTDN_7LO95JyAv3vTxvx9G5i3fS3hW3LSlq_9UQsbmr435VwlSjQLlZDX_fR0n2BksNuaTGa57FUof-y89dh-qa7_ODzODfwxP_X3UexEsbcGieS0d2kZ3oiQ4Wqmgx_erLd5_b_eG6nOGSIfDnSLKIsPGw4swSs-wBOVrnpoqrT-rgi56WPLMETJ1FT6xP/t-R5Pao_Ja1H1if7F9AEQ3CdEM7L8O0g/7" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">calls Navarro “moron”</a> as trade spat intensifies. Elon Musk <a href="https://links.message.bloomberg.com/s/c/yzTX02TI8bsB-ZK4qwMDbYc5QEmf2N1Os8oVC6Gm7oA4MoZ0zRcdavHpxTAEZzzetB43cAuhdLOhQ8K0oisYfoboBK29QyGom7q8D9GYAs9aTr9Lx1gil2eef8t__bbpoZ9egG3GJWb5VJaK3_QZmRkWW8NOrs7Hm3e_lhVJ-N0jTHArfsu99VKczlHu4S0_n7_qvtLpbD21-MFoWdqrLeliPyp4SQrfJycm39dj3qjQYCK3FPNyIVVSZNT4JOCT0i3PsxzHBajWWyqmJlmBfzGqPuqcWaIrEn3ln0QmHvjSnPDW61t6PRkvdEELppN1PDMHMFric5JMf04ftA7r_KW40ZyvqqjcffHy8Q_pqCrgmMIaEhBNcyyuN2En2JMqRdRfWdVmNYpub9iR7_FWNO-2NZ87lAtzn5s5KjweZP0LR87da8EDWFy9gYmbCors-45SpcoB8s_6Wg/Y7bgYJDpLZFwdqmkgqSrcLraq-XypwN_/7" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">Rage Quits Gaming Livestream</a> After Repeatedly Dying, Gets Mercilessly Mocked by Viewers. Man’s 7 <a href="https://links.message.bloomberg.com/s/c/UNfIZsSsAsbOS36R-_8g8-GTxskTjtqKHFcr08Fes6ccVHM1Ori4hC65yl1l5uhKFBb1glNSXU24bBox5nLZvJeS_bIhx1Q7u4m9fXI46HstGNb0o6S5WjnAF14nYvEHL0ELSPpyqWOPuFKRxnwSJAz0fkxYA5C0cOzOTGyGXXBNVeN8JMYolSsgjIDu_oFIJJWvmrp0xb4SMO_5LhSYh2HrJIu12QT8NozqSrUNvdvgqQ1dyPrLC8PXEQ2GLo7Ml2JQu18hNOz0CHGup-ab6EzHkga_8fPnIHV-xv8G1DECbRepj8syWm2EJp-fO17KLmauj7B1NIMduY7zkE8AZilUn6wLlCo3Kkwqpd3ExuC2Bwg2sQaFTTQYclVGYfPd-YjsvzvXRsNR4pzzffp30hs6cTylAVZopEtF3Xv0IFFVXmAQJYaBXi5pmJ9QxPQP2Mjs7Xfb7gNvWh5BVHcE-5N541FiZwN6UIYTQWl3cXopJip_MPHpn-2eHkbb4aA7Yk58nw/ddE0IsEKBg3fWiyREt1riAYXZkBiZ7Hc/7" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">‘Emotional Support’ Tigers</a> Seized in Nevada. </p> <p style="margin: 16px 0;"><span><em>If you'd like to get Money Stuff in handy email form, right in your inbox, please <a href="https://links.message.bloomberg.com/s/c/9DRuPKQgrKclzAqHKSCNR4kLOsroJ9IK6DbF64C-xT5a87bu2VZ_jGJFQYVjZaH1YUoe05-6eTl53woVKFEXuC-L_4MSHsYPNBy4mQoaIf1nqxoxWqDuXknXvhMRriIY7MVjzEjn7lXtaKQCQdCeLqsoMcDfs2O1bZFOJjlVnAqLBrQUA9_RbwaHtFNnbxZaFyPbcc1DVlFHgpxnRaKeWdpkd3Jn0ACMpua_oDX3GLA5J99O_qtBYDMZKblz5r03I7Yr1JILrQdckix7BtcUWyifRgJ8mtecCPm3sKa_2Hj88zu8_0-mgJAsbe5CCL0c_PQxV4pwPNHMHExNRsdc0OZEhRorEDfXdrn0VHyM5cWwgF0f53PjPBdb2HSUWidUCqFxqDmylqPOGaNJgZlMaJ0eF44RO5qausFR3OGYf0isUvDK64rOcOzJ6G8FQudQAyjob1JJ3mri65KJ1O6JOx2xARKiQUM7lgX5982-Gf_hMIp0wdp6jdjLYZQzrx-W_KWQbEke0s_4OYh44kzyr7fkSDYnfpRAkqa9juaRzO9SLyIau5rNN3dX21mf8kFDuqRHDsdcJdnNnUr-G5A/0Rp7IE1V9WXx7ln4YovuTW4ds9tyyybI/7" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">subscribe at this link</a>. Or you can subscribe to Money Stuff and other great Bloomberg newsletters <a href="https://links.message.bloomberg.com/s/c/QdxzDcvzfeTUMvGp9JG8jzLXRYiP4OirwrDaJSuA7Tvv15Qc1VzSorbQ7jeUN9y-icD0LNcrb3j6rXJZ6-k3KaIXI3wcuPrIOmBBB1rx7_JdNeGFNs5IpVbH0fcBCNYIMWpT6hIe3IhaxaQk1srip6IvbbjapQlEX6NjmQm-XNZ7DHnHaSeQzHPB9WsVyavH9ZfDWBqDK9Oz-BOaxcD2zkq7Ra4qZrRtwoHosOMZ5c1i4_2j0Dw3NFJgga73A7DPuZTcdQzcPOUoVRQg3NxmNPV5gmtsU4rRpGOW9xecsoy4LMdk75LCjMgXUJCve-oWxeYRaPq4a-BQQdiWsbhLjPzWPLVW3Go61vc5oOW9UyFeDThJCN1grOGs7ABJJFWdxl0hr5vDy9dSrSA5V9Wi3Dm_6_R2DffcOQt1jBrq/mnKb9N1s0e425NzsGWJK3l6FTaKJqRpA/7" itemprop="StoryLink" itemscope="itemscope" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">here</a>. Thanks!</em></span></p> <div id="footnote-1" style="font-style: italic;"> <p style="margin: 16px 0;">[1] Byrne Hobart <a href="https://links.message.bloomberg.com/s/c/6LAZqBQ1dMXnyGty4xBHgQwhzmTgIc7fz_sGOMEMAnI_O2FUd-lV34_eLYKqhSrCz1HQW4AR7PIrqokjuSQcyMjlU37KEfHZXItd6LBpqPwH2mXmaXiirsZ9BDCK8o1J4uAgsSJOsJZULHREgJs9bv5j31K-nYMIeXtq9Tc4NdXX0q5EqQ6GZ7mgBcjQvNppRxkMPSOlA0OShEaP9u6nUj4vBAbOY5KWsl6jB01FcrOtcoBhRDx0UiTBiYOBjfPjTqC0-91idvK7ImzXnUiCFTy_8eWRJPhxRh-kmZ19t8beqiR4dvSr_PcekulHh2lDovcn5sG5ZBfWxcAw-OBJeSBolsTk3Q7N_CivoF9IF2LIw48Hv9PVRE4olYQ3zjGFfZ0Dayryx8SZTMIO0k_1U74r2D8ts_g3YnXVC9dra0kWU_m9iMll3jyuHL1Mh5Sim6uMp-x0sUfkM31z_aC1nrLcC8ZpEyyvDS7YzrkJtdIgD8urANixlHsUzTedmV_HIxGxQVI8E2Z4zRJ8L2eMLTfBd43om211HRSVM_b8RceDg3rEwuVnbNAujDg/Wng_xwdYlHHDnnczhC7ON1rbexGgRn5U/7" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">writes</a>: “It's actually somewhat surprising that the treasury market reacted the way it did to tariffs, with yields dropping fast: in the event that tariffs stick, there's lower growth but higher inflation, and the less US consumers change their behavior in response to those tariffs, the bigger the inflationary hit. Meanwhile, if countries try to reduce their trade deficit with the US, they're buying fewer treasury bonds or even selling them in order to pay for US imports.”</p> </div> <div id="footnote-2" style="font-style: italic;"> <p style="margin: 16px 0;">[2] Don’t take those numbers too seriously; those are from the close on Friday, April 10 ($17.46) to the close on Tuesday, April 14 ($48.75), which is maybe not all due to the one tweet. But it’s not like there was *much* else.</p> </div> <div id="footnote-3" style="font-style: italic;"> <p style="margin: 16px 0;">[3] Not really; <a href="https://links.message.bloomberg.com/s/c/iAUMtmdRIYezNFs-n_L14PNByrz1EnT37YnJ2iAim3p7MKz2IBP38Itev2sYerV7xs3ejUqwShKVi1shXxi8x-5YP9hLHNbMMOcP-Yn5JwXS34zd-3MO64VN30vo4ryJRHJ_Fb8oIsGZj8AIuZ1CYty-jcHMk4lsEpm10CBIUi9Mx1vjpMSyS-VgvkNctFF_UC4mk8M_oc3r4hbTrASbQscTNrKHC28PaOk_uhImR1rJC64TTAnt9twD8NfnsaPIZ2UJL0ILDWmbWBvetchMDaqHBtjPK5gCJrcMuk4FeFpNNsrDIQU0YyRKxyZy67MLzjorNCZM2LZe3nAkNq_w_dmE7Jt_Oyrg0IWIxIw2C_GxvGNONH9QRyd5S48/Iz4t0UyvYk2a6xETxITZl8sQB5OtfMex/7" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;"> it was worse than that</a>. Basically a decrease in Bitcoin prices was an accounting loss, but an increase was not accounting income.</p> </div> </td> </tr> </table> </td> </tr> <tr> <td style="border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt; padding: 0px 10px;"> <table width="100%" border="0" cellspacing="0" cellpadding="0"> <tr> <td style="width: 100%; border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt;" width="100%"> <center> <a href="https://links.message.bloomberg.com/s/c/h50uoiIKl9Org5mfR26I_4i0M-vRCEvAtY4AhBLE13o8Dd40VfCJssHCuRRuMAcjHdt71UF_vsf7EWbil0b4oXQu43LLUb8Gjd-DbrrSsN4GdIbz9lCY8fvbgyYRhxL_M2vjwV854ljubv8C2xHJoNAx-H_niorYte6p4NYckfEBVPKL5yFixO6ayLi-JWwJGWyT0YUsmvuNQ-TSFWW4KaimDjRm2WVWqlFEEhQbv7PmPyKnYMe0ukket4i0DyNVlGFL9nh4AmkVvat8apdqfgqwlQq431TnaoDsczmW9BLqWukwKr3qUmkHhCAnyypCRk-SZvmzufF7L0x1sFkjLXz3YeIvLbT1r6LOVkeZVDg5BV7fHmbg1QWV6Pu7dplPGgP78mIOyMYH75iTw2HZMiuxafXGPXeVoQmJ2D7baUf35mJu-YKb4ZBuQsS-z1RWgO7bNfXKxWOlbw/y-auDdHXb_SwoBEcDIUCicg8NlKh_2G9/7" target="_blank"> <!--[if mso]><table width="550"><tr><td><img alt="Listen to the Money Stuff Podcast" src="https://assets.bwbx.io/images/users/iqjWHBFdfxIU/i6H.ue2bNPOA/v0/-1x-1.png" width="550"/></td></tr></table> <div style="display:none"><![endif]--><img src="https://assets.bwbx.io/images/users/iqjWHBFdfxIU/i6H.ue2bNPOA/v0/-1x-1.png" alt="Listen to the Money Stuff Podcast" style="max-width: 550px; 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  9. Money Stuff: Tariffs Are For Emergencies

