Toby Nangle
@tobyn.bsky.social
FT Alphaville reporter. Ex-“veteran” fund manager. Resolution Foundation Assoc. Baring Foundation Trustee.
Hyperscaler capex charts from JPM.
LHS: sum of cons capex for AMZN, GOOG, META, MSFT, ORCL;
RHS: debt issuance & capex as % of op. cash flow
LHS: sum of cons capex for AMZN, GOOG, META, MSFT, ORCL;
RHS: debt issuance & capex as % of op. cash flow
February 2, 2026 at 10:27 AM
Hyperscaler capex charts from JPM.
LHS: sum of cons capex for AMZN, GOOG, META, MSFT, ORCL;
RHS: debt issuance & capex as % of op. cash flow
LHS: sum of cons capex for AMZN, GOOG, META, MSFT, ORCL;
RHS: debt issuance & capex as % of op. cash flow
🚨 Only @alphaville.ft.com would drop 12k words on the Fed’s Covid-19 crisis on a Monday ❤️
www.ft.com/content/cb9a...
www.ft.com/content/cb9a...
An oral history of the Fed’s Covid-19 crisis
We read a bajillion pages of transcripts so you don’t have to (unless you really want to, of course)
www.ft.com
February 2, 2026 at 6:55 AM
🚨 Only @alphaville.ft.com would drop 12k words on the Fed’s Covid-19 crisis on a Monday ❤️
www.ft.com/content/cb9a...
www.ft.com/content/cb9a...
According to coingecko, the total market cap of NFTs is still c$1.8bn, down only c90% from peak. www.coingecko.com/en/nft/globa...
January 31, 2026 at 6:48 PM
According to coingecko, the total market cap of NFTs is still c$1.8bn, down only c90% from peak. www.coingecko.com/en/nft/globa...
Reposted by Toby Nangle
I’ve written this lengthy FT analysis overnight about the multiple multi-thousand pound Epstein payments to Mandelson’s husband
these particular paragraphs are worth reading slowly
www.ft.com/content/608a...
these particular paragraphs are worth reading slowly
www.ft.com/content/608a...
January 31, 2026 at 12:34 PM
I’ve written this lengthy FT analysis overnight about the multiple multi-thousand pound Epstein payments to Mandelson’s husband
these particular paragraphs are worth reading slowly
www.ft.com/content/608a...
these particular paragraphs are worth reading slowly
www.ft.com/content/608a...
Another time-sink iso-city.com
ISOCITY — Metropolis Builder
A richly detailed isometric city builder. Build your metropolis and manage resources with cars, planes, helicopters, boats, trains, citizens, and more.
iso-city.com
January 29, 2026 at 4:19 PM
Another time-sink iso-city.com
Pretty time-sink
globe.adsbexchange.com?icao=151fce
globe.adsbexchange.com?icao=151fce
January 29, 2026 at 12:01 PM
Pretty time-sink
globe.adsbexchange.com?icao=151fce
globe.adsbexchange.com?icao=151fce
Reposted by Toby Nangle
The Indonesia selloff is a reminder of the quiet power of index providers. When MSCI questions a market’s investability, capital can vanish fast. Benchmarks don’t just measure markets. They shape them. This was a theme in @robinwigglesworth.ft.com fab book "Trillions"
January 29, 2026 at 7:39 AM
The Indonesia selloff is a reminder of the quiet power of index providers. When MSCI questions a market’s investability, capital can vanish fast. Benchmarks don’t just measure markets. They shape them. This was a theme in @robinwigglesworth.ft.com fab book "Trillions"
Reposted by Toby Nangle
We got the former heads of international finance at both the Federal Reserve and the US Treasury to write a guest post for @alphaville.ft.com about what Trump is doing to the dollar.
They were … unimpressed. www.ft.com/content/0933...
They were … unimpressed. www.ft.com/content/0933...
Termites are slowly feasting away at the foundations of the dollar’s dominance
Chomp chomp chomp
www.ft.com
January 28, 2026 at 8:30 PM
We got the former heads of international finance at both the Federal Reserve and the US Treasury to write a guest post for @alphaville.ft.com about what Trump is doing to the dollar.
They were … unimpressed. www.ft.com/content/0933...
They were … unimpressed. www.ft.com/content/0933...
🚨 Japan’s finance ministry isn’t a massive macro hedge fund
www.ft.com/content/b88a...
www.ft.com/content/b88a...
Japan’s finance ministry isn’t a massive macro hedge fund
It’s just made hundreds of billions of dollars by accident
www.ft.com
January 28, 2026 at 6:16 PM
🚨 Japan’s finance ministry isn’t a massive macro hedge fund
www.ft.com/content/b88a...
www.ft.com/content/b88a...
