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Toby Nangle

@tobyn.bsky.social
15K followers 565 following 3.7K posts

FT Alphaville reporter. Ex-“veteran” fund manager. Resolution Foundation Assoc. Baring Foundation Trustee.

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Toby Nangle @tobyn.bsky.social · 18h
Find someone to love you like Paul Marshall loves burning cash on GB News pressgazette.co.uk/media_busine...
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Toby Nangle @tobyn.bsky.social · 22h
🚨 French bond spreads. Eek www.ft.com/content/e7c0...
ft.com
Bond investors 💔 OATs
Sacré bleu
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Toby Nangle @tobyn.bsky.social · 30/09/2026
🚨 A mind blowing database of bank runs www.ft.com/content/80c7...
ft.com
Bank runs are almost always justified
Or, at least, that’s what the data seems to suggest
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Toby Nangle @tobyn.bsky.social · 28/09/2026
UN Sec-Gen António Guterres' speech to the General Assembly doesn't mince his words on Big Oil www.un.org/sg/en/conten...
António Guterres, UN Secretary-General, 22nd Sept 2026 speech:

"For decades, Big Oil has treated the atmosphere as an open sewer – and cashed in on the consequences. 


Since Russia’s invasion of Ukraine, five major Western oil companies have pocketed nearly half a trillion dollars in profits.


Compare that with just 34 billion dollars in international public adaptation finance for developing countries in the latest year reported.


Meanwhile, everyday people are paying more for energy, food and insurance.


We have seen this kind of abuse of power before.


When the harms of Big Tobacco became undeniable – governments acted.


The climate crisis demands the same determination. 


Those who polluted the most – and profited the most – must do far more to repair the damage they caused.


Polluters must pay. "
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Toby Nangle @tobyn.bsky.social · 28/09/2026
🚨 QT? The BoE’s balance sheet has *grown* over the past year. www.ft.com/content/1a44...
ft.com
The Bank of England’s balance sheet has already stopped shrinking
So is it QE on the QT?
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Giles Wilkes @gilesyb.bsky.social · 26/09/2026
“The central economic problem of resilience,” said Lang, “is that it asks capitalism to do what it doesn’t want to do at the moment.” giftarticle.ft.com/giftarticle/... @willoyd.bsky.social has started writing for the FT! this is good news. Nothing in this article is, though...
giftarticle.ft.com
How resilient is Britain?
As climate and geopolitical risks cast doubt on the UK’s ability to cope in a crisis, leaders are turning from ‘just in time’ to ‘just in case’ as a governing philosophy
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Tony Tassell @tonytassell.bsky.social · 26/09/2026
JPMorgan and the broking fetish for conviction calls - and why William Butler Yeats would not have done well as head of research at an investment bank -great column by @dsquareddigest.bsky.social as.ft.com/r/6862e493-c...
as.ft.com
JPMorgan and the broking fetish for conviction calls
An admission by some analysts at the bank of an inability to form a baseline view should be thanked rather than mocked
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Toby Nangle @tobyn.bsky.social · 26/09/2026
I actually like this list. Though it seems to have forgotten TV made not in English almost entirely.
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Toby Nangle @tobyn.bsky.social · 24/09/2026
🚨 Oracle feels the force www.ft.com/content/82db...
ft.com
Oracle feels the force
Majeure problem?
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Toby Nangle @tobyn.bsky.social · 24/09/2026
🚨Is Big Tech bond issuance to blame for higher US Treasury yields? www.ft.com/content/6354...
ft.com
Are Big Tech bonds crowding out the US Treasury?
Probably not
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Toby Nangle @tobyn.bsky.social · 23/09/2026
🚨 Can Warsh tighten financial conditions without engineering a stock market fall? www.ft.com/content/281a...
ft.com
Can Warsh tighten financial conditions without engineering a stock market fall?
Change the messenger
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Toby Nangle @tobyn.bsky.social · 22/09/2026
🚨 Stock-picking www.ft.com/content/193a...