    Mon, 07 Apr 2025 17:28:20 -0000

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-webkit-font-smoothing: antialiased; font-family: Helvetica, Arial, sans-serif; font-size: 16px; line-height: 150%; margin: 0; padding: 0;"> <div style="color:transparent;visibility:hidden;opacity:0;font-size:0px;border:0;max-height:1px;width:1px;margin:0px;padding:0px;border-width:0px!important;display:none!important;line-height:0px!important;"><img border="0" width="1" height="1" src="https://post.spmailtechnolo.com/q/j7BvuYLPnf8dypH4hvEVug~~/AARGbBA~/WaYcMbRCerRnIKLl7n-DhCpXvL5UTI9NS2C7lwfnvV1ALGPqBfJqiIrezAImbfBBOCoHwamfHFmVkKZpJARFDMeRnOGu__8d2TX8pVWE_9E~" alt=""/></div> <span style="color:transparent;visibility:hidden;display:none;opacity:0;height:0;width:0;font-size:0;"></span><img src="https://links.message.bloomberg.com/s/eo/0bdjx4oK3lpn-8Z_LTNtRWf9rOKrnjCEYou2jGRbweKY0DR3dapjkFTHHOPqlHcrq3AJYv7tPCmx2Q5zmPYgzYU9G_up8ZGTQDhor6aUTg0S2-rbW3ofdasZySkkoe7AC7VeEItBgMT0iOY_t0XGEa9EMArsSy-M4b1BBifd8qigdFFpl6183SV_ib_pmqWPIfJ2AxFTkxZhDCDSeVGMtthCVdtsL3N7QQpb/x94FSLwcEJdkO0G99sKZchVowRqLhDNi/7" style="border:0;width:1px;height:1px;border-width:0px!important;display:none!important;line-height:0!important;" width="1" height="1"/> <table id="wrapper" width="100%" align="center" border="0" cellpadding="0" cellspacing="0" style="-webkit-font-smoothing: antialiased; font-family: Helvetica, Arial, sans-serif; font-size: 16px; max-width: 550px; width: 100% !important;"> <!--[if mso]><center> <tr><td> <table border="0" cellpadding="0" cellspacing="0" width="550"><![endif]--> <tr> <td style="border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt;"> <div style="display: none; max-height: 0px; overflow: hidden;"> Nondelegation, denominators, ETF, full retail prices, johns. </div> </td> </tr> <tr> <td style="border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt; padding-bottom: 15px;"> <table width="100%" border="0" cellspacing="0" cellpadding="0"> <tr> <td align="center" style="border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt; padding: 20px 0px 10px;"> <a href="https://links.message.bloomberg.com/s/c/dlovPqF4hIz781YDgIccjkFA_QGpWXY2T1K00UvVr53BQCvg-ov8cFs_mMTj9YNhvLRa_C5Ih5uB7nVP41N8aEzDGw5kiC7sFSKZd0oCLKjuPn4UNM05d_Rsgdmi6Jz7lkGv86DbbOpJe_Otr2RxQ6FP8VmXOC3ZHW42ueQ7Evt1flrY7jgfsE4GkC4ie9hucTzN_X-A9KUXt-F7NPqdUm-eHROdFAz7o1YpYZDyOId7eHg0Tii92l6bbUegF99zlY74OJKhfEIuZ7MmPDXzBP2-qU1GRYEMM6-pPYV3GHAA8Ra-pMa9sOVAsTJY6rvVC18_EdT-FjdCK8hOKe9LHRsRDwdetlLQ5UhPPOTLZMm-2NjTx5myFwqdjA/mvUd6SSpcqV1GwsUz8tWGYl4KLe511km/7" style="font-family: Helvetica, Arial, sans-serif; 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width: 100% !important; max-width: 550px !important;"/> </a> </td> </tr> <!--[if !mso]>--> <tr style="display: none"> <td colspan="2" style="line-height: 1px"> <a href="https://links.message.bloomberg.com/s/c/c31eKqxjl66GCd_xQMzPfFXSSgmKurgZ5bC8VK2TuknmO45MxkeuIIXV-u-otlIuFdbp7OgiCcCqFAbYs-KJ1bUTulw0OrU9-aNWjGbgeB4XgkmV2bHw9D1AY1qAB74FZ5743xBBSWrDXVS0PRDVnI8GnWpwZDBYxfCaGX72banNx3_F180ZbffulUPoG58xFkUEHo4aAsGKkvInN6P8WDdHR-mPIZmcmi2Qtloyv0fofc1hoRbPCn7xNdq--_Auee9vfsQbdH1j7q25WPzaZudC7jnmWA9PoTwaGpOsKIegcV86affoOUcsHZCnKpyxJwQzvCEc3l8pbRFmj9aD3u_Bpz7u4WNyKSjhSoYAGmTJmRS2c2Ta6Q82MAGlnkPU5eDgSUn8Oa8rHiWVIweAEA-5fPArj-4Xm4Ok_pdVH4mOSovL3c-eBkyr-n3b2cJXPMsIZpRCzfSJLCNz1HI4xAFAQD3BU2447m-5gN_hqEEaN4FkyqunCWyLH7i2_wI2JFPn5uVt-iuHsd7bgQU6s-6diWskeNQFxTHvoHi43B-hoKTZ03fG0nUtL-l0jCdAZOP6ZIhXlOIyzzdfR1PwO7Wr0MM4Aqn37KPoXnPlLRt_5kU/O9ZFJ_tCfri0YkVBDGDXQN5_qFihw-_H/7" rel="nofollow" target="_blank"> <img src="https://sli.bloomberg.com/imp?s=1149004&li=13145050&m=c869f5c3f0784f1d3b0577b4456d769f&p=04072025&lctg=a19ab05d-8da0-4a2a-9dfe-e93d8d341869&stpe=default&li_coord=mobile&collapse_width=550" border="0" width="550" style="display: block !important; width: 100% !important; max-width: 550px !important;"/> </a> </td> </tr> <!--<![endif]--> </table> </td> </tr> <tr> <td style="border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt;"> <table width="100%" border="0" cellspacing="0" cellpadding="0"> <tr> <td style="border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt; line-height: 150%; padding: 0 10px;"> <table width="100%" border="0" cellspacing="0" cellpadding="0"> <tr> <td style="border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt;"> <h2 style="font-weight: bold; font-family: &quot;Arial Black&quot;, Arial, Helvetica, sans-serif; letter-spacing: -1px; font-size: 20px; border-bottom-width: 1px; border-bottom-style: dotted; margin: 0px; padding: 16px 0px 5px;">Nondelegation</h2> </td> </tr> </table> <p style="margin: 16px 0;">The stock market continued to <a href="https://links.message.bloomberg.com/s/c/V0j0VJ-6GDbRnxLaVnMfIkF-e2E0Q76wq1MMMLYP2r-IEET8GIRM-S_DZpFLBACWdYBn-bQ7kZ3w1OvMU0cby2PF1QeehBcGDeN6QsC7S44Um9otkzpRyunGxDlg_D68KdCL0eh-Oyjh5O5lxnGqLAIgl-JyU5My6kY409O8GCnKsHPuS86bH7UmcInOPCpi7ov2jE_WC7N10exFBEwdG2i9hG6ohrSnX0a5ZP_4hs00gLoQSQBVtim_VXRXPy3QygJyjWRl12tQ51cYO_eCD4qpcJ2gcb24fz1SrbIfMPZLGYGvGkPM4oLB2o5yT8i5FOpbcAPh3qoNMON3YmgWigPCf06664qfPwXxRJ1TgJyfdtwUwUCkGkAZzQ/6Mt3bKLrnSGR5Zm1K9CzW3Kr-Ar4C19s/7" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;"> crash this morning</a> because of President Donald Trump’s “Liberation Day” tariffs announced last week. Despite <a href="https://links.message.bloomberg.com/s/c/SPGvtQciQY6kHPx9NIqrR5LncSUkWZeNL0bI88kTggCaFltpRqDxnSSX4V2Y7laSUVw2UbeQl4evsD_yqd5vzEaqNWz3ZaZNSXVANor5NNw6hxAI5ziXEL94bj3nSBBzn3qQYHhkw8Kc43aNxp_BBMYMllF2zLg569Bap-DYUnURE3R2y2By8EVjnLltoUz_VF9fQ1_IYAAWM2BOB9lcQfCl8WXjD4a0CgVznQAoVgKpTO6lo5FPfseMw8XamBylUzHfxXbSrIPuzTdSJ9vLgWB1N-swA_4S8qIJcQpIsni6_4sQ3f5TbMIb0isZA8dRjXBxx4F44s9b4p67RCLFQ0Vhc5YZyU1XouRRWoRMk7gTs01ddc1hzSBWEggEXW_zXmsy_RIR6Ak6yqQbJjK_gtnabfMW9lnqKN8-3haA0WkhKBlUzYIwk_7lN_9O9uPB4R3VJRUrplJKDZ_NhQLe0t4exYgFLN7dpSujuYTuXSu-CVtWLKtEBCow6By1aPuZ-4k4S75gKU4K86rqY2mY-K1ATIMU_4VuTuilnL42cQSJWRzn-B1bXxAr1GMo5W_apIVYalzISWcaFX42nWuPWxTiQfzWipyuDWv5ZQMDFSeE9XZkxSvz7Kh9gh5_lbg3JQsAe1jy0hYtmDvDV1U9a8EzvSrO0m_q0SwUM_BFhA/Q0TIj33zU_opFs98NrPhL9TyFNHwAA8o/7" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">widespread</a> <a href="https://links.message.bloomberg.com/s/c/HUIXH_AP0kvPnkIhnSjNkTAb8r1UADLJ02Rsqi0qHJNusiKMBqj-1fdJLINqDmj7woCLs510fUYY9b2Sx0g9LKPHRqmM6cj0zqE7aDuVYRIto7MJQ---JnySdeeoe8FiMTnUy2OFoVGeLRGcvcIlslMJ9fWvDcEtD_9Ygs77icVy8HnYTISJTHR1SdeQx7bdpoO_eyi7TF7i7-4lJieMzZjyDt67ccaVmXsor8MvJZMj7NgOCJ_s0KzWTPmfPK5kG15ZCc781Oy7LVX2H4NCQrS6Mcx4cOzHS_wi85RVwtoApSC1jWfFY9D_XuKkHQigpBf0zo0Kq2822VzoZaUym-DVZBQBovvQoe7V5iepk4tDWpboNXNqOBYh9w/ro5W-A3DGIe3qo2IElckm_Tt87WJFKvh/7" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">criticism</a> of the tariffs, <a href="https://links.message.bloomberg.com/s/c/HHSVh3qAIXWHOpd39Z7XilBHl_T65cCCElMoRbpzF6dNQDN20viem-R-i2ZG5eINjXbx9_fEAi7iA-DVixEIhO2X9QrUxUCNs7mzpgaGiU3RgbpWN9HLCZ2K4heuyfVexnJy2S-J3gVPjT6LxNsvt1PCCWbtBOd_L8_YXw3iZGNCY9Xgjg5mkrq1Rt_twbgF03EdE-rMosBvKt2KMmpQKDJU26qcUHjpbEu9qQ1KdREFWJyuUM0WtF-DO45p2Nni22ji6HnqLhWl4OKKfdxrIhB4HiccMHLyjdjAC2SaxgSytg7AuAHMNHEEcBKY40-kTD3ojE1pdTRFmNnc4VGXM218JEqEcof1iW2IGXghq-BSxeOpmi2iTSczzA/agKMRp4oOtnDxxWGiDDsHZ2ryAJzf1jG/7" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">Trump is unmoved</a>. He gets to decide, and he has decided that the tariffs are good.</p> <p style="margin: 16px 0;">But does he get to decide? In some ways the simplest solution to the tariff problem is the one that I <a href="https://links.message.bloomberg.com/s/c/OaqVkApfM1GB8D5Y1n-rwIbZDZUwNb_xknQkC3_jani0qetIZEOPLAGkZ3etRQRSfBb4lex1ecd69xd9sG1mDTvGO15d9B7zexMNTvfAmEt69aOf-EKXOMPRnRph0QB-vtXftwcFx36PFVjMIkBBkNHN4WuP07f-ojwIzZ2Q1dyr3mlWh-Wz9coljc_bROGKrmIVmkqp48FjD6BNfZkuyT--8bGh6VTkNlSigdCxA-KBcmZm9kkoJY2QUanql3TQHGZGd9GqVR1rn18epoQ0JqAmSo5YgUSaD4eWtkiuD6CDvkw7pDKdwTKXVtqaYpn66sHiazZtWWSSVCma6SOUp2aDOvQC0xOWK5V6rY0IdjDzYx2XOfvbozmq3g/Cec5DFAdL2Z-n7AY7zYCu2N7OqGHcuhn/7" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration:none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;"> wrote about</a> last Thursday. The US Constitution says that “the Congress shall have Power to lay and collect Taxes, Duties, Imposts and Excises.” The power of taxation is the most fundamentally legislative function, so much so that the Constitution also says that “all Bills for raising Revenue shall originate in the House of Representatives.” This was at the very center of constitutional design, and in fact of the founding of America. As a <a href="https://links.message.bloomberg.com/s/c/mAtVs-Cf7HPwFOCIqTHg9YzU8p9_7x6ZWLW7EtUIMuG7qeIAzEnVwX4Yctx1e1zZTIf2saUx2fBc6DS4OKjgeeiFDJG8C0VBtnHzlmkI9wwj-za_bfUjBwvU3EZ2grMfOR79VXdhWYSNeWcH9hHILiHLgHkWMRhzidFpDTvHnU_rJp5OeZNf7SxOFgys4yjiHidw0TiFV9cRknepAzkiViysuOEio9UmntUYWDMkyPvY8Iv5IscONiattb_Sopto3ShpZODON4p5PYQs1_0i91c5kCEvIALrCRVueHDhLQ6ym4CyZcLbk3InJHc-NNxpoWXYy97OeFC5BBiXq_rN5kB_r6nzkR7msVFwFlfaZVYeL6TeKWOdpWdUPK5WcTFCi1rl0SBEWPkamQ9P-NSCiZK9rG6TMj0XNcIApqksepefBoqVxxMwURDo_eFbxKo2u-ttDIHXml5l9Yxpy1XvCx0LaYCdUvrIQaeHthsoPXVH6YCuFpSbnETl3G818qfGvINgef8DMW3SAw/EoL-uFz6S-4p4lTQe3hsku61E7Uxk6Yq/7" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">history of the House</a> puts it:</p> <blockquote> <p style="margin: 16px 0;">Congress—and in particular, the House of Representatives—is invested with the “power of the purse,” the ability to tax and spend public money for the national government. Massachusetts’ Elbridge Gerry said at the Federal Constitutional Convention that the House “was more immediately the representatives of the people, and it was a maxim that the people ought to hold the purse-strings.”</p> <p style="margin: 16px 0;">English history heavily influenced the Constitutional framers. The British House of Commons has the exclusive right to create taxes and spend that revenue, which is considered the ultimate check on royal authority. Indeed, the American colonists’ cry of “No taxation without representation!” referred to the injustice of London imposing taxes on them without the benefit of a voice in Parliament.</p> </blockquote> <p style="margin: 16px 0;">Tariffs are uncontroversially taxes — “duties, imposts and excises” are listed in the constitutional text, and they are designed to raise revenue — so only the House of Representatives can originate them. It is simply an error for President Trump to impose tariffs. He can’t, that’s not his job, this is all a misunderstanding, and the tariffs will go away as soon as anyone notices.</p> <p style="margin: 16px 0;">Of course it is not that simple. Congress has in fact <a href="https://links.message.bloomberg.com/s/c/8oRdjHVToj76GjxE79FKQ6cO_5EjmQDEG-yJpm7nkg15JGIeDaWS8ejT0Tt5NH5Mx4NNVu0xhWi810m3Noeh3_0KlivrMOINDMDjkVItdGiu_KD54QXSsJ4vpJgWSQwpizdGJ_O5UCgtvOld2eMG2FGpj4-Pg4ay1aYS5ZjNrGlyqVg_Ns8ksnMw5684cpUomfvLTcAbLIgofHtB9RriBpGu9gu5EJE8DGcCzG7jdij9XCl-1eNSzS1dU__pOZsqglQXoTeZkYl3plqbqqPkEJc1ZQgAuhwvtuZC5gAL2sxMm-JBDZ8AMxlAruz6i6VotgmZJSctHAxzzwiuBjG-TvJOn5fI3XKr2PnfG6bA42Gag6NpDyt3sKbEVOLqTeU_W04QFd0f4QFEFNBjirk8vExH20qyOOpkNdu0bkSgziKV7O6oGct9d3zL-8FBbkCYSoYyM6RovnLN4wSNBFefqVydlgSwavKYuzVUU6CresYRk59ZWOkHspTKZlbpnlMajZl8L9JIpi5BaMq6jAlrRoKiFjPmtD0zx_Dk1Yi1Z9g86nDavA2dq5JGfx7215GbotDedd01nFNaG2j-Tz31FE7s4dPXWvR8F532uGBQnsdiCMC7Xd2-20rlD9jdetAhZFmGbV3heddEkrOLJbttrT7ipLU/oAUkrapNX4elNl3qtfDOsxfWPO1TtT41/7" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">delegated tariff powers</a> to the president for over 100 years, and <a href="https://links.message.bloomberg.com/s/c/sZhSJd_dYdr7UNCvGfubDQ_JK6FJAAyTvcUtQb0Is91P845d2Qtu5kfRAzFMy47Ej9-NqHHKWVRGrBsQI9ePCM7kApd1s8YDLUGOy4r2qgAmFxqBdedrejRrhiRoWmwdw5qYYpp8OI6BVqv6pxFyF1dYP9A6v9gFlmCWOMiRcZXbbP66QQQcBdecomv4Gh7QIJF6Exci2TzyK7ItV-SYyyWi-w6zjFVkyC_Ln2muG79HHiH7ZZ5C_V_NKynDq7uAa20YTATMcOrMsi2QdeO24Rez7K6yg5KprJ5KLkZY99ydM8qg7vMw16Bs82csQL7WomCf824joTs26VAbydf5lrHfVc9ChrO1QMd4sXvS6_6VPw6eht2GEcRt_dqsyW7TY-E5XyevUVLiFfekP-gTOtNXDH0DQ8elbhwM9UcmBHQCcQ4MfHE/N1u6Rk6zOTdw02m4Q4Z2QDtL6JItBl5P/7" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">courts have generally said</a> that that’s fine.</p> <p style="margin: 16px 0;">But there are some differences between those precedents and the current situation. For one thing, Trump’s tariffs were imposed under a law called the International Emergency Economic Powers Act of 1977, which allows the president to regulate imports if he declares a national emergency.<a href="#footnote-1" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: none !important; background-color: transparent !important; display: inline-block;"> <span>[1]</span> </a> The IEEPA had never been used to impose tariffs before Trump used it in February to impose tariffs on Canada, China and Mexico;he also used it on “Liberation Day” last week to impose much broader tariffs. Here is what <a href="https://links.message.bloomberg.com/s/c/BWRIwn0dEH4mrtGDH5bUVBTu7_DHTQc8XsvTSGOD7ZU5yQHwOKPaHr10eX1DQvl9lc3_hlNIW9DQ4fSBJ9Xi6PCjJG1iqSrgFKJvE9mwGFcfvwDP1YrErpx-rI6za5p6dqMjQqudyuvJ4txO3JxHzlQ6vySi4L0KaW9JnR-BCnn_qOXzOs9drpgmcV18yRehNyOLmIUaMGPymfUS1d0iCjujd3n1m-Fez7J_QzI2babKN3ftKOp0grZlLtXtPIu05gf_y5_YjRKSyMcGJstATbh2xoyY5V1qZGNEVUx0m2pJEyWK-_TOTylfcirJcIjoxpwW0PZ60ZT4YKwHfANA-boTJobPS-v5WqUbG4IFswwFcP_fdsDA-WVPR-Oe9B05kzcLk-aLqIFnviDMnos-W43iqoFje7h432ticIW9BO4w3TUYL74YTXrHZ0F8gA/Vpl71f0IYrj-xXsIrgjr-yV-_E_H6Zt3/7" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">the IEEPA says</a>:</p> <blockquote> <p style="margin: 16px 0;">Any authority granted to the President by section 1702 of this title may be exercised to deal with any unusual and extraordinary threat, which has its source in whole or substantial part outside the United States, to the national security, foreign policy, or economy of the United States, if the President declares a national emergency with respect to such threat.</p> <p style="margin: 16px 0;">The authorities granted to the President by section 1702 of this title may only be exercised to deal with an unusual and extraordinary threat with respect to which a national emergency has been declared for purposes of this chapter and may not be exercised for any other purpose. Any exercise of such authorities to deal with any new threat shall be based on a new declaration of national emergency which must be with respect to such threat.</p> </blockquote> <p style="margin: 16px 0;">What is the “unusual and extraordinary threat” that requires these tariffs? The <a href="https://links.message.bloomberg.com/s/c/XwQrylhtPJNwtSWkt0mj8sFvaMXF3IN-_a03cYCgm5KPAY3aNyixdtHspOwBdUb2267GMesNOlOGld1ez4HY29uXxhmdRS4JiIJFtx1Q_a2sl5lNIC_1tS3xSTVCxuR38zVCNFGC_gIBhFMH0ENeRi48EIRBBWIm2zky7884gtiR3Xvg61ZM285Hk5jPCq1SAJ6uDOxuE5HU-PSFxrpADgi5n7lxRNDxmH_O0mlS3qIHlIwIjOdUMOnWnGtKKsJ6wyNszchBh8Re4yZlISxsHH8O9FDwcaDcJmmjDpiiXCxwKpR35uvGlgdXtDn63jA8OD2GtRX9k7OLwE6nEPcoiZ0ZzvtOtpEeIRLsqKm1UIkOwEaj9e7jWnQ1FNGAYhOagzTgj3jnhwC-UrU8uU-DXNxQ04LXRhaLC9-CbLrpl__f3kUpjGshV2X9WBY-3G4RULE6TlzCshFCq0EHuHqZoxCMIy83XFWIpZA5YdqRcstOShwtTiRmpvjxxtARIwUUdFe-BrkoEb0el67IAN_kzOeCBtJRvd-rt9N7MjL_vGdDDi2OsW2wjNFraA9FtLuolbXXDp-ISc8jDt8sSXtJCVdX6xqzv_h-O4r_6dFHi8hOyjQzTbnmWwvyBBWs3Vb6gwKdNyd-nqwiAO0nc1AfsM4mZp6AELm8M74ixTcVq2JugeRUSUqClWbwHB1ly9jSPpUteU5CUM1xoC6eGVlR_roHV4ERGUlkCyU9GhTlrW2brzXo36Vp7cOf7OfsXwNEUdW3DSagnWBGolnXl7V58YMsQP-etTf8AWMJ3Ih_r5m-7RPl0RqX4NtC2a0jarvT-WGap-vCDX-AQhYpbVDBXZ3siX4obf_TwYoefz7zGGGQ06mrGQbuRHhOGr4NEBdIYEpI4g/Hsxw3nXnErasy7lmgbhR2ZvNXFtB-BDL/7" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">declaration</a> of the tariffs says that there is a “national emergency posed by the large and persistent trade deficit that is driven by the absence of reciprocity in our trade relationships and other harmful policies like currency manipulation and exorbitant value-added taxes (VAT) perpetuated by other countries.”</p> <p style="margin: 16px 0;">The idea seems to be that every trade policy of every country in the world, over the past several decades, constitutes an “unusual and extraordinary threat.” This is a strange way to use words! How can every instance of trade with every country be <em>unusual</em>? How, after decades of trade deficits, is a trade deficit <em>extraordinary?</em></p> <p style="margin: 16px 0;">It is also a strange way to use law. The US is in a perpetual state of emergency with respect to every country forever, allowing the president to use emergency powers to bypass the Constitution to impose tariffs.</p> <p style="margin: 16px 0;">The other thing that has changed, as we have <a href="https://links.message.bloomberg.com/s/c/QXodPbdnGaezD2I7VHdsA7-kJ-MvMZt5wo1MvMiPmugoBdZC8b3KUjV03EbrAvxosG4JOOjBfUPKex-aOkdsG1XKXMfxL5QlKlydo7_agP58A0LjgngIFZoCqQxru2CGFAdZxzNGOtr52DOhHK1VdPVtm6ReNdz9VUKRlB-ZlZRMK-LQnIQZgGY3J6rrOBXhGPzez6fIJIP8R_pmfelriKsMycaHB155p8peL7Se92gByNaET9arbquWkXnJf6dMF-jNs-VaiBoRJDGhOtyWOwdlbloRNpxkjR4l-tkCx-7bda1w0JVpnrwustNqqmOMsD02Br3iKIWY0Y1b_hC7fxC1J6nkDGIOK5WVknGtAaBmNv_Q6Nkbf9yzC2s/81AsDwRefp_4opg6g2t-u6Or3WSsMljb/7" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;"> discussed</a> a few <a href="https://links.message.bloomberg.com/s/c/yYtwKOQJxyo3tgoI7YmeYcyjMn54vU0_2365IP7FJAVk_EANdQyHQ6p_B2VMI8KEtedt6zSVLJzaEAi62LAShap3B91btTgdnUbMq-fPhOQQ4lD1FgcVoH93NGtXyV4C2LNBhUWQrBbFl4STnUWhXdQZxSyRcqqA56HjPCFzw4eck9AgKbyAJqxGy_dbw5U3IdcnDm61APuQIYhQ6pSbA8BP7lCUERErnOiJszkLL13aFCJ29BvhghhJuZL2omzHwulN-QIIK6y7LaMppOjsgl3rgo10sKYG0thmi7tGHs7jO0V9fBM7jmrl8CTpNz_zWV7h9Zm14ZAC0pD5sxbrjA_uftZX6SQzC0cb2tQohczI0PILLMzR45--LfQ/zIvCVIE6SHCLHQopR6P1x_cnlnI4YTWh/7" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;"> times</a>, is that US federal courts, and particularly the Supreme Court, have recently become more interested in “nondelegation” challenges to executive action. The idea is that Congress often gives executive agencies the power to make rules, and there is a longstanding, largely conservative legal tradition objecting to this: The Constitution gives Congress “all legislative powers” of the federal government, so only Congress, not executive agencies, should be writing substantive rules.</p> <p style="margin: 16px 0;">So sometimes people challenge regulations, saying that they are unconstitutional because only Congress, not regulatory agencies, can legislate. These challenges rarely work. The current <a href="https://links.message.bloomberg.com/s/c/cry65i2KOc2SHFTBoQ-QU1oYV9lRcvqaf91TsYmoSIoi2xcpI9l9OoN8JJcNRYJDWXdPgq9b9aFaVRf9ksJK_wWgFjzdYg0R_BSLTAXanCYbr-QF2MAp5yOV5xo1FTKfpDFhHeoJQ8s6I4hIbX2bQ8PskbkqbtpmVk_Hpha15_Pm4XYk1VruulkezWkAg9Pnj3L6oHgMYL4zFxXF0nkcZv1Xl4y3J5oSRT7irkVZHwSpKkUm0OijM9Dlu7jzrqAEz3UDtZGWTi2JnV5PR0ljytr6jAoeqQ2S7V5RZc0ngbZSqGjETRe6MmoIq7917-fe7tcUCXTykEbSZ1YlX1FcvDxNkpJ4UdDJHoY2owSMX_Dg0X4MtY_gXYewogJHki598o5knooDpAYcXd3RkfzlKhnpL8Iy_jfgxk6h3PKKacf8pfnYXSUvFaeRj9qeQ2JGKt17uddu1V28kTDtxOn8RYhN84X8tIlt/xuoBnSMS_XQEHN5_dhxFSAah85RE-qIg/7" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">state of the law</a> is that Congress must give the executive “an intelligible principle to guide the delegee’s use of discretion,” and for the last 90 years or so courts have usually found that it has. But there seems to be revived interest in nondelegation challenges: The Supreme Court case I quoted in the last sentence, from 2019, was a 5-3 decision in which four justices expressed interest in “reconsider[ing] the approach we have taken for the past 84 years” and limiting the ability of Congress to delegate its powers to the executive. (Also, disclosure-brag, my wife argued it.) With the current personnel on the Supreme Court, there might be five votes for a more robust nondelegation doctrine.</p> <p style="margin: 16px 0;">Would it apply to tariffs? I don’t know. The modern revival of nondelegation is often about agency rulemaking: People object to unelected regulators making rules, because (say) the US Securities and Exchange Commission is not as democratically accountable as Congress is. The president is elected, and there is some democratic accountability for the impacts of his tariffs; perhaps Congress <em>should </em>be allowed to give him a blank check to invent tariffs.</p> <p style="margin: 16px 0;">But the Constitution really does say that only Congress can impose tariffs. Arguably either the IEEPA does have an “intelligible principle” that limits the president’s ability to impose tariffs — they have to be a necessary response to an “unusual and extraordinary threat,” not just general economic policy — in which case the current blanket tariffs seem suspect, or it doesn’t, in which case it is unconstitutional. So you could imagine two sorts of legal challenges to the current round of IEEPA tariffs:</p> <ol style="list-style-type: decimal; padding-left: 40px; margin: 16px 0;"> <li style="margin-bottom: 5px;">The IEEPA doesn’t actually give the president to impose tariffs on every country just because he doesn’t like free trade. IEEPA powers are only for emergencies, and “international trade exists” can’t really be an unusual and extraordinary threat to the US.</li> <li style="margin-bottom: 5px;">If the IEEPA did give the president sweeping powers to impose tariffs, that would be unconstitutional.</li> </ol> <p style="margin: 16px 0;">I called this argument “frankly pretty speculative” on Thursday, but obviously someone should try it. There are trillions of dollars at stake, and a lot of the conservative legal establishment is probably not thrilled with tariffs. Surely there will be cases.</p> <p style="margin: 16px 0;">As it happens, also on Thursday, somebody filed one. <a href="https://links.message.bloomberg.com/s/c/9vHSx8YbJRL3RVAw8xrvUmvgzMGmQETLP9rHMzYleOyIbb2wSCC-fMKeOy9naiOpqdOiIijuGuDuly_tNaRpZpgdRH-jNlplXlkMdkSie8WJ7lgqTMohG5wLRpU5bokN6EgwailwcyduLUtqwgf1-GTe3gDSpJ4h3qTH2CFooA6SsPsOGvze-iHU72i4ZpBvfhO7ZQpHU-Ytvapz8u7hiY3NA0QVW3_5Avu5fIgPq5ks3qqEYkCzPU_YqKFL0o6vksUHNVeg_QOx7inZidOQQe9HjoFI9OdaRplSukOlayQfwcUWYZwQdXkFkYx0HX61EpDiq6yKi-FffDdBmXXnLRfG45rzeerbRokvzJg0ctRLtjtTOvFaItXrJTY/O_l9Ih3trA3FBX6rYFGkh3mz5nWOVqLo/7" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;"> Bloomberg News reports</a>:</p> <blockquote> <p style="margin: 16px 0;">A powerful legal group backed by conservative funding sued President Donald Trump, setting up an early legal clash over the significant US tariffs his administration announced this week.</p> <p style="margin: 16px 0;">The New Civil Liberties Alliance said Thursday the president illegally imposed an emergency tariff on Chinese goods. NCLA is representing a small retail stationery business named Simplified, which claims it will suffer “severe” harm from his “unconstitutional” tariffs on China.</p> <p style="margin: 16px 0;">The lawsuit filed in federal court in Florida may be the first legal challenge to the sweeping new US tariffs. The levies, which were announced by Trump on Wednesday, have roiled global markets and caused US stocks to plunge.</p> </blockquote> <p style="margin: 16px 0;">Here is <a href="https://links.message.bloomberg.com/s/c/MIIJSUMte000P5544t22kWTLj3iL5Gei4kLYBDaFznzhPTst4twIllCssI_2g3Y3HFsx_U4M_WfN3PFJvp7sYMgLbC5SqIuwLSfKfpOpcd3oaUnI5YoQokK530qlmegm-Ry6nIMAoUt9VE2a9Bf3w97sDB7fJsha4bxApnp_bM5EsrN3mKA6dW56qnsX-lfnoHWp_8elYywTcV6NRJaczekeJHLEXLrdi7TiXv3JkW6KtnFOVP9R4cI1nJpUvlsVVkhZv7M95PZzsq53UWwgfa-y2kP2RyLFBXsu7kl-7LAbELbFuNTgr9y4obYaCdH-p8qlb4sxliwyZn5VMx0ZSTDDwGbm6fVMXeOHSeInNFHJEXV2goJb15cFn9AkM7vZ5Pptkq6GsWbSwtEMtHjDtcjVm5Lg8vjZlLtYkPf43ElRAHHBJTdm1bwqhT9bEaKxOj90dibsCOllv0DW2jxiHPufResu1OMJP2NC3GfH_tApIqfXvEk/VC7fPFPVCS0Em5JQ8dVOMJ31PBJX57nU/7" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">the complaint</a>. It is <em>not </em>about last week’s broad tariffs: It’s a challenge to the tariffs imposed in February on China (and Canada and Mexico), also under the IEEPA. In those tariffs, <a href="https://links.message.bloomberg.com/s/c/cNiTZbK6DCN2I4E7dZBKydVMVEeQYMDFLh0PLL5FhKumzvoHb17Ajz1AGZkkbJ2UHKJChwQcCUJenYlABSKxbSK9N_zpOzsl8wWS5k55qVEqbs2ojoowxLAWJmAr09Nq-1FQid_S80Jm4uYeVYsXiRD7u2x3y9tT-64AlHk-FSDSIn9Kv9jI6VV7rwe21dQFeyMWJ2TazoBIuWj0KDiLM99Gsfbbbq-AdIG3DoFeVqw4WIOKphpeB5gRveE8MGWUqGXprhoONhlV0ztLRinDI9YfX0MCKleObAx5UebUaUHemi4B-0zc4qS_9W4h12XMzdWl_ClMp3hw75z4g3R75VCIph3zqNwmtzuBYl5kzbJG13BVOPPPVsD_LdSQ2OpsflpBpGw8BilEqw6-xYlf5OrMhRdZYtT46ZNolYCB4KuMlU4AnMVnO6FVormlEXYd2VyD47noj5tipVkoGibmV-AxI3ij0JEBRL4peNCHMEhfcNKRvD34rC6Qzi5G_v2zNoJ2yf9ojW65D1ttzIr8TK8iAXXSJKNtdbVP1jpNOPlA6tPf81hPemB5HlkrMGq4F9OMCA9xBNSFF2nYxc_JxzhLd4b9n4y3aBYp829t_0EfFBv7Eb9kCHZ0/67mmNp56WLDCwJrBF0N3k-PnMifO3mpW/7" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">the asserted emergency</a> was “the extraordinary threat posed by illegal aliens and drugs, including deadly fentanyl.” Simplified argues that the IEEPA can’t be used for tariffs at all. From the complaint:</p> <blockquote> <p style="margin: 16px 0;">In the IEEPA’s almost 50-year history, no previous president has used it to impose tariffs. Which is not surprising, since the statute does not even mention tariffs, nor does it say anything else suggesting it authorizes presidents to tax American citizens.</p> <p style="margin: 16px 0;">IEEPA does authorize asset freezes, trade embargoes, and similar economic sanctions. Presidents have used the IEEPA to target dangerous foreign actors—primarily terrorist organizations and hostile countries such as Iran, Russia, and North Korea. Congress passed the IEEPA to counter external emergencies, not to grant presidents a blank check to write domestic economic policy.</p> </blockquote> <p style="margin: 16px 0;">And even if the IEEPA allowed tariffs, this is not a sensible emergency for them:</p> <blockquote><p style="margin: 16px 0;">[Trump’s] China Executive Orders show no connection between the opioid problem and the tariff he ordered—much less that the tariff is “necessary” to resolve that problem. The means of an across-the-board tariff does not fit the end of stopping an influx of opioids, and is in no sense “necessary” to that stated purpose.</p></blockquote> <p style="margin: 16px 0;">And:</p> <blockquote> <p style="margin: 16px 0;">In fact, President Trump’s own statements reveal the real reason for the China tariff, which is to reduce American trade deficits while raising federal revenue. While the “emergency” is not challenged here, the “fit” of the tariffs to the declared emergency does not meet therequirements of the IEEPA.</p> <p style="margin: 16px 0;">If the President is permitted to use the IEEPA to bypass the statutory scheme for tariffs, the President will have nearly unlimited authority to commandeer Congress’s power over tariffs. He would be empowered to declare a national emergency based on some long-running national problem, then impose tariffs purportedly in the name of that emergency—thus sidestepping the detailed constraints Congress has placed on the tariff authority it has granted.</p> </blockquote> <p style="margin: 16px 0;">The complaint was filed after Trump’s “Liberation Day” tariffs were announced, but I suppose it was written earlier. That last paragraph turned out to be a good prediction: Trump really did “declare a national emergency based on some long-running national problem, then impose tariffs purportedly in the name of that emergency.” And it is a live question whether courts will let him.</p> <table width="auto" cellpadding="0" cellspacing="0" align="center"> <tr> <td colspan="2" align="center" valign="top" style="padding:0 0px"> <a href="https://links.message.bloomberg.com/s/c/uaQgmuncmE4YF5mxh_8jw2vrOnEAP9fOUt4Zql_2YenahqZmXilopV8A5KSfO1LD6vzE9saxF3rNcTS3bvaQmpuYqLDpOH6lrylJPpaP4sV20d-kv8j89SkqpRIP39bdn-BD1RVLUI9aLq9ZHwqBq4IjGJejRnIhhmNW6wfV9H11Xi1SL6KU-pO0GSVyfHhgQDI54VLS1ypPkdnyeRSmlEYRs_UlZnbfjef-xjwTtJFnp5vvMOWr4QAGTzAjb9JOWYHzVZRNtCYz_h1h3Cizjclo6RZJvBJvn3sGSRJhMkZUemvPk0dtbGpGLO5RGawvkwvmnSPi9dhwOotiq99tfoM0rG0fbEGjLbKjyYSs-tFCPw7LSulNdXghdZhHOpGo6eP5JxSlzTXqoYV3du_R866hJooWx0R0CJSUmP6gq02fRAYg9LowmGB5gcauOsroKpmilQmG_cBPoZ9gZMDubAdVlYGQxgq_PJpXRsrP1yrTEM5ksAZiQJFQhT5paLNJ9QTvrpgUh27Ab2mdT5EFcMoLf9UHca0TP22M5phs6s1i2L6kT2bQnlXncXthZ1uJRyhcggSmpPY0wBtW4VSV_IfpIbzyZv5mWW89V6scAlieAA/8sBva4otrZOuNmF1dohSpAeOiQqQ544B/7" target="_blank"> <img src="https://sli.bloomberg.com/imp?s=868432&stpe=default&li_coord=desktop&collapse_width=550&li=13145050&m=c869f5c3f0784f1d3b0577b4456d769f&p=04072025&lctg=a19ab05d-8da0-4a2a-9dfe-e93d8d341869" width="550" border="0" style="display:block;height:auto;width:100%;max-width:550px;" alt="" class="lihide"/> </a> </td> </tr> <tr> <td colspan="2" align="center" valign="top"> <!--[if !mso]><!--> <div style="display:none; overflow:hidden; width:0; max-height:0; line-height:0;" class="lishow"> <table width="auto" cellpadding="0" cellspacing="0" align="center"> <tr> <td align="center" valign="top" style="padding:0 0px"> <a href="https://links.message.bloomberg.com/s/c/oFXDWg22UL9giJfoqvrBggIcNiZBTMxzLWEbjyt1PV2PssxSL7nKZHvEFPZjVSOJG8L7qbPoU1X6MNOaazif_L3qhF8CmFrNb5-LDnv0NSAomqkiyncO4Z7MCyiIbimFjGB0EhCrrgoHPKPf7KfhMVTJ1_BeU_sECzy-Hk7e6ooLTRx8I3D7n8ShbwkR7iJExkfyB-swmrddZyLYc2o8VrfVJjz7UdsFs8sHlmy-bIxK-2RSGiHwIvPDpI68FyMErZWgtmHoECCZ4y__T7MmZ37cYCx915zqDIWoRRb-aZAHL5tIb8Fxm9B5wgjJKSimHoGFgfEx8MIkQqZbcHv3p0-_wi3lWymoQmJZJ2LF6MdxEG8r5Is88j_1RQ8cIYTLRvtCYMSA7_oazFhfLvsGP4Hj7PcKwxv5YA5GThobmMLh3ZNSVDRh6jjw_mAqvDkAzeXkAX5M0pM9a7iDsvaoxKBp8JNCSLE-8_jtnBXfMDwwjKneK-QqrLjUZAPAi_jlR3XxJMVrR8NqD8ZqG-KKs9tXBbGclYEajYE8j3hpJdrBmNrqS_T7mrydz2KBWFS5RfD5-cXtztbc4GV2m6f2vAwg2rDbblJF54mqjHG6NerXkg/vNIzDd3hkklKKtpdPASlqwz824wFKDRF/7" target="_blank"> <img src="https://sli.bloomberg.com/imp?s=868432&stpe=default&li_coord=mobile&collapse_width=550&li=13145050&m=c869f5c3f0784f1d3b0577b4456d769f&p=04072025&lctg=a19ab05d-8da0-4a2a-9dfe-e93d8d341869" width="100%" border="0" style="display:block;height:auto;" alt=""/> </a> </td> </tr> </table> </div> <!--<![endif]--> </td> </tr> </table> <table width="100%" border="0" cellspacing="0" cellpadding="0"> <tr> <td style="border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt;"> <h2 style="font-weight: bold; font-family: &quot;Arial Black&quot;, Arial, Helvetica, sans-serif; letter-spacing: -1px; font-size: 20px; border-bottom-width: 1px; border-bottom-style: dotted; margin: 0px; padding: 16px 0px 5px;">Denominator effect</h2> </td> </tr> </table> <p style="margin: 16px 0;">If you are an institutional investor, and the stock market goes down by 10% in two days, you’ll notice. You can, and do, check the prices of the stocks in your portfolio in real time, or at least every day. But your private equity portfolio is different: You don’t necessarily get daily statements, and the assets don’t really trade, so there is no market price for them. You have to estimate their values. If the stock market is down 10%, what does that mean for the value of your private equity portfolio? Various options:</p> <ol style="list-style-type: decimal; padding-left: 40px; margin: 16px 0;"> <li style="margin-bottom: 5px;">It’s down about 10%: It’s a portfolio of corporate equity, and what’s bad for the economy and corporate stocks is bad for these stocks too, even if they don’t trade. </li> <li style="margin-bottom: 5px;">It’s roughly flat: You are paying private equity firms big fees to pick <em>good </em>companies and <em>run </em>them well. The companies’ business models and cash flows haven’t changed even if public market prices have.</li> <li style="margin-bottom: 5px;">It’s down 20%: Private equity companies are <em>levered</em> corporate equities, so what’s bad for corporate stocks is <em>worse </em>for levered corporate stocks.</li> </ol> <p style="margin: 16px 0;">It turns out that the conventional answer is“it’s roughly flat”: Private equity prices get marked down, if at all, more slowly than public equity prices. You mark your public equity portfolio to market every day; you mark your private equity portfolio whenever the private equity managers tell you its value has changed, and they are in no hurry to do that.</p> <p style="margin: 16px 0;">This is <a href="https://links.message.bloomberg.com/s/c/-u6djH22toyHcAWUN9WL_TTxwEgOj920HxmcFhPCV6ws8YcTmgMIH3bSFVydgUxK9WwIjIAwfWU8qmhQXzWQcUqvsO4vZFGeaxzNhlY8slU4qVaoecpyTMe3pRd1vU7068CUnnuLOduSAHub0h-VLPvl6P1C9gLGeneE7GX7KIF8E5YsUdUre5Qj8QkMywCRop7rSWNUryRkoiNGTQqFzL4Y5Xx2LPlgej11dB4WuuItOcNJBuTe8UbB-aH4GKhr2ZMeu3q3nNiyuL9kQ7v8bftIDMbfkQCvH4d6VgRU2e0TzVvN-VSs4VyFNUr9fNSldxZXlQP5ZxoRKBWXjBTYPK6yTZQEv2Q1P6zictzH_887U8NvHwc-BzsACas/_Yxx-D68mEERxsQxRB_4_KJY__ebxjdp/7" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;"> a well-known </a><em><a href="https://links.message.bloomberg.com/s/c/w0nIFCaCsybze9ZD32Ht9i7xOoCk3vDoB6Z9GDYvtVo-BAk-8h-kgdASMVPDtRGllIZ-YD55Hs5jlq4WA9WORcdtO-JXER7hg014ACDXsi_TT5sF9ktyPExFntLCubG2hV325uxfJloeT-0kE6glD0eetZ9JQpp3qKa4CEE25UU8R9taxiNQJ6FqeBEKvKYY40k1qKNb3LDWY9k-X0BV0HIfpT_1bwAKMfm9n-POu3ecYUP0GDoFumTwwtPo76Xv9SW48EWslM4YSGBlLYtlu47Y_TWFfS_kMLLEL-d9Fql6Yn5wBg8Zh6HYqwMcWwgVhWOrLA4EE3OVRjxPUamqbxJRbLJxgnObOiRwXMDrVzu9Ye1tnNkNI5rdmHg/aYqx3lgUYZZfwy-nQtxVayZdT77GCvc8/7" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">benefit</a> </em>of private equity. It is a <em>hedge</em>, a <em>diversification </em>benefit. If you have $100 of public stocks and the market is down 10%, you lose $10. If you have $50 of public stocks and $50 of private equity and the market is down 10%, you lose only 5%. <em>Next </em>quarter, maybe your private equity portfolio gets marked down — but maybe the stock market is up in the interim, offsetting your losses. The simplest dumbest model of private equity is “<a href="https://links.message.bloomberg.com/s/c/DmMhUb3k8M9egp0FZvdb7kHTmmK4izF8Z2qERTXXxmU0qgvkC-MDBvIguxqc69X5NN5sa-tSeEgOONTmrZjmkWrjKsrpJRR4DeJW3ZxZ0DjEDq4-A3otYChJqTGLbdoxFm_ALSdWNTNsy09EI1Y_bbh9b-tKaE4VbSoDjp-G9NnNam4ogvaq-6pcaTuAi4gc9JUaJLeHEV-GAmnRu6Axsb3ny_Gw82HMDXGBNuH1m4bN3SB-4T0fE84LvAyQpIUejHYRvpmxQNXOdXV2BPcZtKJTArhqSfd5rZGa9EI7SwZSG8EVXW3mJBwckmzhlZ8Y-RogMJ-PyRy75zJ3ngAvMzQX3fmZ2ogxHqBHEFmx19vVi1j2ZosKORbdmVk/lukMrCwzqigb9WvCKUPsFDk9JixzOIEH/7" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">public equity, on a delay</a>,” which makes it somewhat uncorrelated with public equity. If you are an institutional investor, this is good for you. You can report steadier results; you can get the same returns (equity returns) with less perceived risk (lower reported volatility). </p> <p style="margin: 16px 0;">On this extremely dumb model there is, however, one even dumber downside. If you have a $100 portfolio allocated 50% to public equity and 50% to private equity, and the market drops by 10%, then you have $45 of public stocks and “$50” (at current marks) of private equity. You are out of balance; you are above your target allocation to private equity. You need to rebalance: Your $95 portfolio should be in $47.50 public stocks (so you have to buy) and $47.50 of private equity (so you have to sell). I suppose there is something nice and volatility-dampening about this, on the public side: You are buying the dip. On the private side, though, it is just a mess. How do you sell $2.50 worth of your private equity portfolio? The whole point of private equity is that it doesn’t trade.</p> <p style="margin: 16px 0;">Remember, on this model, this is all fake. Your private equity stake <em>isn’t </em>worth $50: It’s worth $45, just like your public stake; it lost 10% of its value when the market lost 10% of its value. It’s just that you get to delay marking it down. But to delay marking it down, you have to pretend to believe that it’s still worth $50, which means that you have to pretend to believe that you are now overweight private equity and need to sell some.</p> <p style="margin: 16px 0;">Again, this model is dumb and wrong, but … I don’t know, it does seem to capture something real? Here’s <a href="https://links.message.bloomberg.com/s/c/VPy4hd7zCzWfqDpskxuyE9JQuhgnYrBMQdFGJQwK7FQ-SjStGHdVhKph-QqvY2TiUJReuTdOhYctRW1gsUP5M9VTodpUxfQzqMTlKX4666-l2o7FjU7yyskwNX8W4uZVowdfUbY8f-LdJAYSbaN6xYL5s2_pIj3VB2L3VpFROTrq2_wJyQbKXcau0TWx_7GPJF7NKZYqIFbPhi6Swtzqca1LDkFh8I1E4HIZG1RawDCC42rqTdFYcI_ZqLbxcNmo-uWDqvIVU9RyxfdjJ2IStF5vXqY-fArNw5NVuElaXcTIhSA2X4hTzpgcZ6LpUAQWHBueNHbH8P_ax2AJhLHo5WINpVHL-50pAnRf8ALa0qzevcFqZINM71EqhG-PAQ_Qg1GMuz1RMNZU4WGN6h76R_tGI0xdHE9NPEduzC_gXMz4Ynn3hJ93fNcJp6IHpMQYbLHlXCisK16eHy-XS81Axq8HE-RB4z2jUaFDIUZn/F2Cku57PL8F8KLDIMU28eeazUGoHSi4G/7" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">a Financial Times story</a>:</p> <blockquote> <p style="margin: 16px 0;">Large institutional investors are studying options to shed stakes in illiquid private equity funds after the rout in global financial markets pummelled their portfolios, according to top private capital advisers. …</p> <p style="margin: 16px 0;">Now, after global stock markets dropped by trillions in value, these institutions face a double hit.</p> <p style="margin: 16px 0;">Dealmaking and IPO activity has ground to a halt, minimising cash returns. Moreover, pensions’ exposure to unlisted assets swelled this week as the plunge in public markets has created a “denominator effect”, in which private market holdings that are only marked quarterly rise as a percentage of their overall assets, skewing desired allocations.</p> <p style="margin: 16px 0;">“If the public market keeps going down and down, the denominator effect will become an issue again,” said Oren Gertner, a partner specialising in secondaries at law firm Sidley Austin.</p> <p style="margin: 16px 0;">Many large investors are speaking to advisers and considering options to sell their stakes in funds at discounts on second-hand markets, top industry bankers told the Financial Times.</p> <p style="margin: 16px 0;">“The denominator effect is going to mean a lot of people are over-allocated,” said one adviser, who forecast endowments would be the first to consider new sales of assets on second-hand markets. </p> </blockquote> <p style="margin: 16px 0;">If you have $45 of public equity and $50 of private equity, and the only bid for your private equity stake is at a 10% discount to its stated value, doesn’t that mean that you are <em>not </em>over-allocated to private equity? “Good news, turns out our private equity stake is worth less than we thought, we don’t need to sell after all.”</p> <table width="100%" border="0" cellspacing="0" cellpadding="0"> <tr> <td style="border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt;"> <h2 style="font-weight: bold; font-family: &quot;Arial Black&quot;, Arial, Helvetica, sans-serif; letter-spacing: -1px; font-size: 20px; border-bottom-width: 1px; border-bottom-style: dotted; margin: 0px; padding: 16px 0px 5px;">Nondirectional levered ETF</h2> </td> </tr> </table> <p style="margin: 16px 0;">We <a href="https://links.message.bloomberg.com/s/c/wntsextQMY1S843k8oNppFHSbD6kcsgPN1HeMJU3F-Vc2eKjBM_Mro7Cb_XTHNNY8cxwKbaM7nEBlUSdJEU37Fp6wFJezqI3WvZ0RXeiz9vb_F2UfrPQptXeU7lvoPx05aq43T2BH4nK-cxQw-cJUweo26NoekvNopZNaEydwXXTjO1HRBHvAJ6zWKzKp4BBH-G3u-qvter-xf6UlnuU3MMrlivoLsri8Z356_gnt3cy7e4dXqrQgtfI5BmV5Eyg_SLlUufO_ykhjyIfWN4OAyS-dH1_F97GCA5wS1Vj4Hr8WSEpJBEWj_8CLV_AEh_V_14sGlsCcAS_xTLkWAuq9mOHjgL-GFlL5_n4DSh5Qh0yk3uh5tVPhcSUYYc/yGEVVIlOVI34q4wz7rXre7Gv1nwd9myM/7" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;"> talked last year</a> about a quirk of levered exchange-traded funds on MicroStrategy Inc. (now just Strategy). These funds aim to give investors 2 or 3 times the daily returns of MicroStrategy’s stock; there are also inverse funds aiming to give investors negative 2 or 3 times those daily returns. The quirk is that the funds need to rebalance their positions every day to continue providing the right <em>daily </em>returns, which means their longer-term returns are <em>not </em>2 or 3 (or -2 or -3) times the returns of the stock. In particular, one 3x long MicroStrategy ETF was <em>down </em>82% for the year as of last September, while MicroStrategy itself was <em>up </em>100%. Intuitively, you would think the ETF would be up 300%, but that intuition is totally wrong. This problem is called “<a href="https://links.message.bloomberg.com/s/c/Hrt_01nPu2sDOCLgSS1CScE9_BOLSUyJ1bBxCR3Kj8CfNpU9GgtkeqF1eroFCSRSzL8a65VZZbgRwZVB63oqLjiPNivYcCgcDwb_HiF1Oy1an6jgoFsfxqBfZ5Gu7ASFqXZsq0n8zLajOgyH2G8IcrtvqKcAgHkESOWprQfWdK-sQCusdAQpwjcmrsWIXKj--fKuy38bu4npcPyIkEaYvb248aEVD_yq7lNnUdRLjS5vtm1mZdQA-NpXuyMIS2-WIWqeZeW5bkRvMONXPgnrk39JCPeOUh4RRkqBgZdbM_Lx-wkX9oQYuq32xKiADKleaq-SKcxZgw5gOsr7ViOyxfjcpXgIOcDAC0NAj2Ya6zCd_4sidytdwYB-5ooW_Bm-tT388SK6mo_0AiVJO38dE0YIgQp-oIm25UBgBHSas_i8ep4dfIC-2rvk6ZZHDs8I2cZHewVuz68-V7saus8twJiRtu-tlmzRSb8/Y9iW_FqfEk37lDMMlWNWWkCZKD5w37Zx/7" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">volatility drag</a>.”</p> <p style="margin: 16px 0;">When I wrote about this, I got many emails from readers with the same basic question, which is “how do I get on the other side of that”? The simplest answer is that you can short the ETFs; we <a href="https://links.message.bloomberg.com/s/c/MBEPiMYtMNopmsOQ6cudgAzdYu337kOx-L0bNOBsuUo86CDhQQ_1hK2cV2VleahwxQml217KInJer4ljTPGnIqNZVDQHh26cEPDRK-spTwp3Hy4pUaf_pt1jLS7mWcAvAya0GD3lJgk-h7zg6JliB_VzczwYKJA2pSUTkQR3ND3gAOldnYO59z29wGTBZdHMQUkJt9XCr2gvACvlfnQXJp9bDrEu9qLbo02JzYTIrMvGV_G_AiictOEKqiVCrfBOiBZqoSI5jRSuZWIdKscgC-CtHxRVIzJNKmdN4CDYDZNHsj9OVTTfd_JVZ4A8ANRJ-JEVH77aEmCZTC--caKZDpe_ky3QX8YU_edajGFp2a2ZvUv8LL5Tlih3pmE/A8BwSbB8i6DMfAlg_VI13TXnv39J_nS3/7" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;"> talked in January</a> about David Einhorn doing exactly that. That exposes you to directional risk — if you short a 2x long MicroStrategy ETF, and MicroStrategy goes up, you’ll <em>probably </em>lose money — which you can hedge, as Einhorn did, by buying the stock. (So: long MicroStrategy, short 2x long MicroStrategy ETF, you figure out the hedge ratio.) </p> <p style="margin: 16px 0;">There’s arguably a better hedge, certainly a funnier one. Here is the <a href="https://links.message.bloomberg.com/s/c/e5SCWonr0v5avR46RWsW0pk_TC0IhpLaRr2SLPOKFt1gzdvEDMdkkiACQdULn7kOYjzY8QsXDnoxNlzIR9DwyF28xfgorBEubSxq6sowjfIfp3eOuT0YZW2ZLltj-wVlxdvKM_WMje428XHh95wl18kfjui7qmvyFoNBYWfyRkUuYaTg7cyDba4tai_uYFpLbLawClmuAvL12nC8oX9_ORnXQfsnWW0xJ28NSPnverARoOAFEy94ofVg1g617xvsn_HrYPdKMROyYyJ8q7xAevf609kvMjCAU1-6K8YAKQSq2vMkj6CqAtKeISyFa2AzfQfUGmu6GzE8PHgvwGWyeCN1hawfk24P99hS_48BCBEwxmmLZ95t8fWVo0jCLMMR2dfs-wIm2pfQC8oObB2RJ_RszFjg4oo_lB47q-22fjxplvURrbwK6kDS6A00Gb-OpXzZt0EeB4cNeMk9liaAt1EjB_EctaRso6Njctx6eipEdO8WVjXXIpkwUeCU3L8GVqlSl23HYMZAwmEgK7oLV6-6hPvtWRyXhgW2AW4bgE3R6kgQm0Yz-iqBrQs/T6HIDwBDOfzmfcdU2N-rHacSsK5wX1Ph/7" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">Defiance MSTR Double Short Hedged ETF</a>:</p> <blockquote> <p style="margin: 16px 0;">The Fund is an actively managed exchange-traded fund (“ETF”) that seeks to generate returns by simultaneously taking short positions in two different daily 2x leveraged ETFs that track the stock of MicroStrategy Incorporated (“MSTR”): one with a daily 2x long exposure (the “Long 2X MSTR ETF”) and the other with a daily 2x short exposure (the “Short 2X MSTR ETF”). ...</p> <p style="margin: 16px 0;">Rather than attempting to profit from changes in the price of MSTR itself (as do the MSTR ETFs), the Fund is designed to benefit from the structural features of Leveraged MSTR ETFs, which are products designed to be held for only one day. As described in each of the Leveraged MSTR ETF prospectuses, holding shares for greater than one day may result in performance experiences that are very different from the daily 2x or -2x objective of these leveraged ETFs. ...</p> <p style="margin: 16px 0;">By simultaneously shorting both a Long 2X MSTR ETF and a Short 2X MSTR ETF, the Fund aims to exploit these differences to generate returns. For example, if the Long 2X MSTR ETF fails to deliver 2x returns over a given period greater than one-day, it may experience negative performance for that period, thereby resulting in positive performance for the Fund through its short position. Similarly, if the Short 2X MSTR ETF fails to achieve -2x returns over the same period, this may result in negative performance for the Short 2X MSTR ETF, thereby resulting in positive performance for the Fund through its short position.</p> </blockquote> <p style="margin: 16px 0;">You short the 2x long MicroStrategy ETF, and hedge by shorting the 2x short MicroStrategy ETF. And then you put the result in an ETF. It does feel like sort of a pinnacle of finance.</p> <p style="margin: 16px 0;">What could possibly go wrong? Well, if MicroStrategy goes steadily up <em>every </em>day, the 2x long ETF will actually return <em>more </em>than 2 times its long-term return (and the 2x short will be down more than -2 times the stock’s long-term return). <a href="https://links.message.bloomberg.com/s/c/-z-q6cposrd7YmEd35VofX1_Z5GiEZM-95-7LFU0Y2GYCufgkx8r4wrzRzxAdp5sc5ftNpiNd2Zq0IbwPcFT-bdgwWZ71TkZUFSShrV4HKcHVPMeKDWvuLlcWh_m2JyoLRDG7j6CAEvcBHzLn80T1TKkRGDiE1IJDH99wxyCyvxKMXLNNSoKbdLakhyCBgBmSmmS2NXmS_otwbBHfRPz8eDwylwJzCxn7qzAyQiwnt6me3F0P2eNS90mWbsszpoFXkASh6nKdtBMUSyzdKHC_b-MYNz39-PTEYakQbvTAl0seeN9diplgroMALEeCRhLfLcJ_Ysd-vLI6qeElcpYGVY62ZPzQNOXPjtMoGFnKbaIS29S5it5R1G9tca35vWNtpd5hY8AsrYCcSGFIR25S-aRwPwfXT0PDX8ooWpwqNbv7w709CIxfpczHs6Kqbdvzpony4H0MlWfBFTLZNrwF2jgYCgDCoF9P_BBkU1MArgSnHILRPHodthR0uCiapptoZwj_2Xm8i65rSBRxgGXHQ1Q9fbIwNRlZyfh8nzJLKy6bfMeKqcsWMt2T7Ps01zhU_CAfcvJdAU/_hD3erngMPt8elxsWHJuSxlCpU9BWbpr/7" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">Byrne Hobart calls it</a> “a form of tail-risk insurance: if one of the positions does well enough for long enough, the other one compounds to zero while the winner can get arbitrarily high.” You are effectively doing a market-making strategy: You profit from volatility, from the stock bouncing around in both directions, but you get blown up by large monotonic moves. Someone is going to provide that market-making service to MicroStrategy levered ETF investors, and I guess the natural providers are <em>other </em>MicroStrategy levered ETF investors.</p> <table width="100%" border="0" cellspacing="0" cellpadding="0"> <tr> <td style="border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt;"> <h2 style="font-weight: bold; font-family: &quot;Arial Black&quot;, Arial, Helvetica, sans-serif; letter-spacing: -1px; font-size: 20px; border-bottom-width: 1px; border-bottom-style: dotted; margin: 0px; padding: 16px 0px 5px;">Ken Griffin real estate</h2> </td> </tr> </table> <p style="margin: 16px 0;">If you are in the business of building expensive houses, one risk that you run is that you will spend a lot of money building a very expensive house but then, when you are done, no one will want to buy it. One way to avoid this risk is to spend even <em>more </em>money building <em>the very most expensive </em>house, because then, when you are done, Ken Griffin will have no choice but to buy it. Here’s a funny Wall Street Journal story about Ken Griffin’s <a href="https://links.message.bloomberg.com/s/c/hvGJFicXoaZm1CxAYGzuz2GgD1-6mIGdC2_TotWtdD0YAFKRaj4jQ5gqO05Aa4RSvJJI-CPEAieuRRWoUcbclX6uZmMumUilYqHjt3ojO_4NJr_bRhd0dcx9-mLGfMYnkDDvLWSka4MUVKPDZctsKqHHjM9r1-IW7od-FNLUDBcnqfcWUskFE7NWnwC3Q2lEyccTkfEXYHBCZdW6q4v6GNmV9f49oTYSjKSDWP8GPVYspldVML7MLGqTngHLDkFFJd45yHHOabgVzM11EJLfGBcdyWBoGUetJbgFHfS2__V2FzlZ7EZn6rHFWDIEbzWIWp1azNxrM3Ayk98rDbkg5_uj5Rppj_Klz1n4fJC3q1EkKHH68x3LPzyeVJcMUouxQfO_yI5n6zrEUadD6l3or8ZznczNCNFcYCmblb4fw8FmcfnwG9hdElCXeeEmKm6-_TyJ7oNoyn68wxIXm7XCDXuTtY5odcBgWqhDnHRo5h6OgigE280HKOY5OvAh0PKhftJKwX7XDF1d_OHPmmXHHPYIU5SWGZTDx1WkjLuYY6x8Feg0/No73xIiyQx-hlqqDZOQE3kQVZl2J7gjT/7" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">love for expensive real estate</a>:</p> <blockquote> <p style="margin: 16px 0;">Over the past 13 years, the billionaire Citadel founder, 56, has spent billions of dollars assembling an unparalleled portfolio of trophy properties across the country—Palm Beach, Miami, Chicago, New York and beyond. Industry insiders say his purchases, often for historically high prices, have, for better or worse, helped reshape the pricing dynamics of the high-end real-estate market.</p> <p style="margin: 16px 0;">“He’s a whale’s whale,” said property appraiser Jonathan Miller of Miller Samuel. “In my career, I’ve really never run into somebody that singularly has dominated a segment of the market in so many different places. He’s a prolific buyer of full retail-price real estate.”</p> </blockquote> <p style="margin: 16px 0;">“Full retail-price real estate”! One possible interpretation here is that real estate used to be a normal good where wealthy sophisticated buyers tried to preserve their wealth and signal their sophistication by getting <em>good value</em>, but Griffin turned it into a status good, like fine art or sports teams, where wealthy sophisticated buyers try to signal their wealth and sophistication by <em>paying as much as possible:</em></p> <blockquote><p style="margin: 16px 0;">[Douglas Elliman agent Gary] Pohrer said Griffin’s purchases have emboldened other moneyed buyers to spend nine figures on luxury homes. “Before, some buyers didn’t want to be seen spending that much money on a house, but now that it’s been done so many times, it’s not that weird. They don’t feel like they’re overpaying.”</p></blockquote> <p style="margin: 16px 0;">In certain circles it would be embarrassing <em>not </em>to spend nine figures on your house, and that might be Griffin’s doing.</p> <table width="100%" border="0" cellspacing="0" cellpadding="0"> <tr> <td style="border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt;"> <h2 style="font-weight: bold; font-family: &quot;Arial Black&quot;, Arial, Helvetica, sans-serif; letter-spacing: -1px; font-size: 20px; border-bottom-width: 1px; border-bottom-style: dotted; margin: 0px; padding: 16px 0px 5px;">Data privacy</h2> </td> </tr> </table> <p style="margin: 16px 0;">You know how there was a wave of companies whose basic business plan was “we will lose money on our services, but we will accumulate a lot of customer data, and probably eventually that will be worth money”? MoviePass was probably <a href="https://links.message.bloomberg.com/s/c/S-zSganW2drk_olSasXAhrLmbkBH2I0ms7xSn_xgUalf_PDnLbZy0n68J0nN8aJJaWmX9fgT5YwflaYYb09QduOkxj_bHLIaUQBqDr7dNZ9-ytbdGHU1vaZw4B440rHosXmcEyqc5FgKohi6UwQ9WOl773DScPbQnr7PwhDguacAR-TAJXzO0lj9xzsdZq5MdNi6VIXK5mPVTtOV7GK7cqT63OEoQyHGbIu5VQ_R67lfi0XeK_m2ZIdUePzI7T4ScauGrkTJzIhy0PvQABixMoOgeAEUw-ElMP7n4bZb97Ngf5nJ9VvtAGljVgtemQzo50vRCoUJsnZYEapfNC9Rz4P_9TFxsVgkIGQjrj8HSbd5QmJVOIjBUzq6EsM/vJpHP0Ml-KogXVaB6qd6aD0qizKlXAW7/7" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;"> my favorite example</a>. Anyway <a href="https://links.message.bloomberg.com/s/c/0bcDSAOsn2sZ5v3gvAtbmZYyfJ6e5DZ7Usqp3XSlsr2EROycWhXwrtTkCUKsLek7ZXLYPCAJTUhgi4S4QBgXQM9sEmR7vD7YqdpWA2lH_5TkceTdASxXOxPE6PDj_31rXwrRu9EfZ_PNVGDwDW5ATe_NPraEiI6eusUhguIFu7ZAVwCTL1SK33Xuh5ADwMR7th7uinWn1ZY4f5x-PQGr9_0eSbGSao2P7nD0UdTZiE0PVeB9LNZCXyai_Qpuawy7Le8XOKytE9Pr1AGUAMf2Nt_nB5yqfrzJShFPSdwP95oIAdCgTj0e9BvSicBnESbjjXomAHcbOYGwnRch0Vw9GVHD-8k82MyGC2HzIaskPbNLbl_jocrSf0JjBBlKT0bhkoP59FQ_WE_keDnSS_45IorSzQ3imqo5QmFe1afMoOykY_jv05PGWIsrOc0Z7MU8sEvklDIbAdWOEgmb1yZWs3_eky-ytnmoVVxOWA0jms6lD4zwAT6kj-_7DNps3muZYae4OX8VjudU6kZIqHLCsto3B2xUUZ1eKTuJrw3kTUb4DOABPv66dCXYlp_nMA/BcW8pF4EKCJ2tKl6YCUPtY47OD9XlLNX/7" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">here’s a business model</a>:</p> <blockquote> <p style="margin: 16px 0;">Eager to gain access to an exclusive establishment near Harvard University, biotech executives, doctors, lawyers and politicians filled out applications and handed over IDs, work badges and personal references. </p> <p style="margin: 16px 0;">This elite club was a high-end brothel charging up to $600 an hour for sexual encounters in luxury apartments in Cambridge, Mass. </p> <p style="margin: 16px 0;">Now, that unusual trove of personal information is serving as evidence in a series of criminal hearings that have pulled back the curtain on upscale sex work. Dozens of prominent Boston-area men, who lost a legal battle for anonymity, are facing misdemeanor charges that have caused major public fallout. …</p> <p style="margin: 16px 0;">The brothel, where young Asian women used names like Tulip and Tiki, also operated just outside Washington, D.C., but Virginia prosecutors said they declined to pursue charges against johns there.</p> </blockquote> <p style="margin: 16px 0;">I submit to you that if you run the Washington, D.C., branch of that business, charging $600 an hour for sexual encounters is the <em>least </em>efficient way to monetize that meticulously maintained client database.<a href="#footnote-2" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: none !important; background-color: transparent !important; display: inline-block;"> <span>[2]</span> </a></p> <table width="100%" border="0" cellspacing="0" cellpadding="0"> <tr> <td style="border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt;"> <h2 style="font-weight: bold; font-family: &quot;Arial Black&quot;, Arial, Helvetica, sans-serif; letter-spacing: -1px; font-size: 20px; border-bottom-width: 1px; border-bottom-style: dotted; margin: 0px; padding: 16px 0px 5px;">Things happen</h2> </td> </tr> </table> <p style="margin: 16px 0;"><a href="https://links.message.bloomberg.com/s/c/148AQseNenlfNwNrAhYGwRIkp7c8QLmkyu20GQTSJ1lc1SRGkci_ZxXFjJ4fo-yzjt2vy3fLy_UFXX8oyM7RdxTEH8DRjBl57ddEQV7sohyUAxzwCpbIlDWTM1i2ZiVJeSoF-mAmvbOQETSNly6hv0uF_5cBTs1-tDUGqTij7ygCl9WNDF7KqSflOsFkAxCU2p2qrOEhyEVdg_eyGxLS3k10GVkkimiYAmVQl2EQ91miYKdf5_6CYUkE4ylEMdfyEZoTgpGtWPKRXp_34BGMIFutrb6TWyPuo2KQNE03tZYTPru5aMNBdkgWR1dlK9uOlIFFOgUya6cLMc3C1h3y7ql0qvQDEhO9s17BMqCQ8-gejIZk9eUUIM7Fmag/q-XcIaMzdCb7XKFbr0YOvVn0XehvbaQs/7" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">Price Hikes</a> Are Already Rolling in From Tariff-Hit Businesses. In Matter of Days, Outlook Shifts From Solid Growth to <a href="https://links.message.bloomberg.com/s/c/Pt5wbKXNw7uwn7idnz2KDL6mivJX0Buu1unxHJTF7QIAbbtJ3BZ3WXkiT4ZnTw1KhTx6yFvSXL7r8d8XJEnJK3pwXacv88gpPIlIQSgn_tzuFVdCD8Pi_rxPy5Zi5UOclI6X0g-x3DwmOXuUR7MDRdYeNiBiotj4LUXazY4WVP0QiwU3i2Jr44rA4SveMrCMXIFI12YuM0Nfnn7aAxCzZxyUROPKrjRVF3AwYFzrWBZ0q_ZswyVQ47-z1Mk-sX4NVyI6poXucIFPi2kYQyyCK-0Mi1QTZ5vVb7oUBNa5WE2orQhp7ZmJtpPGO_aBKOHL1dnG4aPo_MmC9JSTwoW9Oj8EpZyttONuC74RvCYus4kLVVnXvbBQWFdsaNsQ_UNF8bW-YWC2YxnRWcUbp-cxs1a_pt0enXewa31VBS_wYid-IySKRFj4l9niTUo9b9fibUjYa-UPYooYLRW4jzVqLMnw5uzIWsXDh33QsjXy_zePP9VFAM8pKpy8LlQCQHUHUMMwIujy34GrGtN9EWOZ8BpCXWADKsy6ge2L33pPqVW1ywqn_MIAx7bNI-bvoMa8jE6kMHTVIubEr2I5tecpjdB-NudiAJGk1WUruPTjnRemRqNOWAkkUKoB/9EyyQ3RtULKWytZqLytl8wZ8zhQrpfFK/7" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">Recession Risk</a>. <a href="https://links.message.bloomberg.com/s/c/pOUq-dPP4_xixoZ5Xg8uyCbHmeGP0ojvzClw_jnrXIxyqmqIwGK27Dx3gzFbdZF2uNVVysRrHg7L7PZYQDQvwBDzLwrfv3BPT83IeaQ4PakjC1CjnOj4w0eZYdMFUZ4NpauihVjhPYz-SL5CnSgT5TbLIcpbLClQr0WWDd-SKHoXnS8UaltsAtwyq3vbyRJxRqdCycMQOw0xg5rr77TjIVBRXdXfznOfcgRRK6hAeWAKj-gmJTJnHol_WkQQb2oGy7CGii_YdnhWJJU2ODKatV_U1aQ3-sFY-SgM86cvg6cbTWRQ_PZJHWdlR5T-dM6ACVkdDJ-z2vTIyC5osl5qgJ8Zgl8bKgyttS_ShTrwAO0pdstICdFEVOpQw4z7zHDiTsO5cAZRaCx8nGQW5BYIg6dDuwI3rIydkD2OkWqc266UqlJ0RY67UHtw_UURucgU9FGyHlhNLstNTh26Q3tqcw/t_lnjDNJ0aBs5lP6wdPUAGaY5QDzAYsL/7" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">Matt Klein</a> on tariffs. <a href="https://links.message.bloomberg.com/s/c/v3EbtKei5uShyXOmeLVm1JY8A97FjmFImGDeTdNXMgAvNwNW0OqyT7qiutCRjb2k-bC-Sb5NqMMgJcss_IDQx85KqxUJw3yhPZcIkLpG0Bqq7XTX3RSZNEXZodHthIZ2EOkdvN8UZsaxoAEBpX5Hy0QUTWEFiULRN4bWn2_PnE0I51_lpDaCPVNNZx6SoTf-_GgUtvg95gVSjFi7RXtIXcFUYnuOJp-X8YQz0JLAdTvUmcBi75_ALx_3DCcDsqd7GUAwaTt9EvSij5_Ym1szuFUPnJiPQ5mTjEFSrL3RQqkDmRk_dcIXacpw0SuHHLdf1gC2_JWDaAXboTCnBemecrCl7Z7FHC-kdC6oUIoqyp8LeXxgWkQWr8sTav-nqNmWn5Pj-R8k9drmJ-6PV1sGODn8ESZZvWK76lMZ18TwyiHp2jnmBgtzguwbe3yXjmQh8rU/IjgruacDBUy2nYLMUGANgtjiOvDgv-J5/7" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">Ray Dalio</a> on tariffs. How Investing Will Change if <a href="https://links.message.bloomberg.com/s/c/D4R7xGxo4UDsZyRbcT5ahM715K-mbr6rsgI_1IZBCponb4LIeI2H8ysGeSCIflyiAZL_lmvpMsXS4NyqqtA4u1tCN5Q41CM7vvmQbUvdFLyLToi9yxfPHNOe0zbPogBxTsScCCPCr5j2yVVWRCesutcosXV0CD5blJT13K-2IWCycoqUVpSHa48-dMFxlWf4SUYHFGopUxRBLCDIu5ptrq3yMNVpCApYJ_CKn3jn77qNljvb-DC-e4zjUmi2b77kA7887f8zVqB2hrvPwznAk2D8BlTznGD3aKFFCTiiDN0zyXrStlb89dzVRt4Z53lLjic4ukSoCvmo_wywhg5o0qNPLMuhd86WuTTgXOpiEdVeAvk5X9xTkbPcqzzhv_Mr6ijxYMY50mb_eX74Z2vmwhyRqzIScYB62AfYyMtfDMNH6EXNsB_raIUx9o8Wf4R4qwu2GEvLL60jQu1DMyM2vZj-wHHJoZE2OrgB-Lb_gbePBoo3rcuXac0DV38bqoopjr3s7g0zZX3kIKFJZwsYnY2w0HGp3NcpEjZG3n9Iz6l_UWjWOf8Mmyd88VUSncu8h8ck2xBDwsCYV8zq7KU_XQ/PDuSiaawlsTfQscRGkRD4UVWn9ucEeHV/7" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">the Dollar</a> No Longer Rules the World. Crypto’s <a href="https://links.message.bloomberg.com/s/c/I9yZTwSFRzoaR-tw3pue5-z02MIiFa7URpPkevi7HKB35Lnr7ki_kDbhtOdyIK5dMIvwARPtAoAT9FvVG6DopFri26ZbaFrduwpcPLnrKgMw3pbLzO4klFCRD9AbrpvYFHuRIFeBJIYPmSoT1YM7qszsYuOEsp6dc0FwB_IRjiRBCOGs_asIGJxhLyILrL1_ybeBKO-BFg7zLuTyfUD5dMplT6LsVhyOxu9ZaYLARlVUEHNylnDT3kOZ5FU-7RDn2kMmHySB1q25IoGDAe1J3y1PIrsPd5TkJ0ogoqQf263SYWzbMM7Yzqx1elq347PdkvtxQjqEAK0KtEOefe8ZvNqohYfdMeuNQICyDqngt4NZ-G9kVVzkdw8PyUs/EizY_z_-9bdVn7e9_m_iH63l8kfJRu3D/7" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;"> Trump Rally Evaporates</a> as Tariffs Savage Riskier Assets. <a href="https://links.message.bloomberg.com/s/c/BSasodX6HTei_0mKXDEDZPsCh6MlUhrE474NdIkWa684EvENzTYW0tbs3c1b4t6VdsHHcudRfl25fZNqoh8cgvBdENu0EF_3uxEG3Z9IQkJCUOadi5sRvuFAm7Qy6tQBK6IfqQq1eG0tXucVzu5MebQo04J4HqlJcYq0iU7rAN4FRaup6o43n6eQcEJe9Sm0S0r1ILPB9AeO8LISpapJwIzyKfkKK3bDHYb7J7qIvszcRb3iX62QoddxbJFezA6ThWelGye_6v3Oih6faIakpk5K1EZn9JUAFvRnILRBlHP-6WSvSZHHc0nuWLh_k3M8dyx4ojzikZGnE7I1udz5r-TS5ktbUXiReZDRgj3LCezo_jBpEJKUI973wxQ/oIVaNgL0PVLzYTAU0oVFIo4EDpFvhfmV/7" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">TikTok Deal Stalled</a> by China’s Objections to Tariffs, Trump Says. Britain to <a href="https://links.message.bloomberg.com/s/c/gBz4zbTlr4fGXtTNwH3zOABY_G18fLYnIsi_sLnowo4_zFGUAu-AN0AOAo4Jjs45OEh2kBRnt999IKuu5MFpnwxTinYL2xEyeQb1wx0n-dNY80WbxRkRvmVY9zuIfUeod_HY168NdwBj0cs56PgC5mSrzK2kBqvwqdQL1PiPm47qcyR9dU0oMfFLbwqGy4l38au9MKU9UEIDGJ0ZlNDqiws3lNGceRgsCm1WrlyXGY9fdyaphClBMGBf7W738km1YumE9gDZCZUYONRUIWkyEXU2NKF5zp7AwY2fScP34huCsPsi9bOafiMJh-NINMUhkmHQ0thRKGineaaBbYjD4IiIdxORk-91qz2MLMwCzguUbwoEOq67Y-RScbq1Dlzc8hLTudrT5n6PEdjOhA5p6UYlVDW7l1_uEzLjTNu16mAWUFwN7-2dWH6IMdCYt-FQsM-UkkkToujLjQ6NJ_cw3CJV9S9dC9k94u3DsBvP/bUnqngubmKfg5d41JcfGrK1xhujpcpwj/7" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">dilute rules</a> for smaller private equity firms and hedge funds. <a href="https://links.message.bloomberg.com/s/c/-didXoqrv27fqui6VqhidgHNJf8MZFEYhiL2SlPMF3VNZ4X9uSbZvof_qthDxl-xMYNhT-5p5vlX319nEfdhlCEm_B_kRxyx7N8PrHRHMEW_minIhAEq7CLOZlCg3Uq6aO7dbrT7A7VGHHBPpIly9mGYrgqXc9IjXpH0D2c4exsO6xinqNdp2G4CtdADCqy0JUQKShMm_nNJ2AK_Cp0yR5DPtuiYPMOQQIDzUaR78JWbfxG1VuqpyGVS17q2Ukj6wflNwuXXF_NIKuwu_IL9UL5R7d0cQmTqD1TmSeglApeXd6lfoQ4DQn4K3fi-Kn_AK3lqZbMcM4qWV5tngE20RfzIop9ZYI2-1CeOI-LOiJkpRUsSkAJhKfGTO8o/6IImMTqG0UScgPm6OQa6P5_mWOjho229/7" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">DeepSeek</a> and Tsinghua Developing Self-Improving AI Models. <a href="https://links.message.bloomberg.com/s/c/JpO2h8QyTes8eWNkS5NvqMulZjoRvter-z5eT2-jHqkfrniMrDb7Ev5ywfuReBIZ_bPMtzk7tED3a9pTvXZhKKi1XJf0gUXYzKddxioa0LYVGaNeqhFfneERWJ6wSZ46ajF_gctl5Ms7GMhlHU7D4k-h0_jr27JNSY5oXMz2zJxjdiWiuFTIeXfV05FQv341DdyiJwt8n0gq0ucsdd4Cz9D5y77ix2RyVpHu8cW4gLjASYfdGctxTDvXfaWvlPWmWEhx-mTpRpMfItJBEgZBMCkzbemFicp92lzp5R1jh0yXcnSDBmXsNszHU7t1aU-4OlvsaEhWu8S9IFA19UuRi3X95i_phzupWu1uEs9R7sGNHkNiKIEAfDxdkTA/vWVXfsD2xIxjbKZ2AVcKgkddxNFWHG6Z/7" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">Tether</a> Explores New US Stablecoin Launch Targeting Institutions. Big Office Landlord Made $4 Million in Previously Undisclosed <a href="https://links.message.bloomberg.com/s/c/3l6QjzRGM7uDnZlixTuzv1zTL0Ch02zviGadaaET6ut9WFLma2xx9qbyZXE_ZIcCsLqTXV9-UBPeph8Gph7p4GexFHIv9jOcCrrF088YinwogjiU2x40LDg3lIghDrrMiEiV4K0G1YjKViwpJY8p9Hj0tsphwAzp0V-ADrCqy7pjdZC9c7jgpX9CQ-XvYgmBJb99XvGfJ0rlZZ5BPiuBaEyLWtA3wV2boBzPSfsQAq57iG0e6cGpaHRBUJAgu5ONAScdOxaimKpEQe5uHy-GTJsA0n7UH-CzKB8I7z7mStSWzYDknYAOWuC7CKBipLpDIDtGO5ojdiGT1fug3r8ei83SbhTlIvqLkWtAOcXCD2-mUQBsuBHaAznewr1tIyHJwdngG8gCeYPGB1U6feftiz-xj_tzQ7tqSa239sXBNPM3jnNDYS2h6KgDXcdjAw77vpYtmv1MHxKngH-OALY1umekMb_b2TsjO4feRbjBeFtLWVkxwIaahs6Zarh1V3JA28PyDBf59JHV1uIvesQA-ORMr9DSoklctn1utNarBl-iP0TcxbM6sXS4Pv3uL5Uk7-iG_M_E5CsLS6kI7hfm9488iPIYgfREEex7BUsg9_htri5skuEb8ppCshGIhZ8acJP5e5FxCAyXDZMHpdLoEJAvKJurR1oZRMdSRKBkzuF5ykLraDf8skmOOn1rag/mK9l6xBC-0oGAKQgh0SA8kRrRoszduLq/7" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">Payouts to Its CEO</a>. Buffett Says Comments Attributed to Him on X <a href="https://links.message.bloomberg.com/s/c/vujadIZSPWWf3JNPsz24eIT7KXZ6f32R2ej6jwv4CgAY5uH8mlREhPojOHWE60-o9NQdyBSV0t2yEGntoRq0Ihxxp2_VwuWFCsLeL79ZaSU2J-hlGFNxK8A5kJjOtZNQ6MlZs5BrtYAG8mRgf2hqMQwQD7gv6FrwWUKJR5wNrKOUT1zaXk5AlbgWjDXpOUOxrYgYkUSx-Ir4gw7P7UAtzQtptITkXJhdBQjFv2J3EZA-MjLHXU5p95r6Gwxf73f1eUpLcxpqAaG6Qnmyd5-XIjPl-EQY11fzMJTLfOCMqlX0W9se_JydQY3QkkZO6cwSVqvSca9vZeTgBcvE3KyHOxVXu2aCrFd30uYNXix4f9LMxQWM3Gpa-Sjwmv0/nwI-DOd1B3GmM-GdHVDkfVio09704VLl/7" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">Are All False</a>. Tesla Shares Plunge Below Lutnick’s ‘<a href="https://links.message.bloomberg.com/s/c/k30XoNw-LcPYul-m2gzilTWxohu3r9SpIgXVLCqbX9mssYlb4e_18yOi6vPlMbUxyExd1LybbyQzVAhd7q-xQonaU9xbkADQVJTfY2mfIxH9zKqFh2pqZ5nWLjlMqWmgpT2tMPTvcVih-KRMF-NviK2lI-lJl7biKhi1YxdD_gA6D3ie_Xrx7Y_IBci4hjWZEsnMQvvvpOV6nnDuOZ_q87-ormJA1HSKs0b_yzf3LXpkc1GPjFGajl81KeG7I2EeIbxk8FOyz2NbNchf6IKtS1GJ6XPRownlKT0AY1_V5fZhGm5QjYtzjd8JW-w8VGiaFcPQ4TJhbAlCIbCPB9s6hw73_f6US3CS4eb5hO1pPtS03abGoGNplio9Ek0/YxU5ZURgp4BVX9xCPAt3LcAiv8le1d51/7" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;"> Never This Cheap</a>’ Level. “Sharoubim, wearing gold Cartier bangles, said that he isn’t worried about the extra costs because <a href="https://links.message.bloomberg.com/s/c/_YGFNd4YuWKexZFwh00eD1dGo7gwNgGQRNK4qSs1f8EVVE5oK6UZ7rCuCIcEFk85rlcIxKjL8fHm5O_OlfWlubeuLdhH8cJSfjUEDKd4GjDtYUiMPZqWqPgAdKBV4tGjaMeXAJkUyXD0-gqEFSENnnyAiXFgmTlmnCx0oGVBibNmjAuS38TuVQDZ0kturHZV6mvULeXEpl2RlrkHPOtEj3OLEgZAxQDYqLiDmBOtAoKmkoAKfd8qobzQhb8lEpqRhVCxE1eiO1bfzJtygpfdSmfyX7dQnEwSpcoWwSgo-90gpH0X-iu2Eba-qq-DtNnUlQEeQxiZA4OHSIDmA1mKDtJqUDwmCBr5ZiQ4XpgRxnO--N9VZrPVSzmqodI/hee1cMB92wLNeQSQ0YXF3FHI70b3bYvs/7" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">his clients are rich</a>.”</p> <p style="margin: 16px 0;"><span><em>If you'd like to get Money Stuff in handy email form, right in your inbox, please <a href="https://links.message.bloomberg.com/s/c/UfvRWzltEZube_i7XobPzdKsYkBuqwjncMSCZFvOIJ6zhE0X_dXDOQCUzaSQdKzldjSAUx4gr0OzZefPmq_TCOMwOlacR78dL5VEiznRSCrKRrbyLKNT_utBLa9jR-yt8Rk0jugBgo5hwBqxutJI4bdzf8_q7P-KPGr0MR6SBsLQnp9mIQi6qiWy1VBxwoF__-nbEgUojwrdfvIL45jmoAlWivWoZPAzz70phF9iGBA0wAq7RJHUFbL9B0RdRBUYu5Gw9eZul-bkfzC8cuRiDN6X710KT-l43wVF1E2zVEOQ2gelYA8ZHlZteqo9gvrGa-OJTc1mjNtXvHgP6S0IkBOdl6yxv-QBTbK4-fEE87W2eGxrrGx0Z2EN6rNR2dsgp2F2suyd_5VvszmBQe8bc-IqD8DOslaeYBG54aFj9et7Z0WEqwsVud6iGnXzla2ymechmqMSHoqIyRh3LR8WvJZSNGUXdUcYBEs1Hzxsurrjq5jYPatrHUsL5mhuuzni6abtOE5OHqM_nVFOrUAJe4Pru5GtvkmBbkjdrV9QMS3M7tGBFsZPXRD8WM5HsiKfvVrE6Hy3Hm3sJDuJQyc/S8Q2UEQQ6tiNwGfmkU0ytxFn_vFGuzCF/7" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">subscribe at this link</a>. Or you can subscribe to Money Stuff and other great Bloomberg newsletters <a href="https://links.message.bloomberg.com/s/c/MilCOOL0rmhrdZYY9HD06PzOwHZEqmtRejUHnh719umBQklg1uxSR-LYGa2_I8Y9YuJWtaFHV6SJQ3gRt0dYb9uxvGoKf4cdrzIqf1IBUIEAClWvJXBjguT9eDhtqp7QNZ4eGp215_W0UgxvXPmhUU-crjSUUUsLsbyUKpLQIs6HN8DXMPOBe5ewrEDsav9TWToU-J9B49dIUmPiMGSWgU9aFRAl6VTHmxp_lkWYUegG0MeBxg3VzrRl09BVP8xCoSczMe62r4Z11GsgCONXWFGB5obRTblpg2OnXQJ8kenvHIn-kwN1rDnwd4piIaTqcagyuWDQK-n0AyIPBK54-y5GNLNTXU9a5QyP2DkMv7x2Jhxq9TXQHC0xMHz-YWW-s-58AehOPDAT_Qbgu_WwiARQ53_MvB7_9NlHVesj/LYsSImwOAlWk7IH5LsoUA8G9_wTMtEjW/7" itemprop="StoryLink" itemscope="itemscope" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">here</a>. Thanks!</em></span></p> <div id="footnote-1" style="font-style: italic;"> <p style="margin: 16px 0;">[1] The IEEPA <a href="https://links.message.bloomberg.com/s/c/yOU-eK6x59PRU9kVFf2xqZdve1UnyfI6YEf36nFRFimf0FHx0bR4qOuuuPzzLawN4TaB1AnF5LbIArJsO4PbH3qMXOTwh5qdd7v_m030dLhdWU3Ws-1yjUHn4G90Y5Mu4ADFoG3ODASNpefVMvPZHhnuFSMVgiPG2Lqj6IUeR1qotcw74PMZ5A-95ZDuvGchNqta7JmSiJEGvjKK3yRvmz_4u4Ymhoykgx-9Q-gWuMgFgzLLsXQUEdAGHvu-yqdooXBLyIa4DXCCAdvuF-wgODCNL8OGKaL48YjAIClXRqCPPu3msyCmahBT90j9ZIwxAIxpOIjVwkspublWeGFUWoHE6ncf4ibThGNqOSNZE4ceWV8rxIg3jIRmPBxRUaZsrzhHljks7S7XnoPLZV3C_nik0XA1uXOvXckiNy2m3x91nVzkwoSHgT-eKDEUtA/aGzuAAK6S-aS2kjqSQjrQPS3zrKj_10L/7" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">also requires</a> Congress to review the emergency every few months, and it can <a href="https://links.message.bloomberg.com/s/c/0YqIWgQsLSHx-0c0lg5cHkfGzI8SPikF_R3ofhxZCfABpTyypBV9zYw6NAiaiv98cq8BdbCHBa-4vFBBldRTMKyfZMxip11w3N6HzZMdAqQzJnjTwHUpAe2HumiDEAuoeh_nTkQdy6l68wD5RC7mrMFwjZn6CjCxg40rr7aaDipKeqaDllUO96jzsUiEAQKqYg0qbJvCSU8CIetJ_hjMkwkdPjO9DFO4wpSsSkAuEybge306Uv6_09dhYSp1uOpylP0ahCdtOW-wd85XknvErmsnkqJjJm0EyOhYwuJTIJWOogitaPR_oqj7JzXrFtTEt72l3ePN8JPCNOhCsDAPdyzVji8hOf9k0cdtTUW-l_5s_HaVK2aLsgWD5ozDMXnHIBHFuVSnleW4b1wLqh---ImC-K9ThEejqcy1E9XhBXD0_uJUSBjPk2I-FtYCQQ/qQ6daZZ42BITHYFWraM-QzCzN8ZKy78b/7" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">pass a joint resolution</a> terminating the emergency, but the <a href="https://links.message.bloomberg.com/s/c/3QG0zYWaU2YJwDS_A0jhnrKsXuSHVe68aDh07h_V3fLt-Szm7G76Iek5pETfDGxEADkiWUzO7RHWVAnFmQHHvkm0-ECkMVfg6sdrC8U38E0zgUnpGX1SEjG2sCc5rWNgIldisg8zgN2u5oE2dpfRZCpVFJFHhwj35ONrD44tx4mOe948O4_M3QK3ejEqR8pD4RtkYfgS1dwFxFVkoSu6oeGKMYTbPqUqX8owkt9d3JVCjgWsYpSRzckrzjBPUgJ4G37QfzRB2e0NUuCz7u8lKof4egXmOjXoJCdg2J5WG6CqmLVLgNmsHnzp-QvN7sSr1mXf06J0PW4sd25dI8jQ5-TZJMuWMk9NsulY2bINZhP9NmYq3O_4LJeOkAGDHktgGlWYEykFjoKUsw4PzvEZvcu7gOYTS3PcSm176MG69A8xjSUGgZb7qpL5pI5zYzXqgX3Bw-MVwzjG1EnPEqR9pKXUJcWGUFXCRRt-Y5ZAx3wY6xJsas8/wiMcTODuda_39U0oQalEa7qgU7VbA-QU/7" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">joint resolution</a> can be <a href="https://links.message.bloomberg.com/s/c/Oxn6eMU2Y7OrOxsFUbEve-28IGlUTHEePD3XdUpsyookOOXf-cMn4hSAxHg5pOTGEIjz4BV5v6gasTo_BiX_O5Bas30Vb9dBuSGn7RbEQS0--GVVq7sCf3d1hYWn89scp5K_vs7Vl23UnjJvudEYSDnNNjeD4mNIw3xru8loZSkCRld78DXlVzzI9j_DVKTG4rKnYlEqIhczsZX7PgOVNYGaEuLoNA7tqmgsfHVNTMBiSqFmLL7HvtQcFHcwG1meKXZ2bMHSlgLhGg78YdZICbAOzbTFPpJrXkJj7EEV8MBfgdtccfPlnKXn0rtIaZabqxCBjHgMkPPj17sFD_F5wHBGAoQnHprwAs_wSK5FeCzxKF3JkYWNi64qLEs2MWFRwGRJLdK5ALeo9LdiXzMJOSQVfDkDky_EkI_YOuZdd2tiqPsfYYd75SUTd3mZL71NieBuWEZadjH7Da3qjtRUCi-cnkN0v9ivuvZ3D2zqR5k/IEZ03zMgWL1vX3u6X9n5rCa_Xgg16RoK/7" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">vetoed by the president</a> to continue the emergency — effectively making him, not Congress, the decider. </p> </div> <div id="footnote-2" style="font-style: italic;"> <p style="margin: 16px 0;">[2] Not legal advice!</p> </div> </td> </tr> </table> </td> </tr> <tr> <td style="border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt; padding: 0px 10px;"> <table width="100%" border="0" cellspacing="0" cellpadding="0"> <tr> <td style="width: 100%; border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt;" width="100%"> <center> <a href="https://links.message.bloomberg.com/s/c/HUGYbVyftPuJyC2aQBI8vAG_gWbrEjzd4gz6akS6lo2KFYhHgTeHhGvpNSCNgfYp77hKC5zyQgrkKub1_9XPZgt2cYzQvG6QFP6Xd5w--UURtHNQfLRxwfr5p9IZ5wi4a6iFaDeGGu6KtK0Wjhw3CJTOUTWSL-PBc2Qxm5UlNtTYuU_QRZ_MVt_fHhmlixfHc4-RSYIGYOe__Lrnd5T9hK1Tzcu4NYzIzw3hGAlR8cjLxCQ7Ht1YLxwWgu_jWfEIO8l75wfLx1Jasv2MWgkWukaMw5ZK2nwXDJJH4EWHN4BgZuIeBYDXzqa2k1YKRWuK6QrCnwWz4YK22IZpy-kxBnU5EKj-ZTh8gh_uYbIeUrvDVP7Bcwh03Dyx0_53R3hZrxG1NjcQCWIcxBv6i7-SsKPzyMwTLyOY86usDOpEGxregcHBPTC2k3Tja5CRWluK3hz4qx1lzPn4dA/TrDTC1QiClm9hI1apt2URQHvBD--ZmXP/7" target="_blank"> <!--[if mso]><table width="550"><tr><td><img alt="Listen to the Money Stuff Podcast" src="https://assets.bwbx.io/images/users/iqjWHBFdfxIU/i6H.ue2bNPOA/v0/-1x-1.png" width="550"/></td></tr></table> <div style="display:none"><![endif]--><img src="https://assets.bwbx.io/images/users/iqjWHBFdfxIU/i6H.ue2bNPOA/v0/-1x-1.png" alt="Listen to the Money Stuff Podcast" style="max-width: 550px; 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  10. Canadian Fintech: we launched a product!