🚨 When Yenterventions work
(sometimes too well) www.ft.com/content/c1e1...
(sometimes too well) www.ft.com/content/c1e1...
When Yenterventions work
If not now, yen?
www.ft.com
January 26, 2026 at 6:15 PM
🚨 When Yenterventions work
(sometimes too well) www.ft.com/content/c1e1...
(sometimes too well) www.ft.com/content/c1e1...
It’s not a huge fund. And secondary pricing is still @ a discount to the new NAV. But prob not what investors signed up for. www.bloomberg.com/news/article...
BlackRock Private Debt Fund Expects 19% Net Asset Value Cut
A BlackRock Inc. private debt fund expects to mark down the value of its net assets 19% after a string of troubled loans weighed on results.
www.bloomberg.com
January 23, 2026 at 10:28 PM
It’s not a huge fund. And secondary pricing is still @ a discount to the new NAV. But prob not what investors signed up for. www.bloomberg.com/news/article...
After Trump’s latest TACO @robarmstrong.bsky.social calls out Karoline Leavitt podcasts.apple.com/gb/podcast/u...
January 23, 2026 at 8:47 AM
After Trump’s latest TACO @robarmstrong.bsky.social calls out Karoline Leavitt podcasts.apple.com/gb/podcast/u...
🚨 About that weaponisation of European capital…
www.ft.com/content/452b...
www.ft.com/content/452b...
European pension funds: Assemble!
Or not. Up to you really
www.ft.com
January 22, 2026 at 7:37 AM
🚨 About that weaponisation of European capital…
www.ft.com/content/452b...
www.ft.com/content/452b...
Trump did everything right for the crypto industry. So how come his memecoin is down >90% from peak, and MelaniaCoin (or whatever it's called) has lost 99% asks @nikasgari.bsky.social www.ft.com/content/0012...
January 21, 2026 at 10:28 PM
Trump did everything right for the crypto industry. So how come his memecoin is down >90% from peak, and MelaniaCoin (or whatever it's called) has lost 99% asks @nikasgari.bsky.social www.ft.com/content/0012...
Reposted by Toby Nangle
IF ONLY THERE WAS A SNAPPY ACRONYM
January 21, 2026 at 8:24 PM
IF ONLY THERE WAS A SNAPPY ACRONYM
Finl mkts on POTUS chat
January 21, 2026 at 6:15 PM
Finl mkts on POTUS chat
Reposted by Toby Nangle
"The lies this administration is telling about Ms. Good aren’t those you deploy as part of a cover-up. They’re those you use when you want to show you can get away with anything. They’re a projection of power."
Important piece on ICE horrors by @radleybalko.bsky.social in today’s @nytimes.com www.nytimes.com/2026/01/21/o...
January 21, 2026 at 10:57 AM
"The lies this administration is telling about Ms. Good aren’t those you deploy as part of a cover-up. They’re those you use when you want to show you can get away with anything. They’re a projection of power."
Joined @robarmstrong.bsky.social to chat what finl mkts make of US plans to invade its allies. Bleak stuff. podcasts.apple.com/gb/podcast/u...
Trade wars, real wars and the markets
Podcast Episode · Unhedged · 20/01/2026 · 23m
podcasts.apple.com
January 21, 2026 at 9:49 AM
Joined @robarmstrong.bsky.social to chat what finl mkts make of US plans to invade its allies. Bleak stuff. podcasts.apple.com/gb/podcast/u...
🚨 Long-dated JGB yields breached 4% yesterday. Should we care? www.ft.com/content/d271...
Maybe we’re all doomed. Or maybe Japanese bonds are getting cheap
This is NOT investment advice
www.ft.com
January 21, 2026 at 7:55 AM
🚨 Long-dated JGB yields breached 4% yesterday. Should we care? www.ft.com/content/d271...
Yesterday's piece by @edwardluce.bsky.social is so searing, so sharp, so well-written. www.ft.com/content/dede...
America’s barbarians inside the gates
No ideological code can fully capture Trump’s actions
www.ft.com
January 21, 2026 at 7:46 AM
Yesterday's piece by @edwardluce.bsky.social is so searing, so sharp, so well-written. www.ft.com/content/dede...
Reposted by Toby Nangle
The US backed the Chagos Islands deal last year. The news today, if it can even be called news, is that deals with the current administration aren’t worth very much.
January 20, 2026 at 9:25 AM
The US backed the Chagos Islands deal last year. The news today, if it can even be called news, is that deals with the current administration aren’t worth very much.
Could Europe really leverage its $12.6tn pile of US assets?
NIIPing an outlandish idea in the bud
www.ft.com
January 19, 2026 at 11:42 AM