Toby Nangle
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tobyn.bsky.social
Toby Nangle
@tobyn.bsky.social
FT Alphaville reporter. Ex-“veteran” fund manager. Resolution Foundation Assoc. Baring Foundation Trustee.
Pinned
Continue to be asked why I left asset management. No secret. on.ft.com/46YSttS
A trillion-dollar blind spot for asset managers
Despite ESG push, firms continue to compete to work for authoritarian states with records of human rights abuses
on.ft.com
Despite all the talk of market bubbles, Miran's old shop has put out a call for the S&P500 to triple. Because MAGA. on.ft.com/4rpFNVp
Maybe the S&P 500 will triple?
Stephen Miran’s old shop reckons that stocks are ‘not even close’ to a bubble
on.ft.com
November 24, 2025 at 1:52 PM
More on the Total Portfolio Approach, this time from @rogierswierstra.bsky.social open.substack.com/pub/rogiersw...
TPA: the Total Portfolio Approach
Trends in investment management
open.substack.com
November 21, 2025 at 7:57 AM
Continue to be asked why I left asset management. No secret. on.ft.com/46YSttS
A trillion-dollar blind spot for asset managers
Despite ESG push, firms continue to compete to work for authoritarian states with records of human rights abuses
on.ft.com
November 19, 2025 at 11:08 PM
Reposted by Toby Nangle
This is, of course, a fascinating thread from Kate asking why Google is effectively cannibalizing its own market for both digital ads on third party properties and search ads, by effectively taking away the incentive to click through to third party sites. I have a theory as to why they're doing it.
So this ad revenue metric is indicative of such a fascinating and weird set of business decisions by Google to inexplicably kill of SEO-- and I honestly don't get how they think this is going to pay off for them in the long run.

🧵

1/
Stereogum says Google's switch to AI Overviews reduced its ad revenue by *70 percent* www.theverge.com/entertainmen...
November 18, 2025 at 9:26 PM
If indicative of the mood across SWFs and institutional investors, this feels like it's an important story on.ft.com/3X53iVF
November 19, 2025 at 8:21 AM
Trump Berates One Reporter and Tells Another,‘Quiet Piggy’
www.nytimes.com
November 19, 2025 at 7:50 AM
Terrific piece on what is happening *right now* when PE-backed US life insurers run into trouble.
November 18, 2025 at 8:21 PM
Reposted by Toby Nangle
A lot of people didn’t like the Washington Post journalist who was tortured and dismembered with a bone saw for writing critically about the man sitting next to me
Trump suggests Khashoggi had it coming: "You're mentioning someone that was extremely controversial. A lot of people didn't like that gentleman that you're talking about. Whether you like him or didn't like him, things happen. But he knew nothing about it. You don't have to embarrass our guest."
November 18, 2025 at 5:51 PM
Reposted by Toby Nangle
Big news. HUGE.

(Please subscribe)

on.ft.com/49pcgVk
FT Alphaville is finally getting a Substack
Stacking subs
on.ft.com
November 17, 2025 at 12:39 PM
Reposted by Toby Nangle
Banger post on the buzziest (but fuzziest) phenomenon in institutional investing, from @tobyn.bsky.social naturally. on.ft.com/47MeI73
The hot new investment trend is the ‘Total Portfolio Approach’. Does it work?
Exploring the buzzy but fuzzy new phenomenon in asset allocation
on.ft.com
November 17, 2025 at 7:12 AM
Blue Owl block retail owners of one of its private credit funds from redeeming, & propose a merger that wipes out 20% of their capital value? on.ft.com/47VwL9t
Blue Owl private credit fund merger leaves some investors facing 20% hit
Asset manager blocks redemptions from one of its first private debt vehicles targeting wealthy individuals
on.ft.com
November 16, 2025 at 12:53 PM
I'd not appreciated that airpods have become functional Babel fishes. support.apple.com/en-us/123185
Use Live Translation with your AirPods - Apple Support
Bridge language barriers in person—while traveling or navigating in a foreign country—with AirPods.
support.apple.com
November 15, 2025 at 8:26 PM
Bloomberg’s reporting on Starmer-Reeves Budget takes a drive-by swipe at BoE mid-flow
www.bloomberg.com/news/article...
November 15, 2025 at 5:17 PM
This is so fascinating. And a killer chart.
Is AI making job recruitment less meritocratic? We're getting some v interesting research studies on this question now, and the news is... not good. @jburnmurdoch.ft.com & I dive in, in the latest edition of our newsletter The AI Shift www.ft.com/content/e5b7...
November 15, 2025 at 9:19 AM
🚨 Private credit probably isn’t big enough to threaten the banking syst. But insurance? That’s where I’d focus. Opinion column. on.ft.com/3LCuVDb
If private credit breaks, insurers will fall under the microscope
Rising holdings of the asset class could lead to problems when the next downturn comes
on.ft.com
November 15, 2025 at 9:03 AM
Reposted by Toby Nangle
Wild graphic on front page of WSJ.
November 14, 2025 at 7:47 PM
A must read post
November 12, 2025 at 6:29 PM
Reposted by Toby Nangle
FT Editorial on the BBC - The broadcaster has made errors, but its board has failed to defend it www.ft.com/content/406e...
November 11, 2025 at 7:46 AM
🚨 How good are rating agency ratings at predicting defaults? And are some agencies' ratings 'easier' than others?

Here are all the charts.

on.ft.com/47wneH4
Rating the rating data of credit raters
Deep-diving into Form NRSRO Exhibit 1 filings
on.ft.com
November 10, 2025 at 10:23 AM
🚨Why are people being mean about Egan-Jones?
on.ft.com/47shez1
Why are people being mean about Egan-Jones?
Private credit ratings under scrutiny
on.ft.com
November 6, 2025 at 6:16 PM
Kind of wild how far 1yr ahead expectations of US inflation are from historic inflation www.bostonfed.org/publications...
November 6, 2025 at 3:20 PM
Despite the slowdown in European PE deals, a lot more going in the pipe than coming out the other side 74n5c4m7.r.eu-west-1.awstrack.me/L0/https:%2F...
November 6, 2025 at 11:10 AM
Reposted by Toby Nangle
Take a look at this extraordinary story by the @financialtimes.com investigations star Alison Killing:
End of The Line: how Saudi Arabia’s Neom dream unravelled
Mohammed bin Salman’s utopian city was undone by the laws of physics and finance ig.ft.com/saudi-neom-l...
November 6, 2025 at 9:50 AM
Govt bends to gilt market's will ... so ... giLt mArKeT sAyS dEpOrT iMmIgRaNtS according to new Reform UK affiliated think tank.

Can't think that everyone at BlueBay will be thrilled to find their leader's name attached to it. www.ft.com/content/db1e...
November 6, 2025 at 8:36 AM