    Mon, 07 Apr 2025 12:35:39 -0000

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.markup .install-substack-app-embed img.install-substack-app-embed-img { margin: 0 auto 16px auto; } } @media (max-width: 420px) { .typography .markup .install-substack-app-embed .install-substack-app-embed-text, .typography.editor .markup .install-substack-app-embed .install-substack-app-embed-text { margin: 0 0 12px 0; max-width: 100%; width: auto; text-align: center; } } @media (max-width: 420px) { .typography .markup .install-substack-app-embed .install-substack-app-embed-link, .typography.editor .markup .install-substack-app-embed .install-substack-app-embed-link { display: flex; justify-content: center; } } @media screen and (min-width: 481px) { .share-button-container { height: 38px; } } @media screen and (min-width: 481px) { .share-button-container a.comment { height: 38px; line-height: 38px; padding-right: 10px; } } @media screen and (max-width: 480px) { .share-button-container .separator { display: block; margin: 0; height: 8px; border-left: none; } } @media screen and (max-width: 480px) { .share-button-container a.share.first img { padding-left: 0; } } @media screen and (min-width: 481px) { .share-button-container a.mobile { display: none !important; } } @media screen and (min-width: 541px) { .settings-add-pub-modal-wrapper .container .add-recommending-pub-modal-container { padding: 36px; height: 680px; } } @media screen and (min-width: 541px) { .settings-add-pub-modal-wrapper .container .add-recommending-pub-modal-container .footer { position: absolute; bottom: 36px; margin: 0px; } } @media screen and (max-width: 650px) { .header-anchor-parent { display: none; } } @media screen and (max-width: 768px) { .post { padding: 16px 0 0 0; } } @media screen and (max-width: 650px) { .post .post-header .post-label { margin-top: 8px; } } @media screen and (max-width: 650px) { .post .post-header .meta-author-wrap.alternative-meta .meta-right-column .post-meta { margin-top: 6px; } } @media screen and (max-width: 650px) { .post .footer-facepile-container { height: 64px; padding: 0 16px; display: flex; align-items: center; justify-content: flex-start; width: 100%; } } @media screen and (max-width: 650px) { .post .post-footer.use-separators { justify-content: center; } } @media screen and (max-width: 650px) { .post .post-footer.next-prev { height: 64px; justify-content: space-between; box-sizing: border-box; } } @media screen and (max-width: 650px) { .post-contributor-footer .post-contributor-bio-table { display: block; } .post-contributor-footer .post-contributor-bio-table-row { display: flex; flex-direction: row; } .post-contributor-footer .post-contributor-bio-userhead-cell, .post-contributor-footer .post-contributor-bio-body-cell { display: block; } .post-contributor-footer .post-contributor-bio-body-cell { flex-grow: 1; } .post-contributor-footer .post-contributor-bio-body-table { display: block; } .post-contributor-footer .post-contributor-bio-body-table-row { display: block; } .post-contributor-footer .post-contributor-bio-copy-cell, .post-contributor-footer .post-contributor-bio-controls-cell { display: block; } .post-contributor-footer .post-contributor-bio-copy-cell { margin: 0 0 16px 0; } .post-contributor-footer .post-contributor-bio-controls-cell { width: auto; } .post-contributor-footer .post-contributor-bio-controls { margin: auto; } .post-contributor-footer .post-contributor-bio-controls .button.primary { width: 100%; } .post-contributor-footer .post-contributor-bio-text { font-size: 14px; } } @media screen and (min-width: 768px) { .post-silhouette { padding: 32px 0; } } @media screen and (max-width: 650px) { .post-silhouette .post-silhouette-title { margin-top: 10.44225025px; height: 120px; } } @media screen and (max-width: 650px) { .post-silhouette .post-silhouette-meta { width: 75%; } } @media screen and (max-width: 650px) { .post-silhouette .post-silhouette-meta.with-byline-image { margin: 20px 0; } } @media screen and (max-width: 650px) { .use-theme-bg .post-meta.alternative-meta .post-meta-item, .post-meta.alternative-meta .post-meta-item { padding-right: 16px; } } @media screen and (max-width: 370px) { .use-theme-bg .post-meta.alternative-meta .post-meta-item, .post-meta.alternative-meta .post-meta-item { font-size: 14px; } } @media screen and (max-width: 650px) { .use-theme-bg .post-meta.alternative-meta .post-meta-item.guest-author-publication, .post-meta.alternative-meta .post-meta-item.guest-author-publication { display: none; } } @media screen and (max-width: 370px) { .post-meta .post-meta-item .post-meta-button { height: 36px !important; /* important to override in-line height style on emails */ } .post-meta .post-meta-item .post-meta-button .meta-button-label { display: none; } .post-meta .post-meta-item .post-meta-button > svg { margin-right: 0; } } @media screen and (max-width: 370px) { .post-meta .post-meta-item { font-size: 12px; } } @media screen and (max-width: 650px) { .post .floating-subscribe-button { bottom: 20px; right: 20px; } } @media all and (-ms-high-contrast: none), (-ms-high-contrast: active) { body .markup table.image-wrapper img, body .markup table.kindle-wrapper img { max-width: 550px; } } @media screen and (max-width: 650px) { body .markup div.youtube-overlay, body .markup div.vimeo-overlay { display: none !important; } } @media screen and (max-width: 370px) { body .markup div.tiktok-wrap { width: calc(95vw - 32px); height: calc((95vw - 32px - 2px) / 0.485714); } } @media screen and (max-width: 650px) { body .markup div.embedded-publication-wrap .embedded-publication.show-subscribe { padding: 24px; } } @media screen and (max-width: 650px) { body .markup div.subscription-widget-wrap .subscription-widget.show-subscribe, body .markup div.subscription-widget-wrap-editor .subscription-widget.show-subscribe, body .markup div.captioned-button-wrap .subscription-widget.show-subscribe { padding: 0px 24px; } } @media screen and (max-width: 650px) { body .markup div.subscription-widget-wrap .subscription-widget.show-subscribe .subscription-widget-subscribe .button, body .markup div.subscription-widget-wrap-editor .subscription-widget.show-subscribe .subscription-widget-subscribe .button, body .markup div.captioned-button-wrap .subscription-widget.show-subscribe .subscription-widget-subscribe .button { padding: 10px 12px; min-width: 110px; } } @media (max-width: 650px) { body .markup .tweet { padding: 12px; } } @media (max-width: 650px) { body .markup .tweet .tweet-text { font-size: 14px; line-height: 20px; } } @media (max-width: 650px) { body .markup .tweet .tweet-photos-container.two, body .markup .tweet .tweet-photos-container.three, body .markup .tweet .tweet-photos-container.four { height: 200px; } } @media (max-width: 650px) { body .markup .tweet a.expanded-link .expanded-link-img { max-height: 180px; } } @media (max-width: 650px) { body .markup .tweet a.expanded-link .expanded-link-description { display: none; } } @media screen and (max-width: 650px) { body .markup .apple-podcast-container { width: unset; } } @media (max-width: 420px) { body .markup .install-substack-app-embed img.install-substack-app-embed-img { margin: 0 auto 16px auto; } } @media (max-width: 420px) { body .markup .install-substack-app-embed .install-substack-app-embed-text { margin: 0 0 12px 0; max-width: 100%; width: auto; text-align: center; } } @media (max-width: 420px) { body .markup .install-substack-app-embed .install-substack-app-embed-link { display: flex; justify-content: center; } } @media screen and (min-width: 500px) { body .header a.logo { width: 42px; height: 42px; border-radius: 12px; } } @media screen and (max-width: 420px) { body .subscription-receipt table:first-of-type .subscription-amount .subscription-discount { width: 72px !important; } } @media screen and (min-width: 481px) { body .share-button-container { height: auto; } } @media screen and (max-width: 480px) { body .share-button-container .separator { display: block !important; margin: 0 !important; height: 8px !important; border-left: none !important; } } @media screen and (max-width: 650px) { .digest .item .post-meta-item.audience { display: none; } } @media screen and (min-width: 500px) { .digest-publication .logo img { width: 42px; height: 42px; border-radius: 8px; } } @media screen and (max-width: 650px) { .comments-page .container .comment-list .collapsed-reply { margin-left: calc(10 + 32px - 24px); } } @media screen and (max-width: 650px) { .comment > .comment-list { padding-left: 24px; } } @media screen and (max-width: 650px) { .finish-magic-login-modal .modal-content .container { padding: 24px 0; } } @media (max-width: 650px) { .reader2-text-b3 { line-height: 24px; } } @media screen and (max-width: 650px) { .reader2-text-h4 { line-height: 24px; } } @media screen and (min-width: 541px) { .user-profile-modal { padding-left: 12px; padding-right: 12px; } } @media screen and (max-width: 650px) { .subscribe-widget form.form .sideBySideWrap button.rightButton { padding: 10px 12px; } } @media screen and (min-width: 541px) { .pub-icon:hover .logo-hover, .feed-item-icon:hover .logo-hover { display: block; } } @media screen and (max-width: 650px) { .post-ufi.single-full-width-button .post-ufi-button-wrapper { width: 100%; padding: 16px; } .post-ufi.single-full-width-button .post-ufi-button-wrapper:empty { display: none; } .post-ufi.single-full-width-button .post-ufi-button { width: 100%; justify-content: center; } } @media screen and (max-width: 768px) { .file-embed-wrapper { padding: 0; } } @media screen and (max-width: 768px) { .file-embed-wrapper-editor { padding: 0; } } @media screen and (max-width: 768px) { .file-embed-wrapper-editor:active { padding: 0; } } @media only screen and (max-width: 650px) { .file-embed-button.wide, .file-embed-error-button.wide { display: none; } } @media only screen and (min-width: 630px) { .file-embed-button.narrow, .file-embed-error-button.narrow { display: none; } } @media screen and (min-width: 541px) { .audio-player-wrapper .audio-player { min-width: 500px; } } @media screen and (max-width: 650px) { .audio-player-wrapper .audio-player .audio-player-progress { border-left-width: 16px; border-right-width: 16px; } } @media screen and (max-width: 650px) { .audio-player-wrapper .audio-player .audio-player-progress .audio-player-progress-bar .audio-player-progress-bar-popup { top: -54px; } } @media screen and (max-width: 650px) { .audio-player-wrapper-fancy .audio-player .audio-player-progress { border-left-width: 16px; border-right-width: 16px; } } @media screen and (max-width: 650px) { .audio-player-wrapper-fancy .audio-player .audio-player-progress .audio-player-progress-bar .audio-player-progress-bar-popup { top: -54px; } } @media (min-width: 250px) { .audio-player-wrapper-fancy .audio-player { padding: 32px; } .audio-player-wrapper-fancy .audio-player .btn-group { display: flex; } .audio-player-wrapper-fancy .audio-player .btn-group .button:last-of-type { display: block; } } @media (min-width: 300px) { .audio-player-wrapper-fancy .audio-player .btn-group { display: block; } .audio-player-wrapper-fancy .audio-player .btn-group .button:first-of-type { display: block; } } @media (min-width: 350px) { .audio-player-wrapper-fancy .audio-player .audio-player-substack-logo { display: block; } .audio-player-wrapper-fancy .audio-player .audio-player-title { margin-top: 16px; } .audio-player-wrapper-fancy .audio-player .audio-player-hero-image-container { padding-top: 15%; width: 15%; display: block; } .audio-player-wrapper-fancy .audio-player .btn-group .button:first-of-type { display: block; } .audio-player-wrapper-fancy .audio-player .audio-player-substack-logo { display: block; } } @media (min-width: 350px) { .audio-player-wrapper-fancy .audio-player .audio-player-hero-image-container { padding-top: 25%; width: 25%; display: block; } .audio-player-wrapper-fancy .audio-player .btn-group { display: flex; } .audio-player-wrapper-fancy .audio-player .btn-group .button:first-of-type { display: block; } } @media (min-width: 400px) { .audio-player-wrapper-fancy .audio-player .audio-player-hero-image-container { padding-top: 40%; width: 40%; } } @media (max-width: 400px) { .audio-player-wrapper-fancy .audio-player .btn-group { margin-top: 12px; } .audio-player-wrapper-fancy .audio-player .btn-group .button { font-size: 13px; padding: 6px 12px; height: auto; margin-top: 10px; } } @media (min-width: 600px) { .audio-player-wrapper-fancy .audio-player .audio-player-hero-image-container { padding-top: 55%; width: 55%; } } @media (max-width: 650px) { .poll-editor-modal { min-width: calc(100% - 20px); } } @media (max-width: 750px) { .poll-embed .poll-anchor-target .poll-anchor-copy-button { left: 8px; top: 45px; } } @media screen and (min-width: 541px) { .poll-embed .poll-wrapper.poll-web .poll-dialog .modal-table .modal-row .modal-content > .container { width: 552px; padding: 26px 24px; } } @media screen and (max-width: 650px) { .poll-embed .poll-wrapper.poll-web .poll-dialog .modal-table .modal-row .modal-content > .container { padding: 40px 0; } } @media screen and (max-width: 650px) { .poll-embed .poll-wrapper.poll-web .poll-dialog .modal-row .modal-cell .modal-exit-btn { margin-right: -20px; } }</style></head><body class="email-body" style="font-kerning: auto;"><img src="https://eotrx.substackcdn.com/open?token=eyJtIjoiPDIwMjUwNDA3MTIzNDA4LjMuNjM3YWMwODYwYmY5ZWU1NUBtZy1kMC5zdWJzdGFjay5jb20-IiwidSI6MTkyNTY5NTEyLCJyIjoiMDc0ZGw1a3VmZnYzMDRvdUBuZXdzbGV0dGVyLnJvZGVvIiwiZCI6Im1nLWQwLnN1YnN0YWNrLmNvbSIsInAiOjE2MDc3NDIzOSwidCI6Im5ld3NsZXR0ZXIiLCJhIjoiZXZlcnlvbmUiLCJzIjo2NjMzNTMsImMiOiJwb3N0IiwiZiI6dHJ1ZSwicG9zaXRpb24iOiJ0b3AiLCJpYXQiOjE3NDQwMjkzMzQsImV4cCI6MTc0NjYyMTMzNCwiaXNzIjoicHViLTAiLCJzdWIiOiJlbyJ9.jM4I3VxAZGsnllnqhL079sNGZ39RwIWu9gzk9pfCoNk" alt="" width="1" height="1" border="0" style="height:1px !important;width:1px !important;border-width:0 !important;margin-top:0 !important;margin-bottom:0 !important;margin-right:0 !important;margin-left:0 !important;padding-top:0 !important;padding-bottom:0 !important;padding-right:0 !important;padding-left:0 !important;"/><div class="preview" style="display:none;font-size:1px;color:#333333;line-height:1px;max-height:0px;max-width:0px;opacity:0;overflow:hidden;">A database of every Canadian fintech acquisition compiled and tagged by me.</div><div class="preview" style="display:none;font-size:1px;color:#333333;line-height:1px;max-height:0px;max-width:0px;opacity:0;overflow:hidden;">&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; 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&#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;</div><table class="email-body-container" role="presentation" width="100%" border="0" cellspacing="0" cellpadding="0"><tbody><tr><td></td><td class="content" width="550"></td><td></td></tr><tr><td></td><td class="content" width="550" align="left"><div style="font-size: 16px;line-height: 26px;max-width: 550px;width: 100%;margin: 0 auto;overflow-wrap: break-word;"><table role="presentation" width="100%" border="0" cellspacing="0" cellpadding="0"><tbody><tr><td align="right" style="height:20px;"><table role="presentation" width="auto" border="0" cellspacing="0" cellpadding="0"><tbody><tr><td style="vertical-align:middle;"><span class="pencraft pc-reset reset-IxiVJZ tw-font-body tw-text-ssm tw-text-substack-secondary" style="font-family: SF Pro Text, -apple-system, system-ui, BlinkMacSystemFont, Inter, Segoe UI, Roboto, Helvetica, Arial, sans-serif, Apple Color Emoji, Segoe 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'SF Pro Display',-apple-system-headline,system-ui,-apple-system,BlinkMacSystemFont,'Segoe UI',Roboto,Helvetica,Arial,sans-serif,'Apple Color Emoji','Segoe UI Emoji','Segoe UI Symbol';font-weight: bold;-webkit-font-smoothing: antialiased;-moz-osx-font-smoothing: antialiased;-webkit-appearance: optimizelegibility;-moz-appearance: optimizelegibility;appearance: optimizelegibility;margin: 0;line-height: 36px;font-size: 32px;"><a href="https://substack.com/app-link/post?publication_id=663353&post_id=160774239&utm_source=post-email-title&utm_campaign=email-post-title&isFreemail=true&r=36nfl4&token=eyJ1c2VyX2lkIjoxOTI1Njk1MTIsInBvc3RfaWQiOjE2MDc3NDIzOSwiaWF0IjoxNzQ0MDI5MzMzLCJleHAiOjE3NDY2MjEzMzMsImlzcyI6InB1Yi02NjMzNTMiLCJzdWIiOiJwb3N0LXJlYWN0aW9uIn0.4wsBeXCp1H__tVboKHDTPAY4Izm1BbO55AlTPikwoZk" style="color: rgb(54,55,55);text-decoration: none;">Canadian Fintech: we launched a product!</a></h1><h3 class="subtitle" style="font-family: 'SF Pro Display',-apple-system-headline,system-ui,-apple-system,BlinkMacSystemFont,'Segoe UI',Roboto,Helvetica,Arial,sans-serif,'Apple Color Emoji','Segoe UI Emoji','Segoe UI Symbol';font-weight: normal;-webkit-font-smoothing: antialiased;-moz-osx-font-smoothing: antialiased;-webkit-appearance: optimizelegibility;-moz-appearance: optimizelegibility;appearance: optimizelegibility;margin: 4px 0 0;color: #777777;line-height: 24px;font-size: 18px;margin-top: 12px;">A database of every Canadian fintech acquisition compiled and tagged by me.</h3><table class="post-meta" role="presentation" width="100%" border="0" cellspacing="0" cellpadding="0" style="margin: 1em 0;height: 20px;align-items: center;"><tbody><tr><td><table role="presentation" width="auto" border="0" cellspacing="0" cellpadding="0"><tbody><tr><td><table role="presentation" width="auto" border="0" cellspacing="0" cellpadding="0"><tbody><tr><td style="vertical-align:middle;"><div class="pencraft pc-reset color-primary-zABazT line-height-20-t4M0El font-meta-MWBumP size-11-NuY2Zx weight-medium-fw81nC transform-uppercase-yKDgcq reset-IxiVJZ meta-EgzBVA custom-css-email-post-author" style="list-style: none;font-size: 11px;line-height: 20px;text-decoration: unset;color: rgb(54,55,55);margin: 0;font-family: 'SF Compact',-apple-system,system-ui,-apple-system,BlinkMacSystemFont,'Segoe UI',Roboto,Helvetica,Arial,sans-serif,'Apple Color Emoji','Segoe UI Emoji','Segoe UI Symbol';font-weight: 500;text-transform: uppercase;letter-spacing: .2px;"><a class="pencraft pc-reset color-primary-zABazT line-height-20-t4M0El font-meta-MWBumP size-11-NuY2Zx weight-medium-fw81nC transform-uppercase-yKDgcq reset-IxiVJZ meta-EgzBVA" style="list-style: none;color: rgb(54,55,55);margin: 0;font-size: 11px;line-height: 20px;font-family: 'SF Compact',-apple-system,system-ui,-apple-system,BlinkMacSystemFont,'Segoe UI',Roboto,Helvetica,Arial,sans-serif,'Apple Color Emoji','Segoe UI Emoji','Segoe UI Symbol';font-weight: 500;text-transform: uppercase;letter-spacing: .2px;text-decoration: none" href="https://substack.com/@talschwartz">Tal Schwartz</a></div></td></tr></tbody></table></td></tr><tr><td><table role="presentation" width="auto" border="0" cellspacing="0" cellpadding="0"><tbody><tr><td style="vertical-align:middle;"><div class="pencraft pc-reset color-secondary-ls1g8s line-height-20-t4M0El font-meta-MWBumP size-11-NuY2Zx weight-medium-fw81nC transform-uppercase-yKDgcq reset-IxiVJZ meta-EgzBVA" style="list-style: none;font-size: 11px;line-height: 20px;text-decoration: unset;color: rgb(119,119,119);margin: 0;font-family: 'SF Compact',-apple-system,system-ui,-apple-system,BlinkMacSystemFont,'Segoe UI',Roboto,Helvetica,Arial,sans-serif,'Apple Color Emoji','Segoe UI Emoji','Segoe UI Symbol';font-weight: 500;text-transform: uppercase;letter-spacing: .2px;"><time datetime="2025-04-07T12:34:10.416Z">Apr 7</time></div></td></tr></tbody></table></td></tr></tbody></table></td><td align="right"><table role="presentation" 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Welcome back to the Canadian Fintech Newsletter, an industry roundup for founders, operators and investors.</p><p style="margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-size: 16px;">Every Monday we break down the hottest topics in the industry in under 3 minutes.</p><p style="margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-size: 16px;">Was this forwarded to you? Become one of our 12,489 subscribers by clicking below.</p><div class="subscribe-widget is-signed-up" data-component-name="SubscribeWidget" style="margin: 0 0 1em;direction: ltr;font-size: 16px;line-height: 26px;"><div class="pencraft pc-reset button-wrapper" style="text-decoration: unset;list-style: none;font-size: 16px;line-height: 26px;text-align: center;cursor: pointer;border-radius: 4px;"><a class="button subscribe-btn primary" href="https://substack.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.uuNjmvFcRjaP4nx7HqUavYjzsZBlZi7O0yYT8VzUS1c?&utm_medium=email&utm_source=subscribe-widget&utm_content=160774239" style="font-family: system-ui,-apple-system,BlinkMacSystemFont,'Segoe UI',Roboto,Helvetica,Arial,sans-serif,'Apple Color Emoji','Segoe UI Emoji','Segoe UI Symbol';display: inline-block;box-sizing: border-box;cursor: pointer;border: none;border-radius: 8px;font-size: 14px;line-height: 20px;font-weight: 600;text-align: center;opacity: 1;outline: none;white-space: nowrap;text-decoration: none !important;margin: 0 auto;background-color: #e85c57;color: #ffffff !important;padding: 12px 20px;height: auto;"><span style="color: #ffffff;text-decoration: none;">Upgrade to paid</span></a></div></div><p style="margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-size: 16px;">This week I&#8217;m excited to announce something new&#8230; our first product!</p><div style="font-size: 16px;line-height: 26px;"><hr style="margin: 32px 0;padding: 0;height: 1px;background: #e6e6e6;border: none;"></div><h2 class="header-anchor-post" style="position: relative;--highlight-bg: rgba(var(--color-bg-accent-themed-rgb), 0.2);font-family: 'SF Pro Display',-apple-system-headline,system-ui,-apple-system,BlinkMacSystemFont,'Segoe UI',Roboto,Helvetica,Arial,sans-serif,'Apple Color Emoji','Segoe UI Emoji','Segoe UI Symbol';font-weight: bold;-webkit-font-smoothing: antialiased;-moz-osx-font-smoothing: antialiased;-webkit-appearance: optimizelegibility;-moz-appearance: optimizelegibility;appearance: optimizelegibility;margin: 1em 0 0.625em 0;color: rgb(54,55,55);line-height: 1.16em;font-size: 1.625em;"><span>Introducing the </span><strong>Canadian Fintech Database</strong></h2><h4 class="header-anchor-post" style="position: relative;--highlight-bg: rgba(var(--color-bg-accent-themed-rgb), 0.2);font-family: 'SF Pro Display',-apple-system-headline,system-ui,-apple-system,BlinkMacSystemFont,'Segoe UI',Roboto,Helvetica,Arial,sans-serif,'Apple Color Emoji','Segoe UI Emoji','Segoe UI Symbol';font-weight: bold;-webkit-font-smoothing: antialiased;-moz-osx-font-smoothing: antialiased;-webkit-appearance: optimizelegibility;-moz-appearance: optimizelegibility;appearance: optimizelegibility;margin: 1em 0 0.625em 0;color: rgb(54,55,55);line-height: 1.16em;font-size: 1.125em;">A list of every Canadian fintech acquisition compiled and tagged by me.</h4><p style="margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-size: 16px;">In this spreadsheet you&#8217;ll find data like:</p><ul style="margin-top: 0;padding: 0;"><li style="margin: 8px 0 0 32px;mso-special-format: bullet;"><p style="color: rgb(54,55,55);line-height: 26px;margin-bottom: 0;box-sizing: border-box;padding-left: 4px;font-size: 16px;margin: 0;">Company names</p></li><li style="margin: 8px 0 0 32px;mso-special-format: bullet;"><p style="color: rgb(54,55,55);line-height: 26px;margin-bottom: 0;box-sizing: border-box;padding-left: 4px;font-size: 16px;margin: 0;">Who acquired them</p></li><li style="margin: 8px 0 0 32px;mso-special-format: bullet;"><p style="color: rgb(54,55,55);line-height: 26px;margin-bottom: 0;box-sizing: border-box;padding-left: 4px;font-size: 16px;margin: 0;">For how much</p></li><li style="margin: 8px 0 0 32px;mso-special-format: bullet;"><p style="color: rgb(54,55,55);line-height: 26px;margin-bottom: 0;box-sizing: border-box;padding-left: 4px;font-size: 16px;margin: 0;">How many years it took from founding to exit</p></li><li style="margin: 8px 0 0 32px;mso-special-format: bullet;"><p style="color: rgb(54,55,55);line-height: 26px;margin-bottom: 0;box-sizing: border-box;padding-left: 4px;font-size: 16px;margin: 0;">Names of founders</p></li><li style="margin: 8px 0 0 32px;mso-special-format: bullet;"><p style="color: rgb(54,55,55);line-height: 26px;margin-bottom: 0;box-sizing: border-box;padding-left: 4px;font-size: 16px;margin: 0;">And more!</p></li></ul><div class="captioned-image-container-static" style="font-size: 16px;line-height: 26px;margin: 32px auto;"><figure style="width: 100%;margin: 0 auto;"><table class="image-wrapper" data-component-name="Image2ToDOMStatic" width="100%" border="0" cellspacing="0" cellpadding="0" style="mso-padding-alt: 1em 0 1.6em;"><tbody><tr><td style="text-align: center;"></td><td class="content" align="left" width="1456" style="text-align: center;"><a class="image-link" rel="" target="_blank" href="https://substack.com/redirect/bf93943c-b44e-40da-af99-7c79d1469316?j=eyJ1IjoiMzZuZmw0In0.4eiGI4rivRuKCtZpUgTEqhM2H3NJM6U8dLH7tXnICvU" style="position: relative;flex-direction: column;align-items: center;padding: 0;width: auto;height: auto;border: none;text-decoration: none;display: block;margin: 0;"><img class="wide-image" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/f5de022e-bf61-468c-9f9b-74430c9a4143_2411x990.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:598,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:581446,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:&quot;https://canadianfintech.substack.com/subscribe&quot;,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:&quot;https://canadianfintech.substack.com/i/160774239?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff5de022e-bf61-468c-9f9b-74430c9a4143_2411x990.png&quot;,&quot;isProcessing&quot;:false}" alt="" width="550" height="225.89285714285714" src="https://substackcdn.com/image/fetch/w_1100,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff5de022e-bf61-468c-9f9b-74430c9a4143_2411x990.png" style="border: none !important;vertical-align: middle;display: block;-ms-interpolation-mode: bicubic;height: auto;margin-bottom: 0;width: auto !important;max-width: 100% !important;margin: 0 auto;"></a></td><td style="text-align: center;"></td></tr></tbody></table></figure></div><p style="margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-size: 16px;"><strong>Why use this?</strong></p><ul style="margin-top: 0;padding: 0;"><li style="margin: 8px 0 0 32px;mso-special-format: bullet;"><p style="color: rgb(54,55,55);line-height: 26px;margin-bottom: 0;box-sizing: border-box;padding-left: 4px;font-size: 16px;margin: 0;">Save hundreds of hours searching for corporate information online</p></li><li style="margin: 8px 0 0 32px;mso-special-format: bullet;"><p style="color: rgb(54,55,55);line-height: 26px;margin-bottom: 0;box-sizing: border-box;padding-left: 4px;font-size: 16px;margin: 0;">Get access to verified industry data from an industry insider</p></li><li style="margin: 8px 0 0 32px;mso-special-format: bullet;"><p style="color: rgb(54,55,55);line-height: 26px;margin-bottom: 0;box-sizing: border-box;padding-left: 4px;font-size: 16px;margin: 0;">Quickly filter to see industry trends like: &#8220;how many years on average does it take to go from founding to exit&#8221; and &#8220;which fintech sectors had the most m&amp;a?&#8221;</p></li></ul><p style="margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-size: 16px;">This is not a static report. I&#8217;ll be updating it every single week with new companies and insights.</p><p style="margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-size: 16px;"></p><p style="margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-size: 16px;"><strong>How do I get access to it?</strong></p><p style="margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-size: 16px;"><span>This is available exclusively to </span><a href="https://substack.com/redirect/bf93943c-b44e-40da-af99-7c79d1469316?j=eyJ1IjoiMzZuZmw0In0.4eiGI4rivRuKCtZpUgTEqhM2H3NJM6U8dLH7tXnICvU" rel="" style="color: rgb(54,55,55);text-decoration: underline;">paid subscribers</a><span> of the newsletter.</span></p><ul style="margin-top: 0;padding: 0;"><li style="margin: 8px 0 0 32px;mso-special-format: bullet;"><p style="color: rgb(54,55,55);line-height: 26px;margin-bottom: 0;box-sizing: border-box;padding-left: 4px;font-size: 16px;margin: 0;"><span>If you already subscribe - thank you! 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Let me know what you&#8217;d like to see next!</p><p style="margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-size: 16px;">Now here&#8217;s your Monday newsletter&#8230;</p><div style="font-size: 16px;line-height: 26px;"><hr style="margin: 32px 0;padding: 0;height: 1px;background: #e6e6e6;border: none;"></div><h4 class="header-anchor-post" style="position: relative;--highlight-bg: rgba(var(--color-bg-accent-themed-rgb), 0.2);font-family: 'SF Pro Display',-apple-system-headline,system-ui,-apple-system,BlinkMacSystemFont,'Segoe UI',Roboto,Helvetica,Arial,sans-serif,'Apple Color Emoji','Segoe UI Emoji','Segoe UI Symbol';font-weight: bold;-webkit-font-smoothing: antialiased;-moz-osx-font-smoothing: antialiased;-webkit-appearance: optimizelegibility;-moz-appearance: optimizelegibility;appearance: optimizelegibility;margin: 1em 0 0.625em 0;color: rgb(54,55,55);line-height: 1.16em;font-size: 1.125em;">&#129309; M&amp;A</h4><ul style="margin-top: 0;padding: 0;"><li style="margin: 8px 0 0 32px;mso-special-format: bullet;"><p style="margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;margin-bottom: 0;box-sizing: border-box;padding-left: 4px;font-size: 16px;"><span>Three BC credit unions are </span><a href="https://substack.com/redirect/656828e0-2d6f-4c9f-99d1-437bc0c3b44c?j=eyJ1IjoiMzZuZmw0In0.4eiGI4rivRuKCtZpUgTEqhM2H3NJM6U8dLH7tXnICvU" rel="" style="color: rgb(54,55,55);text-decoration: underline;">merging</a><span> to form Canada&#8217;s largest. </span><strong>Coast Capital </strong><span>(federal),</span><strong> Pospera</strong><span> (provincial) &amp; </span><strong>Sunshine</strong><span> </span><strong>Coast</strong><span> (provincial) together will have $39b in AUM, 2.5k employees, 70 branches and 730k members. This transaction plays into two industry trends as CUs compete with banks:</span></p><ul style="margin-top: 0;padding: 0;"><li style="margin: 8px 0 0 32px;mso-special-format: bullet;"><p style="color: rgb(54,55,55);line-height: 26px;margin-bottom: 0;box-sizing: border-box;padding-left: 4px;font-size: 16px;margin: 0;"><span>1. CUs are expanding from Provincial to Federal coverage: thanks to changes in the Bank Act in 2012, several CUs have made the switch (</span><strong>Coast</strong><span> </span><strong>Capital</strong><span>, </span><strong>UNI</strong><span>, </span><strong>Innovation Federal</strong><span>) and last year the first inter-provincial CU merger was </span><a href="https://substack.com/redirect/597a8371-e8df-4b35-a157-b8464142e9cb?j=eyJ1IjoiMzZuZmw0In0.4eiGI4rivRuKCtZpUgTEqhM2H3NJM6U8dLH7tXnICvU" rel="" style="color: rgb(54,55,55);text-decoration: underline;">approved</a><span>.</span></p></li><li style="margin: 8px 0 0 32px;mso-special-format: bullet;"><p style="color: rgb(54,55,55);line-height: 26px;margin-bottom: 0;box-sizing: border-box;padding-left: 4px;font-size: 16px;margin: 0;"><span>2. The industry is consolidating - the number of CUs has more than halved in the last 20 years. 5 major mergers were </span><a href="https://substack.com/redirect/f5e2c927-2696-4134-9e39-e5aa80fd3805?j=eyJ1IjoiMzZuZmw0In0.4eiGI4rivRuKCtZpUgTEqhM2H3NJM6U8dLH7tXnICvU" rel="" style="color: rgb(54,55,55);text-decoration: underline;">announced</a><span> across BC, Ontario and the Prairies in the last year.</span></p></li></ul></li><li style="margin: 8px 0 0 32px;mso-special-format: bullet;"><p style="margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;margin-bottom: 0;box-sizing: border-box;padding-left: 4px;font-size: 16px;"><strong>Kensington Capital</strong><span>, a Toronto based private equity and fund of funds firm acquired </span><strong>One9</strong><span>, a national defense tech VC firm.</span></p><ul style="margin-top: 0;padding: 0;"><li style="margin: 8px 0 0 32px;mso-special-format: bullet;"><p style="color: rgb(54,55,55);line-height: 26px;margin-bottom: 0;box-sizing: border-box;padding-left: 4px;font-size: 16px;margin: 0;"><span>Kensington itself was </span><a href="https://substack.com/redirect/677639c4-98b9-444e-b6de-2a3e3232338b?j=eyJ1IjoiMzZuZmw0In0.4eiGI4rivRuKCtZpUgTEqhM2H3NJM6U8dLH7tXnICvU" rel="" style="color: rgb(54,55,55);text-decoration: underline;">acquired</a><span> by </span><strong>AGM</strong><span>, a public equities fund for $45m last year.</span></p></li></ul></li></ul><div style="font-size: 16px;line-height: 26px;"><hr style="margin: 32px 0;padding: 0;height: 1px;background: #e6e6e6;border: none;"></div><h4 class="header-anchor-post" style="position: relative;--highlight-bg: rgba(var(--color-bg-accent-themed-rgb), 0.2);font-family: 'SF Pro Display',-apple-system-headline,system-ui,-apple-system,BlinkMacSystemFont,'Segoe UI',Roboto,Helvetica,Arial,sans-serif,'Apple Color Emoji','Segoe UI Emoji','Segoe UI Symbol';font-weight: bold;-webkit-font-smoothing: antialiased;-moz-osx-font-smoothing: antialiased;-webkit-appearance: optimizelegibility;-moz-appearance: optimizelegibility;appearance: optimizelegibility;margin: 1em 0 0.625em 0;color: rgb(54,55,55);line-height: 1.16em;font-size: 1.125em;">&#128640; Product</h4><ul style="margin-top: 0;padding: 0;"><li style="margin: 8px 0 0 32px;mso-special-format: bullet;"><p style="margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;margin-bottom: 0;box-sizing: border-box;padding-left: 4px;font-size: 16px;"><strong>Questrade</strong><span> </span><a href="https://substack.com/redirect/326d655d-e3c7-44e4-840e-0da81d1a3233?j=eyJ1IjoiMzZuZmw0In0.4eiGI4rivRuKCtZpUgTEqhM2H3NJM6U8dLH7tXnICvU" rel="" style="color: rgb(54,55,55);text-decoration: underline;">entered</a><span> the 3rd and final stage of its banking license. The fintech started their application in 2019.</span></p><ul style="margin-top: 0;padding: 0;"><li style="margin: 8px 0 0 32px;mso-special-format: bullet;"><p style="color: rgb(54,55,55);line-height: 26px;margin-bottom: 0;box-sizing: border-box;padding-left: 4px;font-size: 16px;margin: 0;"><span>Recently, </span><strong>Santander</strong><span> </span><a href="https://substack.com/redirect/be143835-0e7d-49df-8e90-94d78507b60f?j=eyJ1IjoiMzZuZmw0In0.4eiGI4rivRuKCtZpUgTEqhM2H3NJM6U8dLH7tXnICvU" rel="" style="color: rgb(54,55,55);text-decoration: underline;">received</a><span> its banking license and </span><strong>Koho</strong><span> </span><a href="https://substack.com/redirect/662b68fb-d374-4f67-9b30-7efcc8485d73?j=eyJ1IjoiMzZuZmw0In0.4eiGI4rivRuKCtZpUgTEqhM2H3NJM6U8dLH7tXnICvU" rel="" style="color: rgb(54,55,55);text-decoration: underline;">entered</a><span> phase 2 of its application.</span></p></li></ul></li><li style="margin: 8px 0 0 32px;mso-special-format: bullet;"><p style="margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;margin-bottom: 0;box-sizing: border-box;padding-left: 4px;font-size: 16px;">Crypto is receiving blessings from the Ontario Securities Exchange (OSC):</p><ul style="margin-top: 0;padding: 0;"><li style="margin: 8px 0 0 32px;mso-special-format: bullet;"><p style="color: rgb(54,55,55);line-height: 26px;margin-bottom: 0;box-sizing: border-box;padding-left: 4px;font-size: 16px;margin: 0;"><strong>Kraken</strong><span>, a US based crypto exchange, </span><a href="https://substack.com/redirect/1b3dcb5e-8082-4163-a80b-bb62ce99dba6?j=eyJ1IjoiMzZuZmw0In0.4eiGI4rivRuKCtZpUgTEqhM2H3NJM6U8dLH7tXnICvU" rel="" style="color: rgb(54,55,55);text-decoration: underline;">received</a><span> its restricted dealer registration.</span></p></li><li style="margin: 8px 0 0 32px;mso-special-format: bullet;"><p style="color: rgb(54,55,55);line-height: 26px;margin-bottom: 0;box-sizing: border-box;padding-left: 4px;font-size: 16px;margin: 0;"><strong>APX Lending</strong><span>, a Canadian crypto backed lender was </span><a href="https://substack.com/redirect/0b407b2b-f31e-4bd2-8ec2-f5fbd50f8f2e?j=eyJ1IjoiMzZuZmw0In0.4eiGI4rivRuKCtZpUgTEqhM2H3NJM6U8dLH7tXnICvU" rel="" style="color: rgb(54,55,55);text-decoration: underline;">granted</a><span> &#8220;exemptive relief&#8221; from certain registrations.</span></p></li></ul></li><li style="margin: 8px 0 0 32px;mso-special-format: bullet;"><p style="color: rgb(54,55,55);line-height: 26px;margin-bottom: 0;box-sizing: border-box;padding-left: 4px;font-size: 16px;margin: 0;"><strong>Float</strong><span> </span><a href="https://substack.com/redirect/06ad90df-0ba8-4e7d-83f1-7267a155edf8?j=eyJ1IjoiMzZuZmw0In0.4eiGI4rivRuKCtZpUgTEqhM2H3NJM6U8dLH7tXnICvU" rel="" style="color: rgb(54,55,55);text-decoration: underline;">launched</a><span> low fee FX conversion.</span></p></li><li style="margin: 8px 0 0 32px;mso-special-format: bullet;"><p style="color: rgb(54,55,55);line-height: 26px;margin-bottom: 0;box-sizing: border-box;padding-left: 4px;font-size: 16px;margin: 0;"><strong>Mako Fintech</strong><span>, a Toronto based KYC provider for the wealth industry </span><a href="https://substack.com/redirect/9efb1e24-235d-434a-8231-05a28646ab9f?j=eyJ1IjoiMzZuZmw0In0.4eiGI4rivRuKCtZpUgTEqhM2H3NJM6U8dLH7tXnICvU" rel="" style="color: rgb(54,55,55);text-decoration: underline;">partnered</a><span> with </span><strong>SGGG</strong><span>, one of the largest Canada based fund administrators.</span></p></li></ul><div style="font-size: 16px;line-height: 26px;"><hr style="margin: 32px 0;padding: 0;height: 1px;background: #e6e6e6;border: none;"></div><p style="margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-size: 16px;"><strong>Raising money for your fintech?</strong><span> </span><a href="https://substack.com/redirect/9fa554db-7756-4658-993e-e648c27cfc04?j=eyJ1IjoiMzZuZmw0In0.4eiGI4rivRuKCtZpUgTEqhM2H3NJM6U8dLH7tXnICvU" rel="" style="color: rgb(54,55,55);text-decoration: underline;">Fill out this form</a></p><p style="margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-size: 16px;"><strong>Want to invest in Canadian fintech?</strong><span> </span><a href="https://substack.com/redirect/da7c51af-140a-41b0-bd0e-c4c2de441e55?j=eyJ1IjoiMzZuZmw0In0.4eiGI4rivRuKCtZpUgTEqhM2H3NJM6U8dLH7tXnICvU" rel="" style="color: rgb(54,55,55);text-decoration: underline;">Fill out this form</a></p><div style="font-size: 16px;line-height: 26px;"><hr style="margin: 32px 0;padding: 0;height: 1px;background: #e6e6e6;border: none;"></div><p style="margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-size: 16px;">Want to get in front of 12,489fintech decision makers? Reply to this email to become a sponsor.</p><p style="margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-size: 16px;">Have a great week! See ya &#128075;</p><p style="margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-size: 16px;margin-bottom: 0;"><span>-</span><a href="https://substack.com/redirect/bb756331-5d01-45ee-9fa1-5caf7957084e?j=eyJ1IjoiMzZuZmw0In0.4eiGI4rivRuKCtZpUgTEqhM2H3NJM6U8dLH7tXnICvU" rel="" style="color: rgb(54,55,55);text-decoration: underline;">Tal Schwartz</a></p></div></div><div class="container-border" style="margin: 32px 0 0;width: 100%;box-sizing: border-box;border-top: 1px solid #e6e6e6;font-size: 16px;line-height: 26px;"></div><div class="post-cta typography markup" style="font-family: 'SF Pro Display', -apple-system, system-ui, BlinkMacSystemFont, 'Inter', 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol';font-weight: 400;text-align: initial;word-break: break-word;margin-bottom: 32px;margin: 32px 0;font-size: 16px;line-height: 26px;"><p style="color: rgb(54,55,55);margin: 0 auto 20px;text-align: center;width: 90%;line-height: 26px;font-size: 16px;margin-top: 0;"><span class="pencraft pc-reset reset-IxiVJZ" translated="" style="list-style: none;color: unset;text-decoration: unset;margin: 0;">You're currently a free subscriber to <a href="https://substack.com/redirect/5dd3b04f-a2d4-4e00-959c-11c06dbf1f8b?j=eyJ1IjoiMzZuZmw0In0.4eiGI4rivRuKCtZpUgTEqhM2H3NJM6U8dLH7tXnICvU" style="color: rgb(54,55,55);text-decoration: underline;">Canadian Fintech</a>. 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  11. Money Stuff: The Podcast: Finders Keepers

    Fri, 04 Apr 2025 17:09:28 -0000

    <!DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Strict//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-strict.dtd"> <html xmlns="http://www.w3.org/1999/xhtml" xmlns="http://www.w3.org/1999/xhtml" style="width: 100%;"> <head> <meta http-equiv="Content-Type" content="text/html; charset=utf-8"/> <meta name="viewport" content="initial-scale=1"/> <title>Money Stuff</title> <!--[if (mso)|(mso 16)]><style type="text/css">a{text-decoration:none}</style><![endif]--> <style>body{width:100%;-webkit-font-smoothing:antialiased;font-family:Helvetica,Arial,sans-serif;font-size:16px;line-height:150%;margin:0;padding:0}img{max-width:550px}.body-component a:visited{color:#000;text-decoration:none!important;border-bottom:1px solid #000;background-color:#ccc}.body-component h1 a:visited{text-decoration:none;color:#000}@media only screen and (max-width:480px){.lihide{display:none!important}.lishow{display:block!important;width:auto!important;overflow:visible!important;float:none!important;max-height:inherit!important;line-height:inherit!important}.email-ssl-image{width:100%!important;height:auto!important}.body-image img{width:100%!important}.logo-image{width:100%!important}}</style></head> <body style="width: 100%; -webkit-font-smoothing: antialiased; font-family: Helvetica, Arial, sans-serif; font-size: 16px; line-height: 150%; margin: 0; padding: 0;"> <div style="color:transparent;visibility:hidden;opacity:0;font-size:0px;border:0;max-height:1px;width:1px;margin:0px;padding:0px;border-width:0px!important;display:none!important;line-height:0px!important;"><img border="0" width="1" height="1" src="https://post.spmailtechnolo.com/q/v5GTcVJegEfHt516lhpovQ~~/AARGbBA~/Wt5ss1cudPwXqSnf0xrQNT28rberi-cfplTnVfPbbfmnI2KwsMEU_VONbMUTCEbufU-mV1NfbIb7EqYydYQxw-mkeo6wEmpUCvTub9NpZKM~" alt=""/></div> <span style="color:transparent;visibility:hidden;display:none;opacity:0;height:0;width:0;font-size:0;"></span><img src="https://links.message.bloomberg.com/s/eo/zDV-DwD_JjfBNhE20S1nWpEW6kLElqgN_ofQ2tKzrHO8Uy35a-X7uPBb6yeER0HfgcaK9vL6dFXC7-dg8W3RhVSPZlYWB55BdQuoCgGiKKqkYA34-KiqFfbUUF0SGlXiHBU5MUNvPkLUjdLbHhMX6YAlZMXdORUMzbN1vaWl3ZnhOvmcMTFbXp3RZkpDXdjD-LZZqDHOUsqo_kzd76wWRYUsUtWdEVTE6Zlk/lgBDDCTje-9lGFQQqEzCrYGJiBjLAW0i/7" style="border:0;width:1px;height:1px;border-width:0px!important;display:none!important;line-height:0!important;" width="1" height="1"/> <table id="wrapper" width="100%" align="center" border="0" cellpadding="0" cellspacing="0" style="-webkit-font-smoothing: antialiased; font-family: Helvetica, Arial, sans-serif; font-size: 16px; max-width: 550px; width: 100% !important;"> <!--[if mso]><center> <tr><td> <table border="0" cellpadding="0" cellspacing="0" width="550"><![endif]--> <tr> <td style="border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt;"> <div style="display: none; max-height: 0px; overflow: hidden;"> This week’s episode of the Money Stuff podcast is out now, in which Katie and I discuss the Newsmax meme IPO, how stablecoin issuers make mo </div> </td> </tr> <tr> <td style="border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt; padding-bottom: 15px;"> <table width="100%" border="0" cellspacing="0" cellpadding="0"> <tr> <td align="center" style="border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt; padding: 20px 0px 10px;"> <a href="https://links.message.bloomberg.com/s/c/RUv7G9dvE17hqn4zkOyejQRNu9zf34PW3MPhCDnmi5f7NjdqNXgk-x8GXc2iiLDp55L_A0GHBC0HnKeZiqTVGyt9zXCSxjcM5o3h55N2T0LnWZlWiOIjBhAcRFTDgAW7LiEpRGzOrxtVFwA7o6S-8nNmPEPPpuZjB2B9X_kM5evPh79CLfS3vF4Kt-w8PbuGxtb3HRmFg7Z4i1hc12Fh_VWT1tl6yMGYeQT8uv6DdGobXTF0xqm47xLmqLLN8RjihKfuR1Cl6X9sbNNjoMt8aS-h4OH49ygMafHWIJzcJDd9XP8dFRMnGTA4ImTTtVhazBYiAIql6p_14t_dKcsfGxCweTyZz7Psm_uwX_seIhP9QsFGdMvG0wj5dw/b-43eN5RgpPsonArky2lRB0wr9j7wA5I/7" style="font-family: Helvetica, Arial, sans-serif; text-decoration: underline; font-size: 14px; color: #767676 !important;">View in browser</a> </td> </tr> <tr> <td align="center" style="border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt; padding-bottom: 5px;"> <a href="https://links.message.bloomberg.com/s/c/DQB_1H-ZeriC9o7TP9LQKfn4if9fZ0oVYDWxtsaH7x3QFR6v-H8GKH6_H_ueR2a3SU6n5Lp2fhSh2giCeS7BPpEzfvo9RPz3NZsWOi576BadnvT66qth62BLqgrG2Rkl6f7x7Htysr3DTHCKpU3A4vVsMeBJMDJa3tMgijYFAX1l2b-knWeoekGxWg7f4P82w17WbIIO2yAix98grR93opwQd5WnfQSQCewTJBLBcOQUhP1GR8OWtbmvTp-LK0N5wz7Tj9TLy596mh9XvWJS_nwEpyJAA_PVW75gyOMucqkbPWd05zYGszNMEwSoKFzCbmdxk7aouhBUifsMDhkXPta67j6fEw5B0IW53gW2wAfkzF-GqLQEAaZ_SQ/YhD1k95FqAanQcqu9uqyq0KPKtTjYlUx/7"><!--[if mso]><table width="550"><tr><td><img alt="Bloomberg" src="https://assets.bwbx.io/images/users/iqjWHBFdfxIU/img7rZ7yYddA/v0/-1x-1.png" width="550"/></td></tr></table> <div style="display:none"><![endif]--><img class="logo-image" src="https://assets.bwbx.io/images/users/iqjWHBFdfxIU/img7rZ7yYddA/v0/-1x-1.png" border="0" alt="Bloomberg" style="max-width: 550px; 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width: 100% !important; max-width: 550px !important;"/> </a> </td> </tr> <!--[if !mso]>--> <tr style="display: none"> <td colspan="2" style="line-height: 1px"> <a href="https://links.message.bloomberg.com/s/c/dUwm9XfXSC5RvzWR1ZVUmmRW4phtjXwqQr8Np_pHSA-bgkfxpfwwvJl4xFw3MyxGxHYVIb_E2P3cbnrDTXUDA2PlKp4NH6qxpXU9aIElNVphruCv1J6EYW4Mn-Jh6zMHv9J30HS44kQwNAsIge7oTsdcq4PeIIdsxNJaspoF-Xkvld5evVfQ2b8PMDCrmmtZIfPZ_ZwqNnmiphp_jHXiPfOLY6yKAzkiN9QURPtzmkDaMrLgMRHLvI4YgBM7VGGkA7WZFrhIZj1XT3yiWPGG_p2D5IiXREM2gOoZm159QlxS7kjgT7EaFWZs0b753jYi8xT362Ea2inhineO6ywQ2MvICgmJ2Gl3Jo4XnnQ1koSFc8YYHsrprRGbQNdobj9uUTC40ScgsZCCAuiYBERPT5qVdS2xxUcpuBJrwpdI6ssZByN_R51IaubiYNHe_7oTnPEmnA9bORfAm6F3DWqaWbAmaUxtq1AgItvLrOlHQjImUsqD-A2jDq3Zj4DL3_TKeYPaCYW3T93wjwKPgDJJXmN4mnnuY-VoU9mk0Tg9isg-6NJbwF_d4dsLqHh3pu-2phPXfAmrA5SBq6AffNnpvRBwiObKugFVH3ED5qVjG1UmS60/ahzTWcSsQGOG6nvzS-QCgBgKlQno_p8q/7" rel="nofollow" target="_blank"> <img src="https://sli.bloomberg.com/imp?s=1149004&li=13125475&m=c869f5c3f0784f1d3b0577b4456d769f&p=04042025&lctg=a19ab05d-8da0-4a2a-9dfe-e93d8d341869&stpe=default&li_coord=mobile&collapse_width=550" border="0" width="550" style="display: block !important; 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overflow:hidden; width:0; max-height:0; line-height:0;" class="lishow"> <table width="auto" cellpadding="0" cellspacing="0" align="center"> <tr> <td align="center" valign="top" style="padding:0 0px"> <a href="https://links.message.bloomberg.com/s/c/edpAL6xzOGK0tDTMWBMRUruHj3jJlqmRwoBApjqiChAO-cR1u-SBaCir07TG2EZXZIgh_BJ9j-fV4ChlF1HeQNk_AH09uj48m0W5F2DMXIjJApcq4ivbv41bBhwDy1yM-L0oZznPiGUCjokJrIG9W0rdgvJ90Gl2-e8p6EdqbZXgyW5-83U3TJbLoO655WhELg-1AC6XJhv7MIvWF1Cu5c9h5n1FQS9PZMBrtgPPhSPawLf7YO6jHD_Xo6WRb6f5PXAUwrQWT6mkyoLQajLqL4t9YcFrHG6tacFyv1myHvx3VUYGEJyBwyPIMIt5q9cP5zWe1KEfTBGOvlmBaup0lJ3YjlHlw2wL8JmPgtj-_wJjwuSTNp_plrHaiV2JOISxg31CKijElr0eD3eJIfjFDYl1zEtMy41WETSx0bl7mN3fLBS1Y3M0biPtMf9gxpFdEJzm0aw2n3psLnMGWENLzyMZI7mBHanOs61PwUPYWQk7YPARe2GyO-gmBjF6BJk0DEKleL2SHPvex6Evb1Jnp0DzED30nMXxb_kP0LUaQWbV0CASWknHM45gqK-FPp81omXuU4pwnvjsbfs4PR03EcygjJmMO1nECO3dNhIk_KZ0/O6v5wIxRCcF0cWOZnRKFapZ-Hb3uGYO_/7" target="_blank"> <img src="https://sli.bloomberg.com/imp?s=868432&stpe=default&li_coord=mobile&collapse_width=550&li=13125475&m=c869f5c3f0784f1d3b0577b4456d769f&p=04042025&lctg=a19ab05d-8da0-4a2a-9dfe-e93d8d341869" width="100%" border="0" style="display:block;height:auto;" alt=""/> </a> </td> </tr> </table> </div> <!--<![endif]--> </td> </tr> </table> <table width="100%" border="0" cellspacing="0" cellpadding="0"> <tr> <td style="border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt;"> <h2 style="font-weight: bold; font-family: &quot;Arial Black&quot;, Arial, Helvetica, sans-serif; letter-spacing: -1px; font-size: 20px; border-bottom-width: 1px; border-bottom-style: dotted; margin: 0px; padding: 16px 0px 5px;">Podcast</h2> </td> </tr> </table><p style="margin: 16px 0;">This week’s episode of the Money Stuff podcast is out now, in which Katie and I discuss the Newsmax meme IPO, how stablecoin issuers make money, getting interest on stablecoins, a bet on crypto GDP, XAI Holdings, whether X and xAI are the same business, whether DOGE is securities fraud, whether Teslas will fly and strategies for keeping mistaken payments. You can listen to this week’s episode <a href="https://links.message.bloomberg.com/s/c/jPPP5ryVhAeKEygN0bXVKf7CVh46SKMcS0j5j6wOJH_DxyPLaBqJgpevhE5ThFtwx3tfts_xSBZM5Bfv2aw0rYeu5Q4dVLPV3_nNj1WXLANo32LWSUTAdoZ4C5gBEeESN-GuUgBAg7l0TZn43sxp1clUDfsyZmrLcPRGM3wFpmQHc1i08ymidCQfA30eF_S_3gD68ac_NvtXMzKUDOTwblqhngLwDGAaSmVFE5JKpo1a7sClg95D29OLvK0PenmeBZwMfBZaJqU_lFQgNnIH-TooHLiLzC8K7_S3n6yUlNohKG_Q1UXD-6MyiiV04xq5zUUSJDw2ki8_0Cl7Idvrh3-uPQZvEFtOf6UBkfChfgE-1onGenP-u82XgPAgYuX38q0-7um3gOHxG6y4uZ2vYu1XcFs_u1Y/8F509OUCfVWXXohzFC4z9qt-OCJZuhHV/7" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">here</a>:</p><div class="body-image" style="margin: 20px 0px;"> <a href="https://links.message.bloomberg.com/s/c/iE52irIgVIfAjGGAAjiyVnaEAQir7KN-cM_DD30IIuvxxP-KPLfAZIESGPZVyfUYqD8uQFD5mcT86lZ-iB9CRnTqkXaiANrfUOnPy2vW2Yv2MMYGKbpVObIv3WbtFoq7waK67e07Hu9awVsd5S5SvKBeoTDQT10ianS8U80eU2TpttmcPnCRHkNIRVn86VjWy2WR0juytobh834uxKDJqJ6XRQV_ZScGQf8h_HgmDbW1BddfbqHgUmGj_UfUEFoQKExZC5OHczOHoK_fAHCOpIeMghqumIJmzRyVn6KY6cmwCHqi7dPkd6lpyJe2GiqjGgY8bC8oB3g1yTnuNGcsWdaZTs9v8I3SifTeA54LnCZvrzD_-7K70bcgb-t7ZHLT0oEqjWi19HMfeL-S-z6qwMN7xKq_wgY/sEMuKTl1y3pvNQ-pe_YF4wLVMWU80VtM/7" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;"><!--[if mso]><table width="550"><tr><td><img alt="" src="https://assets.bwbx.io/images/users/iqjWHBFdfxIU/itVm8zvSxY_w/v0/-1x-1.png" width="550"/></td></tr></table> <div style="display:none"><![endif]--><img alt="" src="https://assets.bwbx.io/images/users/iqjWHBFdfxIU/itVm8zvSxY_w/v0/-1x-1.png" style="max-width: 550px; display: block; width: 530px; margin-top: 20px;"/><!--[if mso]></div><![endif]--></a> </div><p style="margin: 16px 0;">You can get <a href="https://links.message.bloomberg.com/s/c/mCdCfD_rjRP1GBrwe4J1a3mKmgEQUuVg6uXMM9CXXMgJ2Z42_rcktUaHu2TH9zqz-EhoEBQremqYMuUNJLCQjmCh4A-i_46eecMVh0Im2S7uTlr2hxrw1gC9z2PN1enxCwscAWNFpgKKvLuRsGNpChNRFv955548VwnQsO9by4h74aqZDvkzXylajU9-1kzIc3nKkDFi1XfVYXs-LwWc9BjAyNubXAG60nQwgfmwXkuLmXa8cGngJXsWDkY7uTgPGisNh0_5Ux1cLuAbXnJ4QsFbTtsPtoKUQhgUb0tcigdgdbnyvykmT1bSSQsxHnc5tfa98ukJVNLxsL1mHyzZCwmjfRRzMR962BtTrKRLTFS3xjhxFxRuyTKoNJwkZEK3l2oT0_XCP9Fdo8rVjN5-5L7fm3pAnpY/D_yCenH_KCBd3obljZCa2vTUEDVzJYFo/7" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">Money Stuff: The Podcast</a> at Apple, Spotify or wherever you get your podcasts. We’d love your feedback. You can email us at <a href="mailto:moneypod@bloomberg.net" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">moneypod@bloomberg.net</a>.</p> </td> </tr> </table> </td> </tr> <tr> <td style="border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt; padding: 0px 10px;"> <table width="100%" border="0" cellspacing="0" cellpadding="0"> <tr> <td style="width: 100%; border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt;" width="100%"> <center> <a href="https://links.message.bloomberg.com/s/c/zCebEahUHGfX9kQdIkJgU8mclriQSfZuo2_b5zw6KtW5T8Ry3Drbg52T8055MeC9zI0EkZs4F8j62O6GeaH8csa5Lpc4j-YYQPn00ykGi216mMWNgA0i7hdREVNkf1PCmgFOhBBbaJ-mdaPPkrfEd597X2UUdjFCbdD6iZBIusGfHGdiU6ajn7hy0uc9TF6A8-aS3Lah7HMONwEVzOFlh1EQ0mf3-9SV79t1J0f0Fg5hnRxUNqRcSE8-o9XM-xTCw207aXhBlNJAkWLeKq40pIM057mU4xpHFE2tLgsfWMw1piZCVnT4qly43iSxoTe7DvIKYb98yTFX_MQCzj2kyFn0QpBA8jr71EuzUvG0TV4yVKhdak4qWSo3T0d054kEwNL1xErYzyRklOj9ZoPR9lbzprLlHihi_CzN6CXldlMsWEMnTu0je0ZWqktmA819EtzVswxEZhLIGg/F1Win8hY9GFBtelfnA-Yh5gVUuhJt_K9/7" target="_blank"> <!--[if mso]><table width="550"><tr><td><img alt="Listen to the Money Stuff Podcast" src="https://assets.bwbx.io/images/users/iqjWHBFdfxIU/i6H.ue2bNPOA/v0/-1x-1.png" width="550"/></td></tr></table> <div style="display:none"><![endif]--><img src="https://assets.bwbx.io/images/users/iqjWHBFdfxIU/i6H.ue2bNPOA/v0/-1x-1.png" alt="Listen to the Money Stuff Podcast" style="max-width: 550px; display: block; width: 100%;"/><!--[if mso]></div><![endif]--> </a> </center> </td> </tr> </table> </td> </tr> <tr> <td style="border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt; padding: 20px 10px;"> <table width="100%" style="width: 100%;"> <tr> <td style="border-top-width: 1px; border-top-style: dotted; border-bottom-width: 1px; border-bottom-style: dotted; border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt; text-transform: uppercase; font-family: Arial; font-size: 12px; font-weight: normal; font-style: normal; font-stretch: normal; line-height: 1.17; letter-spacing: normal; padding: 9px 0;"> <span style="margin-right: 4px; vertical-align: middle;">Follow Us</span> <a href="https://links.message.bloomberg.com/s/c/VvBLs3GNKeQCKMs756AM3D0uXGYVNAVXDPAvr_AgK8sTH1ITPIUnp5HNfEsXwDIsnXDajNFVfdOWBW0BJU9syJp1YqzEPQ3SgtwekEgriZcHspZ8OjHPRIh9Fk8Dkbu4XBfvW72LUoYhbtkPIBN8LsgBtUBMqFwPCjQ0n9NC4SsgzpYK9_HlWLtwgQNy3gvgIzPEpdAUWUO28hinbu-lj6jPvgX1TRI3szh6v7ZV7Mz9mKq_9oBq7zmTIlH-f4qnhWGlynm0CG5mRNls9Vx3AGhp0NOa8zaYL4sKvnJ2zq2GhTVqxyezx-Z_6pRsyE7o32jR0tF7Nb_MJ3CZ4qxU-H0KgyJdiwooFoe90Axbdmw5OcHBWzBLUrWjiw5FY6i0KereOWwSEBfFflEOjPVGwgSkOOailVA-PUaPbAnGeJ702g/an2gz_pkpOj0H2BJ3XUjyBusZuUQXiaZ/7" style="text-decoration: none; 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  12. CardsFTW #149: Credit Card Affiliate Marketing