ft.com
Pick a stock, just not any stock
Fewer ziggers, more zaggers
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Toby Nangle @tobyn.bsky.social · 22/09/2026
IS USS an awful investor? Should USS chuck 100% of its assets into stocks? Or maybe into bonds? So many questions. And @lexiter.ft.com bravely tackles! www.ft.com/content/a0d1...
ft.com
The USS lesson plan
Why doesn’t the UK’s largest pension fund go all-in on stocks? Or maybe bonds?
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Toby Nangle @tobyn.bsky.social · 22/09/2026
My VC pitch: distribute heat from data centre GPUs across Continental-style district heating systems, providing free winter heating to households. One way to win local residents' support for data centres?
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Toby Nangle @tobyn.bsky.social · 21/09/2026
In which Bryce accuses Musk of reasonableness and of low-balling future numbers.
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Toby Nangle @tobyn.bsky.social · 19/09/2026
Woop woop!
My copy of Robin Wigglesworth’s ‘A Fabulous Debt’ just arrived.
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Jim Waterson @jim.londoncentric.media · 19/09/2026
Just fantastic party distribution, how did the Conservatives achieve that, a real big effort to do that.
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Josiah Mortimer @josiahmortimer.bsky.social · 17/09/2026
"Five hundred new officers to be recruited in a £500 million crackdown on money laundering, as part of the government's Anti-Money Laundering and Asset Recovery Strategy." Haven't seen much coverage of this. Long overdue.
gov.uk
Hundreds of new officers to hunt down dirty money networks
Five hundred new officers to be recruited in a £500 million crackdown on money laundering, as part of the government's Anti-Money Laundering and Asset Recovery Strategy.
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Robin Wigglesworth @robinwigglesworth.ft.com · 18/09/2026
Damn. @tobyn.bsky.social has produced the most detailed map of Big AI’s incestuous relationships I’ve seen so far. And it’s interactive! www.ft.com/content/8475...
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Toby Nangle @tobyn.bsky.social · 17/09/2026
🚨 Maybe correlation ≠ causation but we're taking the win www.ft.com/content/46e2...
ft.com
Bank of England follows FTAV advice
Although maybe correlation ≠ causation
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Toby Nangle @tobyn.bsky.social · 17/09/2026
Alphaville asks whether the BoE could just sell gilts to the DMO: www.ft.com/content/b086... BoE says 'yes': www.ft.com/content/44bc...
ft.com
Bank of England says rates likely to rise as it overhauls balance-sheet reduction
Decision to hold rates at 3.75% comes as rising energy prices drive inflation higher
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Alison Killing @alisonkilling.bsky.social · 17/09/2026
NEW: AI has made warfare faster and more lethal, but hasn't made it easier to win. Our deep dive on how AI is being integrated into the battlefield, with @johnthornhill.bsky.social @digitalcampbell.ft.com @fabricedeprez.bsky.social and Charles Clover as.ft.com/r/948d5342-a...
as.ft.com
The era of AI warfare has arrived
Autonomous systems are being rapidly integrated on the battlefield, as models advance in ways even their creators cannot fully predict
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Toby Nangle @tobyn.bsky.social · 16/09/2026
Top post from @darama1.bsky.social on the BoE’s 3 balance sheet problem www.ft.com/content/3401...
ft.com
The BoE’s three balance sheet problem
Issues with the Issue Department
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Five Minute Macro @fiveminutemacro.bsky.social · 15/09/2026
You know things are really, really bad when the Saudis balk.
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Toby Nangle @tobyn.bsky.social · 14/09/2026
🚨What do equity punters’ collective histrionics over AI stocks implies for their lenders? In the case of Meta, Oracle and SpaceX, nothing good. www.ft.com/content/ba38...
Table showing the credit ratings assigned to the hyperscalers (and Nvidia), alongside the credit ratings associated with the output of a model built by Allianz that takes equity market inputs, and published balance sheet (centre) and published balance sheet + committed leases (right).

