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.

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