    Wed, 02 Apr 2025 16:15:16 -0000

    <!doctype html> <html> <head> <meta name="viewport" content="width=device-width"> <meta http-equiv="Content-Type" content="text/html; charset=UTF-8"> <!--[if mso]><xml><o:OfficeDocumentSettings><o:PixelsPerInch>96</o:PixelsPerInch><o:AllowPNG/></o:OfficeDocumentSettings></xml><![endif]--> <title>CardsFTW #149: Credit Card Affiliate Marketing</title> <style> .post-title-link { display: block; margin-top: 32px; color: #15212A; text-align: center; line-height: 1.1em; } .post-title-link-left { text-align: left; } .view-online-link { word-wrap: none; white-space: nowrap; color: #73818c; text-decoration: underline !important; } .kg-nft-link { display: block; text-decoration: none !important; color: #15212A !important; font-family: inherit !important; font-size: 14px; line-height: 1.3em; padding-top: 4px; padding-right: 20px; padding-left: 20px; padding-bottom: 4px; } .kg-twitter-link { display: block; text-decoration: none !important; color: #15212A !important; font-family: inherit !important; 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font-family: inherit !important; font-size: inherit !important; font-weight: inherit !important; line-height: inherit !important; text-decoration: none !important; } #MessageViewBody a { color: inherit; text-decoration: none; font-size: inherit; font-family: inherit; font-weight: inherit; line-height: inherit; } .btn-primary table td:hover { background-color: #34495e !important; } .btn-primary a:hover { background-color: #34495e !important; border-color: #34495e !important; } } </style> </head> <body style="background-color: #fff; font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; -webkit-font-smoothing: antialiased; font-size: 18px; line-height: 1.4; margin: 0; padding: 0; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%; color: #15212A;"> <span class="preheader" style="color: transparent; display: none; height: 0; max-height: 0; max-width: 0; opacity: 0; overflow: hidden; mso-hide: all; visibility: hidden; width: 0;">Plus, a disappointing Canadian credit card</span> <table role="presentation" border="0" cellpadding="0" cellspacing="0" class="body" width="100%" style="border-collapse: separate; mso-table-lspace: 0pt; mso-table-rspace: 0pt; background-color: #fff; width: 100%;" bgcolor="#fff"> <!-- Outlook doesn't respect max-width so we need an extra centered table --> <!--[if mso]> <tr> <td> <center> <table border="0" cellpadding="0" cellspacing="0" width="600"> <![endif]--> <tr> <td style="font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; font-size: 18px; vertical-align: top; color: #15212A;" valign="top">&#xA0;</td> <td class="container" style="font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; font-size: 18px; vertical-align: top; color: #15212A; display: block; max-width: 600px; margin: 0 auto;" valign="top"> <div class="content" style="box-sizing: border-box; display: block; margin: 0 auto; max-width: 600px;"> <!-- START CENTERED WHITE CONTAINER --> <table role="presentation" border="0" cellpadding="0" cellspacing="0" class="main" width="100%" style="border-collapse: separate; mso-table-lspace: 0pt; mso-table-rspace: 0pt; background: #ffffff; border-radius: 3px; border-spacing: 20px 0; width: 100%;"> <!-- START MAIN CONTENT AREA --> <tr> <td class="wrapper" style="font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; font-size: 18px; vertical-align: top; color: #15212A; box-sizing: border-box;" valign="top"> <table role="presentation" border="0" cellpadding="0" cellspacing="0" width="100%" style="border-collapse: separate; mso-table-lspace: 0pt; mso-table-rspace: 0pt; width: 100%;"> <tr class="header-image-row"> <td class="header-image" width="100%" align="center" style="font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; font-size: 18px; vertical-align: top; color: #15212A; padding-top: 24px; padding-bottom: 16px;" valign="top"> <a href="https://www.cardsftw.com/r/2e1c74cd?m=c62b746c-f2ed-4fee-8f26-488cc07e1c4e" style="color: #F9A60D; text-decoration: none; overflow-wrap: anywhere;" target="_blank"> <img src="https://www.cardsftw.com/content/images/size/w1200/2024/01/cftw-logo-3.png" width="600" style="border: none; -ms-interpolation-mode: bicubic; max-width: 100%;"> </a> </td> </tr> <tr> <td class="post-title post-title-with-excerpt post-title-serif" style="vertical-align: top; color: #15212A; font-size: 36px; line-height: 1.1em; font-weight: 700; text-align: center; padding-bottom: 8px; font-family: Georgia, serif; letter-spacing: -0.01em;" valign="top" align="center"> <a href="https://www.cardsftw.com/r/f4184896?m=c62b746c-f2ed-4fee-8f26-488cc07e1c4e" class="post-title-link" style="text-decoration: none; display: block; margin-top: 32px; color: #15212A; text-align: center; line-height: 1.1em; overflow-wrap: anywhere;" target="_blank">CardsFTW #149: Credit Card Affiliate Marketing</a> </td> </tr> <tr> <td style="font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; font-size: 18px; vertical-align: top; color: #15212A; width: 100%;" width="100%" valign="top"> <table class="post-meta-wrapper" role="presentation" border="0" cellpadding="0" cellspacing="0" width="100%" style="border-collapse: separate; mso-table-lspace: 0pt; mso-table-rspace: 0pt; width: 100%; padding-bottom: 32px;"> <tr> <td height="20" class="post-meta post-meta-center" style="font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; vertical-align: top; color: #73818c; font-size: 13px; font-weight: 400; text-align: center; padding: 0;" valign="top" align="center"> By Matthew Goldman &#x2022; <span class="post-meta-date" style="white-space: nowrap;">2 Apr 2025 </span> </td> <td class="post-meta post-meta-center view-online desktop" style="font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; vertical-align: top; color: #73818c; font-size: 13px; font-weight: 400; text-align: center; display: none;" valign="top" align="center"> <a href="https://www.cardsftw.com/r/8b2cd350?m=c62b746c-f2ed-4fee-8f26-488cc07e1c4e" class="view-online-link" style="word-wrap: none; white-space: nowrap; color: #73818c; overflow-wrap: anywhere; text-decoration: underline;" target="_blank">View in browser</a> </td> </tr> <tr class="post-meta post-meta-center view-online-mobile" style="color: #73818c; font-size: 13px; font-weight: 400; text-align: center;" align="center"> <td height="20" class="view-online" style="font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; vertical-align: top; color: #73818c; font-size: 13px; font-weight: 400; text-align: center; text-decoration: underline;" valign="top" align="center"> <a href="https://www.cardsftw.com/r/46cdfdde?m=c62b746c-f2ed-4fee-8f26-488cc07e1c4e" class="view-online-link" style="word-wrap: none; white-space: nowrap; color: #73818c; overflow-wrap: anywhere; text-decoration: underline;" target="_blank">View in browser</a> </td> </tr> </table> </td> </tr> <tr class="post-content-row"> <td class="post-content-sans-serif" style="font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; vertical-align: top; font-size: 17px; line-height: 1.5em; color: #15212A; padding-bottom: 20px; border-bottom: 1px solid #e0e7eb; max-width: 600px;" valign="top"> <!-- POST CONTENT START --> <p style="margin: 0 0 1.5em 0; line-height: 1.6em;">I spend a lot of time on this newsletter discussing new products and innovations in credit and debit cards, but it&#x2019;s been a while since we touched on <em>credit card marketing</em>.</p><div class="kg-card kg-image-card kg-card-hascaption" style="margin: 0 0 1.5em; padding: 0;"><img src="https://www.cardsftw.com/content/images/2025/04/CFTW--149.png" class="kg-image" alt="A screenshot from the NerdWallet website. The page is titled, &quot;Best Offers of April 2025&quot; and has a list of credit cards. There are card images, the NerdWallet rating, other information, and an &quot;Apply now&quot; button." loading="lazy" width="600" height="314" style="border: none; -ms-interpolation-mode: bicubic; max-width: 100%; display: block; margin: 0 auto; height: auto; width: auto;"><div class="kg-card-figcaption" style="text-align: center; font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; padding-top: 10px; padding-bottom: 10px; line-height: 1.5em; color: #73818c; font-size: 13px;"><span style="text-align: center; white-space: pre-wrap;">A market of credit cards</span></div></div><p style="margin: 0 0 1.5em 0; line-height: 1.6em;">Credit card marketing is a massive space. Major financial services companies spend tens of billions of dollars every year promoting their products. Online marketing, particularly through affiliate channels, is a relatively small slice of that pie, but it <em>still</em> represents more than a billion dollars in annual spending by major banks and fintechs.</p><p style="margin: 0 0 1.5em 0; line-height: 1.6em;">Sites like Bankrate, NerdWallet, Credit Karma, The Points Guy, and others dominate the industry. These credit card marketplaces have become increasingly consolidated (with players like Red Ventures owning several of the big names), more expensive to access, and much harder for smaller issuers to break into.</p><p style="margin: 0 0 1.5em 0; line-height: 1.6em;">The cost of credit card acquisition is <em>very</em> high. In addition to paying card marketplaces directly for placements, issuers also have to pay for sign-up bonuses (which can be worth hundreds or even over a thousand dollars). Think about:</p><ul style="margin: 0 0 1.5em 0; line-height: 1.6em; padding-left: 1.3em; padding-right: 1.5em; list-style: disc; max-width: 100%;"><li style="margin: 0.5em 0; padding-left: 0.3em; line-height: 1.6em;">100,000-point welcome offers on the Amex Platinum</li><li style="margin: 0.5em 0; padding-left: 0.3em; line-height: 1.6em;">25,000 points on a Chase Freedom</li><li style="margin: 0.5em 0; padding-left: 0.3em; line-height: 1.6em;">$500 cashback offers</li></ul><p style="margin: 0 0 1.5em 0; line-height: 1.6em;">All those promos cost real money&#x2014;and that&#x2019;s before accounting for paid distribution. Prime cards typically cost north of $250 cost per acquisition (CPA). On the lower end, subprime or secured cards might come in around $20 CPA, with everything else falling somewhere in between. An Amex Platinum might cost $350 CPA, plus a 100,000 point bonus (worth $1,000) leading to a direct CPA to Amex of $1,350, not including broader marketing spend.</p><p style="margin: 0 0 1.5em 0; line-height: 1.6em;">Many new credit card startups I talk to or work with initially think: <em>&#x201C;Let&#x2019;s go get featured on Credit Karma or The Points Guy.&#x201D;</em> But they&#x2019;re often disappointed to find that these sites won&#x2019;t touch them. Why?</p><div class="align-center" style="text-align: center;"><hr style="position: relative; display: block; width: 100%; margin: 3em 0; padding: 0; height: 1px; background-color: transparent; border: 0; border-top: 1px solid #e0e7eb;"><p style="margin: 0 0 1.5em 0; line-height: 1.6em;"><span style="white-space: pre-wrap;">Thank you for subscribing to&#xA0;CardsFTW. Please consider supporting this newsletter&#xA0;by upgrading to a paid subscription today.</span></p><div class="btn btn-accent" style="box-sizing: border-box; width: 100%; display: table;"> <table border="0" cellspacing="0" cellpadding="0" align="center" style="border-collapse: separate; mso-table-lspace: 0pt; mso-table-rspace: 0pt; width: auto;" width="auto"> <tbody> <tr> <td align="center" style="font-size: 18px; vertical-align: top; color: #15212A; border-radius: 5px; text-align: center; font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; background-color: #F9A60D;" valign="top" bgcolor="#F9A60D"> <a href="https://www.cardsftw.com/r/ce467bf7?m=c62b746c-f2ed-4fee-8f26-488cc07e1c4e" style="overflow-wrap: anywhere; border: solid 1px #3498db; border-radius: 5px; box-sizing: border-box; cursor: pointer; display: inline-block; font-size: 14px; font-weight: bold; margin: 0; padding: 12px 25px; text-decoration: none; background-color: #F9A60D; border-color: #F9A60D; color: #FFFFFF;" target="_blank">Upgrade to Paid</a> </td> </tr> </tbody> </table> </div> <p style="margin: 0 0 1.5em 0; line-height: 1.6em;"></p><hr style="position: relative; display: block; width: 100%; margin: 3em 0; padding: 0; height: 1px; background-color: transparent; border: 0; border-top: 1px solid #e0e7eb;"></div><p style="margin: 0 0 1.5em 0; line-height: 1.6em;">These platforms think carefully about how to distribute each click because there&#x2019;s a limited amount of traffic. If you have one user ready to apply, you&#x2019;re going to send them to the product that&#x2019;s:</p><ol style="margin: 0 0 1.5em 0; line-height: 1.6em; padding-left: 1.3em; padding-right: 1.5em; list-style: decimal; max-width: 100%;"><li style="margin: 0.5em 0; padding-left: 0.3em; line-height: 1.6em;">Most likely to approve them</li><li style="margin: 0.5em 0; padding-left: 0.3em; line-height: 1.6em;">Will pay you the most</li><li style="margin: 0.5em 0; padding-left: 0.3em; line-height: 1.6em;">Comes from a known partner</li></ol><p style="margin: 0 0 1.5em 0; line-height: 1.6em;">If you&#x2019;re running monetization at Bankrate or NerdWallet, you&#x2019;re probably better off sending that click to Chase&#x2014;a reliable, high-volume, high-payout partner&#x2014;than to a new, unknown issuer.</p><p style="margin: 0 0 1.5em 0; line-height: 1.6em;">When I was Chief Product Officer at Bankrate, we had a complex algorithm to optimize for revenue per click. For example:</p><ul style="margin: 0 0 1.5em 0; line-height: 1.6em; padding-left: 1.3em; padding-right: 1.5em; list-style: disc; max-width: 100%;"><li style="margin: 0.5em 0; padding-left: 0.3em; line-height: 1.6em;">Amex would need to pay more than Chase because their underwriting is tighter and their approval rates are lower.</li><li style="margin: 0.5em 0; padding-left: 0.3em; line-height: 1.6em;">Discover might also need to pay more because their brand perception isn&#x2019;t as strong, which affects conversion. (No offense!)</li></ul><p style="margin: 0 0 1.5em 0; line-height: 1.6em;">That&#x2019;s the crux of this market: it&#x2019;s not just about a user wanting a card. They also worry about getting approved, and that friction creates an impact.</p><p style="margin: 0 0 1.5em 0; line-height: 1.6em;">Coming from a pure search experience, like landing on CreditCards.com and applying, approval rates can be under 20%. However, with pre-qualification or direct offers, those rates can jump to 60&#x2013;80%. That&#x2019;s a huge difference.</p><p style="margin: 0 0 1.5em 0; line-height: 1.6em;">So the challenge becomes: <em>How do I get the right customer in front of the right offer at the right time?</em> And how do I do that with limited data, uncertain credit risk, and competitive pressure?</p><p style="margin: 0 0 1.5em 0; line-height: 1.6em;">It&#x2019;s a fascinating subsector of affiliate marketing. Unlike sketchier spaces (I&#x2019;m looking at you, miracle health supplements), credit card affiliate marketing is highly regulated. Banks have to ensure that their marketing partners present offers correctly and clearly, and marketplaces are subject to rigorous compliance reviews. So, while it&#x2019;s expensive, it&#x2019;s also legit.</p><p style="margin: 0 0 1.5em 0; line-height: 1.6em;">If you&#x2019;re curious to go deeper into this space&#x2014;or you&#x2019;re thinking about launching a card and want to understand the landscape&#x2014;I recommend checking out CardCon in Fort Lauderdale this May. We at Totavi have participated before and found it a great place to meet the key players, learn how the affiliate network works, and hear directly from authors and product folks shaping the industry.</p><p style="margin: 0 0 1.5em 0; line-height: 1.6em;">CardCon, which started in 2017, is now expanding to all financial affiliates and is May 6-8 in Ft. Lauderdale, Florida. CardCon features presentations on credit cards, other consumer financial products, and affiliate marketing. CardCon tickets are $500 for content creators and $800 for other industry members. As a reader, you can save $50 with code &#x201C;CardsFTW&#x201D;.</p><p style="margin: 0 0 1.5em 0; line-height: 1.6em;"></p><div class="btnbtn-accent" style="box-sizing: border-box; width: 100%; display: table;"><table border="0" cellspacing="0" cellpadding="0" align="center" style="border-collapse: separate; mso-table-lspace: 0pt; mso-table-rspace: 0pt; width: auto;" width="auto"><tr><td align="center" style="font-size: 18px; vertical-align: top; color: #15212A; border-radius: 5px; text-align: center; font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; background-color: #F9A60D;" valign="top" bgcolor="#F9A60D"><a href="https://www.cardsftw.com/r/77c757f9?m=c62b746c-f2ed-4fee-8f26-488cc07e1c4e" style="overflow-wrap: anywhere; border: solid 1px #3498db; border-radius: 5px; box-sizing: border-box; cursor: pointer; display: inline-block; font-size: 14px; font-weight: bold; margin: 0; padding: 12px 25px; text-decoration: none; background-color: #F9A60D; border-color: #F9A60D; color: #FFFFFF;" target="_blank">Register for CardCon</a></td></tr></table></div><p style="margin: 0 0 1.5em 0; line-height: 1.6em;"></p><p style="margin: 0 0 1.5em 0; line-height: 1.6em;">Finally, a reminder: affiliate marketing isn&#x2019;t the only lever in credit card growth. You can also go direct via social media, outreach, partnerships, and pre-qual campaigns. It&#39;s not a silver bullet, but it&#x2019;s powerful when used right. It&#x2019;s just one tool in the box.</p><div></div><h1 id="porter-airlines-new-rewards-card" style="margin-top: 0; font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; line-height: 1.11em; text-rendering: optimizeLegibility; margin: 1.5em 0 0.5em 0; font-size: 42px; font-weight: 700;">Porter Airlines New Rewards Card</h1><p style="margin: 0 0 1.5em 0; line-height: 1.6em;">Porter Airlines is Canada&#x2019;s third-largest commercial airline. The company <a href="https://www.cardsftw.com/r/475de150?m=c62b746c-f2ed-4fee-8f26-488cc07e1c4e" style="overflow-wrap: anywhere; color: #F9A60D; text-decoration: underline;" target="_blank"><u>announced</u></a> its new Mastercard credit card for Canadian residents, issued by BMO. In many respects, these cards look pretty typical of rewards cards in Canada (and elsewhere), with accelerated earning rates on Porter flights, travel, gas, and groceries, as well as a base earning level. Under the hood, these cards have a lot of features and seem very complicated. There are 27 footnotes on the <a href="https://www.cardsftw.com/r/76bbc1f6?m=c62b746c-f2ed-4fee-8f26-488cc07e1c4e" style="overflow-wrap: anywhere; color: #F9A60D; text-decoration: underline;" target="_blank"><u>card information page</u></a>. That&#x2019;s a lot. There are all these complex flight discounts that could take a degree in card rewards to figure out.</p><div class="kg-card kg-image-card kg-card-hascaption" style="margin: 0 0 1.5em; padding: 0;"><img src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXc8iAvE0O6qCDVCjrPPn9lQFKh6lfaB6ZGPoBV3_0CzIPVTojOvdrgKcpS-uPUhioQuR30YbaqzltqwXXemsTG-LMs9H4i9oo_UGh2URKL1Y93aeyvyB1rU6xS30DtEwDy1gtJPEA?key=DxtvLlA0FoiIpwbgVEQT766N" class="kg-image" alt="An image of the Porter card. It is blue, with &quot;viporter&quot; in the top left corner, the BMO logo on the bottom left corner, and a Mastercard &quot;world elite&quot; logo in the bottom right. There is an image of a raccoon wearing a suit and leaning against a suitcase in the middle of the card." loading="lazy" width="315" height="480" style="border: none; -ms-interpolation-mode: bicubic; max-width: 100%; display: block; margin: 0 auto; height: auto; width: auto;"><div class="kg-card-figcaption" style="text-align: center; font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; padding-top: 10px; padding-bottom: 10px; line-height: 1.5em; color: #73818c; font-size: 13px;"><span style="text-align: center; white-space: pre-wrap;">Cute card!</span></div></div><p style="margin: 0 0 1.5em 0; line-height: 1.6em;">I was intrigued initially by the press release mentioning &#x201C;automatic&#x201D; status, which I thought could be interesting, but it just appears to be spinning the fact that they&#x2019;ll enroll you in the frequent flier program (don&#x2019;t all cards?). Then I was interested in &#x201C;hotel burglary insurance,&#x201D; which seemed unique, but footnote #13 simply said:</p><blockquote style="margin: 0; padding: 0; border-left: #F9A60D 2px solid; font-size: 17px; font-weight: 500; line-height: 1.6em; letter-spacing: -0.2px;"><p style="line-height: 1.6em; margin: 2em 25px; font-size: 1em; padding: 0;">Insurance benefits are subject to specific terms and conditions, including limitations, exclusions and other important information contained in the Certificate of Insurance that is sent to new cardholders. Insurance coverages are provided by CUMIS General Insurance Company, a member of The Co-operators group of companies and administered by Allianz Global Assistance. Allianz Global Assistance is a registered business name of AZGA Service Canada Inc. and AZGA Insurance Agency Canada Ltd. For questions contact Allianz Global Assistance Canada at 1-877-704-0341 or visit <a href="https://www.cardsftw.com/r/2b8992c0?m=c62b746c-f2ed-4fee-8f26-488cc07e1c4e" style="overflow-wrap: anywhere; color: #F9A60D; text-decoration: underline;" target="_blank"><u>www.allianz-assistance.ca</u></a>.</p></blockquote><p style="margin: 0 0 1.5em 0; line-height: 1.6em;">So, who knows what is covered?</p><p style="margin: 0 0 1.5em 0; line-height: 1.6em;">I am less familiar with the Canadian market, but call me disappointed. I went from, &#x201C;Oh, what&#x2019;s new here?&#x201D; to, &#x201C;Wow, this is classic banking: long, complicated, and probably not as good as it seems.&#x201D; Oh, well. At least the card&#x2019;s cute.</p><div></div><h1 id="me-elsewhere" style="margin-top: 0; font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; line-height: 1.11em; text-rendering: optimizeLegibility; margin: 1.5em 0 0.5em 0; font-size: 42px; font-weight: 700;">Me, Elsewhere</h1><p style="margin: 0 0 1.5em 0; line-height: 1.6em;">Earlier today I was on Jason Mikula&#39;s Fintech Business Weekly talking about credit cards (of course). Find the full episode below.</p><div> <!--[if !mso !vml]--> <div class="kg-card kg-bookmark-card " style="margin: 0 0 1.5em; padding: 0; width: 100%; background: #ffffff;"> <a class="kg-bookmark-container" href="https://www.cardsftw.com/r/ab412c77?m=c62b746c-f2ed-4fee-8f26-488cc07e1c4e" style="display: flex; min-height: 148px; font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; border-radius: 3px; border: 1px solid #e0e7eb; overflow-wrap: anywhere; color: #F9A60D; text-decoration: none;" target="_blank"> <div class="kg-bookmark-content" style="display: inline-block; width: 100%; padding: 20px;"> <div class="kg-bookmark-title" style="color: #15212A; font-size: 15px; line-height: 1.5em; font-weight: 600;">Interview: CardsFTW Publisher &amp; Totavi Founder Matthew Goldman</div> <div class="kg-bookmark-description" style="display: -webkit-box; overflow-y: hidden; margin-top: 12px; max-height: 40px; color: #73818c; font-size: 13px; line-height: 1.5em; font-weight: 400; -webkit-line-clamp: 2; -webkit-box-orient: vertical;">Listen now | Where fintech debit and credit programs are heading in 2025</div> <div class="kg-bookmark-metadata" style="display: flex; flex-wrap: wrap; align-items: center; margin-top: 14px; color: #15212A; font-size: 13px; font-weight: 400;"> <img class="kg-bookmark-icon" src="https://www.cardsftw.com/content/images/icon/https-3A-2F-2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com-2Fpublic-2Fimages-2F819654f7-e358-4b13-98fc-3a7109800d4d-2Fapple-touch-icon-180x180.png" alt style="border: none; -ms-interpolation-mode: bicubic; max-width: 100%; margin-right: 8px; width: 22px; height: 22px;" width="22" height="22"> <span class="kg-bookmark-author" src="Fintech Business Weekly" style="line-height: 1.5em;">Fintech Business Weekly</span> <span class="kg-bookmark-publisher" src="Jason Mikula" style="overflow: hidden; max-width: 240px; line-height: 1.5em; text-overflow: ellipsis; white-space: nowrap;"><span style="margin: 0 6px;">&#x2022;</span>Jason Mikula</span> </div> </div> <div class="kg-bookmark-thumbnail" style="min-width: 140px; max-width: 180px; background-repeat: no-repeat; background-size: cover; background-position: center; border-radius: 0 2px 2px 0; background-image: url(&#39;https://www.cardsftw.com/content/images/thumbnail/https-3A-2F-2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com-2Fpublic-2Fimages-2Fe18f0919-198b-4686-b798-70d03241f3e4_1280x1280.png&#39;);"> <img src="https://www.cardsftw.com/content/images/thumbnail/https-3A-2F-2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com-2Fpublic-2Fimages-2Fe18f0919-198b-4686-b798-70d03241f3e4_1280x1280.png" alt onerror="this.style.display=&#39;none&#39;" style="border: none; -ms-interpolation-mode: bicubic; max-width: 100%; display: none;"></div> </a> </div> <!--[endif]--> <!--[if vml]> <table class="kg-card kg-bookmark-card--outlook" style="margin: 0; padding: 0; width: 100%; border: 1px solid #e5eff5; background: #ffffff; font-family: -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Oxygen, Ubuntu, Cantarell, 'Open Sans', 'Helvetica Neue', sans-serif; border-collapse: collapse; border-spacing: 0;" width="100%"> <tr> <td width="100%" style="padding: 20px;"> <table style="margin: 0; padding: 0; border-collapse: collapse; border-spacing: 0;"> <tr> <td class="kg-bookmark-title--outlook"> <a href="https://fintechbusinessweekly.substack.com/p/interview-cardsftw-publisher-and" style="text-decoration: none; color: #15212A; font-size: 15px; line-height: 1.5em; font-weight: 600;"> Interview: CardsFTW Publisher &amp; Totavi Founder Matthew Goldman </a> </td> </tr> <tr> <td> <div class="kg-bookmark-description--outlook"> <a href="https://fintechbusinessweekly.substack.com/p/interview-cardsftw-publisher-and" style="text-decoration: none; margin-top: 12px; color: #738a94; font-size: 13px; line-height: 1.5em; font-weight: 400;"> Listen now | Where fintech debit and credit programs are heading in 2025 </a> </div> </td> </tr> <tr> <td class="kg-bookmark-metadata--outlook" style="padding-top: 14px; color: #15212A; font-size: 13px; font-weight: 400; line-height: 1.5em;"> <table style="margin: 0; padding: 0; border-collapse: collapse; border-spacing: 0;"> <tr> <td valign="middle" class="kg-bookmark-icon--outlook" style="padding-right: 8px; font-size: 0; line-height: 1.5em;"> <a href="https://fintechbusinessweekly.substack.com/p/interview-cardsftw-publisher-and" style="text-decoration: none; color: #15212A;"> <img src="https://www.cardsftw.com/content/images/icon/https-3A-2F-2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com-2Fpublic-2Fimages-2F819654f7-e358-4b13-98fc-3a7109800d4d-2Fapple-touch-icon-180x180.png" width="22" height="22" alt=" "> </a> </td> <td valign="middle" class="kg-bookmark-byline--outlook"> <a href="https://fintechbusinessweekly.substack.com/p/interview-cardsftw-publisher-and" style="text-decoration: none; color: #15212A;"> Fintech Business Weekly &nbsp;&#x2022;&nbsp; Jason Mikula </a> </td> </tr> </table> </td> </tr> </table> </td> </tr> </table> <div class="kg-bookmark-spacer--outlook" style="height: 1.5em;">&nbsp;</div> <![endif]--></div><h2 id="cardsftw" style="margin-top: 0; font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; line-height: 1.11em; font-weight: 700; text-rendering: optimizeLegibility; margin: 1.5em 0 0.5em 0; font-size: 32px;">CardsFTW</h2><p style="margin: 0 0 1.5em 0; line-height: 1.6em;"><a href="https://www.cardsftw.com/r/b611cfb7?m=c62b746c-f2ed-4fee-8f26-488cc07e1c4e" style="overflow-wrap: anywhere; color: #F9A60D; text-decoration: underline;" target="_blank"><u>CardsFTW</u></a>, released weekly on Wednesdays, offers insights and analysis on new credit and debit card industry products for consumers and providers. CardsFTW is authored and published by Matthew Goldman and the team at <a href="https://www.cardsftw.com/r/259b1c86?m=c62b746c-f2ed-4fee-8f26-488cc07e1c4e" style="overflow-wrap: anywhere; color: #F9A60D; text-decoration: underline;" target="_blank"><u>Totavi</u></a>, a boutique consulting firm specializing in fintech product management &amp; marketing. We bring real operational experience that varies from the earliest days of a startup to high-growth phases and public company leadership. Visit <a href="https://www.cardsftw.com/r/169159a2?m=c62b746c-f2ed-4fee-8f26-488cc07e1c4e" style="overflow-wrap: anywhere; color: #F9A60D; text-decoration: underline;" target="_blank"><u>www.totavi.com</u></a> to learn more.</p><p style="margin: 0 0 1.5em 0; line-height: 1.6em;"><em>Interested in reaching our audience? </em><a href="https://www.cardsftw.com/r/a3553af3?m=c62b746c-f2ed-4fee-8f26-488cc07e1c4e" style="overflow-wrap: anywhere; color: #F9A60D; text-decoration: underline;" target="_blank"><em><u>You can sponsor CardsFTW.</u></em></a></p><p style="margin: 0 0 1.5em 0; line-height: 1.6em;"><em>*Indicates a company with which Totavi has a financial relationship.</em></p> <!-- POST CONTENT END --> </td> </tr> </table> </td> </tr> <!-- END MAIN CONTENT AREA --> <tr> <td dir="ltr" width="100%" style="font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; font-size: 18px; vertical-align: top; color: #15212A; background-color: #ffffff; text-align: center; padding: 32px 0 24px; border-bottom: 1px solid #e0e7eb;" align="center" bgcolor="#ffffff" valign="top"> <table class="feedback-buttons" role="presentation" border="0" cellpadding="0" cellspacing="0" style="border-collapse: separate; mso-table-lspace: 0pt; mso-table-rspace: 0pt; margin: auto; width: 100%;" width="100%"> <tr> <td dir="ltr" valign="top" align="center" style="font-size: 18px; color: #15212A; display: inline-block; vertical-align: top; font-family: inherit; text-align: center; padding: 0 4px 4px; cursor: pointer; width: 30%;" width="30%"> <a href="https://www.cardsftw.com/r/f205fa25?m=c62b746c-f2ed-4fee-8f26-488cc07e1c4e" target="_blank" style="color: #F9A60D; text-decoration: none; overflow-wrap: anywhere;"> <img src="https://static.ghost.org/v5.0.0/images/comment-mobile.png" border="0" width="42" height="42" alt="Comment" style="border: none; -ms-interpolation-mode: bicubic; max-width: 100%; display: block; margin: 0 auto; vertical-align: middle;"> <p class="feedback-button-text" style="display: inline-block; font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; color: #15212A; font-weight: 500; margin: 1em 0 0 0; line-height: 1.4em; word-break: break-word; font-size: 13px;">Comment</p> </a> </td> </tr> </table> </td> </tr> <tr> <td class="subscription-box" style="font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; font-size: 18px; vertical-align: top; padding: 32px 0; border-bottom: 1px solid #e0e7eb; color: #15212A;" valign="top"> <h3 style="margin-top: 0; font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; line-height: 1.11em; text-rendering: optimizeLegibility; font-size: 14px; font-weight: 700; text-transform: uppercase; margin: 0 0 18px;">Subscription details</h3> <p style="margin: 0 0 1.5em 0; font-size: 15px; font-weight: 400; line-height: 1.45em; text-decoration: none; margin-bottom: 16px; color: #15212A;"> <span>You are receiving this because you are a <strong style="font-weight: 700;">free subscriber</strong> to CardsFTW.</span> </p> <table role="presentation" border="0" cellpadding="0" cellspacing="0" width="100%" style="border-collapse: separate; mso-table-lspace: 0pt; mso-table-rspace: 0pt; width: 100%;"> <tr> <td class="subscription-details" style="font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; font-size: 18px; vertical-align: top; color: #15212A;" valign="top"> <p class="" style="margin: 0 0 1.5em 0; margin-bottom: 0; font-size: 15px; font-weight: 400; line-height: 1.45em; text-decoration: none; color: #15212A;">Name: roger</p> <p style="margin: 0 0 1.5em 0; margin-bottom: 0; font-size: 15px; font-weight: 400; line-height: 1.45em; text-decoration: none; color: #15212A;">Email: <a href="#" style="overflow-wrap: anywhere; text-decoration: none; color: #15212A;" target="_blank">tw51yjtgdhlsr2od@newsletter.rodeo</a></p> <p style="margin: 0 0 1.5em 0; margin-bottom: 0; font-size: 15px; font-weight: 400; line-height: 1.45em; text-decoration: none; color: #15212A;">Member since: 7 March 2024</p> </td> <td align="right" valign="bottom" class="manage-subscription" style="font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; white-space: nowrap; font-size: 15px; font-weight: 600; text-align: right; line-height: 1.45em; vertical-align: bottom; color: #F9A60D;"> <a href="https://www.cardsftw.com/#/portal/account" style="color: #F9A60D; text-decoration: none; overflow-wrap: anywhere;" target="_blank"> Manage subscription &#x2192;</a> </td> </tr> </table> </td> </tr> <tr> <td class="wrapper" align="center" style="font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; font-size: 18px; vertical-align: top; color: #15212A; box-sizing: border-box;" valign="top"> <table role="presentation" border="0" cellpadding="0" cellspacing="0" width="100%" style="border-collapse: separate; mso-table-lspace: 0pt; mso-table-rspace: 0pt; width: 100%; padding-top: 40px; padding-bottom: 30px;"> <tr><td class="footer" style="font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; vertical-align: top; color: #73818c; margin-top: 20px; text-align: center; padding-bottom: 10px; padding-top: 10px; padding-left: 30px; padding-right: 30px; line-height: 1.5em; font-size: 13px;" valign="top" align="center"><p dir="ltr" style="margin: 0 0 1.5em 0; line-height: 1.6em;"><span>Totavi, LLC,&#xA0;2108&#xA0;N St., Ste. N,&#xA0;Sacramento, CA 95816</span></p></td></tr> <tr> <td class="footer" style="font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; vertical-align: top; color: #73818c; margin-top: 20px; text-align: center; padding-bottom: 10px; padding-top: 10px; padding-left: 30px; padding-right: 30px; line-height: 1.5em; font-size: 13px;" valign="top" align="center">CardsFTW &#xA9; 2025 &#x2013; <a href="https://www.cardsftw.com/unsubscribe/?uuid=c62b746c-f2ed-4fee-8f26-488cc07e1c4e&key=44d661c4f7da07f15bd29599b4345e87e54ce5bd0afd084e1bee49ee89a327ac&newsletter=4537ad55-eebc-4678-b2bf-fd6731d3805e" style="overflow-wrap: anywhere; color: #73818c; text-decoration: underline; font-size: 13px;" target="_blank">Unsubscribe</a></td> </tr> <tr> <td class="footer-powered" style="font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; font-size: 18px; vertical-align: top; color: #15212A; text-align: center; padding-top: 70px; padding-bottom: 40px;" valign="top" align="center"><a href="https://ghost.org/?via=pbg-newsletter&amp;ref=cardsftw.com" style="color: #F9A60D; text-decoration: none; overflow-wrap: anywhere;" target="_blank"><img src="https://static.ghost.org/v4.0.0/images/powered.png" border="0" width="142" height="30" class="gh-powered" alt="Powered by Ghost" style="border: none; -ms-interpolation-mode: bicubic; max-width: 100%; width: 142px; height: 30px;"></a></td> </tr> </table> </td> </tr> </table> <!-- END CENTERED WHITE CONTAINER --> </div> </td> <td style="font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; font-size: 18px; vertical-align: top; color: #15212A;" valign="top">&#xA0;</td> </tr> <!--[if mso]> </table> </center> </td> </tr> <![endif]--> </table> <img width="1" height="1" alt="" src="https://email.mg.cardsftw.com/o/eJwsztFOxSAMgOGnkbuz0EILXvAwHNpu000Shi6-vdF4-Sf_xSclZAhETgukGBg8ATs96348dimcVBhzVq-JLFZ8cmtK7LZS2V5DS08gUaCEEEViTZm5JsoJ3V7QI_noERgI_ILJvBGaBcsWm7xEf65Lq0Mum_fS-ulGmTfB99tcZTuugf13-tD7OnROHcvoot3N8vw83h9_SjfLuvVr_tdXwZ8AAAD__2lOQAI"></body> </html>
  13. Canadian Fintech: Motusbank shuts down 🪦

