The hottest Finance Substack posts right now

And their main takeaways
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Weekly Mining Newsletter

Miner Weekly • 0 implied HN points • 23 Jul 22
💰 Finance Regulation Hardware Finance Infrastructure General
  1. Celsius Network's bitcoin mining salvage plan involves significant investment in facilities and mining rigs to increase production.
  2. Regulators are requesting data from bitcoin miners, while countries like Sweden are prioritizing other industrial projects over bitcoin mining due to power concerns.
  3. Crypto miners are seeing significant financial movements, with stocks of mining firms experiencing gains and some miners exiting positions amid a bitcoin rally.

Weekly Mining Newsletter

Miner Weekly • 0 implied HN points • 06 Aug 22
💰 Finance Regulation Hardware Finance Infrastructure General & Features
  1. Bitcoin's mining difficulty increased after miners in Texas resumed operations, leading to a significant impact on production costs.
  2. Many public miners are set to release Q2 earnings reports, providing insight into the spike in energy rates for bitcoin mining.
  3. Regulatory changes in countries like Paraguay and Senate discussions on tax rules are affecting crypto miners worldwide, highlighting the evolving landscape of the industry.

Miner Weekly: Pubcos’ Q3 Gross Margin Plunge

Miner Weekly • 0 implied HN points • 15 Oct 22
💰 Finance Cryptocurrency Mining Regulation Corporate News Hardware & Infrastructure
  1. The average gross margin for public mining companies has declined significantly in Q3, dropping from nearly 70% in Q1 to 26%.
  2. Rising energy costs are squeezing bitcoin mining's gross margin, causing challenges for both public and private mining firms.
  3. If key parameters like bitcoin prices, mining difficulty, and energy costs do not reverse, the industry may see increased consolidation and challenges in the upcoming quarters.
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Alert: Central Bank of Nigeria Circular FMD/DIR/PUB/CIR/001/008

RegAlert • 0 implied HN points • 28 Dec 23
💰 Finance Regulatory Compliance Banking Financial Markets Financial Institutions
  1. Financial institutions in Nigeria must submit their financial market transaction signature mandate to the Central Bank of Nigeria's Financial Markets Department, detailing authorized dealers, dealing mandates, transaction limits, and annual review requirements.
  2. The signature mandate should include full names, designations, level of authority, and transaction limits of authorized officers, with any changes promptly communicated. Submissions are due by January 12, 2024.
  3. This circular FMD/DIR/PUB/CIR/001/008 emphasizes the importance of transparency, accountability, and clear communication within financial institutions regarding financial market transactions and authorized officers.

Activist Value Investing: Be your own "change" agent

Musings on Markets • 0 implied HN points • 25 Jun 12
💰 Finance Investing Corporate Governance Stock Market Value Creation Activism
  1. Activist value investing is when investors actively work to change how a company is run in order to increase its value. This approach lets investors feel more in control of their investments.
  2. There are different types of value: market value, status quo value, and optimal value. Understanding these helps investors see how much more a poorly managed company could be worth if it's run better.
  3. If you can't be an activist investor, you can either invest in companies targeted by activists or look for poorly managed companies that might be targeted in the future.

S19XPs May Not be Entirely Safe Post Halving

Miner Weekly • 0 implied HN points • 25 Jan 24
💰 Finance Cryptocurrency Markets Regulation Hardware Corporate
  1. Bitcoin's hashprice is expected to drop by roughly 50% immediately after halving, potentially impacting miners' profitability.
  2. Owners of S19XP bitcoin miners may face challenges post-halving if hashprice decreases below $40/PH/s.
  3. Bitcoin mining is designed to self-regulate, with less efficient operators possibly unplugging from the network in case of bearish hashprices.

Alert: Central Bank of Nigeria Circular FMD/DIR/PUB/CIR/001/011

RegAlert • 0 implied HN points • 30 Jan 24
💰 Finance Regulations Financial Markets Transparency Market Manipulation Central Banks
  1. Financial institutions must provide transparent pricing in financial market transactions to avoid market manipulation.
  2. The Central Bank of Nigeria warns against underreporting transaction rates and using 'second cheques' as these practices will be sanctioned.
  3. Compliance with CBN rules and guidelines is crucial for a well-functioning and transparent financial market.

Alert: Central Bank of Nigeria Circular TED/FEM/FPC/GEN/001/002

RegAlert • 0 implied HN points • 01 Feb 24
💰 Finance Regulations Compliance
  1. Central Bank of Nigeria has issued revised guidelines for International Money Transfer Services, aiming to enhance transparency, promote diaspora remittances, and improve the ease of doing business for IMTOs and money transfer recipients.
  2. Authorized dealers, IMTOs, and the general public are expected to adhere to the updated guidelines provided by the Central Bank of Nigeria.
  3. The revised guidelines are crucial for boosting the foreign exchange market and ensuring compliance among stakeholders in the money transfer sector.

