Toby Nangle
@tobyn.bsky.social
FT Alphaville reporter. Ex-“veteran” fund manager. Resolution Foundation Assoc. Baring Foundation Trustee.
Pinned
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
Continue to be asked why I left asset management. No secret. on.ft.com/46YSttS
My (now ancient) anecdotal experience sitting on a jury left me with huge respect for the judge, an appreciation of how important it is to have a decent defense barrister, and a more engaged citizen. (Not saying they’re not expensive or efficient.)
November 25, 2025 at 7:53 PM
My (now ancient) anecdotal experience sitting on a jury left me with huge respect for the judge, an appreciation of how important it is to have a decent defense barrister, and a more engaged citizen. (Not saying they’re not expensive or efficient.)
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
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
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
More on the Total Portfolio Approach, this time from @rogierswierstra.bsky.social open.substack.com/pub/rogiersw...
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
Continue to be asked why I left asset management. No secret. on.ft.com/46YSttS
Follows on from an outstanding primer on how changes in US life insurance impact retirees, w/ Apollo's Athene as the central character www.bloomberg.com/graphics/202...
How Apollo Turned Americans’ Nest Eggs Into Wall Street’s Hottest Trade
Apollo’s widely copied playbook is shepherding billions to Bermuda affiliates, losing US guarantees
www.bloomberg.com
November 19, 2025 at 9:47 AM
Follows on from an outstanding primer on how changes in US life insurance impact retirees, w/ Apollo's Athene as the central character www.bloomberg.com/graphics/202...
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.
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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
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.
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
If indicative of the mood across SWFs and institutional investors, this feels like it's an important story on.ft.com/3X53iVF
Lost for words. www.nytimes.com/2025/11/18/b...
Trump Berates One Reporter and Tells Another,‘Quiet Piggy’
www.nytimes.com
November 19, 2025 at 7:50 AM
Lost for words. www.nytimes.com/2025/11/18/b...
Terrific piece on what is happening *right now* when PE-backed US life insurers run into trouble.
I've spoken with policyholders who are fearing life-changing losses.
www.bloomberg.com/features/202...
www.bloomberg.com/features/202...
When Wall Street’s Insurance Playbook Goes Wrong
Almost a decade after a private equity firm began reshaping a struggling life insurer, authorities are grappling with a $2.2 billion shortfall. Policyholders fear life-changing losses.
www.bloomberg.com
November 18, 2025 at 8:21 PM
Terrific piece on what is happening *right now* when PE-backed US life insurers run into trouble.
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
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
Reposted by Toby Nangle
Reposted by Toby Nangle
Don’t put people off!
November 17, 2025 at 8:57 AM
Don’t put people off!
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
Banger post on the buzziest (but fuzziest) phenomenon in institutional investing, from @tobyn.bsky.social naturally. on.ft.com/47MeI73
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
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
Honestly thought he was Ray Winstone when I scanned it.
November 16, 2025 at 11:38 AM
Honestly thought he was Ray Winstone when I scanned it.
(Found out through this blog, to which I'm a free subscriber: www.infinitescroll.us/p/in-defense...)
In Defense of AI
It's not just chatbots and video slop
www.infinitescroll.us
November 15, 2025 at 8:30 PM
(Found out through this blog, to which I'm a free subscriber: www.infinitescroll.us/p/in-defense...)
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
I'd not appreciated that airpods have become functional Babel fishes. support.apple.com/en-us/123185
Oh - absolutely agree. And as a writer of financial opinion pieces I’ve partaken. But don’t really expect this kind of swipe in a piece of *news* reporting.
November 15, 2025 at 5:36 PM
Oh - absolutely agree. And as a writer of financial opinion pieces I’ve partaken. But don’t really expect this kind of swipe in a piece of *news* reporting.
@marymcd.bsky.social has written brilliantly on this, and am guessing will write more in due course.
November 15, 2025 at 5:33 PM
@marymcd.bsky.social has written brilliantly on this, and am guessing will write more in due course.
These universities are already pretty pissed off that pension contribs are so high & some have attempted what I’d call ‘creative workarounds’.
November 15, 2025 at 5:32 PM
These universities are already pretty pissed off that pension contribs are so high & some have attempted what I’d call ‘creative workarounds’.
Though it will mean a real actual increase in contributions that need to made in cash by 1992 universities (that are not members of USS).
November 15, 2025 at 5:30 PM
Though it will mean a real actual increase in contributions that need to made in cash by 1992 universities (that are not members of USS).
Unless something changes, HMT will increase dept budgets so that this increased ‘cost’ is met.
November 15, 2025 at 5:29 PM
Unless something changes, HMT will increase dept budgets so that this increased ‘cost’ is met.