    Mon, 31 Mar 2025 12:31:09 -0000

    <html style="scrollbar-width: thin;scrollbar-color: #dbdbdbrgb(255,255,255);"><head><meta charset="utf-8"><title>Canadian Fintech: Motusbank shuts down &#129702;</title><style> @media all and (-ms-high-contrast: none), (-ms-high-contrast: active) { .typography .markup table.image-wrapper img, .typography.editor .markup table.image-wrapper img, .typography .markup table.kindle-wrapper img, .typography.editor .markup table.kindle-wrapper img { max-width: 550px; } } @media screen and (max-width: 650px) { .typography .markup div.youtube-overlay, .typography.editor .markup div.youtube-overlay, .typography .markup div.vimeo-overlay, .typography.editor .markup div.vimeo-overlay { display: none !important; } } @media screen and (max-width: 370px) { .typography .markup div.tiktok-wrap, .typography.editor .markup div.tiktok-wrap { width: calc(95vw - 32px); height: calc((95vw - 32px - 2px) / 0.485714); } } @media screen and (max-width: 650px) { .typography .markup div.embedded-publication-wrap .embedded-publication.show-subscribe, .typography.editor .markup div.embedded-publication-wrap .embedded-publication.show-subscribe { padding: 24px; 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} } @media screen and (max-width: 650px) { .typography .markup .apple-podcast-container, .typography.editor .markup .apple-podcast-container { width: unset; } } @media (max-width: 420px) { .typography .markup .install-substack-app-embed img.install-substack-app-embed-img, .typography.editor .markup .install-substack-app-embed img.install-substack-app-embed-img { margin: 0 auto 16px auto; } } @media (max-width: 420px) { .typography .markup .install-substack-app-embed .install-substack-app-embed-text, .typography.editor .markup .install-substack-app-embed .install-substack-app-embed-text { margin: 0 0 12px 0; max-width: 100%; width: auto; text-align: center; } } @media (max-width: 420px) { .typography .markup .install-substack-app-embed .install-substack-app-embed-link, .typography.editor .markup .install-substack-app-embed .install-substack-app-embed-link { display: flex; justify-content: center; } } @media screen and (min-width: 481px) { .share-button-container { height: 38px; } } @media screen and (min-width: 481px) { .share-button-container a.comment { height: 38px; line-height: 38px; padding-right: 10px; } } @media screen and (max-width: 480px) { .share-button-container .separator { display: block; margin: 0; height: 8px; border-left: none; } } @media screen and (max-width: 480px) { .share-button-container a.share.first img { padding-left: 0; } } @media screen and (min-width: 481px) { .share-button-container a.mobile { display: none !important; } } @media screen and (min-width: 541px) { .settings-add-pub-modal-wrapper .container .add-recommending-pub-modal-container { padding: 36px; height: 680px; } } @media screen and (min-width: 541px) { .settings-add-pub-modal-wrapper .container .add-recommending-pub-modal-container .footer { position: absolute; bottom: 36px; margin: 0px; } } @media screen and (max-width: 650px) { .header-anchor-parent { display: none; } } @media screen and (max-width: 768px) { .post { padding: 16px 0 0 0; } } @media screen and (max-width: 650px) { .post .post-header .post-label { margin-top: 8px; } } @media screen and (max-width: 650px) { .post .post-header .meta-author-wrap.alternative-meta .meta-right-column .post-meta { margin-top: 6px; } } @media screen and (max-width: 650px) { .post .footer-facepile-container { height: 64px; padding: 0 16px; display: flex; align-items: center; justify-content: flex-start; width: 100%; } } @media screen and (max-width: 650px) { .post .post-footer.use-separators { justify-content: center; } } @media screen and (max-width: 650px) { .post .post-footer.next-prev { height: 64px; justify-content: space-between; box-sizing: border-box; } } @media screen and (max-width: 650px) { .post-contributor-footer .post-contributor-bio-table { display: block; } .post-contributor-footer .post-contributor-bio-table-row { display: flex; flex-direction: row; } .post-contributor-footer .post-contributor-bio-userhead-cell, .post-contributor-footer .post-contributor-bio-body-cell { display: block; } .post-contributor-footer .post-contributor-bio-body-cell { flex-grow: 1; } .post-contributor-footer .post-contributor-bio-body-table { display: block; } .post-contributor-footer .post-contributor-bio-body-table-row { display: block; } .post-contributor-footer .post-contributor-bio-copy-cell, .post-contributor-footer .post-contributor-bio-controls-cell { display: block; } .post-contributor-footer .post-contributor-bio-copy-cell { margin: 0 0 16px 0; } .post-contributor-footer .post-contributor-bio-controls-cell { width: auto; } .post-contributor-footer .post-contributor-bio-controls { margin: auto; } .post-contributor-footer .post-contributor-bio-controls .button.primary { width: 100%; } .post-contributor-footer .post-contributor-bio-text { font-size: 14px; } } @media screen and (min-width: 768px) { .post-silhouette { padding: 32px 0; } } @media screen and (max-width: 650px) { .post-silhouette .post-silhouette-title { margin-top: 10.44225025px; height: 120px; } } @media screen and (max-width: 650px) { .post-silhouette .post-silhouette-meta { width: 75%; } } @media screen and (max-width: 650px) { .post-silhouette .post-silhouette-meta.with-byline-image { margin: 20px 0; } } @media screen and (max-width: 650px) { .use-theme-bg .post-meta.alternative-meta .post-meta-item, .post-meta.alternative-meta .post-meta-item { padding-right: 16px; } } @media screen and (max-width: 370px) { .use-theme-bg .post-meta.alternative-meta .post-meta-item, .post-meta.alternative-meta .post-meta-item { font-size: 14px; } } @media screen and (max-width: 650px) { .use-theme-bg .post-meta.alternative-meta .post-meta-item.guest-author-publication, .post-meta.alternative-meta .post-meta-item.guest-author-publication { display: none; } } @media screen and (max-width: 370px) { .post-meta .post-meta-item .post-meta-button { height: 36px !important; /* important to override in-line height style on emails */ } .post-meta .post-meta-item .post-meta-button .meta-button-label { display: none; } .post-meta .post-meta-item .post-meta-button > svg { margin-right: 0; } } @media screen and (max-width: 370px) { .post-meta .post-meta-item { font-size: 12px; } } @media screen and (max-width: 650px) { .post .floating-subscribe-button { bottom: 20px; right: 20px; } } @media all and (-ms-high-contrast: none), (-ms-high-contrast: active) { body .markup table.image-wrapper img, body .markup table.kindle-wrapper img { max-width: 550px; } } @media screen and (max-width: 650px) { body .markup div.youtube-overlay, body .markup div.vimeo-overlay { display: none !important; } } @media screen and (max-width: 370px) { body .markup div.tiktok-wrap { width: calc(95vw - 32px); height: calc((95vw - 32px - 2px) / 0.485714); } } @media screen and (max-width: 650px) { body .markup div.embedded-publication-wrap .embedded-publication.show-subscribe { padding: 24px; } } @media screen and (max-width: 650px) { body .markup div.subscription-widget-wrap .subscription-widget.show-subscribe, body .markup div.subscription-widget-wrap-editor .subscription-widget.show-subscribe, body .markup div.captioned-button-wrap .subscription-widget.show-subscribe { padding: 0px 24px; } } @media screen and (max-width: 650px) { body .markup div.subscription-widget-wrap .subscription-widget.show-subscribe .subscription-widget-subscribe .button, body .markup div.subscription-widget-wrap-editor .subscription-widget.show-subscribe .subscription-widget-subscribe .button, body .markup div.captioned-button-wrap .subscription-widget.show-subscribe .subscription-widget-subscribe .button { padding: 10px 12px; min-width: 110px; } } @media (max-width: 650px) { body .markup .tweet { padding: 12px; } } @media (max-width: 650px) { body .markup .tweet .tweet-text { font-size: 14px; line-height: 20px; } } @media (max-width: 650px) { body .markup .tweet .tweet-photos-container.two, body .markup .tweet .tweet-photos-container.three, body .markup .tweet .tweet-photos-container.four { height: 200px; } } @media (max-width: 650px) { body .markup .tweet a.expanded-link .expanded-link-img { max-height: 180px; } } @media (max-width: 650px) { body .markup .tweet a.expanded-link .expanded-link-description { display: none; } } @media screen and (max-width: 650px) { body .markup .apple-podcast-container { width: unset; } } @media (max-width: 420px) { body .markup .install-substack-app-embed img.install-substack-app-embed-img { margin: 0 auto 16px auto; } } @media (max-width: 420px) { body .markup .install-substack-app-embed .install-substack-app-embed-text { margin: 0 0 12px 0; max-width: 100%; width: auto; text-align: center; } } @media (max-width: 420px) { body .markup .install-substack-app-embed .install-substack-app-embed-link { display: flex; justify-content: center; } } @media screen and (min-width: 500px) { body .header a.logo { width: 42px; height: 42px; border-radius: 12px; } } @media screen and (max-width: 420px) { body .subscription-receipt table:first-of-type .subscription-amount .subscription-discount { width: 72px !important; } } @media screen and (min-width: 481px) { body .share-button-container { height: auto; } } @media screen and (max-width: 480px) { body .share-button-container .separator { display: block !important; margin: 0 !important; height: 8px !important; border-left: none !important; } } @media screen and (max-width: 650px) { .digest .item .post-meta-item.audience { display: none; } } @media screen and (min-width: 500px) { .digest-publication .logo img { width: 42px; height: 42px; border-radius: 8px; } } @media screen and (max-width: 650px) { .comments-page .container .comment-list .collapsed-reply { margin-left: calc(10 + 32px - 24px); } } @media screen and (max-width: 650px) { .comment > .comment-list { padding-left: 24px; } } @media screen and (max-width: 650px) { .finish-magic-login-modal .modal-content .container { padding: 24px 0; } } @media (max-width: 650px) { .reader2-text-b3 { line-height: 24px; } } @media screen and (max-width: 650px) { .reader2-text-h4 { line-height: 24px; } } @media screen and (min-width: 541px) { .user-profile-modal { padding-left: 12px; padding-right: 12px; } } @media screen and (max-width: 650px) { .subscribe-widget form.form .sideBySideWrap button.rightButton { padding: 10px 12px; } } @media screen and (min-width: 541px) { .pub-icon:hover .logo-hover, .feed-item-icon:hover .logo-hover { display: block; } } @media screen and (max-width: 650px) { .post-ufi.single-full-width-button .post-ufi-button-wrapper { width: 100%; padding: 16px; } .post-ufi.single-full-width-button .post-ufi-button-wrapper:empty { display: none; } .post-ufi.single-full-width-button .post-ufi-button { width: 100%; justify-content: center; } } @media screen and (max-width: 768px) { .file-embed-wrapper { padding: 0; } } @media screen and (max-width: 768px) { .file-embed-wrapper-editor { padding: 0; } } @media screen and (max-width: 768px) { .file-embed-wrapper-editor:active { padding: 0; } } @media only screen and (max-width: 650px) { .file-embed-button.wide, .file-embed-error-button.wide { display: none; } } @media only screen and (min-width: 630px) { .file-embed-button.narrow, .file-embed-error-button.narrow { display: none; } } @media screen and (min-width: 541px) { .audio-player-wrapper .audio-player { min-width: 500px; } } @media screen and (max-width: 650px) { .audio-player-wrapper .audio-player .audio-player-progress { border-left-width: 16px; border-right-width: 16px; } } @media screen and (max-width: 650px) { .audio-player-wrapper .audio-player .audio-player-progress .audio-player-progress-bar .audio-player-progress-bar-popup { top: -54px; } } @media screen and (max-width: 650px) { .audio-player-wrapper-fancy .audio-player .audio-player-progress { border-left-width: 16px; border-right-width: 16px; } } @media screen and (max-width: 650px) { .audio-player-wrapper-fancy .audio-player .audio-player-progress .audio-player-progress-bar .audio-player-progress-bar-popup { top: -54px; } } @media (min-width: 250px) { .audio-player-wrapper-fancy .audio-player { padding: 32px; } .audio-player-wrapper-fancy .audio-player .btn-group { display: flex; } .audio-player-wrapper-fancy .audio-player .btn-group .button:last-of-type { display: block; } } @media (min-width: 300px) { .audio-player-wrapper-fancy .audio-player .btn-group { display: block; } .audio-player-wrapper-fancy .audio-player .btn-group .button:first-of-type { display: block; } } @media (min-width: 350px) { .audio-player-wrapper-fancy .audio-player .audio-player-substack-logo { display: block; } .audio-player-wrapper-fancy .audio-player .audio-player-title { margin-top: 16px; } .audio-player-wrapper-fancy .audio-player .audio-player-hero-image-container { padding-top: 15%; width: 15%; display: block; } .audio-player-wrapper-fancy .audio-player .btn-group .button:first-of-type { display: block; } .audio-player-wrapper-fancy .audio-player .audio-player-substack-logo { display: block; } } @media (min-width: 350px) { .audio-player-wrapper-fancy .audio-player .audio-player-hero-image-container { padding-top: 25%; width: 25%; display: block; } .audio-player-wrapper-fancy .audio-player .btn-group { display: flex; } .audio-player-wrapper-fancy .audio-player .btn-group .button:first-of-type { display: block; } } @media (min-width: 400px) { .audio-player-wrapper-fancy .audio-player .audio-player-hero-image-container { padding-top: 40%; width: 40%; } } @media (max-width: 400px) { .audio-player-wrapper-fancy .audio-player .btn-group { margin-top: 12px; } .audio-player-wrapper-fancy .audio-player .btn-group .button { font-size: 13px; padding: 6px 12px; height: auto; margin-top: 10px; } } @media (min-width: 600px) { .audio-player-wrapper-fancy .audio-player .audio-player-hero-image-container { padding-top: 55%; width: 55%; } } @media (max-width: 650px) { .poll-editor-modal { min-width: calc(100% - 20px); } } @media (max-width: 750px) { .poll-embed .poll-anchor-target .poll-anchor-copy-button { left: 8px; top: 45px; } } @media screen and (min-width: 541px) { .poll-embed .poll-wrapper.poll-web .poll-dialog .modal-table .modal-row .modal-content > .container { width: 552px; padding: 26px 24px; } } @media screen and (max-width: 650px) { .poll-embed .poll-wrapper.poll-web .poll-dialog .modal-table .modal-row .modal-content > .container { padding: 40px 0; } } @media screen and (max-width: 650px) { .poll-embed .poll-wrapper.poll-web .poll-dialog .modal-row .modal-cell .modal-exit-btn { margin-right: -20px; } }</style></head><body class="email-body" style="font-kerning: auto;"><img src="https://eotrx.substackcdn.com/open?token=eyJtIjoiPDIwMjUwMzMxMTIzMDMzLjMuNmI5MDllZjNmMGFjN2U4YUBtZy1kMS5zdWJzdGFjay5jb20-IiwidSI6MTkyNTY5NTEyLCJyIjoiMDc0ZGw1a3VmZnYzMDRvdUBuZXdzbGV0dGVyLnJvZGVvIiwiZCI6Im1nLWQxLnN1YnN0YWNrLmNvbSIsInAiOjE2MDI1MjgzMywidCI6Im5ld3NsZXR0ZXIiLCJhIjoiZXZlcnlvbmUiLCJzIjo2NjMzNTMsImMiOiJwb3N0IiwiZiI6dHJ1ZSwicG9zaXRpb24iOiJ0b3AiLCJpYXQiOjE3NDM0MjQyNTEsImV4cCI6MTc0NjAxNjI1MSwiaXNzIjoicHViLTAiLCJzdWIiOiJlbyJ9.1Fd1CjIGL8wlY7-E4eTQz-qYdn_POXDsSuWPIMAellk" alt="" width="1" height="1" border="0" style="height:1px !important;width:1px !important;border-width:0 !important;margin-top:0 !important;margin-bottom:0 !important;margin-right:0 !important;margin-left:0 !important;padding-top:0 !important;padding-bottom:0 !important;padding-right:0 !important;padding-left:0 !important;"/><div class="preview" style="display:none;font-size:1px;color:#333333;line-height:1px;max-height:0px;max-width:0px;opacity:0;overflow:hidden;">RTR 50% complete. Purpose Unlimited inches closer to $100b.</div><div class="preview" style="display:none;font-size:1px;color:#333333;line-height:1px;max-height:0px;max-width:0px;opacity:0;overflow:hidden;">&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; 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Purpose Unlimited inches closer to $100b.</h3><table class="post-meta" role="presentation" width="100%" border="0" cellspacing="0" cellpadding="0" style="margin: 1em 0;height: 20px;align-items: center;"><tbody><tr><td><table role="presentation" width="auto" border="0" cellspacing="0" cellpadding="0"><tbody><tr><td><table role="presentation" width="auto" border="0" cellspacing="0" cellpadding="0"><tbody><tr><td style="vertical-align:middle;"><div class="pencraft pc-reset color-primary-zABazT line-height-20-t4M0El font-meta-MWBumP size-11-NuY2Zx weight-medium-fw81nC transform-uppercase-yKDgcq reset-IxiVJZ meta-EgzBVA custom-css-email-post-author" style="list-style: none;font-size: 11px;line-height: 20px;text-decoration: unset;color: rgb(54,55,55);margin: 0;font-family: 'SF Compact',-apple-system,system-ui,-apple-system,BlinkMacSystemFont,'Segoe UI',Roboto,Helvetica,Arial,sans-serif,'Apple Color Emoji','Segoe UI Emoji','Segoe UI Symbol';font-weight: 500;text-transform: 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data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/d93b3cf2-54de-43a7-88ae-830d81d62d3c_2000x1125.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:819,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:197246,&quot;alt&quot;:&quot;&quot;,&quot;title&quot;:&quot;&quot;,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:&quot;https://financeevents.ca/&quot;,&quot;belowTheFold&quot;:false,&quot;topImage&quot;:true,&quot;internalRedirect&quot;:&quot;https://canadianfintech.substack.com/i/157749863?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd93b3cf2-54de-43a7-88ae-830d81d62d3c_2000x1125.png&quot;,&quot;isProcessing&quot;:false}" alt="" title="" width="550" height="309.375" src="https://substackcdn.com/image/fetch/w_1100,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd93b3cf2-54de-43a7-88ae-830d81d62d3c_2000x1125.png" style="border: none !important;vertical-align: middle;display: block;-ms-interpolation-mode: bicubic;height: auto;margin-bottom: 0;width: auto !important;max-width: 100% !important;margin: 0 auto;"></a></td><td style="text-align: center;"></td></tr></tbody></table></figure></div><p style="margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-size: 16px;">Good morning! Welcome back to the Canadian Fintech Newsletter, an industry roundup for founders, operators and investors.</p><p style="margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-size: 16px;">Every Monday we break down the hottest topics in the industry in under 3 minutes.</p><p style="margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-size: 16px;">Was this forwarded to you? Become one of our 12,420 subscribers by clicking below.</p><div class="subscribe-widget is-signed-up" data-component-name="SubscribeWidget" style="margin: 0 0 1em;direction: ltr;font-size: 16px;line-height: 26px;"><div class="pencraft pc-reset button-wrapper" style="text-decoration: unset;list-style: none;font-size: 16px;line-height: 26px;text-align: center;cursor: pointer;border-radius: 4px;"><a class="button subscribe-btn primary" href="https://substack.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.WhAIsWaOHsIsNZc1Du6SkgnFCkI27yq7K5dMuhyPSdI?&utm_medium=email&utm_source=subscribe-widget&utm_content=160252833" style="font-family: system-ui,-apple-system,BlinkMacSystemFont,'Segoe UI',Roboto,Helvetica,Arial,sans-serif,'Apple Color Emoji','Segoe UI Emoji','Segoe UI Symbol';display: inline-block;box-sizing: border-box;cursor: pointer;border: none;border-radius: 8px;font-size: 14px;line-height: 20px;font-weight: 600;text-align: center;opacity: 1;outline: none;white-space: nowrap;text-decoration: none !important;margin: 0 auto;background-color: #e85c57;color: #ffffff !important;padding: 12px 20px;height: auto;"><span style="color: #ffffff;text-decoration: none;">Upgrade to paid</span></a></div></div><div style="font-size: 16px;line-height: 26px;"><hr style="margin: 32px 0;padding: 0;height: 1px;background: #e6e6e6;border: none;"></div><h4 class="header-anchor-post" style="position: relative;--highlight-bg: rgba(var(--color-bg-accent-themed-rgb), 0.2);font-family: 'SF Pro Display',-apple-system-headline,system-ui,-apple-system,BlinkMacSystemFont,'Segoe UI',Roboto,Helvetica,Arial,sans-serif,'Apple Color Emoji','Segoe UI Emoji','Segoe UI Symbol';font-weight: bold;-webkit-font-smoothing: antialiased;-moz-osx-font-smoothing: antialiased;-webkit-appearance: optimizelegibility;-moz-appearance: optimizelegibility;appearance: optimizelegibility;margin: 1em 0 0.625em 0;color: rgb(54,55,55);line-height: 1.16em;font-size: 1.125em;">&#128176; Funding</h4><ul style="margin-top: 0;padding: 0;"><li style="margin: 8px 0 0 32px;mso-special-format: bullet;"><p style="margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;margin-bottom: 0;box-sizing: border-box;padding-left: 4px;font-size: 16px;"><strong>Styx Intelligence</strong><span>, a Vancouver based cybersecurity firm focused on phishing and brand impersonation scams </span><a href="https://substack.com/redirect/09541aca-4fc6-480c-a86d-06de12b5e387?j=eyJ1IjoiMzZuZmw0In0.4eiGI4rivRuKCtZpUgTEqhM2H3NJM6U8dLH7tXnICvU" rel="" style="color: rgb(54,55,55);text-decoration: underline;">raised</a><span> $2.7m from </span><strong>BDC</strong><span>, </span><strong>Framework</strong><span>, </span><strong>Top Down Ventures</strong><span>, and </span><strong>Sprout Fund</strong><span>.</span></p><ul style="margin-top: 0;padding: 0;"><li style="margin: 8px 0 0 32px;mso-special-format: bullet;"><p style="color: rgb(54,55,55);line-height: 26px;margin-bottom: 0;box-sizing: border-box;padding-left: 4px;font-size: 16px;margin: 0;">Styx raised $1.6m in 2023.</p></li><li style="margin: 8px 0 0 32px;mso-special-format: bullet;"><p style="color: rgb(54,55,55);line-height: 26px;margin-bottom: 0;box-sizing: border-box;padding-left: 4px;font-size: 16px;margin: 0;"><span>The founders </span><a href="https://substack.com/redirect/a349a8cc-a2c9-471c-a24d-749b99b770a8?j=eyJ1IjoiMzZuZmw0In0.4eiGI4rivRuKCtZpUgTEqhM2H3NJM6U8dLH7tXnICvU" rel="" style="color: rgb(54,55,55);text-decoration: underline;">sold</a><span> their last cyber startup, </span><strong>Integrity-Paahi Solutions</strong><span> to </span><strong>Deloitte</strong><span> in 2016.</span></p></li></ul></li><li style="margin: 8px 0 0 32px;mso-special-format: bullet;"><p style="margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;margin-bottom: 0;box-sizing: border-box;padding-left: 4px;font-size: 16px;"><strong>Sprout Family</strong><span>, a Toronto based fertility benefits platform for employers raised $1.7m from </span><strong>StandUp Ventures</strong><span>, </span><strong>Blue</strong><span> </span><strong>Collective</strong><span>, </span><strong>MaRS</strong><span>, </span><strong>The51</strong><span> and </span><strong>Boon</strong><span> </span><strong>Fund</strong><span>.</span></p><ul style="margin-top: 0;padding: 0;"><li style="margin: 8px 0 0 32px;mso-special-format: bullet;"><p style="color: rgb(54,55,55);line-height: 26px;margin-bottom: 0;box-sizing: border-box;padding-left: 4px;font-size: 16px;margin: 0;"><span>This is the second Toronto startup in the fertility finance space to receive funding in the last six months. </span><strong>Flora</strong><span> </span><a href="https://substack.com/redirect/b3e90948-a713-4f8c-8ae0-ade44f489058?j=eyJ1IjoiMzZuZmw0In0.4eiGI4rivRuKCtZpUgTEqhM2H3NJM6U8dLH7tXnICvU" rel="" style="color: rgb(54,55,55);text-decoration: underline;">raised</a><span> $1.5m to provide fertility insurance to Canadians that don&#8217;t have coverage through their employer.</span></p></li></ul></li></ul><div style="font-size: 16px;line-height: 26px;"><hr style="margin: 32px 0;padding: 0;height: 1px;background: #e6e6e6;border: none;"></div><h4 class="header-anchor-post" style="position: relative;--highlight-bg: rgba(var(--color-bg-accent-themed-rgb), 0.2);font-family: 'SF Pro Display',-apple-system-headline,system-ui,-apple-system,BlinkMacSystemFont,'Segoe UI',Roboto,Helvetica,Arial,sans-serif,'Apple Color Emoji','Segoe UI Emoji','Segoe UI Symbol';font-weight: bold;-webkit-font-smoothing: antialiased;-moz-osx-font-smoothing: antialiased;-webkit-appearance: optimizelegibility;-moz-appearance: optimizelegibility;appearance: optimizelegibility;margin: 1em 0 0.625em 0;color: rgb(54,55,55);line-height: 1.16em;font-size: 1.125em;">&#129309; M&amp;A</h4><ul style="margin-top: 0;padding: 0;"><li style="margin: 8px 0 0 32px;mso-special-format: bullet;"><p style="margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;margin-bottom: 0;box-sizing: border-box;padding-left: 4px;font-size: 16px;"><strong>Purpose Unlimited</strong><span>, a financial services firm run by Som Seif is </span><a href="https://substack.com/redirect/47de53a9-08ce-4113-9864-0bba984db2e3?j=eyJ1IjoiMzZuZmw0In0.4eiGI4rivRuKCtZpUgTEqhM2H3NJM6U8dLH7tXnICvU" rel="" style="color: rgb(54,55,55);text-decoration: underline;">acquiring</a><span> </span><strong>Steadyhand</strong><span>, a Vancouver based low fee mutual fund with $1.3b in AUM.</span></p><ul style="margin-top: 0;padding: 0;"><li style="margin: 8px 0 0 32px;mso-special-format: bullet;"><p style="color: rgb(54,55,55);line-height: 26px;margin-bottom: 0;box-sizing: border-box;padding-left: 4px;font-size: 16px;margin: 0;">Purpose is aiming to hit $100b in the next 5 years across their advisor services, small business lending, digital assets, pension and retirement planning businesses.</p></li></ul></li></ul><div style="font-size: 16px;line-height: 26px;"><hr style="margin: 32px 0;padding: 0;height: 1px;background: #e6e6e6;border: none;"></div><h5 style="font-family: 'SF Pro Display',-apple-system-headline,system-ui,-apple-system,BlinkMacSystemFont,'Segoe UI',Roboto,Helvetica,Arial,sans-serif,'Apple Color Emoji','Segoe UI Emoji','Segoe UI Symbol';font-weight: bold;-webkit-font-smoothing: antialiased;-moz-osx-font-smoothing: antialiased;-webkit-appearance: optimizelegibility;-moz-appearance: optimizelegibility;appearance: optimizelegibility;margin: 1em 0 0.625em 0;color: rgb(54,55,55);line-height: 1.16em;">A MESSAGE FROM THE CANADIAN FINANCE SUMMIT</h5><p style="margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-size: 16px;"><span>Get your ticket to </span><a href="https://substack.com/redirect/3a379168-4572-404e-9be2-2543eb1df5e4?j=eyJ1IjoiMzZuZmw0In0.4eiGI4rivRuKCtZpUgTEqhM2H3NJM6U8dLH7tXnICvU" rel="" style="color: rgb(54,55,55);text-decoration: underline;">Canada&#8217;s largest fintech conference</a><span>! Here&#8217;s what you can expect &#128071;</span></p><ul style="margin-top: 0;padding: 0;"><li style="margin: 8px 0 0 32px;mso-special-format: bullet;"><p style="color: rgb(54,55,55);line-height: 26px;margin-bottom: 0;box-sizing: border-box;padding-left: 4px;font-size: 16px;margin: 0;"><span>1,000 </span><a href="https://substack.com/redirect/3a379168-4572-404e-9be2-2543eb1df5e4?j=eyJ1IjoiMzZuZmw0In0.4eiGI4rivRuKCtZpUgTEqhM2H3NJM6U8dLH7tXnICvU" rel="" style="color: rgb(54,55,55);text-decoration: underline;">attendees</a></p></li><li style="margin: 8px 0 0 32px;mso-special-format: bullet;"><p style="color: rgb(54,55,55);line-height: 26px;margin-bottom: 0;box-sizing: border-box;padding-left: 4px;font-size: 16px;margin: 0;"><span>Executives from </span><a href="https://substack.com/redirect/3a379168-4572-404e-9be2-2543eb1df5e4?j=eyJ1IjoiMzZuZmw0In0.4eiGI4rivRuKCtZpUgTEqhM2H3NJM6U8dLH7tXnICvU" rel="" style="color: rgb(54,55,55);text-decoration: underline;">every Canadian bank</a></p></li><li style="margin: 8px 0 0 32px;mso-special-format: bullet;"><p style="color: rgb(54,55,55);line-height: 26px;margin-bottom: 0;box-sizing: border-box;padding-left: 4px;font-size: 16px;margin: 0;"><span>Hundreds of Series A &amp; B </span><a href="https://substack.com/redirect/3a379168-4572-404e-9be2-2543eb1df5e4?j=eyJ1IjoiMzZuZmw0In0.4eiGI4rivRuKCtZpUgTEqhM2H3NJM6U8dLH7tXnICvU" rel="" style="color: rgb(54,55,55);text-decoration: underline;">founders</a></p></li><li style="margin: 8px 0 0 32px;mso-special-format: bullet;"><p style="color: rgb(54,55,55);line-height: 26px;margin-bottom: 0;box-sizing: border-box;padding-left: 4px;font-size: 16px;margin: 0;"><span>+1,000 meetings </span><a href="https://substack.com/redirect/3a379168-4572-404e-9be2-2543eb1df5e4?j=eyJ1IjoiMzZuZmw0In0.4eiGI4rivRuKCtZpUgTEqhM2H3NJM6U8dLH7tXnICvU" rel="" style="color: rgb(54,55,55);text-decoration: underline;">scheduled</a></p></li></ul><p class="button-wrapper" data-component-name="ButtonCreateButton" data-attrs="{&quot;url&quot;:&quot;https://financeevents.ca/&quot;,&quot;text&quot;:&quot;Get Your Ticket Here&quot;,&quot;action&quot;:null,&quot;class&quot;:&quot;button-wrapper&quot;}" style="margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-size: 16px;text-align: center;cursor: pointer;border-radius: 4px;"><a class="button primary button-wrapper" rel="" href="https://substack.com/redirect/3a379168-4572-404e-9be2-2543eb1df5e4?j=eyJ1IjoiMzZuZmw0In0.4eiGI4rivRuKCtZpUgTEqhM2H3NJM6U8dLH7tXnICvU" style="font-family: system-ui,-apple-system,BlinkMacSystemFont,'Segoe UI',Roboto,Helvetica,Arial,sans-serif,'Apple Color Emoji','Segoe UI Emoji','Segoe UI Symbol';display: inline-block;box-sizing: border-box;border: none;font-size: 14px;line-height: 20px;font-weight: 600;margin: 0;opacity: 1;outline: none;white-space: nowrap;color: #ffffff !important;text-decoration: none !important;text-align: center;cursor: pointer;border-radius: 4px;background-color: #e85c57;padding: 12px 20px;height: auto;"><span style="color: #ffffff;text-decoration: none;">Get Your Ticket Here</span></a></p><div style="font-size: 16px;line-height: 26px;"><hr style="margin: 32px 0;padding: 0;height: 1px;background: #e6e6e6;border: none;"></div><h4 class="header-anchor-post" style="position: relative;--highlight-bg: rgba(var(--color-bg-accent-themed-rgb), 0.2);font-family: 'SF Pro Display',-apple-system-headline,system-ui,-apple-system,BlinkMacSystemFont,'Segoe UI',Roboto,Helvetica,Arial,sans-serif,'Apple Color Emoji','Segoe UI Emoji','Segoe UI Symbol';font-weight: bold;-webkit-font-smoothing: antialiased;-moz-osx-font-smoothing: antialiased;-webkit-appearance: optimizelegibility;-moz-appearance: optimizelegibility;appearance: optimizelegibility;margin: 1em 0 0.625em 0;color: rgb(54,55,55);line-height: 1.16em;font-size: 1.125em;">&#128640; Product</h4><ul style="margin-top: 0;padding: 0;"><li style="margin: 8px 0 0 32px;mso-special-format: bullet;"><p style="margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;margin-bottom: 0;box-sizing: border-box;padding-left: 4px;font-size: 16px;"><strong>Motusbank</strong><span>, the digital bank owned by </span><strong>Meridian Credit Union</strong><span>, is shutting down.</span></p><ul style="margin-top: 0;padding: 0;"><li style="margin: 8px 0 0 32px;mso-special-format: bullet;"><p style="color: rgb(54,55,55);line-height: 26px;margin-bottom: 0;box-sizing: border-box;padding-left: 4px;font-size: 16px;margin: 0;"><span>Meridian will acquire most of Motusbank&#8217;s Ontario based loans. </span><strong>Coast Capital</strong><span> will acquire all other loans as well as all deposit accounts.</span></p></li><li style="margin: 8px 0 0 32px;mso-special-format: bullet;"><p style="color: rgb(54,55,55);line-height: 26px;margin-bottom: 0;box-sizing: border-box;padding-left: 4px;font-size: 16px;margin: 0;">Motus launched in 2019 as a federal bank and at its peak served 16,000 clients.</p></li><li style="margin: 8px 0 0 32px;mso-special-format: bullet;"><p style="color: rgb(54,55,55);line-height: 26px;margin-bottom: 0;box-sizing: border-box;padding-left: 4px;font-size: 16px;margin: 0;"><span>For </span><a href="https://substack.com/redirect/458502d0-1c84-411a-8d0d-10b24fb46a43?j=eyJ1IjoiMzZuZmw0In0.4eiGI4rivRuKCtZpUgTEqhM2H3NJM6U8dLH7tXnICvU" rel="" style="color: rgb(54,55,55);text-decoration: underline;">reference</a><span>, the other Canadian FI owned digital banks like </span><strong>Simplii</strong><span> (</span><strong>CIBC</strong><span> owned) and </span><strong>Tangerine</strong><span> (</span><strong>Scotiabank</strong><span> owned) both have around 2m.</span></p></li></ul></li><li style="margin: 8px 0 0 32px;mso-special-format: bullet;"><p style="color: rgb(54,55,55);line-height: 26px;margin-bottom: 0;box-sizing: border-box;padding-left: 4px;font-size: 16px;margin: 0;"><strong>Chexy</strong><span>, a tool to pay your rent with credit card, has </span><a href="https://substack.com/redirect/612445d0-2689-476e-9e2e-ac4d65db67bf?j=eyJ1IjoiMzZuZmw0In0.4eiGI4rivRuKCtZpUgTEqhM2H3NJM6U8dLH7tXnICvU" rel="" style="color: rgb(54,55,55);text-decoration: underline;">expanded</a><span> to tax remittance and bill payments.</span></p></li><li style="margin: 8px 0 0 32px;mso-special-format: bullet;"><p style="margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;margin-bottom: 0;box-sizing: border-box;padding-left: 4px;font-size: 16px;"><strong>Addy</strong><span>, a fractional real estate investment platform, </span><a href="https://substack.com/redirect/a714768e-ea79-4868-a964-7366472fb51d?j=eyJ1IjoiMzZuZmw0In0.4eiGI4rivRuKCtZpUgTEqhM2H3NJM6U8dLH7tXnICvU" rel="" style="color: rgb(54,55,55);text-decoration: underline;">became</a><span> an exempt market dealer.</span></p><ul style="margin-top: 0;padding: 0;"><li style="margin: 8px 0 0 32px;mso-special-format: bullet;"><p style="color: rgb(54,55,55);line-height: 26px;margin-bottom: 0;box-sizing: border-box;padding-left: 4px;font-size: 16px;margin: 0;"><span>Prior to this, they relied on third party dealers and a &#8220;crowdfunding exemption&#8221; to close transactions, which BC regulators </span><a href="https://substack.com/redirect/2387cb7b-6901-4281-8600-0b0cf1562bd7?j=eyJ1IjoiMzZuZmw0In0.4eiGI4rivRuKCtZpUgTEqhM2H3NJM6U8dLH7tXnICvU" rel="" style="color: rgb(54,55,55);text-decoration: underline;">took issue with</a><span>. An EMD license allows Addy to offer more investment products and market them to investors.</span></p></li></ul></li><li style="margin: 8px 0 0 32px;mso-special-format: bullet;"><p style="color: rgb(54,55,55);line-height: 26px;margin-bottom: 0;box-sizing: border-box;padding-left: 4px;font-size: 16px;margin: 0;"><strong>Canadian Tire </strong><span>is </span><a href="https://substack.com/redirect/3c89e8b8-3496-4cd1-8897-738111c9dcea?j=eyJ1IjoiMzZuZmw0In0.4eiGI4rivRuKCtZpUgTEqhM2H3NJM6U8dLH7tXnICvU" rel="" style="color: rgb(54,55,55);text-decoration: underline;">linking</a><span> their Triangle Rewards program to </span><strong>RBC</strong><span>&#8217;s Avion loyalty program.</span></p></li></ul><div style="font-size: 16px;line-height: 26px;"><hr style="margin: 32px 0;padding: 0;height: 1px;background: #e6e6e6;border: none;"></div><h4 class="header-anchor-post" style="position: relative;--highlight-bg: rgba(var(--color-bg-accent-themed-rgb), 0.2);font-family: 'SF Pro Display',-apple-system-headline,system-ui,-apple-system,BlinkMacSystemFont,'Segoe UI',Roboto,Helvetica,Arial,sans-serif,'Apple Color Emoji','Segoe UI Emoji','Segoe UI Symbol';font-weight: bold;-webkit-font-smoothing: antialiased;-moz-osx-font-smoothing: antialiased;-webkit-appearance: optimizelegibility;-moz-appearance: optimizelegibility;appearance: optimizelegibility;margin: 1em 0 0.625em 0;color: rgb(54,55,55);line-height: 1.16em;font-size: 1.125em;">&#9878;&#65039; Policy</h4><ul style="margin-top: 0;padding: 0;"><li style="margin: 8px 0 0 32px;mso-special-format: bullet;"><p style="margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;margin-bottom: 0;box-sizing: border-box;padding-left: 4px;font-size: 16px;"><span>According to the </span><a href="https://substack.com/redirect/6606be0d-73e1-430b-a565-2524d470c558?j=eyJ1IjoiMzZuZmw0In0.4eiGI4rivRuKCtZpUgTEqhM2H3NJM6U8dLH7tXnICvU" rel="" style="color: rgb(54,55,55);text-decoration: underline;">Globe</a><span>, &#8203;the Canadian subsidiary of China's largest bank, </span><strong>ICBK</strong><span> tried launching a new Canadian payment processing system to compete with </span><strong>Moneris</strong><span>.</span></p><ul style="margin-top: 0;padding: 0;"><li style="margin: 8px 0 0 32px;mso-special-format: bullet;"><p style="color: rgb(54,55,55);line-height: 26px;margin-bottom: 0;box-sizing: border-box;padding-left: 4px;font-size: 16px;margin: 0;">The goal of the project was to collect financial data from Chinese-Canadian consumers.</p></li><li style="margin: 8px 0 0 32px;mso-special-format: bullet;"><p style="color: rgb(54,55,55);line-height: 26px;margin-bottom: 0;box-sizing: border-box;padding-left: 4px;font-size: 16px;margin: 0;">The plan ultimately fizzled due to the pandemic. &#8203;</p></li></ul></li><li style="margin: 8px 0 0 32px;mso-special-format: bullet;"><p style="margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;margin-bottom: 0;box-sizing: border-box;padding-left: 4px;font-size: 16px;"><strong>Payments Canada</strong><span> </span><a href="https://substack.com/redirect/5d0dd334-cb49-4621-ae9b-48b0ec22697a?j=eyJ1IjoiMzZuZmw0In0.4eiGI4rivRuKCtZpUgTEqhM2H3NJM6U8dLH7tXnICvU" rel="" style="color: rgb(54,55,55);text-decoration: underline;">announced</a><span> that the technical build of the Real-Time Rail (RTR) system&#8217;s clearing and settlement component is 50% complete.</span></p><ul style="margin-top: 0;padding: 0;"><li style="margin: 8px 0 0 32px;mso-special-format: bullet;"><p style="color: rgb(54,55,55);line-height: 26px;margin-bottom: 0;box-sizing: border-box;padding-left: 4px;font-size: 16px;margin: 0;">The RTR, which was first announced in 2015 was last scheduled to go live in 2022, but is now slated for testing in 2026.</p></li></ul></li></ul><div class="captioned-image-container-static" style="font-size: 16px;line-height: 26px;margin: 32px auto;"><figure style="width: 100%;margin: 0 auto;"><table class="image-wrapper" 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src="https://substackcdn.com/image/fetch/w_1100,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff8b14342-1246-4d3f-b738-4f49ea593c24_959x720.jpeg" style="border: none !important;vertical-align: middle;display: block;-ms-interpolation-mode: bicubic;height: auto;margin-bottom: 0;width: auto !important;max-width: 100% !important;margin: 0 auto;"></a></td><td style="text-align: center;"></td></tr></tbody></table><figcaption class="image-caption" style="box-sizing: content-box;color: #777777;font-size: 14px;line-height: 20px;font-weight: 400;letter-spacing: -.15px;margin-top: 8px;width: 70%;padding-left: 15%;padding-right: 15%;text-align: center;">Payments Canada sharing status updates since 2015</figcaption></figure></div><div style="font-size: 16px;line-height: 26px;"><hr style="margin: 32px 0;padding: 0;height: 1px;background: #e6e6e6;border: none;"></div><p style="margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 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See ya &#128075;</p><p style="margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-size: 16px;margin-bottom: 0;"><span>-</span><a href="https://substack.com/redirect/2b503595-ea94-4fda-bc2b-f020e3bd74b4?j=eyJ1IjoiMzZuZmw0In0.4eiGI4rivRuKCtZpUgTEqhM2H3NJM6U8dLH7tXnICvU" rel="" style="color: rgb(54,55,55);text-decoration: underline;">Tal Schwartz</a></p></div></div><div class="container-border" style="margin: 32px 0 0;width: 100%;box-sizing: border-box;border-top: 1px solid #e6e6e6;font-size: 16px;line-height: 26px;"></div><div class="post-cta typography markup" style="font-family: 'SF Pro Display', -apple-system, system-ui, BlinkMacSystemFont, 'Inter', 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol';font-weight: 400;text-align: initial;word-break: break-word;margin-bottom: 32px;margin: 32px 0;font-size: 16px;line-height: 26px;"><p class="referrals-cta-text" style="color: rgb(54,55,55);text-align: center;width: 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  14. CardsFTW #148: The Many Parts of a Credit Card

    Wed, 26 Mar 2025 16:15:26 -0000

    <!doctype html> <html> <head> <meta name="viewport" content="width=device-width"> <meta http-equiv="Content-Type" content="text/html; charset=UTF-8"> <!--[if mso]><xml><o:OfficeDocumentSettings><o:PixelsPerInch>96</o:PixelsPerInch><o:AllowPNG/></o:OfficeDocumentSettings></xml><![endif]--> <title>CardsFTW #148: The Many Parts of a Credit Card</title> <style> .post-title-link { display: block; margin-top: 32px; color: #15212A; text-align: center; line-height: 1.1em; } .post-title-link-left { text-align: left; } .view-online-link { word-wrap: none; white-space: nowrap; color: #738a94; text-decoration: underline !important; } .kg-nft-link { display: block; text-decoration: none !important; color: #15212A !important; font-family: inherit !important; font-size: 14px; line-height: 1.3em; padding-top: 4px; padding-right: 20px; padding-left: 20px; padding-bottom: 4px; } .kg-twitter-link { display: block; text-decoration: none !important; color: #15212A !important; font-family: inherit !important; 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line-height: inherit; } .btn-primary table td:hover { background-color: #34495e !important; } .btn-primary a:hover { background-color: #34495e !important; border-color: #34495e !important; } } </style> </head> <body style="background-color: #fff; font-family: -apple-system, BlinkMacSystemFont, &#39;Segoe UI&#39;, Roboto, Helvetica, Arial, sans-serif, &#39;Apple Color Emoji&#39;, &#39;Segoe UI Emoji&#39;, &#39;Segoe UI Symbol&#39;; -webkit-font-smoothing: antialiased; font-size: 18px; line-height: 1.4; margin: 0; padding: 0; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%; color: #15212A;"> <span class="preheader" style="color: transparent; display: none; height: 0; max-height: 0; max-width: 0; opacity: 0; overflow: hidden; mso-hide: all; visibility: hidden; width: 0;">Plus, Annual Fee Inflation</span> <table role="presentation" border="0" cellpadding="0" cellspacing="0" class="body" width="100%" style="border-collapse: separate; mso-table-lspace: 0pt; mso-table-rspace: 0pt; background-color: #fff; width: 100%;" bgcolor="#fff"> <!-- Outlook doesn't respect max-width so we need an extra centered table --> <!--[if mso]> <tr> <td> <center> <table border="0" cellpadding="0" cellspacing="0" width="600"> <![endif]--> <tr> <td style="font-family: -apple-system, BlinkMacSystemFont, &#39;Segoe UI&#39;, Roboto, Helvetica, Arial, sans-serif, &#39;Apple Color Emoji&#39;, &#39;Segoe UI Emoji&#39;, &#39;Segoe UI Symbol&#39;; font-size: 18px; vertical-align: top; color: #15212A;" valign="top">&#xA0;</td> <td class="container" style="font-family: -apple-system, BlinkMacSystemFont, &#39;Segoe UI&#39;, Roboto, Helvetica, Arial, sans-serif, &#39;Apple Color Emoji&#39;, &#39;Segoe UI Emoji&#39;, &#39;Segoe UI Symbol&#39;; font-size: 18px; vertical-align: top; color: #15212A; display:block; max-width: 600px; margin: 0 auto;" valign="top"> <div class="content" style="box-sizing: border-box; display: block; margin: 0 auto; max-width: 600px;"> <!-- START CENTERED WHITE CONTAINER --> <table role="presentation" border="0" cellpadding="0" cellspacing="0" class="main" width="100%" style="border-collapse: separate; mso-table-lspace: 0pt; mso-table-rspace: 0pt; background: #ffffff; border-radius: 3px; border-spacing: 20px 0; width: 100%;"> <!-- START MAIN CONTENT AREA --> <tr> <td class="wrapper" style="font-family: -apple-system, BlinkMacSystemFont, &#39;Segoe UI&#39;, Roboto, Helvetica, Arial, sans-serif, &#39;Apple Color Emoji&#39;, &#39;Segoe UI Emoji&#39;, &#39;Segoe UI Symbol&#39;; font-size: 18px; vertical-align: top; color: #15212A; box-sizing: border-box;" valign="top"> <table role="presentation" border="0" cellpadding="0" cellspacing="0" width="100%" style="border-collapse: separate; mso-table-lspace: 0pt; mso-table-rspace: 0pt; width: 100%;"> <tr class="header-image-row"> <td class="header-image" width="100%" align="center" style="font-family: -apple-system, BlinkMacSystemFont, &#39;Segoe UI&#39;, Roboto, Helvetica, Arial, sans-serif, &#39;Apple Color Emoji&#39;, &#39;Segoe UI Emoji&#39;, &#39;Segoe UI Symbol&#39;; font-size: 18px; vertical-align: top; color: #15212A; padding-top: 24px; padding-bottom: 16px;" valign="top"> <a href="https://www.cardsftw.com/r/be6468d2?m=c62b746c-f2ed-4fee-8f26-488cc07e1c4e" style="color: #F9A60D; text-decoration: none; overflow-wrap: anywhere;" target="_blank"> <img src="https://www.cardsftw.com/content/images/size/w1200/2024/01/cftw-logo-3.png" width="600" style="border: none; -ms-interpolation-mode: bicubic; max-width: 100%;"> </a> </td> </tr> <tr> <td class="post-title post-title-with-excerpt post-title-serif" style="vertical-align: top; color: #15212A; font-size: 36px; line-height: 1.1em; font-weight: 700; text-align: center; padding-bottom: 8px; font-family: Georgia, serif; letter-spacing: -0.01em;" valign="top" align="center"> <a href="https://www.cardsftw.com/r/1ef4a49c?m=c62b746c-f2ed-4fee-8f26-488cc07e1c4e" class="post-title-link" style="text-decoration: none; display: block; margin-top: 32px; color: #15212A; text-align: center; line-height: 1.1em; overflow-wrap: anywhere;" target="_blank">CardsFTW #148: The Many Parts of a Credit Card</a> </td> </tr> <tr> <td style="font-family: -apple-system, BlinkMacSystemFont, &#39;Segoe UI&#39;, Roboto, Helvetica, Arial, sans-serif, &#39;Apple Color Emoji&#39;, &#39;Segoe UI Emoji&#39;, &#39;Segoe UI Symbol&#39;; font-size: 18px; vertical-align: top; color: #15212A; width: 100%;" width="100%" valign="top"> <table class="post-meta-wrapper" role="presentation" border="0" cellpadding="0" cellspacing="0" width="100%" style="border-collapse: separate; mso-table-lspace: 0pt; mso-table-rspace: 0pt; width: 100%; padding-bottom: 32px;"> <tr> <td height="20" class="post-meta post-meta-center" style="font-family: -apple-system, BlinkMacSystemFont, &#39;Segoe UI&#39;, Roboto, Helvetica, Arial, sans-serif, &#39;Apple Color Emoji&#39;, &#39;Segoe UI Emoji&#39;, &#39;Segoe UI Symbol&#39;; vertical-align: top; color: #738a94; font-size: 13px; font-weight: 400; text-align: center; padding: 0;" valign="top" align="center"> By Matthew Goldman &#x2022; <span class="post-meta-date" style="white-space: nowrap;">26 Mar 2025 </span> </td> <td class="post-meta post-meta-center view-online desktop" style="font-family: -apple-system, BlinkMacSystemFont, &#39;Segoe UI&#39;, Roboto, Helvetica, Arial, sans-serif, &#39;Apple Color Emoji&#39;, &#39;Segoe UI Emoji&#39;, &#39;Segoe UI Symbol&#39;; vertical-align: top; color: #738a94; font-size: 13px; font-weight: 400; text-align: center; display: none;" valign="top" align="center"> <a href="https://www.cardsftw.com/r/3ddb4b3d?m=c62b746c-f2ed-4fee-8f26-488cc07e1c4e" class="view-online-link" style="word-wrap: none; white-space: nowrap; color: #738a94; overflow-wrap: anywhere; text-decoration: underline;" target="_blank">View in browser</a> </td> </tr> <tr class="post-meta post-meta-center view-online-mobile" style="color: #738a94; font-size: 13px; font-weight: 400; text-align: center;" align="center"> <td height="20" class="view-online" style="font-family: -apple-system, BlinkMacSystemFont, &#39;Segoe UI&#39;, Roboto, Helvetica, Arial, sans-serif, &#39;Apple Color Emoji&#39;, &#39;Segoe UI Emoji&#39;, &#39;Segoe UI Symbol&#39;; vertical-align: top; color: #738a94; font-size: 13px; font-weight: 400; text-align: center; text-decoration: underline;" valign="top" align="center"> <a href="https://www.cardsftw.com/r/1b99ab6a?m=c62b746c-f2ed-4fee-8f26-488cc07e1c4e" class="view-online-link" style="word-wrap: none; white-space: nowrap; color: #738a94; overflow-wrap: anywhere; text-decoration: underline;" target="_blank">View in browser</a> </td> </tr> </table> </td> </tr> <tr class="post-content-row"> <td class="post-content-sans-serif" style="font-family: -apple-system, BlinkMacSystemFont, &#39;Segoe UI&#39;, Roboto, Helvetica, Arial, sans-serif, &#39;Apple Color Emoji&#39;, &#39;Segoe UI Emoji&#39;, &#39;Segoe UI Symbol&#39;; vertical-align: top; font-size: 17px; line-height: 1.5em; color: #15212A; padding-bottom: 20px; border-bottom: 1px solid #e5eff5; max-width: 600px;" valign="top"> <!-- POST CONTENT START --> <h2 id="the-many-parts-of-a-credit-card" style="margin-top: 0; font-family: -apple-system, BlinkMacSystemFont, &#39;Segoe UI&#39;, Roboto, Helvetica, Arial, sans-serif, &#39;Apple Color Emoji&#39;, &#39;Segoe UI Emoji&#39;, &#39;Segoe UI Symbol&#39;; line-height: 1.11em; font-weight: 700; text-rendering: optimizeLegibility; margin: 1.5em 0 0.5em 0; font-size: 32px;">The Many Parts of a Credit Card</h2><p style="margin: 0 0 1.5em 0; line-height: 1.6em;">I frequently hear something to the effect of &#x201C;Wow, building a credit card is hard.&#x201D;</p><p style="margin: 0 0 1.5em 0; line-height: 1.6em;">Yes. Yes, it is.</p><p style="margin: 0 0 1.5em 0; line-height: 1.6em;">One thing that often surprises people is all of the required ancillary services and capabilities that make a complete credit card. The minimum viable product of a credit card doesn&#x2019;t feel very minimum. In addition to being a very complex consumer financial product, cards are highly regulated, and as a result, many features must be built on day one.</p><p style="margin: 0 0 1.5em 0; line-height: 1.6em;">Even in contrast to a debit card (deposit account), a credit card is an order of magnitude more complex. In honor of publishing our second edition of our<a href="https://www.cardsftw.com/r/ad7950e1?m=c62b746c-f2ed-4fee-8f26-488cc07e1c4e" style="overflow-wrap: anywhere; color: #F9A60D; text-decoration: underline;" target="_blank"><u> Credit Card Program Management Platform Market Analysis</u></a>, I&#x2019;d like to take today&#x2019;s edition of CardsFTW to dig in a bit more on this topic.</p><h2 id="the-basics" style="margin-top: 0; font-family: -apple-system, BlinkMacSystemFont, &#39;Segoe UI&#39;, Roboto, Helvetica, Arial, sans-serif, &#39;Apple Color Emoji&#39;, &#39;Segoe UI Emoji&#39;, &#39;Segoe UI Symbol&#39;; line-height: 1.11em; font-weight: 700; text-rendering: optimizeLegibility; margin: 1.5em 0 0.5em 0; font-size: 32px;">The Basics</h2><p style="margin: 0 0 1.5em 0; line-height: 1.6em;">If you simplify the product for a credit card down, the user story probably takes one of two forms, depending on the user.</p><p style="margin: 0 0 1.5em 0; line-height: 1.6em;"><strong style="font-weight: 700;">Form A: </strong>As a consumer with limited access to capital or cash flow constraints, I want a payment product that allows me to take out short-term loans so that I can acquire a good or service today and pay for it later.</p><p style="margin: 0 0 1.5em 0; line-height: 1.6em;"><strong style="font-weight: 700;">Form B: </strong>As a consumer who doesn&#x2019;t want to carry large amounts of cash or wishes to shop online, I would like a payment card that aggregates my purchases into a single monthly bill and provides additional convenience and protection.</p><p style="margin: 0 0 1.5em 0; line-height: 1.6em;">As we break these requirements down, we see a few key items:</p><ol style="margin: 0 0 1.5em 0; line-height: 1.6em; padding-left: 1.3em; padding-right:1.5em; list-style: decimal; max-width: 100%;"><li style="margin: 0.5em 0; padding-left: 0.3em; line-height: 1.6em;">A payment card operating on a known network that can be authorized and settled for transactions</li><li style="margin: 0.5em 0; padding-left: 0.3em; line-height: 1.6em;">A ledger for storing cleared transactions that can be billed monthly</li><li style="margin: 0.5em 0; padding-left: 0.3em; line-height: 1.6em;">A repayment method, allowing for the user to repay the current balance in whole or in part</li><li style="margin: 0.5em 0; padding-left: 0.3em; line-height: 1.6em;">An interest calculation system to determine the payments due should the user revolve their balance</li><li style="margin: 0.5em 0; padding-left: 0.3em; line-height: 1.6em;">An underwriting system to determine how much credit (access to capital) to provide the user</li><li style="margin: 0.5em 0; padding-left: 0.3em; line-height: 1.6em;">A set of policies and procedures to ensure the program operates compliantly across jurisdictions, covering areas like disclosures, servicing, and disputes</li></ol><div class="align-center" style="text-align: center;"><hr style="position: relative; display: block; width: 100%; margin: 3em 0; padding: 0; height: 1px; border: 0; border-top: 1px solid #e5eff5;"><p style="margin: 0 0 1.5em 0; line-height: 1.6em;"><span style="white-space: pre-wrap;">Thank you for subscribing to&#xA0;CardsFTW. Please consider supporting this newsletter&#xA0;by upgrading to a paid subscription today.</span></p><div class="btn btn-accent" style="box-sizing: border-box; width: 100%; display: table;"> <table border="0" cellspacing="0" cellpadding="0" align="center" style="border-collapse: separate; mso-table-lspace: 0pt; mso-table-rspace: 0pt; width: auto;" width="auto"> <tbody> <tr> <td align="center" style="font-size: 18px; vertical-align: top; color: #15212A; border-radius: 5px; text-align: center; font-family: -apple-system, BlinkMacSystemFont, &#39;Segoe UI&#39;, Roboto, Helvetica, Arial, sans-serif, &#39;Apple Color Emoji&#39;, &#39;Segoe UI Emoji&#39;, &#39;Segoe UI Symbol&#39;; background-color: #F9A60D;" valign="top" bgcolor="#F9A60D"> <a href="https://www.cardsftw.com/r/e3f47449?m=c62b746c-f2ed-4fee-8f26-488cc07e1c4e" style="overflow-wrap: anywhere; border: solid 1px #3498db; border-radius: 5px; box-sizing: border-box; cursor: pointer; display: inline-block; font-size: 14px; font-weight: bold; margin: 0; padding: 12px 25px; text-decoration: none; background-color: #F9A60D; border-color: #F9A60D; color: #FFFFFF;" target="_blank">Upgrade to Paid</a> </td> </tr> </tbody> </table> </div> <p style="margin: 0 0 1.5em 0; line-height: 1.6em;"></p><hr style="position: relative; display: block; width: 100%; margin: 3em 0; padding: 0; height: 1px; border: 0; border-top: 1px solid #e5eff5;"></div><h2 id="the-next-level" style="margin-top: 0; font-family: -apple-system, BlinkMacSystemFont, &#39;Segoe UI&#39;, Roboto, Helvetica, Arial, sans-serif, &#39;Apple Color Emoji&#39;, &#39;Segoe UI Emoji&#39;, &#39;Segoe UI Symbol&#39;; line-height: 1.11em; font-weight: 700; text-rendering: optimizeLegibility; margin: 1.5em 0 0.5em 0; font-size: 32px;">The Next Level</h2><p style="margin: 0 0 1.5em 0; line-height: 1.6em;">The basics didn&#x2019;t include a lot of features we would all now think of as basic requirements, such as:</p><ol style="margin: 0 0 1.5em 0; line-height: 1.6em; padding-left: 1.3em; padding-right: 1.5em; list-style: decimal; max-width: 100%;"><li style="margin: 0.5em 0; padding-left: 0.3em; line-height: 1.6em;">A web application for logging in and managing the account</li><li style="margin: 0.5em 0; padding-left: 0.3em; line-height: 1.6em;">A mobile application (iPhone and Android) for managing the account</li><li style="margin: 0.5em 0; padding-left: 0.3em; line-height: 1.6em;">A rewards system</li><li style="margin: 0.5em 0; padding-left: 0.3em; line-height: 1.6em;">An anti-fraud system to protect users from unwanted transactions</li><li style="margin: 0.5em 0; padding-left: 0.3em; line-height: 1.6em;">Cardholder support</li><li style="margin: 0.5em 0; padding-left: 0.3em; line-height: 1.6em;">Payment dispute management&#xA0;</li><li style="margin: 0.5em 0; padding-left: 0.3em; line-height: 1.6em;">Credit furnishing (reporting payment behavior back to the credit bureau)</li><li style="margin: 0.5em 0; padding-left: 0.3em; line-height: 1.6em;">Integrated offers and discounts (e.g., Amex Offers, BankAmerideals)</li><li style="margin: 0.5em 0; padding-left: 0.3em; line-height: 1.6em;">Mobile wallet cards (e.g., ApplePay)</li></ol><p style="margin: 0 0 1.5em 0; line-height: 1.6em;">One could argue that some of these requirements aren&#x2019;t required for a minimum viable product &#x201C;MVP&#x201D; (I might go for #2, a mobile application), but much of the rest is considered table stakes and required by market forces or regulators. You cannot operate a card without fraud protection or dispute management. (OK, you can, but you would get into trouble.)</p><h2 id="the-role-of-credit-card-program-managers" style="margin-top: 0; font-family: -apple-system, BlinkMacSystemFont, &#39;Segoe UI&#39;, Roboto, Helvetica, Arial, sans-serif, &#39;Apple Color Emoji&#39;, &#39;Segoe UI Emoji&#39;, &#39;Segoe UI Symbol&#39;; line-height: 1.11em; font-weight: 700; text-rendering: optimizeLegibility; margin: 1.5em 0 0.5em 0; font-size: 32px;">The Role of Credit Card Program Managers</h2><p style="margin: 0 0 1.5em 0; line-height: 1.6em;">I had a funny conversation the other day with someone who is not in payments. He asked what I did. I explained, &quot;I help people build payment experiences, like bill pay, debit, and credit cards. &quot; To which he replied, &#x201C;Doesn&#x2019;t Visa make cards?&#x201D;</p><p style="margin: 0 0 1.5em 0; line-height: 1.6em;">No, Visa doesn&#x2019;t. Although Visa&#39;s processing network is critical to the global payments ecosystem, it does not issue or operate cards!</p><p style="margin: 0 0 1.5em 0; line-height: 1.6em;">In traditional products, a bank issues a card and engages a number of vendors to provide the services we&#x2019;ve outlined above. If you&#x2019;re Chase, you might own many of your own systems (such as login or even core processing), while if you&#x2019;re a small community bank, you might outsource the entire operation to an agent bank, such as Elan Financial Services.</p><p style="margin: 0 0 1.5em 0; line-height: 1.6em;">For most modern technology companies providing cards, the credit card program management stack is the alternative construct. A new brand has to decide whether to build the stack from scratch, essentially putting the entire puzzle together themselves, or if they want to work with a program manager, which provides parts of the stack as a service.</p><p style="margin: 0 0 1.5em 0; line-height: 1.6em;">We examine several providers in our report, but I will compare two examples today because they represent more extreme ends of the spectrum. <em>(Note: Due to the nature of our work in building cards, we have direct or client-based financial relationships with the parties mentioned below.)</em></p><h3 id="full-service-example-cardless" style="margin-top: 0; font-family: -apple-system, BlinkMacSystemFont, &#39;Segoe UI&#39;, Roboto, Helvetica, Arial, sans-serif, &#39;Apple Color Emoji&#39;, &#39;Segoe UI Emoji&#39;, &#39;Segoe UI Symbol&#39;; line-height: 1.11em; font-weight: 700; text-rendering: optimizeLegibility; margin: 1.5em 0 0.5em 0; font-size: 26px;">Full-Service Example: Cardless</h3><p style="margin: 0 0 1.5em 0; line-height: 1.6em;"><a href="https://www.cardsftw.com/r/f3d7ab24?m=c62b746c-f2ed-4fee-8f26-488cc07e1c4e" rel="noreferrer" style="overflow-wrap: anywhere; color: #F9A60D; text-decoration: underline;" target="_blank">Cardless</a>, founded in 2019, bills itself as a next-generation answer to a legacy co-brand card provider, such as Synchrony. Cardless&#x2019;s customers include airlines (e.g., Latam), retail brands (e.g., Alibaba, Simon Malls), and others. These brands tend not to want to operate a card program themselves; they want the card program operated for them, with their brand and loyalty programs.</p><p style="margin: 0 0 1.5em 0; line-height: 1.6em;">As a result, Cardless provides almost everything for these programs: a white-label set of applications, capital for lending, underwriting, customer care, fraud management, and more. Cardless has application programming interfaces (APIs), but its primary integration is a white-label hosted experience or software development kit (SDK) that embeds the experience within the client&#x2019;s brand.&#xA0;</p><p style="margin: 0 0 1.5em 0; line-height: 1.6em;">Cardless itself isn&#x2019;t a core processor and has built a comprehensive layer on top of other providers to provide a one-stop shop for issuing a card program.</p><div class="align-center" style="text-align: center;"><hr style="position: relative; display: block; width: 100%; margin: 3em 0; padding: 0; height: 1px; border: 0; border-top: 1px solid #e5eff5;"><p style="margin: 0 0 1.5em 0; line-height: 1.6em;"><span style="white-space: pre-wrap;">Do you love CardsFTW? Share or forward this post to a friend!&#xA0;</span></p><hr style="position: relative; display: block; width: 100%; margin: 3em 0; padding: 0; height: 1px; border: 0; border-top: 1px solid #e5eff5;"></div><h3 id="build-your-own-example-highnote" style="margin-top: 0; font-family: -apple-system, BlinkMacSystemFont, &#39;Segoe UI&#39;, Roboto, Helvetica, Arial, sans-serif, &#39;Apple Color Emoji&#39;, &#39;Segoe UI Emoji&#39;, &#39;Segoe UI Symbol&#39;; line-height: 1.11em; font-weight: 700; text-rendering: optimizeLegibility; margin: 1.5em 0 0.5em 0; font-size: 26px;">Build Your Own Example: Highnote</h3><p style="margin: 0 0 1.5em 0; line-height: 1.6em;"><a href="https://www.cardsftw.com/r/0ea5c897?m=c62b746c-f2ed-4fee-8f26-488cc07e1c4e" rel="noreferrer" style="overflow-wrap: anywhere; color: #F9A60D; text-decoration: underline;" target="_blank">Highnote</a>, founded in 2020, is a core processing platform directly connected to major networks like Visa and Mastercard. In addition to core processing, Highnote offers program management services, allowing customers to integrate primarily via API to launch a range of card products, including revolving credit cards.</p><p style="margin: 0 0 1.5em 0; line-height: 1.6em;">Highnote can integrate with third-party solutions brought by the customer to round out the full product experience. For example, Highnote doesn&#x2019;t offer tier-one cardholder support (e.g., the first call); customers must do so. Highnote does offer a dashboard for accessing data and managing program operations. Customers must also define their own underwriting, provide capital, and build cardholder interfaces.</p><p style="margin: 0 0 1.5em 0; line-height: 1.6em;">At first glance, you might wonder why anyone would choose a do-it-yourself provider. The answer comes down to strategy and flexibility. A fintech brand choosing to build on Highnote (or a similar platform) can fully customize its interfaces, define unique underwriting, and deeply embed the card experience into the rest of its application.</p><h3 id="bare-metal-core-processor-and-more" style="margin-top: 0; font-family: -apple-system, BlinkMacSystemFont, &#39;Segoe UI&#39;, Roboto, Helvetica, Arial, sans-serif, &#39;Apple Color Emoji&#39;, &#39;Segoe UI Emoji&#39;, &#39;Segoe UI Symbol&#39;; line-height: 1.11em; font-weight: 700; text-rendering: optimizeLegibility; margin: 1.5em 0 0.5em 0; font-size: 26px;">Bare Metal: Core Processor and More</h3><p style="margin: 0 0 1.5em 0; line-height: 1.6em;">Outside of program managers, a fintech can choose to build the entire stack themselves. This requires a direct bank deal, a direct processor deal, and integrating each of these services. In the long term, owning your entire stack may provide enhanced margins and flexibility, but it comes at the cost of having to spend more money at each step to build each feature and capability.</p><h2 id="considerations" style="margin-top: 0; font-family: -apple-system, BlinkMacSystemFont, &#39;Segoe UI&#39;, Roboto, Helvetica, Arial, sans-serif, &#39;Apple Color Emoji&#39;, &#39;Segoe UI Emoji&#39;, &#39;Segoe UI Symbol&#39;; line-height: 1.11em; font-weight: 700; text-rendering: optimizeLegibility; margin: 1.5em 0 0.5em 0; font-size: 32px;">Considerations</h2><p style="margin: 0 0 1.5em 0; line-height: 1.6em;">Deciding which path to pursue is a matter of capital available, timeline to launch goals, and provider availability (you may want to work with Cardless, but they may not have capacity or interest to launch your program).</p><p style="margin: 0 0 1.5em 0; line-height: 1.6em;"></p><div class="btn btn-accent" style="box-sizing: border-box; width: 100%; display: table;"><table border="0" cellspacing="0" cellpadding="0" align="center" style="border-collapse: separate; mso-table-lspace: 0pt; mso-table-rspace: 0pt; width: auto;" width="auto"><tr><td align="center" style="font-size: 18px; vertical-align: top; color: #15212A; border-radius: 5px; text-align: center; font-family: -apple-system, BlinkMacSystemFont, &#39;Segoe UI&#39;, Roboto, Helvetica, Arial, sans-serif, &#39;Apple Color Emoji&#39;, &#39;Segoe UI Emoji&#39;, &#39;Segoe UI Symbol&#39;; background-color: #F9A60D;" valign="top" bgcolor="#F9A60D"><a href="https://www.cardsftw.com/r/124ec258?m=c62b746c-f2ed-4fee-8f26-488cc07e1c4e" style="overflow-wrap: anywhere; border: solid 1px #3498db; border-radius: 5px; box-sizing: border-box; cursor: pointer; display: inline-block; font-size: 14px; font-weight: bold; margin: 0; padding: 12px 25px; text-decoration: none; background-color: #F9A60D; border-color: #F9A60D; color: #FFFFFF;" target="_blank">Want more Credit Card Platform Management Platform data?</a></td></tr></table></div><p style="margin: 0 0 1.5em 0; line-height: 1.6em;"></p><p style="margin: 0 0 1.5em 0; line-height: 1.6em;">I am optimistic about the future of credit cards because there is a wide variety in the way to build cards today. Twenty years ago, the only choice was to try to work with a traditional bank, within the constraints of their systems. Today, a fintech or modern brand can select from a number of options.</p><h2 id="united-cards-get-more-expensive" style="margin-top: 0; font-family: -apple-system, BlinkMacSystemFont, &#39;Segoe UI&#39;, Roboto, Helvetica, Arial, sans-serif, &#39;Apple Color Emoji&#39;, &#39;Segoe UI Emoji&#39;, &#39;Segoe UI Symbol&#39;; line-height: 1.11em; font-weight: 700; text-rendering: optimizeLegibility; margin: 1.5em 0 0.5em 0; font-size: 32px;">United Cards Get More Expensive</h2><p style="margin: 0 0 1.5em 0; line-height: 1.6em;">The big U.S. co-brand news this week is that <a href="https://www.cardsftw.com/r/f68ce064?m=c62b746c-f2ed-4fee-8f26-488cc07e1c4e" rel="noreferrer" style="overflow-wrap: anywhere; color: #F9A60D; text-decoration: underline;" target="_blank">United Airlines co-brand credit cards</a>, which are issued by Chase, are all getting a big bump in annual fees:</p><ol style="margin: 0 0 1.5em 0; line-height: 1.6em; padding-left: 1.3em; padding-right: 1.5em; list-style: decimal; max-width: 100%;"><li style="margin: 0.5em 0; padding-left: 0.3em; line-height: 1.6em;">The United Explorer card will now cost $150 each year, up from $95 (58%)</li><li style="margin: 0.5em 0; padding-left: 0.3em; line-height: 1.6em;">The United Quest card fee will climb to $350 a year from $250&#xA0; (40%)</li><li style="margin: 0.5em 0; padding-left: 0.3em; line-height: 1.6em;">The United Club Card will cost $695 a year, up from $525 (28%)</li></ol><p style="margin: 0 0 1.5em 0; line-height: 1.6em;">These are huge increases, with the least expensive card seeing the largest bump. In the past few years, I have seen very few successful cards with fees between $99 and $250; it&#x2019;s been sort of a no-one&#x2019;s land of too expensive for cheap annual fee cards and not enough to have high-end benefits.</p><div class="kg-card kg-image-card kg-card-hascaption" style="margin: 0 0 1.5em; padding: 0;"><img src="https://www.cardsftw.com/content/images/2025/03/pc-card-lockup-1-842x474.png" class="kg-image" alt="Four United MileagePlus VISA credit cards in a two by two box" loading="lazy" width="600" height="338" style="border: none; -ms-interpolation-mode: bicubic; max-width: 100%; display: block; margin: 0 auto; height: auto; width: auto;"><div class="kg-card-figcaption" style="text-align: center; font-family: -apple-system, BlinkMacSystemFont, &#39;Segoe UI&#39;, Roboto, Helvetica, Arial, sans-serif, &#39;Apple Color Emoji&#39;, &#39;Segoe UI Emoji&#39;, &#39;Segoe UI Symbol&#39;; padding-top: 10px; padding-bottom: 10px; line-height: 1.5em; color: #738a94; font-size: 13px;"><span style="text-align: center; white-space: pre-wrap;">Do you inherently know that Quest is better than Gateway? Why?</span></div></div><p style="margin: 0 0 1.5em 0; line-height: 1.6em;">Annual fees for cards have been going up a lot over the past few years. I understand inflation affects everything, but it&#x2019;s not like you get a dozen eggs with these cards.</p><p style="margin: 0 0 1.5em 0; line-height: 1.6em;">Some incremental benefits partly justify the new fees. The low-end Explorer card includes $400 in credits, but you&#x2019;re unlikely to use them. Do a lot of people buy prepaid hotel stays through United Hotels? I think not. Do a lot of people with the low-end card spend $10,000 per year, so they can get another $100 credit at United? Also, probably not.</p><p style="margin: 0 0 1.5em 0; line-height: 1.6em;">I did notice an interesting one, a credit of $100 at MileagePlan Partner <a href="https://www.cardsftw.com/r/3120de0d?m=c62b746c-f2ed-4fee-8f26-488cc07e1c4e" rel="noreferrer" style="overflow-wrap: anywhere; color: #F9A60D; text-decoration: underline;" target="_blank">JSX</a>, which is not part of United. (This credit goes up to $200 on the $695 United Club Card.)</p><p style="margin: 0 0 1.5em 0; line-height: 1.6em;">I think the trade-off between the total value vs. total cost of high-end cards is becoming overwhelming for users. I would love to know what the actual engagement is here because it&#x2019;s clear that it doesn&#x2019;t cost Chase $675 to provide $675 in benefits. I think people get $695 cards because they want lounge access and don&#x2019;t want to pay directly. Where will it end? I&#x2019;m guessing that by the end of the decade, $999 annual fee cards will be surprisingly common.</p><h2 id="cardsftw" style="margin-top: 0; font-family: -apple-system, BlinkMacSystemFont, &#39;Segoe UI&#39;, Roboto, Helvetica, Arial, sans-serif, &#39;Apple Color Emoji&#39;, &#39;Segoe UI Emoji&#39;, &#39;Segoe UI Symbol&#39;; line-height: 1.11em; font-weight: 700; text-rendering: optimizeLegibility; margin: 1.5em 0 0.5em 0; font-size: 32px;">CardsFTW</h2><p style="margin: 0 0 1.5em 0; line-height: 1.6em;"><a href="https://www.cardsftw.com/r/6bc56966?m=c62b746c-f2ed-4fee-8f26-488cc07e1c4e" style="overflow-wrap: anywhere; color: #F9A60D; text-decoration: underline;" target="_blank"><u>CardsFTW</u></a>, released weekly on Wednesdays, offers insights and analysis on new credit and debit card industry products for consumers and providers. CardsFTW is authored and published by Matthew Goldman and the team at <a href="https://www.cardsftw.com/r/27c279b9?m=c62b746c-f2ed-4fee-8f26-488cc07e1c4e" style="overflow-wrap: anywhere; color: #F9A60D; text-decoration: underline;" target="_blank"><u>Totavi</u></a>, a boutique consulting firm specializing in fintech product management &amp; marketing. We bring real operational experience that varies from the earliest days of a startup to high-growth phases and public company leadership. Visit<a href="https://www.cardsftw.com/r/f87260c8?m=c62b746c-f2ed-4fee-8f26-488cc07e1c4e" style="overflow-wrap: anywhere; color: #F9A60D; text-decoration: underline;" target="_blank"><u> www.totavi.com</u></a> to learn more.</p><p style="margin: 0 0 1.5em 0; line-height: 1.6em;"><em>Interested in reaching our audience? </em><a href="https://www.cardsftw.com/r/a640efd8?m=c62b746c-f2ed-4fee-8f26-488cc07e1c4e" style="overflow-wrap: anywhere; color: #F9A60D; text-decoration: underline;" target="_blank"><em><u>You can sponsor CardsFTW.</u></em></a></p><p style="margin: 0 0 1.5em 0; line-height: 1.6em;"><em>*Indicates a company with which Totavi has a financial relationship.</em></p> <!-- POST CONTENT END --> </td> </tr> </table> </td> </tr> <!-- END MAIN CONTENT AREA --> <tr> <td dir="ltr" width="100%" style="font-family: -apple-system, BlinkMacSystemFont, &#39;Segoe UI&#39;, Roboto, Helvetica, Arial, sans-serif, &#39;Apple Color Emoji&#39;, &#39;Segoe UI Emoji&#39;, &#39;Segoe UI Symbol&#39;; font-size: 18px; vertical-align: top; color: #15212A; background-color: #ffffff; text-align: center; padding: 32px 0 24px; border-bottom: 1px solid #e5eff5;" align="center" bgcolor="#ffffff" valign="top"> <table class="feedback-buttons" role="presentation" border="0" cellpadding="0" cellspacing="0" style="border-collapse: separate; mso-table-lspace: 0pt; mso-table-rspace: 0pt; margin: auto; width: 100%;" width="100%"> <tr> <td dir="ltr" valign="top" align="center" style="font-size: 18px; color: #15212A; display: inline-block; vertical-align: top; font-family: inherit; text-align: center; padding: 0 4px 4px; cursor: pointer; width: 30%;" width="30%"> <a href="https://www.cardsftw.com/r/eb6841bb?m=c62b746c-f2ed-4fee-8f26-488cc07e1c4e" target="_blank" style="color: #F9A60D; text-decoration: none; overflow-wrap: anywhere;"> <img src="https://static.ghost.org/v5.0.0/images/comment-mobile.png" border="0" width="42" height="42" alt="Comment" style="border: none; -ms-interpolation-mode: bicubic; max-width: 100%; display: block; margin: 0 auto; vertical-align: middle;"> <p class="feedback-button-text" style="display: inline-block; font-family: -apple-system, BlinkMacSystemFont, &#39;Segoe UI&#39;, Roboto, Helvetica, Arial, sans-serif, &#39;Apple Color Emoji&#39;, &#39;Segoe UI Emoji&#39;, &#39;Segoe UI Symbol&#39;; color: #15212A; font-weight: 500; margin: 1em 0 0 0; line-height: 1.4em; word-break: break-word; font-size: 13px;">Comment</p> </a> </td> </tr> </table> </td> </tr> <tr> <td class="subscription-box" style="font-family: -apple-system, BlinkMacSystemFont, &#39;Segoe UI&#39;, Roboto, Helvetica, Arial, sans-serif, &#39;Apple Color Emoji&#39;, &#39;Segoe UI Emoji&#39;, &#39;Segoe UI Symbol&#39;; font-size: 18px; vertical-align: top; padding: 32px 0; border-bottom: 1px solid #e5eff5; color: #15212A;" valign="top"> <h3 style="margin-top: 0; font-family: -apple-system, BlinkMacSystemFont, &#39;Segoe UI&#39;, Roboto, Helvetica, Arial, sans-serif, &#39;Apple Color Emoji&#39;, &#39;Segoe UI Emoji&#39;, &#39;Segoe UI Symbol&#39;; line-height: 1.11em; text-rendering: optimizeLegibility; font-size: 14px; font-weight: 700; text-transform: uppercase; margin: 0 0 18px;">Subscription details</h3> <p style="margin: 0 0 1.5em 0; font-size: 15px; font-weight: 400; line-height: 1.45em; text-decoration: none; margin-bottom: 16px; color: #15212A;"> <span>You are receiving this because you are a <strong style="font-weight: 700;">free subscriber</strong> to CardsFTW.</span> </p> <table role="presentation" border="0" cellpadding="0" cellspacing="0" width="100%" style="border-collapse: separate; mso-table-lspace: 0pt; mso-table-rspace: 0pt; width: 100%;"> <tr> <td class="subscription-details" style="font-family: -apple-system, BlinkMacSystemFont, &#39;Segoe UI&#39;, Roboto, Helvetica, Arial, sans-serif, &#39;Apple Color Emoji&#39;, &#39;Segoe UI Emoji&#39;, &#39;Segoe UI Symbol&#39;; font-size: 18px; vertical-align: top; color: #15212A;" valign="top"> <p class="" style="margin: 0 0 1.5em 0; margin-bottom: 0; font-size: 15px; font-weight: 400; line-height: 1.45em; text-decoration: none; color: #15212A;">Name: roger</p> <p style="margin: 0 0 1.5em 0; margin-bottom: 0; font-size: 15px; font-weight: 400; line-height: 1.45em; text-decoration: none; color: #15212A;">Email: <a href="#" style="overflow-wrap: anywhere; text-decoration: none; color: #15212A;" target="_blank">tw51yjtgdhlsr2od@newsletter.rodeo</a></p> <p style="margin: 0 0 1.5em 0; margin-bottom: 0; font-size: 15px; font-weight: 400; line-height: 1.45em; text-decoration: none; color: #15212A;">Member since: 7 March 2024</p> </td> <td align="right" valign="bottom" class="manage-subscription" style="font-family: -apple-system, BlinkMacSystemFont, &#39;Segoe UI&#39;, Roboto, Helvetica, Arial, sans-serif, &#39;Apple Color Emoji&#39;, &#39;Segoe UI Emoji&#39;, &#39;Segoe UI Symbol&#39;; white-space: nowrap; font-size: 15px; font-weight: 600; text-align: right; line-height: 1.45em; vertical-align: bottom; color: #F9A60D;"> <a href="https://www.cardsftw.com/#/portal/account" style="color: #F9A60D; text-decoration: none; overflow-wrap: anywhere;" target="_blank"> Manage subscription &#x2192;</a> </td> </tr> </table> </td> </tr> <tr> <td class="wrapper" align="center" style="font-family: -apple-system, BlinkMacSystemFont, &#39;Segoe UI&#39;, Roboto, Helvetica, Arial, sans-serif, &#39;Apple Color Emoji&#39;, &#39;Segoe UI Emoji&#39;, &#39;Segoe UI Symbol&#39;; font-size: 18px; vertical-align: top; color: #15212A; box-sizing: border-box;" valign="top"> <table role="presentation" border="0" cellpadding="0" cellspacing="0" width="100%" style="border-collapse: separate; mso-table-lspace: 0pt; mso-table-rspace: 0pt; width: 100%; padding-top: 40px; padding-bottom: 30px;"> <tr><td class="footer" style="font-family: -apple-system, BlinkMacSystemFont, &#39;Segoe UI&#39;, Roboto, Helvetica, Arial, sans-serif, &#39;Apple Color Emoji&#39;, &#39;Segoe UI Emoji&#39;, &#39;Segoe UI Symbol&#39;; vertical-align: top; color: #738a94; margin-top: 20px; text-align: center; padding-bottom: 10px; padding-top: 10px; padding-left: 30px; padding-right: 30px; line-height: 1.5em; font-size: 13px;" valign="top" align="center"><p dir="ltr" style="margin: 0 0 1.5em 0; line-height: 1.6em;"><span>Totavi, LLC,&#xA0;2108&#xA0;N St., Ste. N,&#xA0;Sacramento, CA 95816</span></p></td></tr> <tr> <td class="footer" style="font-family: -apple-system, BlinkMacSystemFont, &#39;Segoe UI&#39;, Roboto, Helvetica, Arial, sans-serif, &#39;Apple Color Emoji&#39;, &#39;Segoe UI Emoji&#39;, &#39;Segoe UI Symbol&#39;; vertical-align: top; color: #738a94; margin-top: 20px; text-align: center; padding-bottom: 10px; padding-top: 10px; padding-left: 30px; padding-right: 30px; line-height: 1.5em; font-size: 13px;" valign="top" align="center">CardsFTW &#xA9; 2025 &#x2013; <a href="https://www.cardsftw.com/unsubscribe/?uuid=c62b746c-f2ed-4fee-8f26-488cc07e1c4e&key=44d661c4f7da07f15bd29599b4345e87e54ce5bd0afd084e1bee49ee89a327ac&newsletter=4537ad55-eebc-4678-b2bf-fd6731d3805e" style="overflow-wrap: anywhere; color: #738a94; text-decoration: underline; font-size: 13px;" target="_blank">Unsubscribe</a></td> </tr> <tr> <td class="footer-powered" style="font-family: -apple-system, BlinkMacSystemFont, &#39;Segoe UI&#39;, Roboto, Helvetica, Arial, sans-serif, &#39;Apple Color Emoji&#39;, &#39;Segoe UI Emoji&#39;, &#39;Segoe UI Symbol&#39;; font-size: 18px; vertical-align: top; color: #15212A; text-align: center; padding-top: 70px; padding-bottom: 40px;" valign="top" align="center"><a href="https://ghost.org/?via=pbg-newsletter&amp;ref=cardsftw.com" style="color: #F9A60D; text-decoration: none; overflow-wrap: anywhere;" target="_blank"><img src="https://static.ghost.org/v4.0.0/images/powered.png" border="0" width="142" height="30" class="gh-powered" alt="Powered by Ghost" style="border: none; -ms-interpolation-mode: bicubic; max-width: 100%; width: 142px; height: 30px;"></a></td> </tr> </table> </td> </tr> </table> <!-- END CENTERED WHITE CONTAINER --> </div> </td> <td style="font-family: -apple-system, BlinkMacSystemFont, &#39;Segoe UI&#39;, Roboto, Helvetica, Arial, sans-serif, &#39;Apple Color Emoji&#39;, &#39;Segoe UI Emoji&#39;, &#39;Segoe UI Symbol&#39;; font-size: 18px; vertical-align: top; color: #15212A;" valign="top">&#xA0;</td> </tr> <!--[if mso]> </table> </center> </td> </tr> <![endif]--> </table> <img width="1" height="1" alt="" src="https://email.mg.cardsftw.com/o/eJwszkFupTAMANDT_Ow-cpw4hoUPk2AHmIFGCmlRb1-p6vLtnkqYfSByJp5jACBGcnbl43wfKokt4uwpRaREYMSG64LV7UKMwUKdGdJSTBlzwWCKRdmoRnCHICBBwOSTJ8SJ8gzZ50K84EJcXxGubVpz17uOZ1rb5bqMh_z3v7Hpft4dm74ifNhznzaG9ak3teaGlM_z__t36YZse7vHn74EfwIAAP__1GU_Cw"></body> </html>
  15. Canadian Fintech: Fresh Funding for Freshbooks 🫘