From the ISDA annals: employment derivatives

The Jolly Contrarian • 0 implied HN points • 26 Apr 24
💰 Finance Financial Instruments Risk management
  1. Employment derivatives were created to manage the risk of employment variability, but interest in them waned due to selling practices.
  2. The concept of hedging employment rate risks with swaps was proposed, allowing companies to manage the unpredictability of their workforce.
  3. Observable measures like PIBOR were introduced to gauge prevailing startup insanity and credibility spreads, contributing to the financialization of the employment relationship.

Weekly Mining Newsletter

Miner Weekly • 0 implied HN points • 18 Jun 22
💰 Finance Regulation Finance Hardware Infrastructure General & Features
  1. Bitcoin's hashprice has dropped as the price slumps, leading to fears among miners, but some are seizing opportunities.
  2. Regulation updates include cities like Plattsburgh and Shanghai making moves regarding bitcoin mining.
  3. Financially, companies like Bitfarms and TeraWulf are strategizing to boost liquidity and operations amidst market fluctuations.

Alert: Central Bank of Nigeria Circular TED/FEM/FPC/GEN/001/003

RegAlert • 0 implied HN points • 01 Feb 24
💰 Finance Regulation Currency Banking
  1. The Central Bank of Nigeria has removed the allowable limit of exchange rate quoted by International Money Transfer Operators (IMTOs), allowing them to quote rates based on prevailing market rates.
  2. IMTOs can now quote exchange rates for naira payout to beneficiaries on a willing seller, willing buyer basis, as per the latest circular.
  3. This circular supersedes the previous one which had set an allowable limit of -2.5% to +2.5% around the previous day's closing rate of the Nigerian Foreign Exchange Market.

Realized Hashrate of USBTC+HUT8

Miner Weekly • 0 implied HN points • 20 Jun 23
💰 Finance Bitcoin Mining Financial Data Corporate News
  1. USBTC and Hut8's combined self-mining capacity is set to reach 7.5 EH/s after a recent deal, surpassing initial expectations of 7 EH/s.
  2. In March, the realized hashrate of USBTC and Hut8 declined to 3 EH/s, positioning the new Hut8 as the eighth largest public bitcoin mining company by self-mining production.
  3. USBTC and Hut8 have complementary financial aspects, with deep diving into their balance sheets revealing potential avenues for future growth and positioning for the bitcoin halving.

Yes, Crypto. The Smart Money Is on Farmland.

James Ledbetter's FIN • 0 implied HN points • 11 Mar 24
💰 Finance Cryptocurrency Investing Fintech Economy Agriculture
  1. Investing in farmland can be a smart long-term choice, offering consistent returns, inflation protection, and potential growth driven by global trends like population growth and innovation.
  2. Platforms like AcreTrader, FarmTogether, and Alto Marketplace are making it easier for accredited retail investors to access farmland investments as part of a diversified portfolio strategy.
  3. Despite the risks like weather impacts and limited liquidity, the interest in farmland investing is growing with the potential for significant returns over time and unique investment opportunities.

The Federal Reserve and the War on Health Freedom

Harnessing the Power of Nutrients • 0 implied HN points • 07 Feb 09
💰 Finance Federal Reserve Health Freedom Inflation Interest Rates Gold Standard
  1. The Federal Reserve plays a significant role in redistributing wealth from the poor and middle class to the rich, benefiting corporations closely tied to the government.
  2. Through fractional reserve banking, the Federal Reserve creates money out of thin air, leading to inflation, which decreases the value of the dollar and disproportionately impacts the working population.
  3. The welfare state, backed by the Federal Reserve, has facilitated wars on cholesterol and health freedom, impacting public welfare under the guise of promoting it.

Alert: Central Bank of Nigeria Circular BSD/DIR/PUB/LAB/016/027

RegAlert • 0 implied HN points • 03 Feb 24
💰 Finance Banking Regulations Nigeria
  1. Central Bank of Nigeria is updating the Cash Reserve Requirement (CRR) mechanism for banks, with changes like no longer having daily CRR debits and specific ratios for different types of banks.
  2. Commercial banks will have a 32.5% ratio and merchant banks 10% applied to increases in their weekly average adjusted deposits.
  3. Banks not meeting the minimum Loan to Deposit Ratio (LDR) will face a 50% CRR levy on the lending shortfall.

