This Is Not Investment Advice | Les Barclays | Substack

What's Gone Wrong with Britain's Capital Markets?

Part 5: What It’ll Take to Make Britain a Capital Market Power Again.

Jun 24, 2025 • Les Barclays

Who Captures the Value When AI Inference Becomes Cheap?

The economic question hiding behind AI's falling prices

Jan 15 • Les Barclays

Is Deregulation Enough to Revive IPOs in 2026?

Despite public markets showing signs of life, companies are choosing to stay private longer

Jan 6 • Les Barclays

Measuring Prosperity in an Age of Divergence

What traditional metrics miss in a world of uneven outcomes

Dec 21, 2025 • Les Barclays

The Mechanics Of Significant Risk Transfers (SRTs)

Inside the quiet resurgence of credit derivatives

Dec 14, 2025 • Les Barclays

Most Popular

Unpacking the Mechanics of Conduit Debt Financing

Nov 16, 2025 • Les Barclays

The Mechanics Of Significant Risk Transfers (SRTs)

Dec 14, 2025 • Les Barclays

Who Captures the Value When AI Inference Becomes Cheap?

Jan 15 • Les Barclays

Measuring Prosperity in an Age of Divergence

Dec 21, 2025 • Les Barclays

Recent posts

Spend Now, Cry Later

Short-term relief, long-term regret: the national sport of U.K. policymaking

Nov 30, 2025 • Les Barclays

Unpacking the Mechanics of Conduit Debt Financing

Understanding the pass-through financing model behind the AI infrastructure boom

Nov 16, 2025 • Les Barclays

Big Tech's AI Consolidation By Other Means

The invisible merger between cloud and AI that regulators can't see

Nov 9, 2025 • Les Barclays

Private Credit's Slow-Motion Reckoning

Why the fastest-growing corner of finance could be the next to crack

Oct 26, 2025 • Les Barclays

Are Continuation Funds a Scam?

Inside private equity’s latest magic trick

Oct 12, 2025 • Les Barclays

Funding the AI flywheel via vendor financing with a sprinkle of *corporate welfare*. Will all this AI capex payoff?

Sep 28, 2025 • Les Barclays

This Is Not Investment Advice

This Is Not Investment Advice

Featured on FT Alphaville. Not investment advice. Just economic realism with a sharp edge and occasional sarcasm. Gen Z, all opinions are my own.

Recommendations

AI Supremacy

Michael Spencer

Net Interest

Marc Rubinstein

Bulletin of the Retail Investors

Bulletin of the Retail Investors

Alan P. Shaw

JB Macro

James

Musings on Markets

Aswath Damodaran

#nojs-banner { position: fixed; bottom: 0; left: 0; padding: 16px 16px 16px 32px; width: 100%; box-sizing: border-box; background: red; color: white; font-family: -apple-system, "Segoe UI", Roboto, Helvetica, Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol"; font-size: 13px; line-height: 13px; } #nojs-banner a { color: inherit; text-decoration: underline; } This site requires JavaScript to run correctly. Please turn on JavaScript or unblock scripts