    Mon, 24 Mar 2025 12:30:11 -0000

    <html style="scrollbar-width: thin;scrollbar-color: #dbdbdbrgb(255,255,255);"><head><meta charset="utf-8"><title>Canadian Fintech: Fresh Funding for Freshbooks &#129752;</title><style> @media all and (-ms-high-contrast: none), (-ms-high-contrast: active) { .typography .markup table.image-wrapper img, .typography.editor .markup table.image-wrapper img, .typography .markup table.kindle-wrapper img, .typography.editor .markup table.kindle-wrapper img { max-width: 550px; } } @media screen and (max-width: 650px) { .typography .markup div.youtube-overlay, .typography.editor .markup div.youtube-overlay, .typography .markup div.vimeo-overlay, .typography.editor .markup div.vimeo-overlay { display: none !important; } } @media screen and (max-width: 370px) { .typography .markup div.tiktok-wrap, .typography.editor .markup div.tiktok-wrap { width: calc(95vw - 32px); height: calc((95vw - 32px - 2px) / 0.485714); } } @media screen and (max-width: 650px) { .typography .markup div.embedded-publication-wrap .embedded-publication.show-subscribe, .typography.editor .markup div.embedded-publication-wrap .embedded-publication.show-subscribe { padding: 24px; 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} } @media (max-width: 750px) { .poll-embed .poll-anchor-target .poll-anchor-copy-button { left: 8px; top: 45px; } } @media screen and (min-width: 541px) { .poll-embed .poll-wrapper.poll-web .poll-dialog .modal-table .modal-row .modal-content > .container { width: 552px; padding: 26px 24px; } } @media screen and (max-width: 650px) { .poll-embed .poll-wrapper.poll-web .poll-dialog .modal-table .modal-row .modal-content > .container { padding: 40px 0; } } @media screen and (max-width: 650px) { .poll-embed .poll-wrapper.poll-web .poll-dialog .modal-row .modal-cell .modal-exit-btn { margin-right: -20px; } }</style></head><body class="email-body" style="font-kerning: auto;"><img src="https://eotrx.substackcdn.com/open?token=eyJtIjoiPDIwMjUwMzI0MTIyOTM5LjMuMTBmMGRlM2VlMzUwMDkzNUBtZzIuc3Vic3RhY2suY29tPiIsInUiOjE5MjU2OTUxMiwiciI6IjA3NGRsNWt1ZmZ2MzA0b3VAbmV3c2xldHRlci5yb2RlbyIsImQiOiJtZzIuc3Vic3RhY2suY29tIiwicCI6MTU5NzQxNzEwLCJ0IjoibmV3c2xldHRlciIsImEiOiJldmVyeW9uZSIsInMiOjY2MzM1MywiYyI6InBvc3QiLCJmIjp0cnVlLCJwb3NpdGlvbiI6InRvcCIsImlhdCI6MTc0MjgxOTM4OCwiZXhwIjoxNzQ1NDExMzg4LCJpc3MiOiJwdWItMCIsInN1YiI6ImVvIn0.yPFc2Ma_IJSh1BZJ-eEyFZFKugsJB-DF0PPUq_42rV8" alt="" width="1" height="1" border="0" style="height:1px !important;width:1px !important;border-width:0!important;margin-top:0 !important;margin-bottom:0 !important;margin-right:0 !important;margin-left:0 !important;padding-top:0 !important;padding-bottom:0 !important;padding-right:0 !important;padding-left:0 !important;"/><div class="preview" style="display:none;font-size:1px;color:#333333;line-height:1px;max-height:0px;max-width:0px;opacity:0;overflow:hidden;">BC Regulator fines fractional real estate platform. Doormat rebrands.</div><div class="preview" style="display:none;font-size:1px;color:#333333;line-height:1px;max-height:0px;max-width:0px;opacity:0;overflow:hidden;">&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; 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&nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;</div><table class="email-body-container" role="presentation" width="100%" border="0" cellspacing="0" cellpadding="0"><tbody><tr><td></td><td class="content" width="550"></td><td></td></tr><tr><td></td><td class="content" width="550" align="left"><div style="font-size: 16px;line-height: 26px;max-width: 550px;width: 100%;margin: 0 auto;overflow-wrap: break-word;"><table role="presentation" width="100%" border="0" cellspacing="0" cellpadding="0"><tbody><tr><td align="right" style="height:20px;"><table role="presentation" width="auto" border="0" cellspacing="0" cellpadding="0"><tbody><tr><td style="vertical-align:middle;"><span class="pencraft pc-reset reset-IxiVJZ tw-font-body tw-text-ssm tw-text-substack-secondary" style="font-family: SF Pro Text, -apple-system, system-ui, BlinkMacSystemFont, Inter, Segoe UI, Roboto, Helvetica, Arial, sans-serif, Apple Color Emoji, Segoe UI Emoji, Segoe UI Symbol;font-size: 13px;color: unset;list-style: none;text-decoration: unset;margin: 0;"><div class="pencraft pc-reset align-right-VJbKw5 size-12-mmZ61m reset-IxiVJZ" style="list-style: none;color: unset;text-align: right;font-size: 12px;line-height: 16px;text-decoration: unset;margin: 0;"><span class="pencraft pc-reset reset-IxiVJZ" translated="" style="list-style: none;color: unset;text-decoration: unset;margin: 0;">Forwarded this email? <a class="pencraft pc-reset decoration-underline-ClTkYc reset-IxiVJZ" href="https://substack.com/redirect/2/eyJlIjoiaHR0cHM6Ly9jYW5hZGlhbmZpbnRlY2guc3Vic3RhY2suY29tL3N1YnNjcmliZT91dG1fc291cmNlPWVtYWlsJnV0bV9jYW1wYWlnbj1lbWFpbC1zdWJzY3JpYmUmcj0zNm5mbDQmbmV4dD1odHRwcyUzQSUyRiUyRmNhbmFkaWFuZmludGVjaC5zdWJzdGFjay5jb20lMkZwJTJGY2FuYWRpYW4tZmludGVjaC1mcmVzaC1mdW5kaW5nLWZvciIsInAiOjE1OTc0MTcxMCwicyI6NjYzMzUzLCJmIjp0cnVlLCJ1IjoxOTI1Njk1MTIsImlhdCI6MTc0MjgxOTM4NywiZXhwIjoxNzQ1NDExMzg3LCJpc3MiOiJwdWItMCIsInN1YiI6ImxpbmstcmVkaXJlY3QifQ.W3roeK3ePKuK2ZRiog7r9ntz2YQJ4a9k-FRYx8z4_d4?" style="list-style: none;color: unset;text-decoration: unset;margin: 0;-webkit-text-decoration-line: underline;text-decoration-line: underline;">Subscribe here</a> for more</span></div></span></td></tr></tbody></table></td></tr></tbody></table><div class="post typography" dir="auto" style="padding: 32px 0 0 0;font-size: 16px;line-height: 26px;"><div class="post-header" style="font-size: 16px;line-height: 26px;"><h1 class="post-title published" style="color: rgb(54,55,55);font-family: 'SF Pro Display',-apple-system-headline,system-ui,-apple-system,BlinkMacSystemFont,'Segoe UI',Roboto,Helvetica,Arial,sans-serif,'Apple Color Emoji','Segoe UI Emoji','Segoe UI Symbol';font-weight: bold;-webkit-font-smoothing: antialiased;-moz-osx-font-smoothing: antialiased;-webkit-appearance: optimizelegibility;-moz-appearance: optimizelegibility;appearance: optimizelegibility;margin: 0;line-height: 36px;font-size: 32px;"><a href="https://substack.com/app-link/post?publication_id=663353&post_id=159741710&utm_source=post-email-title&utm_campaign=email-post-title&isFreemail=true&r=36nfl4&token=eyJ1c2VyX2lkIjoxOTI1Njk1MTIsInBvc3RfaWQiOjE1OTc0MTcxMCwiaWF0IjoxNzQyODE5Mzg3LCJleHAiOjE3NDU0MTEzODcsImlzcyI6InB1Yi02NjMzNTMiLCJzdWIiOiJwb3N0LXJlYWN0aW9uIn0.QZk40Knz5Ib4LBhpBlCna-KnSS6KGYc95hAHrPGBRwM" style="color: rgb(54,55,55);text-decoration: none;">Canadian Fintech: Fresh Funding for Freshbooks &#129752;</a></h1><h3 class="subtitle" style="font-family: 'SF Pro Display',-apple-system-headline,system-ui,-apple-system,BlinkMacSystemFont,'Segoe UI',Roboto,Helvetica,Arial,sans-serif,'Apple Color Emoji','Segoe UI Emoji','Segoe UI Symbol';font-weight: normal;-webkit-font-smoothing: antialiased;-moz-osx-font-smoothing: antialiased;-webkit-appearance: optimizelegibility;-moz-appearance: optimizelegibility;appearance: optimizelegibility;margin: 4px 0 0;color: #777777;line-height: 24px;font-size: 18px;margin-top: 12px;">BC Regulator fines fractional real estate platform. Doormat rebrands.</h3><table class="post-meta" role="presentation" width="100%" border="0" cellspacing="0" cellpadding="0" style="margin: 1em 0;height: 20px;align-items: center;"><tbody><tr><td><table role="presentation" width="auto" border="0" cellspacing="0" cellpadding="0"><tbody><tr><td><table role="presentation" width="auto" border="0" cellspacing="0" cellpadding="0"><tbody><tr><td style="vertical-align:middle;"><div class="pencraft pc-reset color-primary-zABazT line-height-20-t4M0El font-meta-MWBumP size-11-NuY2Zx weight-medium-fw81nC transform-uppercase-yKDgcq reset-IxiVJZ meta-EgzBVA custom-css-email-post-author" style="list-style: none;font-size: 11px;line-height: 20px;text-decoration: unset;color: rgb(54,55,55);margin: 0;font-family: 'SF Compact',-apple-system,system-ui,-apple-system,BlinkMacSystemFont,'Segoe UI',Roboto,Helvetica,Arial,sans-serif,'Apple Color Emoji','Segoe UI Emoji','Segoe UI Symbol';font-weight: 500;text-transform: uppercase;letter-spacing: .2px;"><a class="pencraft pc-reset color-primary-zABazT line-height-20-t4M0El font-meta-MWBumP size-11-NuY2Zx weight-medium-fw81nC transform-uppercase-yKDgcq reset-IxiVJZ meta-EgzBVA" style="list-style: none;color: rgb(54,55,55);margin: 0;font-size: 11px;line-height: 20px;font-family: 'SF Compact',-apple-system,system-ui,-apple-system,BlinkMacSystemFont,'Segoe UI',Roboto,Helvetica,Arial,sans-serif,'Apple Color Emoji','Segoe UI Emoji','Segoe UI Symbol';font-weight: 500;text-transform: uppercase;letter-spacing: .2px;text-decoration: none" href="https://substack.com/@talschwartz">Tal Schwartz</a></div></td></tr></tbody></table></td></tr><tr><td><table role="presentation" width="auto" border="0" cellspacing="0" cellpadding="0"><tbody><tr><td style="vertical-align:middle;"><div class="pencraft pc-reset color-secondary-ls1g8s line-height-20-t4M0El font-meta-MWBumP size-11-NuY2Zx weight-medium-fw81nC transform-uppercase-yKDgcq reset-IxiVJZ meta-EgzBVA" style="list-style: none;font-size: 11px;line-height: 20px;text-decoration: unset;color: rgb(119,119,119);margin: 0;font-family: 'SF Compact',-apple-system,system-ui,-apple-system,BlinkMacSystemFont,'Segoe UI',Roboto,Helvetica,Arial,sans-serif,'Apple Color Emoji','Segoe UI Emoji','Segoe UI Symbol';font-weight: 500;text-transform: uppercase;letter-spacing: .2px;"><time datetime="2025-03-24T12:29:42.451Z">Mar 24</time></div></td></tr></tbody></table></td></tr></tbody></table></td><td align="right"><table role="presentation" width="auto" border="0" cellspacing="0" cellpadding="0"><tbody><tr><td style="vertical-align:middle;"><a href="https://substack.com/@talschwartz"><img class="custom-css-email-avatar avatar-QIQ5yR" src="https://substackcdn.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Ffc852364-628e-41e0-b9bb-8ebb278dc171_1902x1695.png" style="box-sizing: border-box;border-radius: 500000px;max-width: 550px;border: 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Welcome back to the Canadian Fintech Newsletter, an industry roundup for founders, operators and investors.</p><p style="margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-size: 16px;">Every Monday we break down the hottest topics in the industry in under 3 minutes.</p><p style="margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-size: 16px;"><span>This week I&#8217;ll be in Montreal for </span><a href="https://substack.com/redirect/9fbd857a-a72e-4c15-b1bb-c6aec85653e5?j=eyJ1IjoiMzZuZmw0In0.4eiGI4rivRuKCtZpUgTEqhM2H3NJM6U8dLH7tXnICvU" rel="" style="color: rgb(54,55,55);text-decoration: underline;">Fintech Drinks</a><span>. Reply to this email if you&#8217;d like to meetup! </span></p><p style="margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-size: 16px;">Was this forwarded to you? Become one of our 12,421 subscribers by clicking below.</p><div class="subscribe-widget is-signed-up" data-component-name="SubscribeWidget" style="margin: 0 0 1em;direction: ltr;font-size: 16px;line-height: 26px;"><div class="pencraft pc-reset button-wrapper" style="text-decoration: unset;list-style: none;font-size: 16px;line-height: 26px;text-align: center;cursor: pointer;border-radius: 4px;"><a class="button subscribe-btn primary" href="https://substack.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.9W2-kCurkHGajGcD5jQvBw_tdzYU8Hmq9WWjnuS9qKg?&utm_medium=email&utm_source=subscribe-widget&utm_content=159741710" style="font-family: system-ui,-apple-system,BlinkMacSystemFont,'Segoe UI',Roboto,Helvetica,Arial,sans-serif,'Apple Color Emoji','Segoe UI Emoji','Segoe UI Symbol';display: inline-block;box-sizing: border-box;cursor: pointer;border: none;border-radius: 8px;font-size: 14px;line-height: 20px;font-weight: 600;text-align: center;opacity: 1;outline: none;white-space: nowrap;text-decoration: none !important;margin: 0 auto;background-color: #e85c57;color: #ffffff !important;padding: 12px 20px;height: auto;"><span style="color: #ffffff;text-decoration: none;">Upgrade to paid</span></a></div></div><div style="font-size: 16px;line-height: 26px;"><hr style="margin: 32px 0;padding: 0;height: 1px;background: #e6e6e6;border: none;"></div><h4 class="header-anchor-post" style="position: relative;--highlight-bg: rgba(var(--color-bg-accent-themed-rgb), 0.2);font-family: 'SF Pro Display',-apple-system-headline,system-ui,-apple-system,BlinkMacSystemFont,'Segoe UI',Roboto,Helvetica,Arial,sans-serif,'Apple Color Emoji','Segoe UI Emoji','Segoe UI Symbol';font-weight: bold;-webkit-font-smoothing: antialiased;-moz-osx-font-smoothing: antialiased;-webkit-appearance: optimizelegibility;-moz-appearance: optimizelegibility;appearance: optimizelegibility;margin: 1em 0 0.625em 0;color: rgb(54,55,55);line-height: 1.16em;font-size: 1.125em;">&#128176; Funding</h4><ul style="margin-top: 0;padding: 0;"><li style="margin: 8px 0 0 32px;mso-special-format: bullet;"><p style="margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;margin-bottom: 0;box-sizing: border-box;padding-left: 4px;font-size: 16px;"><strong>Freshbooks</strong><span>, a Toronto based small business accounting and invoicing platform </span><a href="https://substack.com/redirect/9e5041fd-4354-40e9-89a4-2cb69a1f9325?j=eyJ1IjoiMzZuZmw0In0.4eiGI4rivRuKCtZpUgTEqhM2H3NJM6U8dLH7tXnICvU" rel="" style="color: rgb(54,55,55);text-decoration: underline;">raised</a><span> USD $125m in debt from </span><strong>Morgan Stanley</strong><span>. The company last raised:</span></p><ul style="margin-top: 0;padding: 0;"><li style="margin: 8px 0 0 32px;mso-special-format: bullet;"><p style="color: rgb(54,55,55);line-height: 26px;margin-bottom: 0;box-sizing: border-box;padding-left: 4px;font-size: 16px;margin: 0;"><span>In </span><a href="https://substack.com/redirect/3c0128b4-3740-458c-bd04-c1303346d64a?j=eyJ1IjoiMzZuZmw0In0.4eiGI4rivRuKCtZpUgTEqhM2H3NJM6U8dLH7tXnICvU" rel="" style="color: rgb(54,55,55);text-decoration: underline;">2022</a><span>, USD $100m in debt from </span><strong>BMO</strong><span> &amp; </span><strong>JP Morgan</strong><span>.</span></p></li><li style="margin: 8px 0 0 32px;mso-special-format: bullet;"><p style="color: rgb(54,55,55);line-height: 26px;margin-bottom: 0;box-sizing: border-box;padding-left: 4px;font-size: 16px;margin: 0;"><span>In </span><a href="https://substack.com/redirect/9f59fe06-bddf-4333-856a-2793bea14c42?j=eyJ1IjoiMzZuZmw0In0.4eiGI4rivRuKCtZpUgTEqhM2H3NJM6U8dLH7tXnICvU" rel="" style="color: rgb(54,55,55);text-decoration: underline;">2021</a><span>, USD $130m in debt &amp; equity at a valuation of over $1b from </span><strong>Accomplice</strong><span>, </span><strong>Gaingels</strong><span>, </span><strong>BMO</strong><span> &amp; </span><strong>Manulife</strong><span>.</span></p></li></ul></li><li style="margin: 8px 0 0 32px;mso-special-format: bullet;"><p style="margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;margin-bottom: 0;box-sizing: border-box;padding-left: 4px;font-size: 16px;"><strong>Doormat</strong><span>, a platform to close Canadian residential real estate transactions online, </span><a href="https://substack.com/redirect/4174d9e7-705f-48b6-897c-8122947c1f8c?j=eyJ1IjoiMzZuZmw0In0.4eiGI4rivRuKCtZpUgTEqhM2H3NJM6U8dLH7tXnICvU" rel="" style="color: rgb(54,55,55);text-decoration: underline;">rebranded</a><span> to </span><strong>Ownright</strong><span> and raised $4.5m from </span><strong>Relay</strong><span> </span><strong>Ventures</strong><span> and </span><strong>Alate</strong><span>.</span></p><ul style="margin-top: 0;padding: 0;"><li style="margin: 8px 0 0 32px;mso-special-format: bullet;"><p style="color: rgb(54,55,55);line-height: 26px;margin-bottom: 0;box-sizing: border-box;padding-left: 4px;font-size: 16px;margin: 0;"><span>Ownright </span><a href="https://substack.com/redirect/54cf5792-af81-4823-bdb4-8f5c8718f7e1?j=eyJ1IjoiMzZuZmw0In0.4eiGI4rivRuKCtZpUgTEqhM2H3NJM6U8dLH7tXnICvU" rel="" style="color: rgb(54,55,55);text-decoration: underline;">raised</a><span> $1.25 in 2023 from </span><strong>Alate</strong><span>, </span><strong>The LegalTech Fund</strong><span> and various angels.</span></p></li><li style="margin: 8px 0 0 32px;mso-special-format: bullet;"><p style="color: rgb(54,55,55);line-height: 26px;margin-bottom: 0;box-sizing: border-box;padding-left: 4px;font-size: 16px;margin: 0;"><span>Canadian fintech </span><strong>Deeded</strong><span> also competes in this space.</span></p></li></ul></li></ul><div style="font-size: 16px;line-height: 26px;"><hr style="margin: 32px 0;padding: 0;height: 1px;background: #e6e6e6;border: none;"></div><h4 class="header-anchor-post" style="position: relative;--highlight-bg: rgba(var(--color-bg-accent-themed-rgb), 0.2);font-family: 'SF Pro Display',-apple-system-headline,system-ui,-apple-system,BlinkMacSystemFont,'Segoe UI',Roboto,Helvetica,Arial,sans-serif,'Apple Color Emoji','Segoe UI Emoji','Segoe UI Symbol';font-weight: bold;-webkit-font-smoothing: antialiased;-moz-osx-font-smoothing: antialiased;-webkit-appearance: optimizelegibility;-moz-appearance: optimizelegibility;appearance: optimizelegibility;margin: 1em 0 0.625em 0;color: rgb(54,55,55);line-height: 1.16em;font-size: 1.125em;">&#129309; M&amp;A</h4><ul style="margin-top: 0;padding: 0;"><li style="margin: 8px 0 0 32px;mso-special-format: bullet;"><p style="color: rgb(54,55,55);line-height: 26px;margin-bottom: 0;box-sizing: border-box;padding-left: 4px;font-size: 16px;margin: 0;"><strong>DeFi Technologies</strong><span>, a Toronto based publicly traded crypto investing firm </span><a href="https://substack.com/redirect/073c4ddc-be25-4c8e-80cb-c53516b2a65c?j=eyJ1IjoiMzZuZmw0In0.4eiGI4rivRuKCtZpUgTEqhM2H3NJM6U8dLH7tXnICvU" rel="" style="color: rgb(54,55,55);text-decoration: underline;">acquired</a><span> </span><strong>Neuronomics AG</strong><span>, a Swiss algorithmic asset management firm</span></p></li></ul><div style="font-size: 16px;line-height: 26px;"><hr style="margin: 32px 0;padding: 0;height: 1px;background: #e6e6e6;border: none;"></div><h5 style="font-family: 'SF Pro Display',-apple-system-headline,system-ui,-apple-system,BlinkMacSystemFont,'Segoe UI',Roboto,Helvetica,Arial,sans-serif,'Apple Color Emoji','Segoe UI Emoji','Segoe UI Symbol';font-weight: bold;-webkit-font-smoothing: antialiased;-moz-osx-font-smoothing: antialiased;-webkit-appearance: optimizelegibility;-moz-appearance: optimizelegibility;appearance: optimizelegibility;margin: 1em 0 0.625em 0;color: rgb(54,55,55);line-height: 1.16em;">A MESSAGE FROM THE CANADIAN FINANCE SUMMIT</h5><p style="margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-size: 16px;"><span>Get your ticket to </span><a href="https://substack.com/redirect/f8129422-2b1f-48c4-ab7f-15a5aa4af77d?j=eyJ1IjoiMzZuZmw0In0.4eiGI4rivRuKCtZpUgTEqhM2H3NJM6U8dLH7tXnICvU" rel="" style="color: rgb(54,55,55);text-decoration: underline;">Canada&#8217;s largest fintech conference</a><span>! Here&#8217;s what you can expect &#128071;</span></p><ul style="margin-top: 0;padding: 0;"><li style="margin: 8px 0 0 32px;mso-special-format: bullet;"><p style="color: rgb(54,55,55);line-height: 26px;margin-bottom: 0;box-sizing: border-box;padding-left: 4px;font-size: 16px;margin: 0;"><span>Executives from </span><a href="https://substack.com/redirect/f8129422-2b1f-48c4-ab7f-15a5aa4af77d?j=eyJ1IjoiMzZuZmw0In0.4eiGI4rivRuKCtZpUgTEqhM2H3NJM6U8dLH7tXnICvU" rel="" style="color: rgb(54,55,55);text-decoration: underline;">every Canadian bank</a></p></li><li style="margin: 8px 0 0 32px;mso-special-format: bullet;"><p style="color: rgb(54,55,55);line-height: 26px;margin-bottom: 0;box-sizing: border-box;padding-left: 4px;font-size: 16px;margin: 0;"><span>Founders from over </span><a href="https://substack.com/redirect/f8129422-2b1f-48c4-ab7f-15a5aa4af77d?j=eyJ1IjoiMzZuZmw0In0.4eiGI4rivRuKCtZpUgTEqhM2H3NJM6U8dLH7tXnICvU" rel="" style="color: rgb(54,55,55);text-decoration: underline;">300 Canadian fintechs</a></p></li><li style="margin: 8px 0 0 32px;mso-special-format: bullet;"><p style="color: rgb(54,55,55);line-height: 26px;margin-bottom: 0;box-sizing: border-box;padding-left: 4px;font-size: 16px;margin: 0;"><span>+1,000 meetings </span><a href="https://substack.com/redirect/f8129422-2b1f-48c4-ab7f-15a5aa4af77d?j=eyJ1IjoiMzZuZmw0In0.4eiGI4rivRuKCtZpUgTEqhM2H3NJM6U8dLH7tXnICvU" rel="" style="color: rgb(54,55,55);text-decoration: underline;">scheduled</a><span> </span></p></li></ul><p class="button-wrapper" data-component-name="ButtonCreateButton" data-attrs="{&quot;url&quot;:&quot;https://financeevents.ca/&quot;,&quot;text&quot;:&quot;Get Your Ticket Here&quot;,&quot;action&quot;:null,&quot;class&quot;:&quot;button-wrapper&quot;}" style="margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-size: 16px;text-align: center;cursor: pointer;border-radius: 4px;"><a class="button primary button-wrapper" rel="" href="https://substack.com/redirect/f8129422-2b1f-48c4-ab7f-15a5aa4af77d?j=eyJ1IjoiMzZuZmw0In0.4eiGI4rivRuKCtZpUgTEqhM2H3NJM6U8dLH7tXnICvU" style="font-family: system-ui,-apple-system,BlinkMacSystemFont,'Segoe UI',Roboto,Helvetica,Arial,sans-serif,'Apple Color Emoji','Segoe UI Emoji','Segoe UI Symbol';display: inline-block;box-sizing: border-box;border: none;font-size: 14px;line-height: 20px;font-weight: 600;margin: 0;opacity: 1;outline: none;white-space: nowrap;color: #ffffff !important;text-decoration: none !important;text-align: center;cursor: pointer;border-radius: 4px;background-color: #e85c57;padding: 12px 20px;height: auto;"><span style="color: #ffffff;text-decoration: none;">Get Your Ticket Here</span></a></p><div style="font-size: 16px;line-height: 26px;"><hr style="margin: 32px 0;padding: 0;height: 1px;background: #e6e6e6;border: none;"></div><h4 class="header-anchor-post" style="position: relative;--highlight-bg: rgba(var(--color-bg-accent-themed-rgb), 0.2);font-family: 'SF Pro Display',-apple-system-headline,system-ui,-apple-system,BlinkMacSystemFont,'Segoe UI',Roboto,Helvetica,Arial,sans-serif,'Apple Color Emoji','Segoe UI Emoji','Segoe UI Symbol';font-weight: bold;-webkit-font-smoothing: antialiased;-moz-osx-font-smoothing: antialiased;-webkit-appearance: optimizelegibility;-moz-appearance: optimizelegibility;appearance: optimizelegibility;margin: 1em 0 0.625em 0;color: rgb(54,55,55);line-height: 1.16em;font-size: 1.125em;">&#128640; Product</h4><ul style="margin-top: 0;padding: 0;"><li style="margin: 8px 0 0 32px;mso-special-format: bullet;"><p style="color: rgb(54,55,55);line-height: 26px;margin-bottom: 0;box-sizing: border-box;padding-left: 4px;font-size: 16px;margin: 0;"><strong>Canada Post</strong><span> launched their previously </span><a href="https://substack.com/redirect/40514721-5b11-4e9f-a3e5-9eb24db117dd?j=eyJ1IjoiMzZuZmw0In0.4eiGI4rivRuKCtZpUgTEqhM2H3NJM6U8dLH7tXnICvU" rel="" style="color: rgb(54,55,55);text-decoration: underline;">announced</a><span> spending &amp; savings account via </span><strong>KOHO</strong><span>.</span></p></li><li style="margin: 8px 0 0 32px;mso-special-format: bullet;"><p style="margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;margin-bottom: 0;box-sizing: border-box;padding-left: 4px;font-size: 16px;"><strong>Sun Life</strong><span> will start </span><a href="https://substack.com/redirect/9ddf8cef-e0d7-4337-90ac-984d5970a5bd?j=eyJ1IjoiMzZuZmw0In0.4eiGI4rivRuKCtZpUgTEqhM2H3NJM6U8dLH7tXnICvU" rel="" style="color: rgb(54,55,55);text-decoration: underline;">offering</a><span> their life insurance clients </span><strong>Empathy</strong><span>, a US based estate planning and probate platform.</span></p><ul style="margin-top: 0;padding: 0;"><li style="margin: 8px 0 0 32px;mso-special-format: bullet;"><p style="color: rgb(54,55,55);line-height: 26px;margin-bottom: 0;box-sizing: border-box;padding-left: 4px;font-size: 16px;margin: 0;"><strong>ClearEstate</strong><span> is a Canadian competitor in this space.</span></p></li></ul></li><li style="margin: 8px 0 0 32px;mso-special-format: bullet;"><p style="margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;margin-bottom: 0;box-sizing: border-box;padding-left: 4px;font-size: 16px;"><strong>Shopify</strong><span> </span><a href="https://substack.com/redirect/5e92a499-7073-4e48-aa28-beae12c13672?j=eyJ1IjoiMzZuZmw0In0.4eiGI4rivRuKCtZpUgTEqhM2H3NJM6U8dLH7tXnICvU" rel="" style="color: rgb(54,55,55);text-decoration: underline;">moved</a><span> its US public listing from </span><strong>NYSE</strong><span> to the </span><strong>Nasdaq</strong><span>.</span></p><ul style="margin-top: 0;padding: 0;"><li style="margin: 8px0 0 32px;mso-special-format: bullet;"><p style="color: rgb(54,55,55);line-height: 26px;margin-bottom: 0;box-sizing: border-box;padding-left: 4px;font-size: 16px;margin: 0;"><span>Last month the Canadian fintech added NYC as a second HQ, sparking rumors that it was </span><a href="https://substack.com/redirect/caace91b-f033-49f1-b891-f0fb2fe67df3?j=eyJ1IjoiMzZuZmw0In0.4eiGI4rivRuKCtZpUgTEqhM2H3NJM6U8dLH7tXnICvU" rel="" style="color: rgb(54,55,55);text-decoration: underline;">domiciling</a><span>.</span></p></li></ul></li><li style="margin: 8px 0 0 32px;mso-special-format: bullet;"><p style="color: rgb(54,55,55);line-height: 26px;margin-bottom: 0;box-sizing: border-box;padding-left: 4px;font-size: 16px;margin: 0;"><strong>Venturevest</strong><span>, a Montreal based alternative investment marketplace for retail investors </span><a href="https://substack.com/redirect/f5b4c29b-4884-4ba3-9b2d-3960a6e028b5?j=eyJ1IjoiMzZuZmw0In0.4eiGI4rivRuKCtZpUgTEqhM2H3NJM6U8dLH7tXnICvU" rel="" style="color: rgb(54,55,55);text-decoration: underline;">launched</a><span> their beta.</span></p></li><li style="margin: 8px 0 0 32px;mso-special-format: bullet;"><p style="margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;margin-bottom: 0;box-sizing: border-box;padding-left: 4px;font-size: 16px;"><strong>Addy</strong><span>, a Vancouver based platform to invest in fractional real estate properties &amp; mortgages was </span><a href="https://substack.com/redirect/1a9ec96e-9e14-47b3-886e-7b54a9f17736?j=eyJ1IjoiMzZuZmw0In0.4eiGI4rivRuKCtZpUgTEqhM2H3NJM6U8dLH7tXnICvU" rel="" style="color: rgb(54,55,55);text-decoration: underline;">fined</a><span> $100k by BC&#8217;s securities regulator.</span></p><ul style="margin-top: 0;padding: 0;"><li style="margin: 8px 0 0 32px;mso-special-format: bullet;"><p style="color: rgb(54,55,55);line-height: 26px;margin-bottom: 0;box-sizing: border-box;padding-left: 4px;font-size: 16px;margin: 0;">Addy avoided registering as a securities dealer under BC&#8217;s &#8220;crowdfunding&#8221; exemption.</p></li><li style="margin: 8px 0 0 32px;mso-special-format: bullet;"><p style="color: rgb(54,55,55);line-height: 26px;margin-bottom: 0;box-sizing: border-box;padding-left: 4px;font-size: 16px;margin: 0;"><span>Canadian regulators have increased their </span><a href="https://substack.com/redirect/3084aa48-bd75-43d2-9a05-b154235f2f37?j=eyJ1IjoiMzZuZmw0In0.4eiGI4rivRuKCtZpUgTEqhM2H3NJM6U8dLH7tXnICvU" rel="" style="color: rgb(54,55,55);text-decoration: underline;">scrutiny</a><span> of online trading platforms in the wake of major crypto platforms going bust in recent years.</span></p></li><li style="margin: 8px 0 0 32px;mso-special-format: bullet;"><p style="color: rgb(54,55,55);line-height: 26px;margin-bottom: 0;box-sizing: border-box;padding-left: 4px;font-size: 16px;margin: 0;">Fractional real estate trading is a very mature industry in the US, but an emerging one in Canada. Instead, Canadian investors have been able to get exposure to the asset class through REITs, which allow you to buy into a pool of real estate properties (vs a specific property).</p></li></ul></li></ul><div class="captioned-image-container-static" style="font-size: 16px;line-height: 26px;margin: 32px auto;"><figure style="width: 100%;margin: 0 auto;"><table class="image-wrapper" data-component-name="Image2ToDOMStatic" width="100%" border="0" cellspacing="0" cellpadding="0" style="mso-padding-alt: 1em 0 1.6em;"><tbody><tr><td style="text-align: center;"></td><td class="content" align="left" width="611" style="text-align: center;"><a class="image-link" rel="" target="_blank" href="https://substack.com/redirect/ab159e68-6192-45e9-a480-3e81aabab464?j=eyJ1IjoiMzZuZmw0In0.4eiGI4rivRuKCtZpUgTEqhM2H3NJM6U8dLH7tXnICvU" style="position: relative;flex-direction: column;align-items: center;padding: 0;width: auto;height: auto;border: none;text-decoration: none;display: block;margin: 0;"><img class="wide-image" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/c9aca7f2-3c8b-4d33-8804-48f27450bf3e_611x900.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:900,&quot;width&quot;:611,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:855690,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:&quot;https://www.linkedin.com/in/talbschwartz/&quot;,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:&quot;https://canadianfintech.substack.com/i/159741710?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fc9aca7f2-3c8b-4d33-8804-48f27450bf3e_611x900.png&quot;,&quot;isProcessing&quot;:false}" alt="" width="550" height="810.1472995090016" src="https://substackcdn.com/image/fetch/w_1100,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fc9aca7f2-3c8b-4d33-8804-48f27450bf3e_611x900.png" style="border: none !important;vertical-align: middle;display: block;-ms-interpolation-mode: bicubic;height: auto;margin-bottom: 0;width: auto !important;max-width: 100% !important;margin: 0 auto;"></a></td><td style="text-align: center;"></td></tr></tbody></table></figure></div><div style="font-size: 16px;line-height: 26px;"><hr style="margin: 32px 0;padding: 0;height: 1px;background: #e6e6e6;border: none;"></div><h4 class="header-anchor-post" style="position: relative;--highlight-bg: rgba(var(--color-bg-accent-themed-rgb), 0.2);font-family: 'SF Pro Display',-apple-system-headline,system-ui,-apple-system,BlinkMacSystemFont,'Segoe UI',Roboto,Helvetica,Arial,sans-serif,'Apple Color Emoji','Segoe UI Emoji','Segoe UI Symbol';font-weight: bold;-webkit-font-smoothing: antialiased;-moz-osx-font-smoothing: antialiased;-webkit-appearance: optimizelegibility;-moz-appearance: optimizelegibility;appearance: optimizelegibility;margin: 1em 0 0.625em 0;color: rgb(54,55,55);line-height: 1.16em;font-size: 1.125em;">&#9878;&#65039; Policy</h4><ul style="margin-top: 0;padding: 0;"><li style="margin: 8px 0 0 32px;mso-special-format: bullet;"><p style="color: rgb(54,55,55);line-height: 26px;margin-bottom: 0;box-sizing: border-box;padding-left: 4px;font-size: 16px;margin: 0;"><strong>OSFI</strong><span> </span><a href="https://substack.com/redirect/2278440a-ab0b-4f80-baca-c7ca06d34094?j=eyJ1IjoiMzZuZmw0In0.4eiGI4rivRuKCtZpUgTEqhM2H3NJM6U8dLH7tXnICvU" rel="" style="color: rgb(54,55,55);text-decoration: underline;">released</a><span> their annual risk outlook. New themes this year include concerns over the condo market; AI governance and fraud; and global macro instability.</span></p></li></ul><div style="font-size: 16px;line-height: 26px;"><hr style="margin: 32px 0;padding: 0;height: 1px;background: #e6e6e6;border: none;"></div><p style="margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-size: 16px;"><strong>Raising money for your fintech?</strong><span> </span><a href="https://substack.com/redirect/080d0699-0702-4f68-bd1c-e408a023b93d?j=eyJ1IjoiMzZuZmw0In0.4eiGI4rivRuKCtZpUgTEqhM2H3NJM6U8dLH7tXnICvU" rel="" style="color: rgb(54,55,55);text-decoration: underline;">Fill out this form</a></p><p style="margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-size: 16px;"><strong>Want to invest in Canadian fintech?</strong><span> </span><a href="https://substack.com/redirect/9586fdd4-fbe0-4b85-bc70-245ffdce91b1?j=eyJ1IjoiMzZuZmw0In0.4eiGI4rivRuKCtZpUgTEqhM2H3NJM6U8dLH7tXnICvU" rel="" style="color: rgb(54,55,55);text-decoration: underline;">Fill out this form</a></p><div style="font-size: 16px;line-height: 26px;"><hr style="margin: 32px 0;padding: 0;height: 1px;background: #e6e6e6;border: none;"></div><p style="margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-size: 16px;">Want to get in front of 12,421 fintech decision makers? Reply to this email to become a sponsor.</p><p style="margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-size: 16px;margin-bottom: 0;">Have a great week! 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  16. Weigh in on Payment Network Deals

    Fri, 21 Mar 2025 02:28:28 -0000

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</style><![endif]--></head> <!--[if mso]> <body class="mso"> <![endif]--> <!--[if !mso]><!--> <body class="main full-padding" style="margin: 0;padding: 0;-webkit-text-size-adjust: 100%;"> <!--<![endif]--><div style="mso-hide:all;position:fixed;height:0;max-height:0;overflow:hidden;font-size:0;">This seven minute survey could net you $50. 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N, Sacramento, CA 95816</p></div> </div> <div class="email-footer__additional-info" style="font-size: 12px;line-height: 19px;margin-bottom: 18px;margin-top: 0px;"> <div><p class="email-flexible-footer__additionalinfo--center" style="Margin-top: 0;Margin-bottom: 0;">Totavi is a boutique consulting firm specializing in fintech.&nbsp;</p><p class="email-flexible-footer__additionalinfo--center" style="Margin-top: 0;Margin-bottom: 0;">Visit&nbsp;<a style="text-decoration: underline;transition: opacity 0.1s ease-in;color: #717a8a;" href="https://totavi.cmail19.com/t/y-l-chlhjiy-duhkhyultu-t/">www.totavi.com</a>&nbsp;to learn more.</p></div> </div> <div class="email-footer__additional-info" style="font-size: 12px;line-height: 19px;margin-bottom: 15px;"> <div bind-to="permission"><p class="email-flexible-footer__additionalinfo--center" style="Margin-top: 0;Margin-bottom: 0;">You are receiving this email because you subscribed to CardsFTW.</p></div> </div> <div class="email-footer__additional-info" style="font-size: 12px;line-height: 19px;margin-bottom: 15px;"> <a style="text-decoration: underline;transition: opacity 0.1s ease-in;color: #717a8a;" href="https://totavi.cmail19.com/t/y-u-chlhjiy-duhkhyultu-d/" lang="en">Unsubscribe</a> </div> <!--[if mso]>&nbsp;<![endif]--> </div> </div></td></tr></tbody></table> <!--[if mso]></table></td><![endif]--> <!--[if mso]></td></tr></table><![endif]--> </div> </div><div style="line-height:40px;font-size:40px;" id="footer-bottom-spacing">&nbsp;</div></div> </td></tr></tbody></table> <style type="text/css"> @media (max-width:619px){.email-flexible-footer .left-aligned-footer .column,.email-flexible-footer .center-aligned-footer,.email-flexible-footer .right-aligned-footer .column{max-width:100% !important;text-align:center !important;width:100% !important}.flexible-footer-logo{margin-left:0px !important;margin-right:0px !important}.email-flexible-footer .left-aligned-footer .flexible-footer__share-button__container,.email-flexible-footer .center-aligned-footer .flexible-footer__share-button__container,.email-flexible-footer .right-aligned-footer .flexible-footer__share-button__container{display:inline-block;margin-left:5px !important;margin-right:5px !important}.email-flexible-footer__additionalinfo--center{text-align:center !important}.email-flexible-footer .left-aligned-footer table,.email-flexible-footer .center-aligned-footer table,.email-flexible-footer .right-aligned-footer table{display:table !important;width:100% !important}.email-flexible-footer .footer__share-button,.email-flexible-footer .email-footer__additional-info{margin-left:20px;margin-right:20px}} </style><img style="visibility: hidden !important; display: block !important; height:1px !important; width:1px !important; border: 0 !important; margin: 0 !important; padding: 0 !important" src="https://totavi.cmail19.com/t/y-o-chlhjiy-duhkhyultu/o.gif" width="1" height="1" border="0" alt=""> </body></html>
  17. CardsFTW #147: Credit Card Program Manager Report