About that ISDA: Pt 2: Bilaterality

The Jolly Contrarian • 0 implied HN points • 02 Feb 24
💰 Finance Contracts Agreements Regulations
  1. The ISDA Master Agreement uses unique labels like 'Party A' and 'Party B' for swap participants instead of traditional labels like 'Lender' and 'Borrower'. This creates a more equal and symmetrical dynamic between the counterparties.
  2. The concept of bilaterality in the ISDA Agreement emphasizes fairness and equality in the swap trading relationship. It ensures that both parties are seen as equals rather than having a dominance-subservience dynamic.
  3. While 'Party A' and 'Party B' labels may seem generic, they play a crucial role in specifying roles and obligations within the agreement. Despite the equality, these distinctions are necessary for clarity and accountability in the trading relationship.

Alert: Central Bank of Nigeria Circular CPD/MCD/INT/CCD/020/140

RegAlert • 0 implied HN points • 08 Feb 24
💰 Finance Regulations Compliance Consumer Protection
  1. The circular from the Central Bank of Nigeria highlights the importance of compliance with consumer protection regulations for financial institutions.
  2. Financial institutions are required to establish effective internal complaint handling procedures and provide timely resolutions to consumer complaints.
  3. Regular reviews should be conducted by institutions to identify and rectify any deficiencies in their consumer protection practices.

Alert: Central Bank of Nigeria Circular FMD/DIR/PUB/CIR/001/012

RegAlert • 0 implied HN points • 09 Feb 24
💰 Finance Regulations Foreign Exchange Transparency
  1. Financial institutions are requested to remove the spread on foreign exchange transactions and conduct transactions on a 'Willing Buyer and Willing Seller' basis.
  2. Ethical standards like price disclosures and transparency are emphasized for foreign exchange dealings.
  3. All executed transactions must be immediately recorded on relevant treasury systems and reported to market authorities.

Chart: NGN depreciation over last 12 months

RegAlert • 0 implied HN points • 10 Feb 24
💰 Finance Currency Exchange
  1. The Nigerian Naira saw significant depreciation against USDT but remained relatively stable against USD.
  2. The Central Bank Governor's policies closed the 35-38% discount on NGN in mid-2023.
  3. Adjustments by the Central Bank were made when the spread in exchange rates exceeded 30%, eventually resulting in a 34% depreciation of the Naira to USD.

About that ISDA Pt 6(b): Section 2(a)(iii): the problems

The Jolly Contrarian • 0 implied HN points • 23 May 24
💰 Finance Derivatives Legal Risk Regulation Market
  1. Section 2(a)(iii) in the ISDA agreement is flawed and has caused confusion and litigation since 1987
  2. There are no specific triggers for Section 2(a)(iii) in ISDA, leading to uncertainty and challenges in determining when it is actually activated
  3. Section 2(a)(iii) may not be relevant in modern times due to changes in how swap exposures are managed, making the clause potentially unnecessary

About that ISDA Pt 6(a): Section 2(a)(iii): the theory

The Jolly Contrarian • 0 implied HN points • 08 May 24
💰 Finance Risk management
  1. Section 2(a)(iii) of the ISDA Master Agreement outlines conditions that need to be met for each party's obligations in a transaction, including no default events against the other party.
  2. Assets in financial agreements need to have continuity in time and space to maintain their value, and flawed assets can cause issues during insolvency proceedings.
  3. The ISDA's flawed asset clause allows a non-defaulting party to suspend obligations if the defaulting party fails, avoiding crystallizing a mark-to-market loss but compromising the defaulting party's asset.

A $200M Mining Heist and a Life Sentence

Miner Weekly • 0 implied HN points • 28 Aug 23
💰 Finance Regulation Hardware Infrastructure Corporate Feature
  1. Xiao Yi, a former Chinese official, received a life sentence for his involvement in a $200M crypto mining heist.
  2. The case involved bribery, embezzlement, and misuse of government resources, ultimately leading to a significant mining ban in China.
  3. The story showcases the complex interplay between politics, business, and cryptocurrency in the mining industry.

Facebook buys Whatsapp for $19 billion: Value and Pricing Perspectives

Musings on Markets • 0 implied HN points • 20 Feb 14
💰 Finance Investing Valuation Market Analysis Corporate Finance Mergers & Acquisitions
  1. There are two main ways to look at investments: as traders who focus on prices or as investors who focus on value based on fundamentals. Both sides have their strengths, but it's important to understand their differences.
  2. For Facebook's purchase of WhatsApp, focusing on user numbers and engagement is crucial for traders, as these factors heavily influence pricing and market value.
  3. It's risky for both investors and traders to assume that their perspective will control the market, as trends can shift from user numbers to profits unexpectedly.