The Allianz model is based on Merton 1974 and Moody's KMV insights, and suggests that equity markets trade in a manner consistent with Meta, Oracle and SpaceX carrying the risks of junk-rated companies.
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Julian Jessop @julianhjessop.bsky.social · 12/09/2026
Apropos of nothing in particular... 🤔 Reform is proposing to cut capital gains tax on crypto assets to 10%, establish a Bank of England Bitcoin Reserve Fund, and allow UK taxes to be paid in cryptocurrency.
static.klipy.com
The Simpsons Mr Burns Evil Smile
ALT: The Simpsons Mr Burns Evil Smile
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Toby Nangle @tobyn.bsky.social · 12/09/2026
Superb piece by Paul Caruana Galizia examining one brutal strand of the Saudi regime www.ft.com/content/50f3...
ft.com
The Ritz-Carlton purge, a $1.3bn demand and nine years trapped in Saudi Arabia
When Rami Naimi, son of a former Saudi oil minister, was caught up in a state crackdown, it was only the start of his ordeal.
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Toby Nangle @tobyn.bsky.social · 11/09/2026
🚨 How big is the open-model threat to AI hyperscalers? (Spoiler: non-trivial) www.ft.com/content/4858...
ft.com
How big is the open-model threat to AI hyperscalers?
Games without frontiers
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Toby Nangle @tobyn.bsky.social · 10/09/2026
Top post from @ryanavent.bsky.social asking whether now is really the time to worry about a new China shock? www.ft.com/content/796f...
ft.com
Is now really the time to worry about a new China shock?
Be careful what you wish for
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Metro North Capital @metronorthcapital.bsky.social · 10/09/2026
I’ve seen this before.
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Toby Nangle @tobyn.bsky.social · 08/09/2026
Have I understood this correctly: Meta charges a fraction for use of its latest AI model if you permission them to use all the data you input to train future models? developer.meta.com/ai/lp/start-...
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John Burn-Murdoch @jburnmurdoch.ft.com · 08/09/2026
Two extraordinary charts from today’s PISA test results: 1) School test scores continue to collapse internationally, underscoring how this is no longer a Covid effect but sustained decline. Those falls in reading and maths are equivalent to about two years of lost schooling.
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Robert Saunders @robertsaunders.bsky.social · 07/09/2026
90 years ago, Parliament responded to the rise of Oswald Mosley's Blackshirts by passing the Public Order Act, which banned political uniforms, private militias and the threat of force for political objects. The debates make very resonant reading today. Here's the Liberal Robert Bernays. (Short 🧵)
You cannot conduct a fair match when one side is playing with a ball and the other with bombs and, if democracy is to survive, it must be conducted according to definite and recognised rule. One of them is that no political party should resort to any weapon other than reason and argument. The introduction of private armies, as I see it, strikes at the root of democracy. I know it is contended that the Blackshirts are not armed and, therefore, are not an army, but I do not think that argument can be upheld. … Uniformed men in military formation suggest, and are meant to suggest, the idea of force. It is no argument to reply that at this or that demonstration no force is intended. It is an inescapable fact that a uniform in politics symbolises force, to be used either now or in the future.
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Sam Freedman @samfr.bsky.social · 08/09/2026
One reason England does so well is our second generation immigrants outperform their peers which is not true in most OECD countries. We are also very good at integration. And it's v sad that this is never acknowledge in debates on immigration.
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Toby Nangle @tobyn.bsky.social · 08/09/2026
Best good news story on the day!
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Toby Nangle @tobyn.bsky.social · 07/09/2026
Am already a @oliverbullough.bsky.social stan, but this is a great convo
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Toby Nangle @tobyn.bsky.social · 07/09/2026
🚨 Could the DMO take the BoE’s long gilts off their hands? www.ft.com/content/b086...
ft.com
Could the DMO take the BoE’s long gilts off their hands?
And should they?
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Toby Nangle @tobyn.bsky.social · 06/09/2026
Missed this cool Bloomberg piece on foreigners dodging US dividend tax by frequently flipping ETFs www.bloomberg.com/graphics/202...
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Toby Nangle @tobyn.bsky.social · 06/09/2026
Fabulous piece 👏👏👏
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The Empty City @davidallengreen.bsky.social · 05/09/2026
Seems the difference between ‘protestors’ and ‘terrorists’ is that protestors wear balaclavas while terrorists hold placards.
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Toby Nangle @tobyn.bsky.social · 05/09/2026
Absolute cracker of a column from @katie0martin.ft.com www.ft.com/content/d3f7...
ft.com
The gloves are starting to come off in markets
Wall Street analysts and investors are more willing to directly criticise Trump, particularly since a Treasury intervention on bonds
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Toby Nangle @tobyn.bsky.social · 04/09/2026
🚨 S&P rate all the bit US hyperscalers as IG, but why? www.ft.com/content/623c...
ft.com
Are credit rating agencies getting fed up with hyperscalers?
A change in tone
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Robert Hutton @roberthutton.co.uk · 04/09/2026
With all respect to the BBC, the reason this story "matters" is not about whether it distracts from Reform's conference. It "matters" because it is important our leaders are not conspiring to break the law.
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Toby Nangle @tobyn.bsky.social · 03/09/2026
🚨 Why does it even matter if SoftBank’s an investment holding company? www.ft.com/content/2d69...
ft.com
Why does it even matter if SoftBank’s an investment holding company?
Bonds bonds bonds
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Toby Nangle @tobyn.bsky.social · 02/09/2026
🚨It looks like Bessent’s July yentervention was only a tiny $500mn www.ft.com/content/958a...
ft.com
So how big *was* Bessent’s yentervention?
Smaller than we had possibly imagined
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Henry Mance @henrymance.ft.com · 01/09/2026
A liberal is a conservative who just got mugged by the police
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Rachel Rees @rachel-rees.bsky.social · 31/08/2026
As honoured as I am to see that The Times has picked up my Chagos article practically *word for word*, including my hard-gotten quotes, I’d prefer some credit — or for everyone to read my original FT piece! free link to read the evidently enviable article below (cheaper than a Times sub!) 🌴
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Toby Nangle @tobyn.bsky.social · 31/08/2026
Pervert glasses get the Dan Toomey treatment. youtu.be/PuoGqbLbRhc?...
youtu.be
Are smart glasses just for dirty sickos?
YouTube video by Good Work
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Toby Nangle @tobyn.bsky.social · 31/08/2026
Surprised to see LIV Golf, into which the Saudi's SWF poured $bns, getting ready to file bankruptcy. Main attraction for potential acquirers maybe the $5bn of accumulated operating losses, which might be used to reduce taxable income of new owner. www.ft.com/content/5051...
ft.com
LIV Golf prepares for bankruptcy filing in September
Challenger golf league is negotiating a funding package with BC Partners for a slimmed-down circuit
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Toby Nangle @tobyn.bsky.social · 30/08/2026
After listening to R4 Profile on @anneliesemidgleymp.bsky.social am wondering whether we both worked at Shakespeare & Co at the same time.
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