    Wed, 19 Mar 2025 16:15:54 -0000

    <!doctype html> <html> <head> <meta name="viewport" content="width=device-width"> <meta http-equiv="Content-Type" content="text/html; charset=UTF-8"> <!--[if mso]><xml><o:OfficeDocumentSettings><o:PixelsPerInch>96</o:PixelsPerInch><o:AllowPNG/></o:OfficeDocumentSettings></xml><![endif]--> <title>CardsFTW #147: Credit Card Program Manager Report</title> <style> .post-title-link { display: block; margin-top: 32px; color: #15212A; text-align: center; line-height: 1.1em; } .post-title-link-left { text-align: left; } .view-online-link { word-wrap: none; white-space: nowrap; color: #738a94; text-decoration: underline !important; } .kg-nft-link { display: block; text-decoration: none !important; color: #15212A !important; font-family: inherit !important; font-size: 14px; line-height: 1.3em; padding-top: 4px; padding-right: 20px; padding-left: 20px; padding-bottom: 4px; } .kg-twitter-link { display: block; text-decoration: none !important; color: #15212A !important; font-family: inherit !important; 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line-height: inherit; } .btn-primary table td:hover { background-color: #34495e !important; } .btn-primary a:hover { background-color: #34495e !important; border-color: #34495e !important; } } </style> </head> <body style="background-color: #fff; font-family: -apple-system, BlinkMacSystemFont, &#39;Segoe UI&#39;, Roboto, Helvetica, Arial, sans-serif, &#39;Apple Color Emoji&#39;, &#39;Segoe UI Emoji&#39;, &#39;Segoe UI Symbol&#39;; -webkit-font-smoothing: antialiased; font-size: 18px; line-height: 1.4; margin: 0; padding: 0; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%; color: #15212A;"> <span class="preheader" style="color: transparent; display: none; height: 0; max-height: 0; max-width: 0; opacity: 0; overflow: hidden; mso-hide: all; visibility: hidden; width: 0;">Plus, Fintech Meetup Wrap-up, Wyndham Debit, and More</span> <table role="presentation" border="0" cellpadding="0" cellspacing="0" class="body" width="100%" style="border-collapse: separate; mso-table-lspace: 0pt; mso-table-rspace: 0pt; background-color: #fff; width: 100%;" bgcolor="#fff"> <!-- Outlook doesn't respect max-width so we need an extra centered table --> <!--[if mso]> <tr> <td> <center> <table border="0" cellpadding="0" cellspacing="0" width="600"> <![endif]--> <tr> <td style="font-family: -apple-system, BlinkMacSystemFont, &#39;Segoe UI&#39;, Roboto, Helvetica, Arial, sans-serif, &#39;Apple Color Emoji&#39;, &#39;Segoe UI Emoji&#39;, &#39;Segoe UI Symbol&#39;; font-size: 18px; vertical-align: top; color: #15212A;" valign="top">&#xA0;</td> <td class="container" style="font-family: -apple-system, BlinkMacSystemFont, &#39;Segoe UI&#39;, Roboto, Helvetica, Arial, sans-serif, &#39;Apple Color Emoji&#39;, &#39;Segoe UI Emoji&#39;, &#39;Segoe UI Symbol&#39;; font-size: 18px; vertical-align: top; color: #15212A; display: block; max-width: 600px; margin: 0 auto;" valign="top"> <div class="content" style="box-sizing: border-box; display: block; margin: 0 auto; max-width: 600px;"> <!-- START CENTERED WHITE CONTAINER --> <table role="presentation" border="0" cellpadding="0" cellspacing="0" class="main" width="100%" style="border-collapse: separate; mso-table-lspace: 0pt; mso-table-rspace: 0pt; background: #ffffff; border-radius: 3px; border-spacing: 20px 0; width: 100%;"> <!-- START MAIN CONTENT AREA --> <tr> <td class="wrapper" style="font-family: -apple-system, BlinkMacSystemFont, &#39;Segoe UI&#39;, Roboto, Helvetica, Arial, sans-serif, &#39;Apple Color Emoji&#39;, &#39;Segoe UI Emoji&#39;, &#39;Segoe UI Symbol&#39;; font-size: 18px; vertical-align: top; color: #15212A; box-sizing: border-box;" valign="top"> <table role="presentation" border="0" cellpadding="0" cellspacing="0" width="100%" style="border-collapse: separate; mso-table-lspace: 0pt; mso-table-rspace: 0pt; width: 100%;"> <tr class="header-image-row"> <td class="header-image" width="100%" align="center" style="font-family: -apple-system, BlinkMacSystemFont, &#39;Segoe UI&#39;, Roboto, Helvetica, Arial, sans-serif, &#39;Apple Color Emoji&#39;, &#39;Segoe UI Emoji&#39;, &#39;Segoe UI Symbol&#39;; font-size: 18px; vertical-align: top; color: #15212A; padding-top: 24px; padding-bottom: 16px;" valign="top"> <a href="https://www.cardsftw.com/r/c95e7c52?m=c62b746c-f2ed-4fee-8f26-488cc07e1c4e" style="color: #F9A60D; text-decoration: none; overflow-wrap: anywhere;" target="_blank"> <img src="https://www.cardsftw.com/content/images/size/w1200/2024/01/cftw-logo-3.png" width="600" style="border: none; -ms-interpolation-mode: bicubic; max-width: 100%;"> </a> </td> </tr> <tr> <td class="post-title post-title-with-excerpt post-title-serif" style="vertical-align: top; color: #15212A; font-size: 36px; line-height: 1.1em; font-weight: 700; text-align: center; padding-bottom: 8px; font-family: Georgia, serif; letter-spacing: -0.01em;" valign="top" align="center"> <a href="https://www.cardsftw.com/r/fe6b03ce?m=c62b746c-f2ed-4fee-8f26-488cc07e1c4e" class="post-title-link" style="text-decoration: none; display: block; margin-top: 32px; color: #15212A; text-align: center; line-height: 1.1em; overflow-wrap: anywhere;" target="_blank">CardsFTW #147: Credit Card Program Manager Report</a> </td> </tr> <tr> <td style="font-family: -apple-system, BlinkMacSystemFont, &#39;Segoe UI&#39;, Roboto, Helvetica, Arial, sans-serif, &#39;Apple Color Emoji&#39;, &#39;Segoe UI Emoji&#39;, &#39;Segoe UI Symbol&#39;; font-size: 18px; vertical-align: top; color: #15212A; width: 100%;" width="100%" valign="top"> <table class="post-meta-wrapper" role="presentation" border="0" cellpadding="0" cellspacing="0" width="100%" style="border-collapse: separate; mso-table-lspace: 0pt; mso-table-rspace: 0pt; width: 100%; padding-bottom: 32px;"> <tr> <td height="20" class="post-meta post-meta-center" style="font-family: -apple-system, BlinkMacSystemFont, &#39;Segoe UI&#39;, Roboto, Helvetica, Arial, sans-serif, &#39;Apple Color Emoji&#39;, &#39;Segoe UI Emoji&#39;, &#39;Segoe UI Symbol&#39;; vertical-align: top; color: #738a94; font-size: 13px; font-weight: 400; text-align: center; padding: 0;" valign="top" align="center"> By Matthew Goldman &#x2022; <span class="post-meta-date" style="white-space: nowrap;">19 Mar 2025 </span> </td> <td class="post-meta post-meta-center view-online desktop" style="font-family: -apple-system, BlinkMacSystemFont, &#39;Segoe UI&#39;, Roboto, Helvetica, Arial, sans-serif, &#39;Apple Color Emoji&#39;, &#39;Segoe UI Emoji&#39;, &#39;Segoe UI Symbol&#39;; vertical-align: top; color: #738a94; font-size: 13px; font-weight: 400; text-align: center; display: none;" valign="top" align="center"> <a href="https://www.cardsftw.com/r/c0d86be7?m=c62b746c-f2ed-4fee-8f26-488cc07e1c4e" class="view-online-link" style="word-wrap: none; white-space: nowrap; color: #738a94; overflow-wrap: anywhere; text-decoration: underline;" target="_blank">View in browser</a> </td> </tr> <tr class="post-meta post-meta-center view-online-mobile" style="color: #738a94; font-size: 13px; font-weight: 400; text-align: center;" align="center"> <td height="20" class="view-online" style="font-family: -apple-system, BlinkMacSystemFont, &#39;Segoe UI&#39;, Roboto, Helvetica, Arial, sans-serif, &#39;Apple Color Emoji&#39;, &#39;Segoe UI Emoji&#39;, &#39;Segoe UI Symbol&#39;; vertical-align: top; color: #738a94; font-size: 13px; font-weight: 400; text-align: center; text-decoration: underline;" valign="top" align="center"> <a href="https://www.cardsftw.com/r/b5949c88?m=c62b746c-f2ed-4fee-8f26-488cc07e1c4e" class="view-online-link" style="word-wrap: none; white-space: nowrap; color: #738a94; overflow-wrap: anywhere; text-decoration: underline;" target="_blank">View in browser</a> </td> </tr> </table> </td> </tr> <tr class="post-content-row"> <td class="post-content-sans-serif" style="font-family: -apple-system, BlinkMacSystemFont, &#39;Segoe UI&#39;, Roboto, Helvetica, Arial, sans-serif, &#39;Apple Color Emoji&#39;, &#39;Segoe UI Emoji&#39;, &#39;Segoe UI Symbol&#39;; vertical-align: top; font-size: 17px; line-height: 1.5em; color: #15212A; padding-bottom: 20px; border-bottom: 1px solid #e5eff5; max-width: 600px;" valign="top"> <!-- POST CONTENT START --> <h2 id="2025-totavi-credit-card-program-manager-report" style="margin-top: 0; font-family: -apple-system, BlinkMacSystemFont, &#39;Segoe UI&#39;, Roboto, Helvetica, Arial, sans-serif, &#39;Apple Color Emoji&#39;, &#39;Segoe UI Emoji&#39;, &#39;Segoe UI Symbol&#39;; line-height: 1.11em; font-weight: 700; text-rendering: optimizeLegibility; margin: 1.5em 0 0.5em 0; font-size: 32px;">2025 Totavi Credit Card Program Manager Report</h2><p style="margin: 0 0 1.5em 0; line-height: 1.6em;">Writing CardsFTW doesn&#x2019;t pay the bills. (There are a lot of credit card bills.) My day job, as many of you know, is leading the exceptional team at Totavi. We specialize in helping companies of all sizes implement innovative new payment card products. We also have a growing research business in developing public and proprietary reports on various fintech topics.</p><p style="margin: 0 0 1.5em 0; line-height: 1.6em;">Our first report was the Credit-Cards-as-a-Service Report, released at the end of 2023. I am excited to share our first report of 2025, an updated and expanded report on <a href="https://www.cardsftw.com/r/9d6ccb44?m=c62b746c-f2ed-4fee-8f26-488cc07e1c4e" rel="noreferrer" style="overflow-wrap: anywhere; color: #F9A60D; text-decoration: underline;" target="_blank">Credit Card Program Management Platforms</a> (FKA credit-cards-as-a-service).</p><p style="margin: 0 0 1.5em 0; line-height: 1.6em;">Subscribers to Totavi&#x2019;s research subscription will already have a copy in their inboxes. You can purchase yours today (or subscribe) at <a href="https://www.cardsftw.com/r/5bb1154f?m=c62b746c-f2ed-4fee-8f26-488cc07e1c4e" rel="noreferrer" style="overflow-wrap: anywhere; color: #F9A60D; text-decoration: underline;" target="_blank">www.totavi.com/research</a></p><p style="margin: 0 0 1.5em 0; line-height: 1.6em;"></p><div class="btn btn-accent" style="box-sizing: border-box; width: 100%; display: table;"><table border="0" cellspacing="0" cellpadding="0" align="center" style="border-collapse: separate; mso-table-lspace: 0pt; mso-table-rspace: 0pt; width: auto;" width="auto"><tr><td align="center" style="font-size: 18px; vertical-align: top; color: #15212A; border-radius: 5px; text-align: center; font-family: -apple-system, BlinkMacSystemFont, &#39;Segoe UI&#39;, Roboto, Helvetica, Arial, sans-serif, &#39;Apple Color Emoji&#39;, &#39;Segoe UI Emoji&#39;, &#39;Segoe UI Symbol&#39;; background-color: #F9A60D;" valign="top" bgcolor="#F9A60D"><a href="https://www.cardsftw.com/r/407d22e6?m=c62b746c-f2ed-4fee-8f26-488cc07e1c4e" style="overflow-wrap: anywhere; border: solid 1px #3498db; border-radius: 5px; box-sizing: border-box; cursor: pointer; display: inline-block; font-size: 14px; font-weight: bold; margin: 0; padding: 12px 25px; text-decoration: none; background-color: #F9A60D; border-color: #F9A60D; color: #FFFFFF;" target="_blank">Download the New Report</a></td></tr></table></div><p style="margin: 0 0 1.5em 0; line-height: 1.6em;"></p><h2 id="fintech-meetup-2025" style="margin-top: 0; font-family: -apple-system, BlinkMacSystemFont, &#39;Segoe UI&#39;, Roboto, Helvetica, Arial, sans-serif, &#39;Apple Color Emoji&#39;, &#39;Segoe UI Emoji&#39;, &#39;Segoe UI Symbol&#39;; line-height: 1.11em; font-weight: 700; text-rendering: optimizeLegibility; margin: 1.5em 0 0.5em 0; font-size: 32px;">Fintech Meetup 2025</h2><blockquote style="margin: 0; padding: 0; border-left: #F9A60D 2px solid; font-size: 17px; font-weight: 500; line-height: 1.6em; letter-spacing: -0.2px;"><p style="line-height: 1.6em; margin: 2em 25px; font-size: 1em; padding: 0;">Me: I&#x2019;m going to Fintech Meetup<br>Them: Where&#x2019;s your meetup?<br>Me: Vegas<br>Them: You&#x2019;re going all the way to Vegas for a meetup?</p></blockquote><p style="margin: 0 0 1.5em 0; line-height: 1.6em;">Fintech Meetup (FTMU) is, well, not exactly a meetup. My first trip to this conference was great. With thousands of folks attending, I had an opportunity to meet with clients and partners, be introduced to new folks via the conference&#39;s matching platform, and had a generally good time.</p><p style="margin: 0 0 1.5em 0; line-height: 1.6em;">The conference was more intimate than the Money20/20 crowds (if ~4,000 people is intimate), and I appreciated easier access to various restaurants. The crowd was also different. I felt that folks at FTMU were more focused on getting something done, especially on a business-to-business basis than at other conferences.&#xA0;</p><p style="margin: 0 0 1.5em 0; line-height: 1.6em;">There was a lot of talk about the changes in regulations and stablecoins (of course). I&#x2019;ve also noticed a shift away from big booths (no one&#x2019;s booth was truly humungous here) to spending more time together.</p><div class="align-center" style="text-align: center;"><hr style="position: relative; display: block; width: 100%; margin: 3em 0; padding: 0; height: 1px; border: 0; border-top: 1px solid #e5eff5;"><p style="margin: 0 0 1.5em 0; line-height: 1.6em;"><span style="white-space: pre-wrap;">Thank you for subscribing to&#xA0;CardsFTW. Please consider supporting this newsletter&#xA0;by upgrading to a paid subscription today.</span></p><div class="btn btn-accent" style="box-sizing: border-box; width: 100%; display: table;"> <table border="0" cellspacing="0" cellpadding="0" align="center" style="border-collapse: separate; mso-table-lspace: 0pt; mso-table-rspace: 0pt; width: auto;" width="auto"> <tbody> <tr> <td align="center" style="font-size: 18px; vertical-align: top; color: #15212A; border-radius: 5px; text-align: center; font-family: -apple-system, BlinkMacSystemFont, &#39;Segoe UI&#39;, Roboto, Helvetica, Arial, sans-serif, &#39;Apple Color Emoji&#39;, &#39;Segoe UI Emoji&#39;, &#39;Segoe UI Symbol&#39;; background-color: #F9A60D;" valign="top" bgcolor="#F9A60D"> <a href="https://www.cardsftw.com/r/eef3a664?m=c62b746c-f2ed-4fee-8f26-488cc07e1c4e" style="overflow-wrap: anywhere; border: solid 1px #3498db; border-radius: 5px; box-sizing: border-box; cursor: pointer; display: inline-block; font-size: 14px; font-weight: bold; margin: 0; padding: 12px 25px; text-decoration: none; background-color: #F9A60D; border-color: #F9A60D;color: #FFFFFF;" target="_blank">Upgrade to Paid</a> </td> </tr> </tbody> </table> </div> <p style="margin: 0 0 1.5em 0; line-height: 1.6em;"></p><hr style="position: relative; display: block; width: 100%; margin: 3em 0; padding: 0; height: 1px; border: 0; border-top: 1px solid #e5eff5;"></div><h2 id="hotel-reward-debit-cards-land-in-the-new-world" style="margin-top: 0; font-family: -apple-system, BlinkMacSystemFont, &#39;Segoe UI&#39;, Roboto, Helvetica, Arial, sans-serif, &#39;Apple Color Emoji&#39;, &#39;Segoe UI Emoji&#39;, &#39;Segoe UI Symbol&#39;; line-height: 1.11em; font-weight: 700; text-rendering: optimizeLegibility; margin: 1.5em 0 0.5em 0; font-size: 32px;">Hotel Reward Debit Cards Land in the New World</h2><p style="margin: 0 0 1.5em 0; line-height: 1.6em;">Hilton launched a loyalty program debit card in the UK last October (see <a href="https://www.cardsftw.com/r/586e7368?m=c62b746c-f2ed-4fee-8f26-488cc07e1c4e" style="overflow-wrap: anywhere; color: #F9A60D; text-decoration: underline;" target="_blank"><em><u>CardsFTW #125</u></em></a>). Wyndham, another global hotel chain, <a href="https://www.cardsftw.com/r/02f56d1a?m=c62b746c-f2ed-4fee-8f26-488cc07e1c4e" style="overflow-wrap: anywhere; color: #F9A60D; text-decoration: underline;" target="_blank"><u>launched</u></a> a debit card in the U.S. this week, powered by Sunrise Bank and Galileo.</p><div class="kg-card kg-image-card kg-card-hascaption" style="margin: 0 0 1.5em; padding: 0;"><img src="https://www.cardsftw.com/content/images/2025/03/wyndham-debit.png" class="kg-image" alt="Blue vertical debit card with Wyndham Rewards logo in the center and Mastecard logo in the bottom right" loading="lazy" width="291" height="460" style="border: none; -ms-interpolation-mode: bicubic; max-width: 100%; display: block; margin: 0 auto; height: auto; width: auto;"><div class="kg-card-figcaption" style="text-align: center; font-family: -apple-system, BlinkMacSystemFont, &#39;Segoe UI&#39;, Roboto, Helvetica, Arial, sans-serif, &#39;Apple Color Emoji&#39;, &#39;Segoe UI Emoji&#39;, &#39;Segoe UI Symbol&#39;; padding-top: 10px; padding-bottom: 10px; line-height: 1.5em; color: #738a94; font-size: 13px;"><span style="text-align: center; white-space: pre-wrap;">That EMV chip is suspiciously Apple-like</span></div></div><p style="margin: 0 0 1.5em 0; line-height: 1.6em;">I don&#x2019;t understand this product. It&#x2019;s being pitched as a credit card substitute for Gen Z who doesn&#x2019;t want cards. We&#x2019;ve been down this road before: young folks don&#x2019;t use credit like their parents. We heard this with millennials (of which I am a member), and it turned out not to be true. It&#x2019;s just that <strong style="font-weight: 700;">younger</strong> consumers don&#x2019;t have as many credit cards as they used to, especially when it&#x2019;s illegal to market them on college campuses for the most part.</p><p style="margin: 0 0 1.5em 0; line-height: 1.6em;">In addition to my skepticism about the consumer demand for debit cards, the business-side economics of U.S. debit cards are very challenging. Not only is debit interchange always substantially (e.g., 25% or more) lower than credit interchange, but the situation is deteriorating due to secondary network routing. Beyond interchange revenue, charging for a debit card is very hard today, when many large fintech providers (e.g., Chime) offer a no monthly fee product.</p><p style="margin: 0 0 1.5em 0; line-height: 1.6em;">Not only is this card expensive ($6 per month), but you also earn just 0.5 Wyndham points (worth 0.6 cents per NerdWallet) on most purchases. You do get an upgrade to Wyndham Gold and can earn 7,500 points each year just for being a cardmember.</p><p style="margin: 0 0 1.5em 0; line-height: 1.6em;">I&#x2019;ll grant that something is better than nothing. If you really despise credit or don&#x2019;t qualify for a traditional rewards credit card, this option will enable you to earn something. I don&#x2019;t know if it&#x2019;s better than using a fee-free card like Chime, however.</p><p style="margin: 0 0 1.5em 0; line-height: 1.6em;">I am also concerned about how challenging it is to use debit cards at hotels. When you check into a hotel they will put a hold on your card for the amount of money they know you&#x2019;ll spend (e.g., your nightly rate, say $200, times the number of nights) plus some amount you might spend by charging things to your room (or causing damage), say another $300. Very quickly you might have a $700 charge for two nights at $400 each. If you have a credit card with a $5,000 line, no problem. You&#x2019;re not responsible for paying this authorization hold; just the final amount. Yes, the hold reduces your ability to spend, but you still have the money (somewhere else, like your checking account).</p><p style="margin: 0 0 1.5em 0; line-height: 1.6em;">With a debit card, the hotel will effectively take your money during that time because the hold reduces your debit card&#39;s available balance. In addition, holds don&#x2019;t always clear instantly, like we wish they would. It certainly won&#x2019;t close when you check-out, but likely will take anywhere from one to seven days depending on the day of the week, the individual hotel&#x2019;s policies (they are franchised), and other factors.</p><p style="margin: 0 0 1.5em 0; line-height: 1.6em;">This is a bad experience for consumers and probably for hotels, as well, which have to deal with the customer service challenges. This is why you often need a credit card for rental cars, hotels, and other similar charges.</p><p style="margin: 0 0 1.5em 0; line-height: 1.6em;">I think this will be a huge hurdle for Wyndham debit cardholders.</p><div class="align-center" style="text-align: center;"><hr style="position: relative; display: block; width: 100%; margin: 3em 0; padding: 0; height: 1px; border: 0; border-top: 1px solid #e5eff5;"><p style="margin: 0 0 1.5em 0; line-height: 1.6em;"><span style="white-space: pre-wrap;">Do you love CardsFTW? Share or forward this post to a friend!&#xA0;</span></p><hr style="position: relative; display: block; width: 100%; margin: 3em 0; padding: 0; height: 1px; border: 0; border-top: 1px solid #e5eff5;"></div><h2 id="new-us-bank-shield-card" style="margin-top: 0; font-family: -apple-system, BlinkMacSystemFont, &#39;Segoe UI&#39;, Roboto, Helvetica, Arial, sans-serif, &#39;Apple Color Emoji&#39;, &#39;Segoe UI Emoji&#39;, &#39;Segoe UI Symbol&#39;; line-height: 1.11em; font-weight: 700; text-rendering: optimizeLegibility; margin: 1.5em 0 0.5em 0; font-size: 32px;">New U.S. Bank Shield Card</h2><p style="margin: 0 0 1.5em 0; line-height: 1.6em;">The U.S. Bank launched its new <a href="https://www.cardsftw.com/r/ae2b8966?m=c62b746c-f2ed-4fee-8f26-488cc07e1c4e" style="overflow-wrap: anywhere; color: #F9A60D; text-decoration: underline;" target="_blank"><u>Shield Card</u></a>, a low introductory APR card with 0% on purchases and balances transfers for 24 months. At a time of 4.3% federal funds rate this is a good deal. The card has no annual fee and includes a weird $20 bonus if you make 11 months of consecutive purchases. You can also earn 4% cashback on prepaid travel booked with U.S. Bank.</p><div class="kg-card kg-image-card kg-card-hascaption" style="margin: 0 0 1.5em; padding: 0;"><img src="https://www.cardsftw.com/content/images/2025/03/shield-visa-card-art-2.png" class="kg-image" alt="Image of a vertically aligned, semi-transparent plastic credit card with the Visa logo in the bottom left corner" loading="lazy" width="315" height="500" style="border: none; -ms-interpolation-mode: bicubic; max-width: 100%; display: block; margin: 0 auto; height: auto; width: auto;"><div class="kg-card-figcaption" style="text-align: center; font-family: -apple-system, BlinkMacSystemFont, &#39;Segoe UI&#39;, Roboto, Helvetica, Arial, sans-serif, &#39;Apple Color Emoji&#39;, &#39;Segoe UI Emoji&#39;, &#39;Segoe UI Symbol&#39;; padding-top: 10px; padding-bottom: 10px; line-height: 1.5em; color: #738a94; font-size: 13px;"><span style="text-align: center; white-space: pre-wrap;">The semi-transparent, here-are-our antennae look fits in the </span><a href="https://www.cardsftw.com/r/c366b6d8?m=c62b746c-f2ed-4fee-8f26-488cc07e1c4e" rel="noreferrer" style="overflow-wrap: anywhere; color: #F9A60D; text-decoration: none;" target="_blank"><span style="text-align: center; white-space: pre-wrap;">latest red carpet trends</span></a></div></div><p style="margin: 0 0 1.5em 0; line-height: 1.6em;">We continue to see a lot of innovation from U.S. Bank on cards, although it doesn&#x2019;t all work out well&#x2026;</p><h2 id="end-of-us-bank-smartly" style="margin-top: 0; font-family: -apple-system, BlinkMacSystemFont, &#39;Segoe UI&#39;, Roboto, Helvetica, Arial, sans-serif, &#39;Apple Color Emoji&#39;, &#39;Segoe UI Emoji&#39;, &#39;Segoe UI Symbol&#39;; line-height: 1.11em; font-weight: 700; text-rendering: optimizeLegibility; margin: 1.5em 0 0.5em 0; font-size: 32px;">End of U.S. Bank Smartly?</h2><p style="margin: 0 0 1.5em 0; line-height: 1.6em;">Announced last September (See <a href="https://www.cardsftw.com/r/d49f0547?m=c62b746c-f2ed-4fee-8f26-488cc07e1c4e" style="overflow-wrap: anywhere; color: #F9A60D; text-decoration: underline;" target="_blank"><u>CardsFTW #122</u></a>), the U.S. Bank Smartly Card earns a whopping 4% cashback when cardholders reach certain asset thresholds with U.S. Bank. It seemed unsustainable (and perhaps it is).</p><div class="kg-card kg-image-card kg-card-hascaption" style="margin: 0 0 1.5em; padding: 0;"><img src="https://www.cardsftw.com/content/images/2025/03/photo-bank-smartly-card-art.png" class="kg-image" alt="Black vertical credit card with US Bank logo in the center, blue and red shield outlines throughout, and a Visa logo in the bottom left" loading="lazy" width="310" height="492" style="border: none; -ms-interpolation-mode: bicubic; max-width: 100%; display: block; margin: 0 auto; height: auto; width: auto;"><div class="kg-card-figcaption" style="text-align: center; font-family: -apple-system, BlinkMacSystemFont, &#39;Segoe UI&#39;, Roboto, Helvetica, Arial, sans-serif, &#39;Apple Color Emoji&#39;, &#39;Segoe UI Emoji&#39;, &#39;Segoe UI Symbol&#39;; padding-top: 10px; padding-bottom: 10px; line-height: 1.5em; color: #738a94; font-size: 13px;"><span style="text-align: center; white-space: pre-wrap;">Was this card smart? Rumors say otherwise.</span></div></div><p style="margin: 0 0 1.5em 0; line-height: 1.6em;"><a href="https://www.cardsftw.com/r/50784c64?m=c62b746c-f2ed-4fee-8f26-488cc07e1c4e" style="overflow-wrap: anywhere; color: #F9A60D; text-decoration: underline;" target="_blank"><u>Rumors</u></a> are running rampant on reddit that the bank is planning to discontinue or rework the program. Time will tell.</p><h2 id="cardsftw" style="margin-top: 0; font-family: -apple-system, BlinkMacSystemFont, &#39;Segoe UI&#39;, Roboto, Helvetica, Arial, sans-serif, &#39;Apple Color Emoji&#39;, &#39;Segoe UI Emoji&#39;, &#39;Segoe UI Symbol&#39;; line-height: 1.11em; font-weight: 700; text-rendering: optimizeLegibility; margin: 1.5em 0 0.5em 0; font-size: 32px;">CardsFTW</h2><p style="margin: 0 0 1.5em 0; line-height: 1.6em;"><a href="https://www.cardsftw.com/r/128dd83c?m=c62b746c-f2ed-4fee-8f26-488cc07e1c4e" style="overflow-wrap: anywhere; color: #F9A60D; text-decoration: underline;" target="_blank"><u>CardsFTW</u></a>, released weekly on Wednesdays, offers insights and analysis on new credit and debit card industry products for consumers and providers. CardsFTW is authored and published by Matthew Goldman and the team at <a href="https://www.cardsftw.com/r/34c4b1cd?m=c62b746c-f2ed-4fee-8f26-488cc07e1c4e" style="overflow-wrap: anywhere; color: #F9A60D; text-decoration: underline;" target="_blank"><u>Totavi</u></a>, a boutique consulting firm specializing in fintech product management &amp; marketing. We bring real operational experience that varies from the earliest days of a startup to high-growth phases and public company leadership. Visit <a href="https://www.cardsftw.com/r/905c6b3b?m=c62b746c-f2ed-4fee-8f26-488cc07e1c4e" style="overflow-wrap: anywhere; color: #F9A60D; text-decoration: underline;" target="_blank"><u>www.totavi.com</u></a> to learn more.</p><p style="margin: 0 0 1.5em 0; line-height: 1.6em;"><em>Interested in reaching our audience? </em><a href="https://www.cardsftw.com/r/a645bf01?m=c62b746c-f2ed-4fee-8f26-488cc07e1c4e" style="overflow-wrap: anywhere; color: #F9A60D; text-decoration: underline;" target="_blank"><em><u>You can sponsor CardsFTW.</u></em></a></p><p style="margin: 0 0 1.5em 0; line-height: 1.6em;"><em>*Indicates a company with which Totavi has a financial relationship.</em></p> <!-- POST CONTENT END --> </td> </tr> </table> </td> </tr> <!-- END MAIN CONTENT AREA --> <tr> <td dir="ltr" width="100%" style="font-family: -apple-system, BlinkMacSystemFont, &#39;Segoe UI&#39;, Roboto, Helvetica, Arial, sans-serif, &#39;Apple Color Emoji&#39;, &#39;Segoe UI Emoji&#39;, &#39;Segoe UI Symbol&#39;; font-size: 18px; vertical-align: top; color: #15212A; background-color: #ffffff; text-align: center; padding: 32px 0 24px; border-bottom: 1px solid #e5eff5;" align="center" bgcolor="#ffffff" valign="top"> <table class="feedback-buttons" role="presentation" border="0" cellpadding="0" cellspacing="0" style="border-collapse: separate; mso-table-lspace: 0pt; mso-table-rspace: 0pt; margin: auto; width: 100%;" width="100%"> <tr> <td dir="ltr" valign="top" align="center" style="font-size: 18px; color: #15212A; display: inline-block; vertical-align: top; font-family: inherit; text-align: center; padding: 0 4px 4px; cursor: pointer; width: 30%;" width="30%"> <a href="https://www.cardsftw.com/r/f3738fda?m=c62b746c-f2ed-4fee-8f26-488cc07e1c4e" target="_blank" style="color: #F9A60D; text-decoration: none; overflow-wrap: anywhere;"> <img src="https://static.ghost.org/v5.0.0/images/comment-mobile.png" border="0" width="42" height="42" alt="Comment" style="border: none; -ms-interpolation-mode: bicubic; max-width: 100%; display: block; margin: 0 auto; vertical-align: middle;"> <p class="feedback-button-text" style="display: inline-block; font-family: -apple-system, BlinkMacSystemFont, &#39;Segoe UI&#39;, Roboto, Helvetica, Arial, sans-serif, &#39;Apple Color Emoji&#39;, &#39;Segoe UI Emoji&#39;, &#39;Segoe UI Symbol&#39;; color: #15212A; font-weight: 500; margin: 1em 0 0 0; line-height: 1.4em; word-break: break-word; font-size: 13px;">Comment</p> </a> </td> </tr> </table> </td> </tr> <tr> <td class="subscription-box" style="font-family: -apple-system, BlinkMacSystemFont, &#39;Segoe UI&#39;, Roboto, Helvetica, Arial, sans-serif, &#39;Apple Color Emoji&#39;, &#39;Segoe UI Emoji&#39;, &#39;Segoe UI Symbol&#39;; font-size: 18px; vertical-align: top; padding: 32px 0; border-bottom: 1px solid #e5eff5; color: #15212A;" valign="top"> <h3 style="margin-top: 0; font-family: -apple-system, BlinkMacSystemFont, &#39;Segoe UI&#39;, Roboto, Helvetica, Arial, sans-serif, &#39;Apple Color Emoji&#39;, &#39;Segoe UI Emoji&#39;, &#39;Segoe UI Symbol&#39;; line-height: 1.11em; text-rendering: optimizeLegibility; font-size: 14px; font-weight: 700; text-transform: uppercase; margin: 0 0 18px;">Subscription details</h3> <p style="margin: 0 0 1.5em 0; font-size: 15px; font-weight: 400; line-height: 1.45em; text-decoration: none; margin-bottom: 16px; color: #15212A;"> <span>You are receiving this because you are a <strong style="font-weight: 700;">free subscriber</strong> to CardsFTW.</span> </p> <table role="presentation" border="0" cellpadding="0" cellspacing="0" width="100%" style="border-collapse: separate; mso-table-lspace: 0pt; mso-table-rspace: 0pt; width: 100%;"> <tr> <td class="subscription-details" style="font-family: -apple-system, BlinkMacSystemFont, &#39;Segoe UI&#39;, Roboto, Helvetica, Arial, sans-serif, &#39;Apple Color Emoji&#39;, &#39;Segoe UI Emoji&#39;, &#39;Segoe UI Symbol&#39;; font-size: 18px; vertical-align: top; color: #15212A;" valign="top"> <p class="" style="margin: 0 0 1.5em 0; margin-bottom: 0; font-size: 15px; font-weight: 400; line-height: 1.45em; text-decoration: none; color: #15212A;">Name: roger</p> <p style="margin: 0 0 1.5em 0; margin-bottom: 0; font-size: 15px; font-weight: 400; line-height: 1.45em; text-decoration: none; color: #15212A;">Email: <a href="#" style="overflow-wrap: anywhere; text-decoration: none; color: #15212A;" target="_blank">tw51yjtgdhlsr2od@newsletter.rodeo</a></p> <p style="margin: 0 0 1.5em 0; margin-bottom: 0; font-size: 15px; font-weight: 400; line-height: 1.45em; text-decoration: none; color: #15212A;">Member since: 7 March 2024</p> </td> <td align="right" valign="bottom" class="manage-subscription" style="font-family: -apple-system, BlinkMacSystemFont, &#39;Segoe UI&#39;, Roboto, Helvetica, Arial, sans-serif, &#39;Apple Color Emoji&#39;, &#39;Segoe UI Emoji&#39;, &#39;Segoe UI Symbol&#39;; white-space: nowrap; font-size: 15px; font-weight: 600; text-align: right; line-height: 1.45em; vertical-align: bottom; color: #F9A60D;"> <a href="https://www.cardsftw.com/#/portal/account" style="color: #F9A60D; text-decoration: none; overflow-wrap: anywhere;" target="_blank"> Manage subscription &#x2192;</a> </td> </tr> </table> </td> </tr> <tr> <td class="wrapper" align="center" style="font-family: -apple-system, BlinkMacSystemFont, &#39;Segoe UI&#39;, Roboto, Helvetica, Arial, sans-serif, &#39;Apple Color Emoji&#39;, &#39;Segoe UI Emoji&#39;, &#39;Segoe UI Symbol&#39;; font-size: 18px; vertical-align: top; color: #15212A; box-sizing: border-box;" valign="top"> <table role="presentation" border="0" cellpadding="0" cellspacing="0" width="100%" style="border-collapse: separate; mso-table-lspace: 0pt; mso-table-rspace: 0pt; width: 100%; padding-top: 40px; padding-bottom: 30px;"> <tr><td class="footer" style="font-family: -apple-system, BlinkMacSystemFont, &#39;Segoe UI&#39;, Roboto, Helvetica, Arial, sans-serif, &#39;Apple Color Emoji&#39;, &#39;Segoe UI Emoji&#39;, &#39;Segoe UI Symbol&#39;; vertical-align: top; color: #738a94; margin-top: 20px; text-align: center; padding-bottom: 10px; padding-top: 10px; padding-left: 30px; padding-right: 30px; line-height: 1.5em; font-size: 13px;" valign="top" align="center"><p dir="ltr" style="margin: 0 0 1.5em 0; line-height: 1.6em;"><span>Totavi, LLC,&#xA0;2108&#xA0;N St., Ste. N,&#xA0;Sacramento, CA 95816</span></p></td></tr> <tr> <td class="footer" style="font-family: -apple-system, BlinkMacSystemFont, &#39;Segoe UI&#39;, Roboto, Helvetica, Arial, sans-serif, &#39;Apple Color Emoji&#39;, &#39;Segoe UI Emoji&#39;, &#39;Segoe UI Symbol&#39;; vertical-align: top; color: #738a94; margin-top: 20px; text-align: center; padding-bottom: 10px; padding-top: 10px; padding-left: 30px; padding-right: 30px; line-height: 1.5em; font-size: 13px;" valign="top" align="center">CardsFTW &#xA9; 2025 &#x2013; <a href="https://www.cardsftw.com/unsubscribe/?uuid=c62b746c-f2ed-4fee-8f26-488cc07e1c4e&key=44d661c4f7da07f15bd29599b4345e87e54ce5bd0afd084e1bee49ee89a327ac&newsletter=4537ad55-eebc-4678-b2bf-fd6731d3805e" style="overflow-wrap: anywhere; color: #738a94; text-decoration: underline; font-size: 13px;" target="_blank">Unsubscribe</a></td> </tr> <tr> <td class="footer-powered" style="font-family: -apple-system, BlinkMacSystemFont, &#39;Segoe UI&#39;, Roboto, Helvetica, Arial, sans-serif, &#39;Apple Color Emoji&#39;, &#39;Segoe UI Emoji&#39;, &#39;Segoe UI Symbol&#39;; font-size: 18px; vertical-align: top; color: #15212A; text-align: center; padding-top: 70px; padding-bottom: 40px;" valign="top" align="center"><a href="https://ghost.org/?via=pbg-newsletter&amp;ref=cardsftw.com" style="color: #F9A60D; text-decoration: none; overflow-wrap: anywhere;" target="_blank"><img src="https://static.ghost.org/v4.0.0/images/powered.png" border="0" width="142" height="30" class="gh-powered" alt="Powered by Ghost" style="border: none; -ms-interpolation-mode: bicubic; max-width: 100%; width: 142px; height: 30px;"></a></td> </tr> </table> </td> </tr> </table> <!-- END CENTERED WHITE CONTAINER --> </div> </td> <td style="font-family: -apple-system, BlinkMacSystemFont, &#39;Segoe UI&#39;, Roboto, Helvetica, Arial, sans-serif, &#39;Apple Color Emoji&#39;, &#39;Segoe UI Emoji&#39;, &#39;Segoe UI Symbol&#39;; font-size: 18px; vertical-align: top; color: #15212A;" valign="top">&#xA0;</td> </tr> <!--[if mso]> </table> </center> </td> </tr> <![endif]--> </table> <img width="1" height="1" alt="" src="https://email.mg.cardsftw.com/o/eJwszktuxCAMANDTDLuJjLFhsvBhADufNikSoY16-0rVLN_uqYSXD8zOxCdCApg5ODvzfjx3lZg0m2aIhBwZjJNhSYpuE6uz15xmzVhKMABKkTRXokwL8-J2QUCG4GcfPYcwIRv5VwGLpYawzA-Cc51q7not455qO12XcbP__RirbsfVsemD4Mvu67AxrE-9qTU3pHwfn8__pRuybu0ab_0I_gUAAP__lTZAQQ"></body> </html>
  18. CardsFTW #146: The Crypto Card Comeback

    Wed, 12 Mar 2025 16:15:35 -0000

    <!doctype html> <html> <head> <meta name="viewport" content="width=device-width"> <meta http-equiv="Content-Type" content="text/html; charset=UTF-8"> <!--[if mso]><xml><o:OfficeDocumentSettings><o:PixelsPerInch>96</o:PixelsPerInch><o:AllowPNG/></o:OfficeDocumentSettings></xml><![endif]--> <title>CardsFTW #146: The Crypto Card Comeback</title> <style> .post-title-link { display: block; margin-top: 32px; color: #15212A; text-align: center; line-height: 1.1em; } .post-title-link-left { text-align: left; } .view-online-link { word-wrap: none; white-space: nowrap; color: #738a94; text-decoration: underline !important; } .kg-nft-link { display: block; text-decoration: none !important; color: #15212A !important; font-family: inherit !important; font-size: 14px; line-height: 1.3em; padding-top: 4px; padding-right: 20px; padding-left: 20px; padding-bottom: 4px; } .kg-twitter-link { display: block; text-decoration: none !important; color: #15212A !important; font-family: inherit !important; 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line-height: inherit; } .btn-primary table td:hover { background-color: #34495e !important; } .btn-primary a:hover { background-color: #34495e !important; border-color: #34495e !important; } } </style> </head> <body style="background-color: #fff; font-family: -apple-system, BlinkMacSystemFont, &#39;Segoe UI&#39;, Roboto, Helvetica, Arial, sans-serif, &#39;Apple Color Emoji&#39;, &#39;Segoe UI Emoji&#39;, &#39;Segoe UI Symbol&#39;; -webkit-font-smoothing: antialiased; font-size: 18px; line-height: 1.4; margin: 0; padding: 0; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%; color: #15212A;"> <span class="preheader" style="color: transparent; display: none; height: 0; max-height: 0; max-width: 0; opacity: 0; overflow: hidden; mso-hide: all; visibility: hidden; width: 0;">Plus, Amex acquires Center and more </span> <table role="presentation" border="0" cellpadding="0" cellspacing="0" class="body" width="100%" style="border-collapse: separate; mso-table-lspace: 0pt; mso-table-rspace: 0pt; background-color: #fff; width: 100%;" bgcolor="#fff"> <!-- Outlook doesn't respect max-width so we need an extra centered table --> <!--[if mso]> <tr> <td> <center> <table border="0" cellpadding="0" cellspacing="0" width="600"> <![endif]--> <tr> <td style="font-family: -apple-system, BlinkMacSystemFont, &#39;Segoe UI&#39;, Roboto, Helvetica, Arial, sans-serif, &#39;Apple Color Emoji&#39;, &#39;Segoe UI Emoji&#39;, &#39;Segoe UI Symbol&#39;; font-size: 18px; vertical-align: top; color: #15212A;" valign="top">&#xA0;</td> <td class="container" style="font-family: -apple-system, BlinkMacSystemFont, &#39;Segoe UI&#39;, Roboto, Helvetica, Arial, sans-serif, &#39;Apple Color Emoji&#39;, &#39;Segoe UI Emoji&#39;, &#39;Segoe UI Symbol&#39;; font-size: 18px; vertical-align: top; color: #15212A; display: block; max-width: 600px; margin: 0 auto;" valign="top"> <div class="content" style="box-sizing: border-box; display: block; margin: 0 auto; max-width: 600px;"> <!-- START CENTERED WHITE CONTAINER --> <table role="presentation" border="0" cellpadding="0" cellspacing="0" class="main" width="100%" style="border-collapse: separate; mso-table-lspace: 0pt; mso-table-rspace: 0pt; background: #ffffff; border-radius: 3px; border-spacing: 20px 0; width: 100%;"> <!-- START MAIN CONTENT AREA --> <tr> <td class="wrapper" style="font-family: -apple-system, BlinkMacSystemFont, &#39;Segoe UI&#39;, Roboto, Helvetica, Arial, sans-serif, &#39;Apple Color Emoji&#39;, &#39;Segoe UI Emoji&#39;, &#39;Segoe UI Symbol&#39;; font-size: 18px; vertical-align: top; color: #15212A; box-sizing: border-box;" valign="top"> <table role="presentation" border="0" cellpadding="0" cellspacing="0" width="100%" style="border-collapse: separate; mso-table-lspace: 0pt; mso-table-rspace: 0pt; width: 100%;"> <tr class="header-image-row"> <td class="header-image" width="100%" align="center" style="font-family: -apple-system, BlinkMacSystemFont, &#39;Segoe UI&#39;, Roboto, Helvetica, Arial, sans-serif, &#39;Apple Color Emoji&#39;, &#39;Segoe UI Emoji&#39;, &#39;Segoe UI Symbol&#39;; font-size: 18px; vertical-align: top; color: #15212A; padding-top: 24px; padding-bottom: 16px;" valign="top"> <a href="https://www.cardsftw.com/r/934636f3?m=c62b746c-f2ed-4fee-8f26-488cc07e1c4e" style="color: #F9A60D; text-decoration: none; overflow-wrap: anywhere;" target="_blank"> <img src="https://www.cardsftw.com/content/images/size/w1200/2024/01/cftw-logo-3.png" width="600" style="border: none; -ms-interpolation-mode: bicubic; max-width: 100%;"> </a> </td> </tr> <tr> <td class="post-title post-title-with-excerpt post-title-serif" style="vertical-align: top; color: #15212A; font-size: 36px; line-height: 1.1em; font-weight: 700; text-align: center; padding-bottom: 8px; font-family: Georgia, serif; letter-spacing: -0.01em;" valign="top" align="center"> <a href="https://www.cardsftw.com/r/aedb74fa?m=c62b746c-f2ed-4fee-8f26-488cc07e1c4e" class="post-title-link" style="text-decoration: none; display: block; margin-top: 32px; color: #15212A; text-align: center; line-height: 1.1em; overflow-wrap: anywhere;" target="_blank">CardsFTW #146: The Crypto Card Comeback</a> </td> </tr> <tr> <td style="font-family: -apple-system, BlinkMacSystemFont, &#39;Segoe UI&#39;, Roboto, Helvetica, Arial, sans-serif, &#39;Apple Color Emoji&#39;, &#39;Segoe UI Emoji&#39;, &#39;Segoe UI Symbol&#39;; font-size: 18px; vertical-align: top; color: #15212A; width: 100%;" width="100%" valign="top"> <table class="post-meta-wrapper" role="presentation" border="0" cellpadding="0" cellspacing="0" width="100%" style="border-collapse: separate; mso-table-lspace: 0pt; mso-table-rspace: 0pt; width: 100%; padding-bottom: 32px;"> <tr> <td height="20" class="post-meta post-meta-center" style="font-family: -apple-system, BlinkMacSystemFont, &#39;Segoe UI&#39;, Roboto, Helvetica, Arial, sans-serif, &#39;Apple Color Emoji&#39;, &#39;Segoe UI Emoji&#39;, &#39;Segoe UI Symbol&#39;; vertical-align: top; color: #738a94; font-size: 13px; font-weight: 400; text-align: center; padding: 0;" valign="top" align="center"> By MatthewGoldman &#x2022; <span class="post-meta-date" style="white-space: nowrap;">12 Mar 2025 </span> </td> <td class="post-meta post-meta-center view-online desktop" style="font-family: -apple-system, BlinkMacSystemFont, &#39;Segoe UI&#39;, Roboto, Helvetica, Arial, sans-serif, &#39;Apple Color Emoji&#39;, &#39;Segoe UI Emoji&#39;, &#39;Segoe UI Symbol&#39;; vertical-align: top; color: #738a94; font-size: 13px; font-weight: 400; text-align: center; display: none;" valign="top" align="center"> <a href="https://www.cardsftw.com/r/d54b9d1e?m=c62b746c-f2ed-4fee-8f26-488cc07e1c4e" class="view-online-link" style="word-wrap: none; white-space: nowrap; color: #738a94; overflow-wrap: anywhere; text-decoration: underline;" target="_blank">View in browser</a> </td> </tr> <tr class="post-meta post-meta-center view-online-mobile" style="color: #738a94; font-size: 13px; font-weight: 400; text-align: center;" align="center"> <td height="20" class="view-online" style="font-family: -apple-system, BlinkMacSystemFont, &#39;Segoe UI&#39;, Roboto, Helvetica, Arial, sans-serif, &#39;Apple Color Emoji&#39;, &#39;Segoe UI Emoji&#39;, &#39;Segoe UI Symbol&#39;; vertical-align: top; color: #738a94; font-size: 13px; font-weight: 400; text-align: center; text-decoration: underline;" valign="top" align="center"> <a href="https://www.cardsftw.com/r/0917f982?m=c62b746c-f2ed-4fee-8f26-488cc07e1c4e" class="view-online-link" style="word-wrap: none; white-space: nowrap; color: #738a94; overflow-wrap: anywhere; text-decoration: underline;" target="_blank">View in browser</a> </td> </tr> </table> </td> </tr> <tr class="post-content-row"> <td class="post-content-sans-serif" style="font-family: -apple-system, BlinkMacSystemFont, &#39;Segoe UI&#39;, Roboto, Helvetica, Arial, sans-serif, &#39;Apple Color Emoji&#39;, &#39;Segoe UI Emoji&#39;, &#39;Segoe UI Symbol&#39;; vertical-align: top;font-size: 17px; line-height: 1.5em; color: #15212A; padding-bottom: 20px; border-bottom: 1px solid #e5eff5; max-width: 600px;" valign="top"> <!-- POST CONTENT START --> <h2 id="fintech-meetup-2025" style="margin-top: 0; font-family: -apple-system, BlinkMacSystemFont, &#39;Segoe UI&#39;, Roboto, Helvetica, Arial, sans-serif, &#39;Apple Color Emoji&#39;, &#39;Segoe UI Emoji&#39;, &#39;Segoe UI Symbol&#39;; line-height: 1.11em; font-weight: 700; text-rendering: optimizeLegibility; margin: 1.5em 0 0.5em 0; font-size: 32px;">Fintech Meetup 2025!</h2><p style="margin: 0 0 1.5em 0; line-height: 1.6em;">I&#x2019;m currently attending Fintech Meetup for the first time. It&#x2019;s been wonderful to say hello to friends, meet many new folks, and feel the energy in the industry. If you are here in Las Vegas, look for me and say hello. I have discount codes for <a href="https://www.cardsftw.com/r/e79063ef?m=c62b746c-f2ed-4fee-8f26-488cc07e1c4e" style="overflow-wrap: anywhere; color: #F9A60D; text-decoration: underline;" target="_blank"><u>Goldman Socks</u></a> as a prize! (If you&#x2019;re not there, don&#x2019;t worry, our inventory is strong and we&#x2019;ve lowered prices to $16 per pair. Get yours today!)</p><p style="margin: 0 0 1.5em 0; line-height: 1.6em;"></p><div class="btn btn-accent" style="box-sizing: border-box; width: 100%; display: table;"><table border="0" cellspacing="0" cellpadding="0" align="center" style="border-collapse: separate; mso-table-lspace: 0pt; mso-table-rspace: 0pt; width: auto;" width="auto"><tr><td align="center" style="font-size: 18px; vertical-align: top; color: #15212A; border-radius: 5px; text-align: center; font-family: -apple-system, BlinkMacSystemFont, &#39;Segoe UI&#39;, Roboto, Helvetica, Arial, sans-serif, &#39;Apple Color Emoji&#39;, &#39;Segoe UI Emoji&#39;, &#39;Segoe UI Symbol&#39;; background-color: #F9A60D;" valign="top" bgcolor="#F9A60D"><a href="https://www.cardsftw.com/r/1f563790?m=c62b746c-f2ed-4fee-8f26-488cc07e1c4e" style="overflow-wrap: anywhere; border: solid 1px #3498db; border-radius: 5px; box-sizing: border-box; cursor: pointer; display: inline-block; font-size: 14px; font-weight: bold; margin: 0; padding: 12px 25px; text-decoration: none; background-color: #F9A60D; border-color: #F9A60D; color: #FFFFFF;" target="_blank">Buy Socks!</a></td></tr></table></div><p style="margin: 0 0 1.5em 0; line-height: 1.6em;"></p><h2 id="network-perception-survey" style="margin-top: 0; font-family: -apple-system, BlinkMacSystemFont, &#39;Segoe UI&#39;, Roboto, Helvetica, Arial, sans-serif, &#39;Apple Color Emoji&#39;, &#39;Segoe UI Emoji&#39;, &#39;Segoe UI Symbol&#39;; line-height: 1.11em; font-weight: 700; text-rendering: optimizeLegibility; margin: 1.5em 0 0.5em 0; font-size: 32px;">Network Perception Survey</h2><p style="margin: 0 0 1.5em 0; line-height: 1.6em;">Thanks to everyone who completed the network perception survey last week. We still have room for more respondents. Remember, qualifying participants will earn $50 for about 10 minutes of sharing your opinions!</p><p style="margin: 0 0 1.5em 0; line-height: 1.6em;"></p><div class="btn btn-accent" style="box-sizing: border-box; width: 100%; display: table;"><table border="0" cellspacing="0" cellpadding="0" align="center" style="border-collapse: separate; mso-table-lspace: 0pt; mso-table-rspace: 0pt; width: auto;" width="auto"><tr><td align="center" style="font-size: 18px; vertical-align: top; color: #15212A; border-radius: 5px; text-align: center; font-family: -apple-system, BlinkMacSystemFont, &#39;Segoe UI&#39;, Roboto, Helvetica, Arial, sans-serif, &#39;Apple Color Emoji&#39;, &#39;Segoe UI Emoji&#39;, &#39;Segoe UI Symbol&#39;; background-color: #F9A60D;" valign="top" bgcolor="#F9A60D"><a href="https://www.cardsftw.com/r/3abb87a8?m=c62b746c-f2ed-4fee-8f26-488cc07e1c4e" style="overflow-wrap: anywhere; border: solid 1px #3498db; border-radius: 5px; box-sizing: border-box; cursor: pointer; display: inline-block; font-size: 14px; font-weight: bold; margin: 0; padding: 12px 25px; text-decoration: none; background-color: #F9A60D; border-color: #F9A60D; color: #FFFFFF;" target="_blank">Take the Survey Now</a></td></tr></table></div><p style="margin: 0 0 1.5em 0; line-height: 1.6em;"></p><h2 id="crypto-cards" style="margin-top: 0; font-family: -apple-system, BlinkMacSystemFont, &#39;Segoe UI&#39;, Roboto, Helvetica, Arial, sans-serif, &#39;Apple Color Emoji&#39;, &#39;Segoe UI Emoji&#39;, &#39;Segoe UI Symbol&#39;; line-height: 1.11em; font-weight: 700; text-rendering: optimizeLegibility; margin: 1.5em 0 0.5em 0; font-size: 32px;">Crypto Cards</h2><p style="margin: 0 0 1.5em 0; line-height: 1.6em;">Last week in <a href="https://www.cardsftw.com/r/933ffd23?m=c62b746c-f2ed-4fee-8f26-488cc07e1c4e" rel="noreferrer" style="overflow-wrap: anywhere; color: #F9A60D; text-decoration: underline;" target="_blank">CardsFTW #145</a>, I highlighted the <a href="https://www.cardsftw.com/r/0e8a139a?m=c62b746c-f2ed-4fee-8f26-488cc07e1c4e" style="overflow-wrap: anywhere; color: #F9A60D; text-decoration: underline;" target="_blank"><u>waitlist</u></a> for the new Fold app credit card. It was a popular link. After the newsletter published, MetaMask, a crypto wallet provider, <a href="https://www.cardsftw.com/r/cd19d451?m=c62b746c-f2ed-4fee-8f26-488cc07e1c4e" style="overflow-wrap: anywhere; color: #F9A60D; text-decoration: underline;" target="_blank"><u>announced</u></a> a new debit card with 3% cashback. While MetaMask has had a debit card in the market since last year, this new entry is quite surprising.</p><div class="kg-card kg-image-card kg-card-hascaption" style="margin: 0 0 1.5em; padding: 0;"><img src="https://www.cardsftw.com/content/images/2025/03/metamask-metal-card-waitlist-revealed-zXx_ApUB-1.jpeg" class="kg-image" alt="Vertical Mastercard card with MetaMask logo and large block-like fox face." loading="lazy" width="324" height="400" style="border: none; -ms-interpolation-mode: bicubic; max-width: 100%; display: block; margin: 0 auto; height: auto; width: auto;"><div class="kg-card-figcaption" style="text-align: center; font-family: -apple-system, BlinkMacSystemFont, &#39;Segoe UI&#39;, Roboto, Helvetica, Arial, sans-serif, &#39;Apple Color Emoji&#39;, &#39;Segoe UI Emoji&#39;, &#39;Segoe UI Symbol&#39;; padding-top: 10px; padding-bottom: 10px; line-height: 1.5em; color: #738a94; font-size: 13px;"><span style="text-align: center; white-space: pre-wrap;">What DOES the fox say?</span></div></div><p style="margin: 0 0 1.5em 0; line-height: 1.6em;">The metal card rewards users with 3% cashback (in USDC)&#xA0; on the first $10,000 spent per year, followed by 1% cashback on purchases above the threshold. This has me, and everyone I know asking, &#x201C;How?&#x201D; Debit cards in the U.S. typically earn a max of about 1.4% interchange, although the reality of interchange earned by the program is usually closer to 0.9% to 1.1% these days, due in large part to the emergence of secondary network routing and high levels of card-to-card transfers (think of using your card to send money to Cash App, etc.).</p><p style="margin: 0 0 1.5em 0; line-height: 1.6em;">So how can MetaMask pay $300 per year in cashback when they are earning $100, plus splurge on a hefty metal card (typically $24 - $45 in manufacturing costs)? No idea.</p><p style="margin: 0 0 1.5em 0; line-height: 1.6em;">Crypto cards two weeks in a row is something we haven&#x2019;t seen in a few years. With the change in political landscape, I expect we will see more crypto and stablecoin card launches later in 2025.</p><div></div><div class="align-center" style="text-align: center;"><hr style="position: relative; display: block; width: 100%; margin: 3em 0; padding: 0; height: 1px; border: 0; border-top: 1px solid #e5eff5;"><p style="margin: 0 0 1.5em 0; line-height: 1.6em;"><span style="white-space: pre-wrap;">Thank you for subscribing to&#xA0;CardsFTW. Please consider supporting this newsletter&#xA0;by upgrading to a paid subscription today.</span></p><div class="btn btn-accent" style="box-sizing: border-box; width: 100%; display: table;"> <table border="0" cellspacing="0" cellpadding="0" align="center" style="border-collapse: separate; mso-table-lspace: 0pt; mso-table-rspace: 0pt; width: auto;" width="auto"> <tbody> <tr> <td align="center" style="font-size: 18px; vertical-align: top; color: #15212A; border-radius: 5px; text-align: center; font-family: -apple-system, BlinkMacSystemFont, &#39;Segoe UI&#39;, Roboto, Helvetica, Arial, sans-serif, &#39;Apple Color Emoji&#39;, &#39;Segoe UI Emoji&#39;, &#39;Segoe UI Symbol&#39;; background-color: #F9A60D;" valign="top" bgcolor="#F9A60D"> <a href="https://www.cardsftw.com/r/1b5ad55d?m=c62b746c-f2ed-4fee-8f26-488cc07e1c4e" style="overflow-wrap: anywhere; border: solid 1px #3498db; border-radius: 5px; box-sizing: border-box; cursor: pointer; display: inline-block; font-size: 14px; font-weight: bold; margin: 0; padding: 12px 25px; text-decoration: none; background-color: #F9A60D; border-color: #F9A60D; color: #FFFFFF;" target="_blank">Upgrade to Paid</a> </td> </tr> </tbody> </table> </div> <p style="margin: 0 0 1.5em 0; line-height: 1.6em;"></p><hr style="position: relative; display: block; width: 100%; margin: 3em 0; padding: 0; height: 1px; border: 0; border-top: 1px solid #e5eff5;"></div><h2 id="amex-acquires-center" style="margin-top: 0; font-family: -apple-system, BlinkMacSystemFont, &#39;Segoe UI&#39;, Roboto, Helvetica, Arial, sans-serif, &#39;Apple Color Emoji&#39;, &#39;Segoe UI Emoji&#39;, &#39;Segoe UI Symbol&#39;; line-height: 1.11em; font-weight: 700; text-rendering: optimizeLegibility; margin: 1.5em 0 0.5em 0; font-size: 32px;">Amex Acquires Center</h2><p style="margin: 0 0 1.5em 0; line-height: 1.6em;">Traditional corporate and small business credit card providers, like Capital One and American Express, have been under pressure from fintech providers like Ramp, Brex, Mercury, and Rho. We&#x2019;ve previously estimated that these new providers are capturing an important share of the market. While the credit terms and rewards are not as strong on the fintech cards as the traditional providers, the ease of useand spend management side is noticeably improved.</p><p style="margin: 0 0 1.5em 0; line-height: 1.6em;">I did <a href="https://www.cardsftw.com/r/753ec11e?m=c62b746c-f2ed-4fee-8f26-488cc07e1c4e" style="overflow-wrap: anywhere; color: #F9A60D; text-decoration: underline;" target="_blank"><u>research</u></a> with my friends at This Week in Fintech which showed that business owners don&#x2019;t want to give up their Amex Platinum Cards for themselves, but do want their employees to use solutions like Ramp that are easier to manage. Seeing this trend, Amex has announced its acquisition of fintech <a href="https://www.cardsftw.com/r/590f5b83?m=c62b746c-f2ed-4fee-8f26-488cc07e1c4e" style="overflow-wrap: anywhere; color: #F9A60D; text-decoration: underline;" target="_blank"><u>Center</u></a>, a spend management platform, hoping to tie their world-class cards to world-class software.</p><p style="margin: 0 0 1.5em 0; line-height: 1.6em;">I haven&#x2019;t used Center, but if they can match the Ramp experience with a real Amex charge or credit card on the backend, it will be compelling. Amex&#x2019;s small business card management leaves a lot to be desired. I can&#x2019;t get Amex to provide my bookkeeper with online access to all my cards AND every time I do anything with access, I get a physical letter. One time, while messing with this problem, I received two dozen separate pieces of mail letting me know I had adjusted my access controls. Not great.</p><div class="align-center" style="text-align: center;"><hr style="position: relative; display: block; width: 100%; margin: 3em 0; padding: 0; height: 1px; border: 0; border-top: 1px solid #e5eff5;"><p style="margin: 0 0 1.5em 0; line-height: 1.6em;"><span style="white-space: pre-wrap;">Do you love CardsFTW? Share or forward this post to a friend!&#xA0;</span></p><hr style="position: relative; display: block; width: 100%; margin: 3em 0; padding: 0; height: 1px; border: 0; border-top: 1px solid #e5eff5;"></div><h2 id="virtual-card-account-numbers" style="margin-top: 0; font-family: -apple-system, BlinkMacSystemFont, &#39;Segoe UI&#39;, Roboto, Helvetica, Arial, sans-serif, &#39;Apple Color Emoji&#39;, &#39;Segoe UI Emoji&#39;, &#39;Segoe UI Symbol&#39;; line-height: 1.11em; font-weight: 700; text-rendering: optimizeLegibility; margin: 1.5em 0 0.5em 0; font-size: 32px;">Virtual Card &amp; Account Numbers</h2><p style="margin: 0 0 1.5em 0; line-height: 1.6em;">Newline, Fifth Third Bank&#x2019;s fintech business, <a href="https://www.cardsftw.com/r/f1984fdb?m=c62b746c-f2ed-4fee-8f26-488cc07e1c4e" style="overflow-wrap: anywhere; color: #F9A60D; text-decoration: underline;" target="_blank"><u>announced</u></a> the availability of virtual bank account numbers last week. (In classic bank fashion, they uploaded a PDF to LinkedIn for this.) Virtual account numbers (or virtual reference numbers as Newline calls them), allow you to be 100% certain of what payments are going where and to ease reconciliation. If, for example, you bill all of your customers $1,000 per month and they all deposit to a single account, it can be confusing. If, on the other hand, each customer deposits to a separate VRN you will know exactly who paid, regardless of the incoming data.</p><div class="kg-card kg-image-card kg-card-hascaption" style="margin: 0 0 1.5em; padding: 0;"><img src="https://www.cardsftw.com/content/images/2025/03/PDF-icon.jpg" class="kg-image" alt="Large red and white icon for Adobe PDF document" loading="lazy" width="360" height="360" style="border: none; -ms-interpolation-mode: bicubic; max-width: 100%; display: block; margin: 0 auto; height: auto; width: auto;"><div class="kg-card-figcaption" style="text-align: center; font-family: -apple-system, BlinkMacSystemFont, &#39;Segoe UI&#39;, Roboto, Helvetica, Arial, sans-serif, &#39;Apple Color Emoji&#39;, &#39;Segoe UI Emoji&#39;, &#39;Segoe UI Symbol&#39;; padding-top: 10px; padding-bottom: 10px; line-height: 1.5em; color: #738a94; font-size: 13px;"><span style="text-align: center; white-space: pre-wrap;">Just trying to be a bank</span></div></div><p style="margin: 0 0 1.5em 0; line-height: 1.6em;">It&#x2019;s a good feature, and something that other fintech providers, like <a href="https://www.cardsftw.com/r/13691d19?m=c62b746c-f2ed-4fee-8f26-488cc07e1c4e" style="overflow-wrap: anywhere; color: #F9A60D; text-decoration: underline;" target="_blank"><u>Increase</u></a> have been providing for some time.</p><p style="margin: 0 0 1.5em 0; line-height: 1.6em;">OK, so this isn&#x2019;t a card feature, but it IS related to the growth of virtual cards and the work required to make bank accounts capture some of the features of cards. For many years card programs have enabled users to spin up virtual card numbers to track and reconcile payments. These capabilities are on business cards (like with Ramp) and personal cards (like with Privacy.com), and enable users to control spending.</p><p style="margin: 0 0 1.5em 0; line-height: 1.6em;">There is a convergence of the features of cards and bank accounts, especially as we move from batch-processed ACH to real-time payments. The dual-message format of cards provides a lot more certainty (ask for an auth, get an approval, capture the funds) than the slow work of a bank. Will bank accounts be able to build in enough features to match cards? Perhaps, but will those types of transactions remain cheaper? Unlikely. It is a space to watch.</p><h2 id="cardsftw" style="margin-top: 0; font-family: -apple-system, BlinkMacSystemFont, &#39;Segoe UI&#39;, Roboto, Helvetica, Arial, sans-serif, &#39;Apple Color Emoji&#39;, &#39;Segoe UI Emoji&#39;, &#39;Segoe UI Symbol&#39;; line-height: 1.11em; font-weight: 700; text-rendering: optimizeLegibility; margin: 1.5em 0 0.5em 0; font-size: 32px;">CardsFTW</h2><p style="margin: 0 0 1.5em 0; line-height: 1.6em;"><a href="https://www.cardsftw.com/r/b497a4f6?m=c62b746c-f2ed-4fee-8f26-488cc07e1c4e" style="overflow-wrap: anywhere; color: #F9A60D; text-decoration: underline;" target="_blank"><u>CardsFTW</u></a>, released weekly on Wednesdays, offers insights and analysis on new credit and debit card industry products for consumers and providers. CardsFTW is authored and published by Matthew Goldman and the team at <a href="https://www.cardsftw.com/r/29c829a1?m=c62b746c-f2ed-4fee-8f26-488cc07e1c4e" style="overflow-wrap: anywhere; color: #F9A60D; text-decoration: underline;" target="_blank"><u>Totavi</u></a>, a boutique consulting firm specializing in fintech product management &amp; marketing. We bring real operational experience that varies from the earliest days of a startup to high-growth phases and public company leadership. Visit<a href="https://www.cardsftw.com/r/9d8dae5a?m=c62b746c-f2ed-4fee-8f26-488cc07e1c4e" style="overflow-wrap: anywhere; color: #F9A60D; text-decoration: underline;" target="_blank"><u> www.totavi.com</u></a> to learn more.</p><p style="margin: 0 0 1.5em 0; line-height: 1.6em;"><em>Interested in reaching our audience? </em><a href="https://www.cardsftw.com/r/c15c3d13?m=c62b746c-f2ed-4fee-8f26-488cc07e1c4e" style="overflow-wrap: anywhere; color: #F9A60D; text-decoration: underline;" target="_blank"><em><u>You can sponsor CardsFTW.</u></em></a></p> <!-- POST CONTENT END --> </td> </tr> </table> </td> </tr> <!-- END MAIN CONTENT AREA --> <tr> <td dir="ltr" width="100%" style="font-family: -apple-system, BlinkMacSystemFont, &#39;Segoe UI&#39;, Roboto, Helvetica, Arial, sans-serif, &#39;Apple Color Emoji&#39;, &#39;Segoe UI Emoji&#39;, &#39;Segoe UI Symbol&#39;; font-size: 18px; vertical-align: top; color: #15212A; background-color: #ffffff; text-align: center; padding: 32px 0 24px; border-bottom: 1px solid #e5eff5;" align="center" bgcolor="#ffffff" valign="top"> <table class="feedback-buttons" role="presentation" border="0" cellpadding="0" cellspacing="0" style="border-collapse: separate; 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font-weight: 500; margin: 1em 0 0 0; line-height: 1.4em; word-break: break-word; font-size: 13px;">Comment</p> </a> </td> </tr> </table> </td> </tr> <tr> <td class="subscription-box" style="font-family: -apple-system, BlinkMacSystemFont, &#39;Segoe UI&#39;, Roboto, Helvetica, Arial, sans-serif, &#39;Apple Color Emoji&#39;, &#39;Segoe UI Emoji&#39;, &#39;Segoe UI Symbol&#39;; font-size: 18px; vertical-align: top; padding: 32px 0; border-bottom: 1px solid #e5eff5; color: #15212A;" valign="top"> <h3 style="margin-top: 0; font-family: -apple-system, BlinkMacSystemFont, &#39;Segoe UI&#39;, Roboto, Helvetica, Arial, sans-serif, &#39;Apple Color Emoji&#39;, &#39;Segoe UI Emoji&#39;, &#39;Segoe UI Symbol&#39;; line-height: 1.11em; text-rendering: optimizeLegibility; font-size: 14px; font-weight: 700; text-transform: uppercase; margin: 0 0 18px;">Subscription details</h3> <p style="margin: 0 0 1.5em 0; font-size: 15px; font-weight: 400; line-height: 1.45em; text-decoration: none; margin-bottom: 16px; color: #15212A;"> <span>You are receiving this because you are a <strong style="font-weight: 700;">free subscriber</strong> to CardsFTW.</span> </p> <table role="presentation" border="0" cellpadding="0" cellspacing="0" width="100%" style="border-collapse: separate; mso-table-lspace: 0pt; mso-table-rspace: 0pt; width: 100%;"> <tr> <td class="subscription-details" style="font-family: -apple-system, BlinkMacSystemFont, &#39;Segoe UI&#39;, Roboto, Helvetica, Arial, sans-serif, &#39;Apple Color Emoji&#39;, &#39;Segoe UI Emoji&#39;, &#39;Segoe UI Symbol&#39;; font-size: 18px; vertical-align: top; color: #15212A;" valign="top"> <p class="" style="margin: 0 0 1.5em 0; margin-bottom: 0; font-size: 15px; font-weight: 400; line-height: 1.45em; text-decoration: none; color: #15212A;">Name: roger</p> <p style="margin: 0 0 1.5em 0; margin-bottom: 0; font-size: 15px; font-weight: 400; line-height: 1.45em; text-decoration: none; color: #15212A;">Email: <a href="#" style="overflow-wrap: anywhere; text-decoration: none; color: #15212A;" target="_blank">tw51yjtgdhlsr2od@newsletter.rodeo</a></p> <p style="margin: 0 0 1.5em 0; margin-bottom: 0; font-size: 15px; font-weight: 400; line-height: 1.45em; text-decoration: none; color: #15212A;">Member since: 7 March 2024</p> </td> <td align="right" valign="bottom" class="manage-subscription" style="font-family: -apple-system, BlinkMacSystemFont, &#39;Segoe UI&#39;, Roboto, Helvetica, Arial, sans-serif, &#39;Apple Color Emoji&#39;, &#39;Segoe UI Emoji&#39;, &#39;Segoe UI Symbol&#39;; white-space: nowrap; font-size: 15px; font-weight: 600; text-align: right; line-height: 1.45em; vertical-align: bottom; color: #F9A60D;"> <a href="https://www.cardsftw.com/#/portal/account" style="color: #F9A60D; text-decoration: none; overflow-wrap: anywhere;" target="_blank"> Manage subscription &#x2192;</a> </td> </tr> </table> </td> </tr> <tr> <td class="wrapper" align="center" style="font-family: -apple-system, BlinkMacSystemFont, &#39;Segoe UI&#39;, Roboto, Helvetica, Arial, sans-serif, &#39;Apple Color Emoji&#39;, &#39;Segoe UI Emoji&#39;, &#39;Segoe UI Symbol&#39;; 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N,&#xA0;Sacramento, CA 95816</span></p></td></tr> <tr> <td class="footer" style="font-family: -apple-system, BlinkMacSystemFont, &#39;Segoe UI&#39;, Roboto, Helvetica, Arial, sans-serif, &#39;Apple Color Emoji&#39;, &#39;Segoe UI Emoji&#39;, &#39;Segoe UI Symbol&#39;; vertical-align: top; color: #738a94; margin-top: 20px; text-align: center; padding-bottom: 10px; padding-top: 10px; padding-left: 30px; padding-right: 30px; line-height: 1.5em; font-size: 13px;" valign="top" align="center">CardsFTW &#xA9; 2025 &#x2013; <a href="https://www.cardsftw.com/unsubscribe/?uuid=c62b746c-f2ed-4fee-8f26-488cc07e1c4e&key=44d661c4f7da07f15bd29599b4345e87e54ce5bd0afd084e1bee49ee89a327ac&newsletter=4537ad55-eebc-4678-b2bf-fd6731d3805e" style="overflow-wrap: anywhere; color: #738a94; text-decoration: underline; font-size: 13px;" target="_blank">Unsubscribe</a></td> </tr> <tr> <td class="footer-powered" style="font-family: -apple-system, BlinkMacSystemFont, &#39;Segoe UI&#39;, Roboto, Helvetica, Arial, sans-serif, &#39;Apple Color Emoji&#39;, &#39;Segoe UI Emoji&#39;, &#39;Segoe UI Symbol&#39;; font-size: 18px; vertical-align: top; color: #15212A; text-align: center; padding-top: 70px; padding-bottom: 40px;" valign="top" align="center"><a href="https://ghost.org/?via=pbg-newsletter&amp;ref=cardsftw.com" style="color: #F9A60D; text-decoration: none; overflow-wrap: anywhere;" target="_blank"><img src="https://static.ghost.org/v4.0.0/images/powered.png" border="0" width="142" height="30" class="gh-powered" alt="Powered by Ghost" style="border: none; -ms-interpolation-mode: bicubic; max-width: 100%; width: 142px; height: 30px;"></a></td> </tr> </table> </td> </tr> </table> <!-- END CENTERED WHITE CONTAINER --> </div> </td> <td style="font-family: -apple-system, BlinkMacSystemFont, &#39;Segoe UI&#39;, Roboto, Helvetica, Arial, sans-serif, &#39;Apple Color Emoji&#39;, &#39;Segoe UI Emoji&#39;, &#39;Segoe UI Symbol&#39;; font-size: 18px; vertical-align: top; color: #15212A;" valign="top">&#xA0;</td> </tr> <!--[if mso]> </table> </center> </td> </tr> <![endif]--> </table> <img width="1" height="1" alt="" src="https://email.mg.cardsftw.com/o/eJwszktuhDAMANDTTHag2IkdWPgwJDafFhoppEW9faVqlm_3VMIEgciZQIqQZoYQnV3LcQ6HCieFHCBwRGLyRslwIS5ulylnWAvSTJyA1mllm1RLVCY2S-gOQY_kAyAwEMIIhD77GELKxjOHV_TXNpal6b32Zyz1ck36Q_D70Tfdz7th1Vf0X_bcp_VubWxVrbou-fv8HP6Xrsu217u_9SP4FwAA___WrT7a"></body> </html>
  19. CardsFTW #145: Surprise Rewards!