Alert: Central Bank of Nigeria Circular NTBs Issue Programme

RegAlert • 0 implied HN points • 01 Jun 21
💰 Finance Regulatory Banking Economy
  1. The Central Bank of Nigeria has released a circular outlining the Treasury Bills issue programme for the third quarter of 2021, detailing the dates, values, and amounts for the 91-day, 182-day, and 364-day bills.
  2. The total value of the Treasury Bills issued for the quarter is 121,376,867, but it is important to note that the offer amounts are subject to change with short notice.
  3. Further details about the NTBs Issue Programme can be found by downloading the document provided in the post from the Central Bank of Nigeria's website.

Value Investing: Where is the beef?

Musings on Markets • 0 implied HN points • 29 Jun 12
💰 Finance Investing Market Analysis Investment Strategies
  1. Value investing includes many strategies, but it often assumes that value investors have a clear advantage over others. However, this belief isn't always supported by the evidence.
  2. Studies show that while some individual investors can outperform the market, many do not. Those who invest based on solid research and have focused portfolios tend to perform better.
  3. Successful value investing combines having a strong investment philosophy, a competitive edge, discipline, and an openness to learning from other investing strategies.

Equity Risk Premiums: Globalization and Country risk

Musings on Markets • 0 implied HN points • 02 Jul 12
💰 Finance Investing Risk management Market Analysis Global Economy Valuation
  1. The equity risk premium shows what investors expect to earn from stocks over a risk-free rate. It is influenced by macroeconomic concerns and varies across different countries.
  2. Country risk matters when estimating equity risk premiums. Riskier countries, like Venezuela or Greece, should have higher premiums compared to safer ones like Switzerland or Canada.
  3. Estimating equity risk premiums for different markets can be tricky. Approaches like using country default spreads or market volatility can help, but it's important to consider specific economic conditions and investor behavior.

They’re burning morons.

The Jolly Contrarian • 0 implied HN points • 12 Mar 21
💰 Finance Market Trends Investing Cryptocurrency Behavioral Economics
  1. The market shows signs of being in a precarious situation, with unusual trends and behaviors reminiscent of past financial crises.
  2. Unconventional financial practices like tokenizing art and creating NFTs are gaining popularity, despite their questionable intrinsic value and ironic nature.
  3. Concepts like side letters in agreements and the use of cocktail napkins to seal deals highlight the complexities of legal and business negotiations, often blurring lines between formality and practicality.

The "dividend tax" cliff approaches: Implications for stocks

Musings on Markets • 0 implied HN points • 27 Sep 12
💰 Finance Investing Taxation Stock Market Portfolio Management Economic Policy
  1. The potential increase in dividend tax rates could lead to lower stock prices, especially for high-dividend stocks. If taxes go up, investors may demand higher returns, which could make stocks less appealing.
  2. Different types of stocks will be affected differently by tax changes. High dividend-paying stocks might see larger price drops compared to those that don't pay dividends.
  3. Investors might already expect tax law changes to affect stock prices. However, companies may not change their dividend policies even if taxes increase, as they usually stick to their dividend practices.

Go where it is darkest: When company, country, currency and commodity risk collide!

Musings on Markets • 0 implied HN points • 20 Nov 14
💰 Finance Investing Valuation Market Analysis Risk management Corporate Governance
  1. Investing in companies with uncertain futures can lead to bigger rewards. While it may seem safer to choose stable companies, those come with less potential for finding great deals.
  2. Understanding various risks, like country, currency, and corporate governance, is crucial when valuing companies. These factors can greatly impact a company's success and its stock price.
  3. Higher commodity prices usually benefit mining and oil companies, but these markets are unpredictable. A thorough understanding of these cycles is necessary for wise investing.

Bidenomics, AI money, problems for bankers

Myriad Perspectives • 0 implied HN points • 02 Jul 23
💰 Finance Economics Startups Investment Banking Jobs
  1. The White House is promoting a new economic strategy called 'Bidenomics'
  2. Generative AI startups are receiving significant investments, with companies like Databricks and Inflection AI raising billions
  3. Major banks like Bank of America and JPMorgan are facing challenges, with Bank of America trailing behind due to bond investments made during the pandemic

January 2016 Data Update 3: Country Risk and Pricing

Musings on Markets • 0 implied HN points • 09 Jan 16
💰 Finance Risk management International Markets Valuation Methods Investment Strategies
  1. Country risk matters for business, and it's based on where a company operates, not just where it is based. Companies can face risks from markets they rely on for revenue.
  2. Different countries have different levels of investment risk, affecting equity risk premiums. Understanding these risks helps investors make better decisions.
  3. Stocks from various countries are priced differently, often reflecting local market conditions. It's important to consider these multiples when investing internationally.