Nick

@Artemisapphire even worse when they figure out how they got them home

People saying this is outrageous are going to lose their absolute shit when they find out how the War Office sent troops to Europe for most of WW1, WW2, and indeed most of the C20th

@DirteeeMartini *golf courses

HALF of London is either "designated open space" or water. Only 20 points of that are the Green Belt. GLA would do almost no harm and reap great returns if they axed the Green Belt and 70% of the remaining parks.

@tomdanielson Interesting, are you suggesting we should look at the relationship between power AND weight? Perhaps we could call that (whatever it is) the “Danielson Ratio”.

This graphic has been going around and it sort of triggers a couple different thoughts I have. First, if you post this same graphic for the weights of the top GC riders in the TDF and the climbing races he does he would be one of the heaviest. He leads with his power. But then to flip it back, if you posted 2 minute power and 5 minute power for Roubaix he would probably be close, if not the highest in absolute power. Again, he leads with his power. Bottom line, power numbers and depth in zones means Tadej can race for the win in just about any race he chooses.

@sarahdrinkwater it's cossie livs hun, who can afford a full Pret baguette these days?

I was today years old when I realised this is a post GLP-1 menu fork

@NickNemo17 doomer porn

@Nick_JIS And have you ever heard of counterparty risk?

The $19.8 billion is a magic trick. They’re adding together insurance subsidiary capital ($14.4 billion) and holding company capital ($5.3 billion) as if it’s all one pool. It isn’t. Holding company capital does not sit inside the regulated insurers, and it is not statutory surplus backing policyholders. But mash them together and the number suddenly looks huge, fortress-like, untouchable. The $14.4 billion insurance subsidiary figure likely includes the phantom XOL assets. That is the whole point of the captive structure. You already showed the three Vermont captives carry $5.28 billion of XOL paper that Hannover has said it will never pay. If American Equity is taking reserve credit from those cessions, then a meaningful chunk of that “capital” is just air. They are counting the phantom as surplus, then turning around and bragging about how much capital they have. The footnote tells the story: “calculated on an aggregate basis.” That just means they are summing across entities. It does not mean each entity is solvent on its own. It says nothing about affiliated reinsurance, and nothing about the 3.7 cents on the dollar inside the captives. This is not organic capital generation. It is acquisition optics. The jump from $5.7 billion to $19.8 billion in three years is mostly the result of buying carriers like American Equity, moving real assets around, filling the hole with XOL paper, and then presenting the consolidated total as if it reflects real internally generated strength. The “A” ratings do not settle the issue either. They are circular. The agencies rely on the same statutory filings that treat the XOL as admitted because Vermont allowed it. $BN

@Artemisapphire you sound RATTLED

@an0n_Nic Nick Please clarify (Tumbleweed form Nick as this doesn't support his engagement farming for blue tick cash and dopamine)

Just one more youth club and I promise the stabbings will stop

@ExpatEng @AutoPap 99th percentile Defender parking skills on display in the first photo, almost within the lines!

A few days in the Cotswolds and the defender has performed as the perfect family car for us @AutoPap

@sindap @ExcessDefaults @tangentstyle I think you still have to regard this as a bit of a fail for Apollo. You don't do these deals just to get your 1.3x MOIC Spens, because you've already originated the long-duration liabilities this asset was meant to match (as well as paying a bunch of upfront structuring costs).

@ExcessDefaults @tangentstyle Thanks though with call premium, OID, etc those can be expensive

Is this as simple as intel got stronger and has balance sheet room for true debt capital? Not smart enough to know but maybe you guys are.

@ExcessDefaults Makes no sense because even if that were the case it would surely be cheaper to let the call protection run off? Would guess that accounting / tax / regcap / rating agency treatment failed and triggered unwind.

@MichaelDnes1 Cumbernauld Centre vibes

Something along just these lines was proposed in the 1960s. And… I don’t think the reality matched Ben’s vision.

@ExcessDefaults Would assume internally tranched then rated. Probably distributed between multiple APO vehicles with hybrid / AAA / others taking the resid. Question is whether there is any effective contractual maturity / put option despite achieving equity treatment.

If this instrument is structured as equity with an IG debt return - how does this go on an insurance balance sheet? Collateral loan against JV interest to get naic1/2 or sits in sched BA? realtyincome.com/investors/pres…

@biglunty sort it out lads @TopDeadC

if you think the ninky nonk’s got a valid mot you’re a fucking mug

@BenvenAnnunzio Why not just underline the bits you don't find interesting? Would save some ink.

It seems as though no one truly knew Captain James Cook personally. He was just seen as this seafaring titan. A tall, stern man with a cold gaze forever toward the Pacific. This passage from Villiers gave me chills.

@worstall UK petrol stations typically run negative working capital (ie shorter reveivables terms than payables) so this is not a relevant consideration.

Ah, so journalist has not heard of replacement cost pricing. Ho Hum. So you sell your current stock at the old, lower price. Then you've got to buy new stock at the new, higher price. Where do you get the more money you need to restock from?

@sagharborcap SO cute to believe in absolute priority in 2026

Everyone’s freaking out about private credit but this is the conversation we should really be having

@NapierHolland @AgeingPunk Revolut is a massive asset, yes, but it could swiftly become a massive liability if we had to bail it out as its home regulator and deposit guarantee scheme. Silicon Valley Bank was a good example of how this can go wrong.

@AgeingPunk No. But we should acknowledge that Revolut are a massive asset to the UK and throw whatever resources are required to accelerate the process, without compromising customer safety.

It’s insane how badly the UK has treated one of its most successful startups.

@tomdanielson Arguably it was Pog’s ability to cycle faster that allowed him to win the bike race

Hi Luc thanks for posting this. While the averages are the same for the full section, if you look closer at the two graphs of cadence you see two key drops in cadence of Seixas within in the last 30 seconds where the difference was made. Here Seixas dropped once into the 70’s and again to the low 80’s while Tadej was steady in the high 80’s low 90’s (super high because steep and loose surface). Both were doing super high torque but Tadej being able to amplify that crazy force at a higher cadence during this extended effort made the gap.

@LucGrefte @tomdanielson datamogged

@tomdanielson Hard part of MSM (from the clip you showed): Pogacar: 93RPM Seixas: 93RPM

Tadej vs Seixas: Three Key Differences at Strade Bianche’s Decisive Moment In today's Strade Bianche, we saw another dominant performance by Tadej Pogačar, but we also saw a fantastic ride from 19-year-old Paul Seixas, who was able to follow Tadej the longest during his attack over the Monte Sante Marie. As Seixas looks to close the gap to Tadej over the next years, we can compare the two riders in this decisive moment (what I call the moment of urgency) to see some areas that were possibly part of the separation Tadej was able to get.

@CromRedoubt Same reactionary cheeks tbh

I believe the “nuke the Barbican” and “everything should be gothic revival” crowds are different cheeks of the same midwit arse