    Wed, 05 Mar 2025 17:30:17 -0000

    <!doctype html> <html> <head> <meta name="viewport" content="width=device-width"> <meta http-equiv="Content-Type" content="text/html; charset=UTF-8"> <!--[if mso]><xml><o:OfficeDocumentSettings><o:PixelsPerInch>96</o:PixelsPerInch><o:AllowPNG/></o:OfficeDocumentSettings></xml><![endif]--> <title>CardsFTW #145: Surprise Rewards!</title> <style> .post-title-link { display: block; margin-top: 32px; color: #15212A; text-align: center; line-height: 1.1em; } .post-title-link-left { text-align: left; } .view-online-link { word-wrap: none; white-space: nowrap; color: #738a94; text-decoration: underline !important; } .kg-nft-link { display: block; text-decoration: none !important; color: #15212A !important; font-family: inherit !important; font-size: 14px; line-height: 1.3em; padding-top: 4px; padding-right: 20px; padding-left: 20px; padding-bottom: 4px; } .kg-twitter-link { display: block; text-decoration: none !important; color: #15212A !important; font-family: inherit !important; font-size: 15px; 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border-color: #34495e !important; } } </style> </head> <body style="background-color: #fff; font-family: -apple-system, BlinkMacSystemFont, &#39;Segoe UI&#39;, Roboto, Helvetica, Arial, sans-serif, &#39;Apple Color Emoji&#39;, &#39;Segoe UI Emoji&#39;, &#39;Segoe UI Symbol&#39;; -webkit-font-smoothing: antialiased; font-size: 18px; line-height: 1.4; margin: 0; padding: 0; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%; color: #15212A;"> <span class="preheader" style="color: transparent; display: none; height: 0; max-height: 0; max-width: 0; opacity: 0; overflow: hidden; mso-hide: all; visibility: hidden; width: 0;">Plus, a new bitcoin credit card, cash loads, and more</span> <table role="presentation" border="0" cellpadding="0" cellspacing="0" class="body" width="100%" style="border-collapse: separate; mso-table-lspace: 0pt; mso-table-rspace: 0pt; background-color: #fff; width: 100%;" bgcolor="#fff"> <!-- Outlook doesn't respect max-width so we need an extra centered table --> <!--[if mso]> <tr> <td> <center> <table border="0" cellpadding="0" cellspacing="0" width="600"> <![endif]--> <tr> <td style="font-family: -apple-system, BlinkMacSystemFont, &#39;Segoe UI&#39;, Roboto, Helvetica, Arial, sans-serif, &#39;Apple Color Emoji&#39;, &#39;Segoe UI Emoji&#39;, &#39;Segoe UI Symbol&#39;; font-size: 18px; vertical-align: top; color: #15212A;" valign="top">&#xA0;</td> <td class="container" style="font-family: -apple-system, BlinkMacSystemFont, &#39;Segoe UI&#39;, Roboto, Helvetica, Arial, sans-serif, &#39;Apple Color Emoji&#39;, &#39;Segoe UI Emoji&#39;, &#39;Segoe UI Symbol&#39;; font-size: 18px; vertical-align: top; color: #15212A; display: block; max-width: 600px; margin: 0 auto;" valign="top"> <div class="content" style="box-sizing: border-box; display: block; margin: 0 auto; max-width: 600px;"> <!-- START CENTERED WHITE CONTAINER --> <table role="presentation" border="0" cellpadding="0" cellspacing="0" class="main" width="100%" style="border-collapse: separate; mso-table-lspace: 0pt; mso-table-rspace: 0pt; background: #ffffff; border-radius: 3px; border-spacing: 20px 0; width: 100%;"> <!-- START MAIN CONTENT AREA --> <tr> <td class="wrapper" style="font-family: -apple-system, BlinkMacSystemFont, &#39;Segoe UI&#39;, Roboto, Helvetica, Arial, sans-serif, &#39;Apple Color Emoji&#39;, &#39;Segoe UI Emoji&#39;, &#39;Segoe UI Symbol&#39;; font-size: 18px; vertical-align: top; color: #15212A; box-sizing: border-box;" valign="top"> <table role="presentation" border="0" cellpadding="0" cellspacing="0" width="100%" style="border-collapse: separate; mso-table-lspace: 0pt; mso-table-rspace: 0pt; width: 100%;"> <tr class="header-image-row"> <td class="header-image" width="100%" align="center" style="font-family: -apple-system, BlinkMacSystemFont, &#39;Segoe UI&#39;, Roboto, Helvetica, Arial, sans-serif, &#39;Apple Color Emoji&#39;, &#39;Segoe UI Emoji&#39;, &#39;Segoe UI Symbol&#39;; font-size: 18px; vertical-align: top; color: #15212A; padding-top: 24px; padding-bottom: 16px;" valign="top"> <a href="https://www.cardsftw.com/r/0046b0b1?m=c62b746c-f2ed-4fee-8f26-488cc07e1c4e" style="color: #F9A60D; text-decoration: none; overflow-wrap: anywhere;" target="_blank"> <img src="https://www.cardsftw.com/content/images/size/w1200/2024/01/cftw-logo-3.png" width="600" style="border: none; -ms-interpolation-mode: bicubic; max-width: 100%;"> </a> </td> </tr> <tr> <td class="post-title post-title-with-excerpt post-title-serif" style="vertical-align: top; color: #15212A; font-size: 36px; line-height: 1.1em; font-weight: 700; text-align: center; padding-bottom: 8px; font-family: Georgia, serif; letter-spacing: -0.01em;" valign="top" align="center"> <a href="https://www.cardsftw.com/r/bf8d1b25?m=c62b746c-f2ed-4fee-8f26-488cc07e1c4e" class="post-title-link" style="text-decoration: none; display: block; margin-top: 32px; color: #15212A; text-align: center; line-height: 1.1em; overflow-wrap: anywhere;" target="_blank">CardsFTW #145: Surprise Rewards!</a> </td> </tr> <tr> <td style="font-family: -apple-system, BlinkMacSystemFont, &#39;Segoe UI&#39;, Roboto, Helvetica, Arial, sans-serif, &#39;Apple Color Emoji&#39;, &#39;Segoe UI Emoji&#39;, &#39;Segoe UI Symbol&#39;; font-size: 18px; vertical-align: top; color: #15212A; width: 100%;" width="100%" valign="top"> <table class="post-meta-wrapper" role="presentation" border="0" cellpadding="0" cellspacing="0" width="100%" style="border-collapse: separate; mso-table-lspace: 0pt; mso-table-rspace: 0pt; width: 100%; padding-bottom: 32px;"> <tr> <td height="20" class="post-meta post-meta-center" style="font-family: -apple-system, BlinkMacSystemFont, &#39;Segoe UI&#39;, Roboto, Helvetica, Arial, sans-serif, &#39;Apple Color Emoji&#39;, &#39;Segoe UI Emoji&#39;, &#39;Segoe UI Symbol&#39;; vertical-align: top; color: #738a94; font-size: 13px; font-weight: 400; text-align: center; padding: 0;" valign="top" align="center"> By Matthew Goldman &#x2022; <span class="post-meta-date" style="white-space: nowrap;">5 Mar 2025 </span> </td> <td class="post-meta post-meta-center view-online desktop" style="font-family: -apple-system, BlinkMacSystemFont, &#39;Segoe UI&#39;, Roboto, Helvetica, Arial, sans-serif, &#39;Apple Color Emoji&#39;, &#39;Segoe UI Emoji&#39;, &#39;Segoe UI Symbol&#39;; vertical-align: top; color: #738a94; font-size: 13px; font-weight: 400; text-align: center; display: none;" valign="top" align="center"> <a href="https://www.cardsftw.com/r/b8ac72ba?m=c62b746c-f2ed-4fee-8f26-488cc07e1c4e" class="view-online-link" style="word-wrap: none; white-space: nowrap; color: #738a94; overflow-wrap: anywhere; text-decoration: underline;" target="_blank">View in browser</a> </td> </tr> <tr class="post-meta post-meta-center view-online-mobile" style="color: #738a94; font-size: 13px; font-weight: 400; text-align: center;" align="center"> <td height="20" class="view-online" style="font-family: -apple-system, BlinkMacSystemFont, &#39;Segoe UI&#39;, Roboto, Helvetica, Arial, sans-serif, &#39;Apple Color Emoji&#39;, &#39;Segoe UI Emoji&#39;, &#39;Segoe UI Symbol&#39;; vertical-align: top; color: #738a94; font-size: 13px; font-weight: 400; text-align: center; text-decoration: underline;" valign="top" align="center"> <a href="https://www.cardsftw.com/r/b872245d?m=c62b746c-f2ed-4fee-8f26-488cc07e1c4e" class="view-online-link" style="word-wrap: none; white-space: nowrap; color: #738a94; overflow-wrap: anywhere; text-decoration: underline;" target="_blank">View in browser</a> </td> </tr> </table> </td> </tr> <tr class="post-content-row"> <td class="post-content-sans-serif" style="font-family: -apple-system, BlinkMacSystemFont, &#39;Segoe UI&#39;, Roboto, Helvetica, Arial, sans-serif, &#39;Apple Color Emoji&#39;, &#39;Segoe UI Emoji&#39;, &#39;Segoe UI Symbol&#39;; vertical-align: top; font-size: 17px; line-height: 1.5em; color: #15212A; padding-bottom: 20px; border-bottom: 1px solid #e5eff5; max-width: 600px;" valign="top"> <!-- POST CONTENT START --> <h2 id="50-for-your-thoughts" style="margin-top: 0; font-family: -apple-system, BlinkMacSystemFont, &#39;Segoe UI&#39;, Roboto, Helvetica, Arial, sans-serif, &#39;Apple Color Emoji&#39;, &#39;Segoe UI Emoji&#39;, &#39;Segoe UI Symbol&#39;; line-height: 1.11em; font-weight: 700; text-rendering: optimizeLegibility; margin: 1.5em 0 0.5em 0; font-size: 32px;">$50 for your thoughts?</h2><p style="margin: 0 0 1.5em 0; line-height: 1.6em;">In addition to CardsFTW and product building, we conduct primary research at <a href="https://www.cardsftw.com/r/045f5595?m=c62b746c-f2ed-4fee-8f26-488cc07e1c4e" rel="noreferrer" style="overflow-wrap: anywhere; color: #F9A60D; text-decoration: underline;" target="_blank">Totavi</a>. We are working on a new survey about the perceptions of card networks and would love your participation. If you qualify and complete the survey, we&#x2019;ll send <strong style="font-weight: 700;">$50!&#xA0;</strong></p><p style="margin: 0 0 1.5em 0; line-height: 1.6em;"></p><div class="btn btn-accent" style="box-sizing: border-box; width: 100%; display: table;"><table border="0" cellspacing="0" cellpadding="0" align="center" style="border-collapse: separate; mso-table-lspace: 0pt; mso-table-rspace: 0pt; width: auto;" width="auto"><tr><td align="center" style="font-size: 18px; vertical-align: top; color: #15212A; border-radius: 5px; text-align: center; font-family: -apple-system, BlinkMacSystemFont, &#39;Segoe UI&#39;, Roboto, Helvetica, Arial, sans-serif, &#39;Apple Color Emoji&#39;, &#39;Segoe UI Emoji&#39;, &#39;Segoe UI Symbol&#39;; background-color: #F9A60D;" valign="top" bgcolor="#F9A60D"><a href="https://www.cardsftw.com/r/5a0e2ce0?m=c62b746c-f2ed-4fee-8f26-488cc07e1c4e" style="overflow-wrap: anywhere; border: solid 1px #3498db; border-radius: 5px; box-sizing: border-box; cursor: pointer; display: inline-block; font-size: 14px; font-weight: bold; margin: 0; padding: 12px 25px; text-decoration: none; background-color: #F9A60D; border-color: #F9A60D; color: #FFFFFF;" target="_blank">Take the Survey Now</a></td></tr></table></div><p style="margin: 0 0 1.5em 0; line-height: 1.6em;"></p><h2 id="see-you-in-vegas" style="margin-top: 0; font-family: -apple-system, BlinkMacSystemFont, &#39;Segoe UI&#39;, Roboto, Helvetica, Arial, sans-serif, &#39;Apple Color Emoji&#39;, &#39;Segoe UI Emoji&#39;, &#39;Segoe UI Symbol&#39;; line-height: 1.11em; font-weight: 700; text-rendering: optimizeLegibility;margin: 1.5em 0 0.5em 0; font-size: 32px;">See You in Vegas?</h2><p style="margin: 0 0 1.5em 0; line-height: 1.6em;">I&#x2019;m attending my first in-person <a href="https://www.cardsftw.com/r/de91ddb6?m=c62b746c-f2ed-4fee-8f26-488cc07e1c4e" rel="noreferrer" style="overflow-wrap: anywhere; color: #F9A60D; text-decoration: underline;" target="_blank">Fintech Meetup</a> next week in Las Vegas. I&#x2019;ve heard good things about the conference, and I am looking forward to meeting some new folks and catching up with friends. If you&#x2019;re in Vegas and want to meet, let me know. (Reply to this email!)</p><h2 id="happy-15th-anniversary-chase-freedom" style="margin-top: 0; font-family: -apple-system, BlinkMacSystemFont, &#39;Segoe UI&#39;, Roboto, Helvetica, Arial, sans-serif, &#39;Apple Color Emoji&#39;, &#39;Segoe UI Emoji&#39;, &#39;Segoe UI Symbol&#39;; line-height: 1.11em; font-weight: 700; text-rendering: optimizeLegibility; margin: 1.5em 0 0.5em 0; font-size: 32px;">Happy 15th Anniversary, Chase Freedom</h2><p style="margin: 0 0 1.5em 0; line-height: 1.6em;">The <a href="https://www.cardsftw.com/r/4d0ddca8?m=c62b746c-f2ed-4fee-8f26-488cc07e1c4e" rel="noreferrer" style="overflow-wrap: anywhere; color: #F9A60D; text-decoration: underline;" target="_blank">Chase Freedom</a> card holds a special place in my heart. It&#x2019;s probably why <a href="https://www.cardsftw.com/r/19dac85c?m=c62b746c-f2ed-4fee-8f26-488cc07e1c4e" style="overflow-wrap: anywhere; color: #F9A60D; text-decoration: underline;" target="_blank"><u>I started Wallaby</u></a>, and my career since then has focused on cards and payments in a way I wouldn&#x2019;t have guessed when I first opened my account. Not to age myself, but the Chase Freedom Card program is celebrating its <a href="https://www.cardsftw.com/r/6dd4da5d?m=c62b746c-f2ed-4fee-8f26-488cc07e1c4e" style="overflow-wrap: anywhere; color: #F9A60D; text-decoration: underline;" target="_blank"><u>15th anniversary</u></a>.</p><blockquote style="margin: 0; padding: 0; border-left: #F9A60D 2px solid; font-size: 17px; font-weight: 500; line-height: 1.6em; letter-spacing: -0.2px;"><p style="line-height: 1.6em; margin: 2em 25px; font-size: 1em; padding: 0;">A side note: I was trying to figure out when I first received my Chase Freedom card. According to my credit report, that account was opened in 2007. This would mean I received my card three years before the card was live. Bonus points to whomever can help me figure this one out; my record-keeping isn&#x2019;t so good that I know which card I applied for in 2007 or if the product changed to Chase Freedom at a later time.</p></blockquote><div class="kg-card kg-image-card kg-card-hascaption" style="margin: 0 0 1.5em; padding: 0;"><img src="https://www.cardsftw.com/content/images/2025/03/chase-freedom-visa.jpg" class="kg-image" alt="Chase Freedom Visa Card" loading="lazy" width="600" height="338" style="border: none; -ms-interpolation-mode: bicubic; max-width: 100%; display: block; margin: 0 auto; height: auto; width: auto;"><div class="kg-card-figcaption" style="text-align: center; font-family: -apple-system, BlinkMacSystemFont, &#39;Segoe UI&#39;, Roboto, Helvetica, Arial, sans-serif, &#39;Apple Color Emoji&#39;, &#39;Segoe UI Emoji&#39;, &#39;Segoe UI Symbol&#39;; padding-top: 10px; padding-bottom: 10px; line-height: 1.5em; color: #738a94; font-size: 13px;"><span style="text-align: center; white-space: pre-wrap;">Frances Vespucci</span></div></div><p style="margin: 0 0 1.5em 0; line-height: 1.6em;">The Chase Freedom is one of the rotating-quarterly-bonus-category cards. Cardholders earn 1% cashback daily, with 5% bonuses in a changing list of categories (with a $1,500 limit). Typically, these categories are related to the season, such as 5% cashback on gas in the summer. For this special anniversary, Chase is doing an additional bonus category for one month each quarter (still subject to the cap). Aligned with the season, the March category is insurance and tax preparation. These are not common bonus categories and represent an interesting addition to the standard ones this quarter: grocery stores, fitness clubs, and hair, nails, and spa services (new year, new you!).</p><p style="margin: 0 0 1.5em 0; line-height: 1.6em;">The Freedom card&#39;s March-only insurance bonus, isn&#39;t the only Chase card with an insurance bonus this month, so is the Southwest Rapid RewardsCredit Card. Andrew Davidson at Mintel Comperemedia <a href="https://www.cardsftw.com/r/78d25716?m=c62b746c-f2ed-4fee-8f26-488cc07e1c4e" style="overflow-wrap: anywhere; color: #F9A60D; text-decoration: underline;" target="_blank"><u>reported</u></a> on a Southwest Rapid Rewards Credit Card deal that includes a different category each quarter for cardholders to earn double the Companion Pass qualifying points on their card. In Q1, that category is insurance. (Companion Passes, for the un-initiated, require earning 135,000 qualifying points in a calendar year, after which a named person can fly free everywhere the companion pass earner flies on Southwest.) <sup>[1]</sup> </p><p style="margin: 0 0 1.5em 0; line-height: 1.6em;">Bonuses for future quarters haven&#x2019;t been announced yet (per usual), but I&#x2019;ll be watching this throughout the year. The approach is clever, but I question whether the complicated messaging is worth it and whether anyone else cares about card product anniversaries.</p><div></div><div class="align-center" style="text-align: center;"><hr style="position: relative; display: block; width: 100%; margin: 3em 0; padding: 0; height: 1px; border: 0; border-top: 1px solid #e5eff5;"><p style="margin: 0 0 1.5em 0; line-height: 1.6em;"><span style="white-space: pre-wrap;">Thank you for subscribing to&#xA0;CardsFTW. Please consider supporting this newsletter&#xA0;by upgrading to a paid subscription today.</span></p><div class="btn btn-accent" style="box-sizing: border-box; width: 100%; display: table;"> <table border="0" cellspacing="0" cellpadding="0" align="center" style="border-collapse: separate; mso-table-lspace: 0pt; mso-table-rspace: 0pt; width: auto;" width="auto"> <tbody> <tr> <td align="center" style="font-size: 18px; vertical-align: top; color: #15212A; border-radius: 5px; text-align: center; font-family: -apple-system, BlinkMacSystemFont, &#39;Segoe UI&#39;, Roboto, Helvetica, Arial, sans-serif, &#39;Apple Color Emoji&#39;, &#39;Segoe UI Emoji&#39;, &#39;Segoe UI Symbol&#39;; background-color: #F9A60D;" valign="top" bgcolor="#F9A60D"> <a href="https://www.cardsftw.com/r/e1d9a50f?m=c62b746c-f2ed-4fee-8f26-488cc07e1c4e" style="overflow-wrap: anywhere; border: solid 1px #3498db; border-radius: 5px; box-sizing: border-box; cursor: pointer; display: inline-block; font-size: 14px; font-weight: bold; margin: 0; padding: 12px 25px; text-decoration: none; background-color: #F9A60D; border-color: #F9A60D; color: #FFFFFF;" target="_blank">Upgrade to Paid</a> </td> </tr> </tbody> </table> </div> <p style="margin: 0 0 1.5em 0; line-height: 1.6em;"></p><hr style="position: relative; display: block; width: 100%; margin: 3em 0; padding: 0; height: 1px; border: 0; border-top: 1px solid #e5eff5;"></div><h2 id="fold-to-launch-bitcoin-rewards-credit-card" style="margin-top: 0; font-family: -apple-system, BlinkMacSystemFont, &#39;Segoe UI&#39;, Roboto, Helvetica, Arial, sans-serif, &#39;Apple Color Emoji&#39;, &#39;Segoe UI Emoji&#39;, &#39;Segoe UI Symbol&#39;; line-height: 1.11em; font-weight: 700; text-rendering: optimizeLegibility; margin: 1.5em 0 0.5em 0; font-size: 32px;">Fold to Launch Bitcoin Rewards Credit Card</h2><p style="margin: 0 0 1.5em 0; line-height: 1.6em;">Crypto exchanges have been having a good past few months. We have seen crypto cards come and go (RIP, <a href="https://www.cardsftw.com/r/3a969c1b?m=c62b746c-f2ed-4fee-8f26-488cc07e1c4e" rel="noreferrer" style="overflow-wrap: anywhere; color: #F9A60D; text-decoration: underline;" target="_blank">BlockFi</a>). I missed this announcement a few weeks back, but thought it was interesting enough to highlight here: <a href="https://www.cardsftw.com/r/10fc17ea?m=c62b746c-f2ed-4fee-8f26-488cc07e1c4e" rel="noreferrer" style="overflow-wrap: anywhere; color: #F9A60D; text-decoration: underline;" target="_blank">Fold</a>, a bitcoin-focused debit card provider has announced a move to a bitcoin rewards card.</p><div class="kg-card kg-image-card kg-card-hascaption" style="margin: 0 0 1.5em; padding: 0;"><img src="https://www.cardsftw.com/content/images/2025/03/fold_debitcard.jpeg" class="kg-image" alt="a stack of Fold debit Visa cards" loading="lazy" width="600" height="752" style="border: none; -ms-interpolation-mode: bicubic; max-width: 100%; display: block; margin: 0 auto; height: auto; width: auto;"><div class="kg-card-figcaption" style="text-align: center; font-family: -apple-system, BlinkMacSystemFont, &#39;Segoe UI&#39;, Roboto, Helvetica, Arial, sans-serif, &#39;Apple Color Emoji&#39;, &#39;Segoe UI Emoji&#39;, &#39;Segoe UI Symbol&#39;; padding-top: 10px; padding-bottom: 10px; line-height: 1.5em; color: #738a94; font-size: 13px;"><span style="text-align: center; white-space: pre-wrap;">Imagine this, but in metal, with the word credit. Also, can crypto cards knock it off with putting Satoshi Nakamoto on the samples?</span></div></div><p style="margin: 0 0 1.5em 0; line-height: 1.6em;">Users paying $100 per year for Fold+ membership (who already get bonus rewards on the Fold debit card and reduced bitcoin trading fees) will earn 2% cashback on their credit card (in the form of bitcoin). Regular users will earn 1.5% cashback. The core value proposition of these cards is typically the promise that the value of this crypto might go up. (It also might go down.)&#xA0;</p><p style="margin: 0 0 1.5em 0; line-height: 1.6em;">The card is launching on a waitlist (<a href="https://www.cardsftw.com/r/3745e316?m=c62b746c-f2ed-4fee-8f26-488cc07e1c4e" style="overflow-wrap: anywhere; color: #F9A60D; text-decoration: underline;" target="_blank"><u>my referral link!</u></a>) and has an associated sweepstakes, which seems a bit gimmicky. Given the card is on a waitlist, there is no information on the issuer yet, but I&#x2019;ll be watching!</p><div class="align-center" style="text-align: center;"><hr style="position: relative; display: block; width: 100%; margin: 3em 0; padding: 0; height: 1px; border: 0; border-top: 1px solid #e5eff5;"><p style="margin: 0 0 1.5em 0; line-height: 1.6em;"><span style="white-space: pre-wrap;">Do you love CardsFTW? Share or forward this post to a friend!&#xA0;</span></p><hr style="position: relative; display: block; width: 100%; margin: 3em 0; padding: 0; height: 1px; border: 0; border-top: 1px solid #e5eff5;"></div><h2 id="people-still-have-cash" style="margin-top: 0; font-family: -apple-system, BlinkMacSystemFont, &#39;Segoe UI&#39;, Roboto, Helvetica, Arial, sans-serif, &#39;Apple Color Emoji&#39;, &#39;Segoe UI Emoji&#39;, &#39;Segoe UI Symbol&#39;; line-height: 1.11em; font-weight: 700; text-rendering: optimizeLegibility; margin: 1.5em 0 0.5em 0; font-size: 32px;">People Still Have Cash</h2><p style="margin: 0 0 1.5em 0; line-height: 1.6em;">I started my career in fintech at <a href="https://www.cardsftw.com/r/4c6de7af?m=c62b746c-f2ed-4fee-8f26-488cc07e1c4e" rel="noreferrer" style="overflow-wrap: anywhere; color: #F9A60D; text-decoration: underline;" target="_blank">Green Dot</a> in 2006, shortly after the company raised a Series B. I think there were about 65 people there when I joined. The most intriguing asset of Green Dot at the time was its cash load network. In a time well-before most folks were thinking about digitizing cash, Green Dot owned extensive money transmitter licenses and had real-time point-of-sale connections in approximately 50,000 locations across the U.S., including many 24/7 operations, like drug and convenience stores.&#xA0;</p><div class="kg-card kg-image-card kg-card-hascaption" style="margin: 0 0 1.5em; padding: 0;"><img src="https://www.cardsftw.com/content/images/2025/03/moneypak-hero-desktop.png" class="kg-image" alt="Green Dot MoneyPak" loading="lazy" width="600" height="440" style="border: none; -ms-interpolation-mode: bicubic; max-width: 100%; display: block; margin: 0 auto; height: auto; width: auto;"><div class="kg-card-figcaption" style="text-align: center; font-family: -apple-system, BlinkMacSystemFont, &#39;Segoe UI&#39;, Roboto, Helvetica, Arial, sans-serif, &#39;Apple Color Emoji&#39;, &#39;Segoe UI Emoji&#39;, &#39;Segoe UI Symbol&#39;; padding-top: 10px; padding-bottom: 10px; line-height: 1.5em; color: #738a94; font-size: 13px;"><span style="text-align: center; white-space: pre-wrap;">how did they get that tagline past compliance?</span></div></div><p style="margin: 0 0 1.5em 0; line-height: 1.6em;">For a small fee ($4.95 at the time, now $5.95) and a little bit of work (usually a call to an IVR or visit to a website), you could convert up to $500 in cash instantly (or within an hour) to digital currency to be applied to a debit card (Green Dot&#x2019;s or someone else&#39;s), pay a bill, or other things.</p><p style="margin: 0 0 1.5em 0; line-height: 1.6em;">The cash load network is still what interests me most about Green Dot, and it is a unique asset. Recently, the company <a href="https://www.cardsftw.com/r/32a62a56?m=c62b746c-f2ed-4fee-8f26-488cc07e1c4e" style="overflow-wrap: anywhere; color: #F9A60D; text-decoration: underline;" target="_blank"><u>announced</u></a> a partnership with <a href="https://www.cardsftw.com/r/1716a043?m=c62b746c-f2ed-4fee-8f26-488cc07e1c4e" rel="noreferrer" style="overflow-wrap: anywhere; color: #F9A60D; text-decoration: underline;" target="_blank">Marqeta</a> (a next-generation processor) to enable cash loads. From the outside, I think this is about a direct integration. You can access Green Dot&#x2019;s network via some other network arrangements (e.g., via Mastercard), so is this news? I guess it must be.</p><h2 id="let%E2%80%99s-fly-to-japan" style="margin-top: 0; font-family: -apple-system, BlinkMacSystemFont, &#39;Segoe UI&#39;, Roboto, Helvetica, Arial, sans-serif, &#39;Apple Color Emoji&#39;, &#39;Segoe UI Emoji&#39;, &#39;Segoe UI Symbol&#39;; line-height: 1.11em; font-weight: 700; text-rendering: optimizeLegibility; margin: 1.5em 0 0.5em 0; font-size: 32px;">Let&#x2019;s Fly to Japan</h2><p style="margin: 0 0 1.5em 0; line-height: 1.6em;">Japan has been a big travel destination the last few years. Besides it being beautiful and filled with history, it became a major points hacking topic on the Reddit forms about how to fly first class for very little points. Japanese airline ANA must have seen the potential in this trend and announced the launch of a new credit card this week for folks who want to earn ANA points. Issued by <a href="https://www.cardsftw.com/r/ad9517a0?m=c62b746c-f2ed-4fee-8f26-488cc07e1c4e" rel="noreferrer" style="overflow-wrap: anywhere; color: #F9A60D; text-decoration: underline;" target="_blank">First National Bank of Omaha</a> (FNBO) the new <a href="https://www.cardsftw.com/r/7a2757ff?m=c62b746c-f2ed-4fee-8f26-488cc07e1c4e" style="overflow-wrap: anywhere; color: #F9A60D; text-decoration: underline;" target="_blank"><u>ANA Card U.S.A. Plus</u></a> is a decent deal for ANA loyalists living here. Cardholders will earn 2x miles per dollar booked on ANA, 1 mile everywhere else, and the card has no FX fee. The card is $85 per year, waived in year one with a 10,000 point bonus on this <a href="https://www.cardsftw.com/r/204cda4c?m=c62b746c-f2ed-4fee-8f26-488cc07e1c4e" style="overflow-wrap: anywhere; color: #F9A60D; text-decoration: underline;" target="_blank"><u>new launch campaign</u></a>. </p><div class="kg-card kg-image-card kg-card-hascaption" style="margin: 0 0 1.5em; padding: 0;"><img src="https://www.cardsftw.com/content/images/2025/03/ana-visa.png" class="kg-image" alt="ANA Card U.S.A." loading="lazy" width="600" height="378" style="border: none; -ms-interpolation-mode: bicubic; max-width: 100%; display: block; margin: 0 auto; height: auto; width: auto;"><div class="kg-card-figcaption" style="text-align: center; font-family: -apple-system, BlinkMacSystemFont, &#39;Segoe UI&#39;, Roboto, Helvetica, Arial, sans-serif, &#39;Apple Color Emoji&#39;, &#39;Segoe UI Emoji&#39;, &#39;Segoe UI Symbol&#39;; padding-top: 10px; padding-bottom: 10px; line-height: 1.5em; color: #738a94; font-size: 13px;"><span style="text-align: center; white-space: pre-wrap;">Ana Cardone</span></div></div><p style="margin: 0 0 1.5em 0; line-height: 1.6em;">Cardholders also earn 25% Flight Bonus Miles when flying with ANA. These bonus miles are a feature we&#x2019;re seeing more of lately to increase the benefits of a co-brand card.One small note: the only card images on the web have a Visa <em>business</em> logo, but I think this is a consumer card.</p><p style="margin: 0 0 1.5em 0; line-height: 1.6em;">FNBO also offers the <a href="https://www.cardsftw.com/r/2b6b7890?m=c62b746c-f2ed-4fee-8f26-488cc07e1c4e" style="overflow-wrap: anywhere; color: #F9A60D; text-decoration: underline;" target="_blank"><u>Japan Airlines USA Credit Card</u></a>. This card has two tiers: basic ($35 per year, only 1 point per $2 spent) and premium ($85 per year, with 2 miles per dollar at JAL and 1 dollar everywhere else). There are a few additional perks, including a 10% mileage bonus on purchased flights and in-flight discounts.&#xA0; This card also says it&#x2019;s a business card. I don&#x2019;t get this. If you know, please explain.</p><div class="kg-card kg-image-card kg-card-hascaption" style="margin: 0 0 1.5em; padding: 0;"><img src="https://www.cardsftw.com/content/images/2025/03/jal_usa_card.png" class="kg-image" alt="JAL USA Card" loading="lazy" width="321" height="487" style="border: none; -ms-interpolation-mode: bicubic; max-width: 100%; display: block; margin: 0 auto; height: auto; width: auto;"><div class="kg-card-figcaption" style="text-align: center; font-family: -apple-system, BlinkMacSystemFont, &#39;Segoe UI&#39;, Roboto, Helvetica, Arial, sans-serif, &#39;Apple Color Emoji&#39;, &#39;Segoe UI Emoji&#39;, &#39;Segoe UI Symbol&#39;; padding-top: 10px; padding-bottom: 10px; line-height: 1.5em; color: #738a94; font-size: 13px;"><span style="text-align: center; white-space: pre-wrap;">Same bank, but U.S.A. for one and USA for the other. </span></div></div><p style="margin: 0 0 1.5em 0; line-height: 1.6em;">If you&#x2019;re an American who wants to fly to Japan, these cards are probably not for you. A mileage site or AI can help you find travel hacks to Japan using other travel cards, but I assume that if you are a Japanese expat with strong loyalty, you&#x2019;ll want one.</p><h2 id="splitting-rewards" style="margin-top: 0; font-family: -apple-system, BlinkMacSystemFont, &#39;Segoe UI&#39;, Roboto, Helvetica, Arial, sans-serif, &#39;Apple Color Emoji&#39;, &#39;Segoe UI Emoji&#39;, &#39;Segoe UI Symbol&#39;; line-height: 1.11em; font-weight: 700; text-rendering: optimizeLegibility; margin: 1.5em 0 0.5em 0; font-size: 32px;">Splitting Rewards</h2><p style="margin: 0 0 1.5em 0; line-height: 1.6em;">We&#x2019;ve talked about <a href="https://www.cardsftw.com/r/95029e1d?m=c62b746c-f2ed-4fee-8f26-488cc07e1c4e" rel="noreferrer" style="overflow-wrap: anywhere; color: #F9A60D; text-decoration: underline;" target="_blank">Kasheesh</a>* before, which provides a card to consumers to split their payments (online and with mobile wallets) across two or more underlying card products. For consumers with limited credit, splitting a large purchase across multiple cards for a small fee can help to solve for limited credit lines or checking account balances (e.g., splitting a $1,000 purchase across two credit cards and a debit card at $333 each).</p><div class="kg-card kg-image-card kg-card-hascaption" style="margin: 0 0 1.5em; padding: 0;"><img src="https://www.cardsftw.com/content/images/2025/03/kasheesh_card.png" class="kg-image" alt loading="lazy" width="576" height="376" style="border: none; -ms-interpolation-mode: bicubic; max-width: 100%; display: block; margin: 0 auto; height: auto; width: auto;"><div class="kg-card-figcaption" style="text-align: center; font-family: -apple-system, BlinkMacSystemFont, &#39;Segoe UI&#39;, Roboto, Helvetica, Arial, sans-serif, &#39;Apple Color Emoji&#39;, &#39;Segoe UI Emoji&#39;, &#39;Segoe UI Symbol&#39;; padding-top: 10px; padding-bottom: 10px; line-height: 1.5em; color: #738a94; font-size: 13px;"><span style="text-align: center; white-space: pre-wrap;">Multi-Pass!</span></div></div><p style="margin: 0 0 1.5em 0; line-height: 1.6em;">Today, Kasheesh is <a href="https://www.cardsftw.com/r/e6be9b2a?m=c62b746c-f2ed-4fee-8f26-488cc07e1c4e" rel="noreferrer" style="overflow-wrap: anywhere; color: #F9A60D; text-decoration: underline;" target="_blank">announcing</a> a rewards program linked to their platform. Users will be able to earn Kasheesh rewards on top of their underlying card rewards, up to an additional 1.5% cashback (with a $500 quarterly limit in rewards).</p><div class="align-center" style="text-align: center;"><hr style="position: relative; display: block; width: 100%; margin: 3em 0; padding: 0; height: 1px; border: 0; border-top: 1px solid #e5eff5;"><p style="margin: 0 0 1.5em 0; line-height: 1.6em;"><span style="white-space: pre-wrap;">Thank you for subscribing to&#xA0;CardsFTW. Please consider supporting this newsletter&#xA0;by upgrading to a paid subscription today.</span></p><div class="btn btn-accent" style="box-sizing: border-box; width: 100%; display: table;"> <table border="0" cellspacing="0" cellpadding="0" align="center" style="border-collapse: separate; mso-table-lspace: 0pt; mso-table-rspace: 0pt; width: auto;" width="auto"> <tbody> <tr> <td align="center" style="font-size: 18px; vertical-align: top; color: #15212A; border-radius: 5px; text-align: center; font-family: -apple-system, BlinkMacSystemFont, &#39;Segoe UI&#39;, Roboto, Helvetica, Arial, sans-serif, &#39;Apple Color Emoji&#39;, &#39;Segoe UI Emoji&#39;, &#39;Segoe UI Symbol&#39;; background-color: #F9A60D;" valign="top" bgcolor="#F9A60D"> <a href="https://www.cardsftw.com/r/0d13685c?m=c62b746c-f2ed-4fee-8f26-488cc07e1c4e" style="overflow-wrap: anywhere; border: solid 1px #3498db; border-radius: 5px; box-sizing: border-box; cursor: pointer; display: inline-block; font-size: 14px; font-weight: bold; margin: 0; padding: 12px 25px; text-decoration: none; background-color: #F9A60D; border-color: #F9A60D; color: #FFFFFF;" target="_blank">Upgrade to Paid</a> </td> </tr> </tbody> </table> </div> <p style="margin: 0 0 1.5em 0; line-height: 1.6em;"></p><hr style="position: relative; display: block; width: 100%; margin: 3em 0; padding: 0; height: 1px; border: 0; border-top: 1px solid #e5eff5;"></div><h2 id="cardsftw" style="margin-top: 0; font-family: -apple-system, BlinkMacSystemFont, &#39;Segoe UI&#39;, Roboto, Helvetica, Arial, sans-serif, &#39;Apple Color Emoji&#39;, &#39;Segoe UI Emoji&#39;, &#39;Segoe UI Symbol&#39;; line-height: 1.11em; font-weight: 700; text-rendering: optimizeLegibility; margin: 1.5em 0 0.5em 0; font-size: 32px;"><strong style="font-weight: 800;">CardsFTW</strong></h2><p style="margin: 0 0 1.5em 0; line-height: 1.6em;"><a href="https://www.cardsftw.com/r/b085d20d?m=c62b746c-f2ed-4fee-8f26-488cc07e1c4e" style="overflow-wrap: anywhere; color: #F9A60D; text-decoration: underline;" target="_blank"><u>CardsFTW</u></a>, released weekly on Wednesdays, offers insights and analysis on new credit and debit card industry products for consumers and providers. CardsFTW is authored and published by Matthew Goldman and the team at <a href="https://www.cardsftw.com/r/2aaa8244?m=c62b746c-f2ed-4fee-8f26-488cc07e1c4e" style="overflow-wrap: anywhere; color: #F9A60D; text-decoration: underline;" target="_blank"><u>Totavi</u></a>, a boutique consulting firm specializing in fintech product management &amp; marketing. We bring real operational experience that varies from the earliest days of a startup to high-growth phases and public company leadership. Visit<a href="https://www.cardsftw.com/r/084d4847?m=c62b746c-f2ed-4fee-8f26-488cc07e1c4e" style="overflow-wrap: anywhere; color: #F9A60D; text-decoration: underline;" target="_blank"><u> www.totavi.com</u></a> to learn more.</p><p style="margin: 0 0 1.5em 0; line-height: 1.6em;"><em>Interested in reaching our audience? </em><a href="https://www.cardsftw.com/r/9df0dca0?m=c62b746c-f2ed-4fee-8f26-488cc07e1c4e" style="overflow-wrap: anywhere; color: #F9A60D; text-decoration: underline;" target="_blank"><em><u>You can sponsor CardsFTW.</u></em></a></p><ol style="margin: 0 0 1.5em 0; line-height: 1.6em; padding-left: 1.3em; padding-right: 1.5em; list-style: decimal; max-width: 100%;"><li style="margin: 0.5em 0; padding-left: 0.3em; line-height: 1.6em;">&#xA0;I earned a companion pass once the other way,which is to fly 50 round-trip flights or 100 segments in a single calendar year. That is a lot of flying. Luckily for me, 95% of those flights were Burbank to Oakland and back, so it was pretty easy. However, after flying 100 flights in 12 months (and continuing apace), I wasn&#x2019;t too interested in flying other places with my companion (my wife). I think we only used it 3 or 4 times. Plus, I had to fly home first to get her on a flight with me. The irony of the companion pass is people earning one the hard way are probably quite sick of flying.<a href="https://www.cardsftw.com/r/a8a60ea7?m=c62b746c-f2ed-4fee-8f26-488cc07e1c4e" rel="noreferrer" style="overflow-wrap: anywhere; color: #F9A60D; text-decoration: underline;" target="_blank">&#x21A9;&#xFE0E;</a> </li></ol> <!-- POST CONTENT END --> </td> </tr> </table> </td> </tr> <!-- END MAIN CONTENT AREA --> <tr> <td dir="ltr" width="100%" style="font-family: -apple-system, BlinkMacSystemFont, &#39;Segoe UI&#39;, Roboto, Helvetica, Arial, sans-serif, &#39;Apple Color Emoji&#39;, &#39;Segoe UI Emoji&#39;, &#39;Segoe UI Symbol&#39;; font-size: 18px; vertical-align: top; color: #15212A; background-color: #ffffff; text-align: center; padding: 32px 0 24px; border-bottom: 1px solid #e5eff5;" align="center" bgcolor="#ffffff" valign="top"> <table class="feedback-buttons" role="presentation" border="0" cellpadding="0" cellspacing="0" style="border-collapse: separate; mso-table-lspace: 0pt; 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