FIGTRS

Compilation of stuff.

[FIGTRS @FIGTRS]

Saudi Aramco: In 2019, Saudi Aramco raised about $25.6 billion in its IPO, making it the largest IPO in history at that point. It later increased the deal to about $29.4 billion.

[FIGTRS @FIGTRS]

Google broke the mold: Google’s 2004 IPO used a Dutch auction, allowing investors to submit bids rather than relying entirely on traditional Wall Street allocation.

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Apple’s IPO: Apple went public in 1980, raising about $100 million. It created roughly 300 millionaires among employees and investors.

[FIGTRS @FIGTRS]

The oldest stock still trading: VOC shares were tradable on the Amsterdam exchange—and investors could even sell them to other people. A surprisingly modern idea, 400+ years ago.

[Charlie Bilello @charliebilello]

The Fed’s preferred inflation gauge, Core PCE, came in at 3.3% for July.

That marks 65 consecutive months above the Fed’s 2% target.

In June, Kevin Warsh said:

“We’ve missed for 5 years. And we’re gonna fix that.”

So far: all talk, no action.

Video: https://t.co/4R1MpUU06W

[FIGTRS @FIGTRS]

The first IPO? The Dutch East India Company (VOC) went public in 1602, making it arguably the world’s first modern IPO. It raised capital by selling shares to the public.

[Brian Feroldi @BrianFeroldi]

Only 31% of companies started in 1998 were still alive in 2005.

Capitalism is brutal:

[🏛 𝐒𝐭𝐞𝐯𝐞𝐧 🏛 @nonregemesse]

This video is fantastic. This guy has to call his largest bull to come and protect him from a less friendly bull

[FIGTRS @FIGTRS]

@theficouple Pay off the house. Mentally is a relief. And then invest the monthly extra money.

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@financedystop You can golf in the morning too.

[PGA TOUR @PGATOUR]

Rory from the rocks 🪨😳

📺 ESPN

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@jsblokland Gold is scarce, but scarcity doesn't automatically produce a high expected return.
A productive business can take capital, employ people, develop technology, raise prices, generate profits and reinvest those profits.

A compounding machine.

[FIGTRS @FIGTRS]

@simongerman600 Shiller's long-run data show that real U.S. house prices were remarkably stable for much of the period before the late-1990s housing boom. One analysis summarizes the real index as having grown about 0.7% annually from 1930–1997, compared with the extraordinary gains after 1997

[FIGTRS @FIGTRS]

@jsblokland History is instructive: in 2012, Draghi’s “whatever it takes” was enough to reverse the euro crisis before the ECB bought a single sovereign bond. Markets were betting on the central bank’s credibility.

[FIGTRS @FIGTRS]

@Schuldensuehner History has a way of reminding us that debt is cheap until the price of money changes. The 1982 Latin American debt crisis showed how years of easy borrowing can suddenly become unsustainable when interest rates rise.

[Holger Zschaepitz @Schuldensuehner]

Good Morning from Germany, where 30y Bund yields are on course to 4% as the world rediscovers the price of fiscal excess. US debt has topped $40tn and could hit $50tn by 2029 if the current pace continues.

[Brett Caughran @FundamentEdge]

We tell young people in our society that end of the rainbow is retirement at 65.

We ought to tell them that "there is going to be this short but beautiful golden window from roughly age 3 to roughly age 12 where your kids are not only easy (comparatively to bottles & diapers), but are going to be these beautiful little creatures and it will pain your heart to be away from them for too long. So, prepare in your 20's, financially and career wise, to build that flexibility into that chapter of your life".

You don't get another shot at living the "golden window". And, for me, leaning hard into that golden window has made everything else in my life feel fairly insignificant in comparison. I have made plenty of mistakes as a father, but what I won't have is the regret of having been distracted and absent from these formative years. In some cases, that has required financial sacrifices (declining a particular career opportunity that would have required relocation), but I personally have zero regrets.

I also hear from some ambitious & successful people with a 4 year old that say "I've lost my ambition, I am so immersed in fatherhood". At least for me, and a number of my friends, it comes back. You can't keep an ambitious person down and if you have the fire, hanging at a playground on too many Tuesday afternoons is going to feel like torture after too long.

My three boys are approaching 13, 11 & 9, and it's much different than 7, 5 & 3. This summer, for example, they slept until 11am and I hard an unencumbered 6am-12pm to work (being on PT helps), then got another great window 7-11pm, but was able to be present in the heart of the day, then weeks when they were at basketball camp, etc. It gets easier, your time frees up again (there's a sadness to that too), but I'm back to working as intensely as I did pre-kids just because my day to day presence requires fewer hours than it did before (also, my wife is just superbly wonderful). And that is the beautiful gift of entrepreneurship (or at least my sort of business), the ability to deliver still a high level of output but work that around your life rather than the opposite.

TLDR, grind before, and grind after. Prepare for the golden window.

[Holger Zschaepitz @Schuldensuehner]

Good Morning from Germany, where the fiscal Zeitenwende comes with a price tag. Germany just sold €4bn of 30y Bunds at 3.783%, highest borrowing cost since 2011. And supply is only ramping up: 2027 net financing needs are seen at €204bn, w/record net Bund issuance of €163bn. The era of free money is over. https://t.co/jFbSguZfmz

[Holger Zschaepitz @Schuldensuehner]

OUCH! US 30y govt bond yields hit 5.31%, highest since 2007. ~$2tn deficits, sticky inflation, heavy long-bond supply due to AI-fueled corporate borrowing are lifting term premia as traditional demand fades. Even softer data can't stop the selloff.

[LKD @LukeKerrDineen]

This chippy driver shot Langasque has in the bag is awesome.

Chokes way down and babies it.

Ball goes about half has high as a tour average drive with about 90% of the ball speed, but he still gets the full forgiveness of the big driver face.