Felix Salmon

All-stock transactions in private companies; insider trading; NFTs of paintings; the stock-market reaction to the latest COVID-19 wave; and much more.

This week, I’m zooming back a bit to take stock of where the markets find themselves at the end of an insanely tumultuous 22 months. Also: The debt ceiling, the antiquities trade, T+1 settlement, and much more.

Most of this week’s newsletter is devoted to charity and philanthropy in this week containing Giving Tuesday — although there is also an item on payment for order flow.

In this week’s newsletter I look at what Joe Biden wants from his Fed pick. I’ll also cover misery; mortgages; household wealth; EV valuations; corporate break-ups; Sweetgreen; shenanigans at Sotheby’s; and much more.

In this week’s newsletter: Controlling shareholders; wealth taxes; allegations about the S&P 500; the Theranos sales pitch; and much more. 

In this week’s newsletter: Companies that do badly before they do well; the fall of stonk mania; Netflix gets caught by surprise; the Texas two-step; and much more. 

In this week’s newsletter: Just when you thought the COVID-19 crisis was abating, a new crisis emerges. Plus: Experimental macroeconomics, the minimum wage, the quit rate, “transitory,” the IMF’s political struggles, and much more. 

In this week’s newsletter: A dive into why Masterworks is worth $1 billion; a cheap new DAF platform; South Dakota’s tax-haven status; and much more. All in 1,738 words, a 6.5-minute read.

In this week’s newsletter: $35 experiences, debt-ceiling unknowns, Evergrande, revolving doors, and more.

In this week’s newsletter: More companies get into financial literacy philanthropy; crypto regulation; the USDC carry trade; China’s flex on Macau; and much more.

In this week’s newsletter: How crypto can’t resist the lure of regulatory arbitrage; corporate fraud; women’s degrees; El Salvador; rising credit scores; and much more. All in 1,469 words, a 5.5-minute read.

You’ll have to scroll past a very famous and very scary chart before you reach other stories on crypto, stablecoins, lawyers, bankers, and much more.

In this week’s newsletter: The post-pandemic economy; the uselessness of economic forecasts; the rise of BNPL; how banks are failing at anti-racism; Robinhood goes meme; and much more.

In this week’s newsletter: Fast-growing giants; the return of the debt ceiling; why Europe leads in sustainable investing; the CFA exam pass rate; plentiful jobs; and much more.

In this week’s newsletter: The impact of ESG investing; Hong Kong’s status as a financial center; the future of trading shares in private companies; the Texas two-step; and much more. 

In this week’s newsletter: Inflation, moats, deer, concrete, NFTs, and much more. 

In this week’s newsletter, I focus mainly on China and fintech, but I do find space for a fabulous junk-bond chart.

Also in this week’s newsletter: Why America’s so weak on antitrust; more Robinhood revelations; Duolingo files for an IPO; booming stocks; and much more. All in 1,671 words, a 6-minute read.

In this week’s newsletter: Lina Khan vs. big tech; a new future for Fannie and Freddie; the small-business boom; the failure of COVAX; and much more. It’s 1,755 words, a 6.5-minute read.

Welcome to a special edition of Axios Capital, where the whole newsletter is devoted to a single subject.

In this week’s newsletter: Unemployment-claim crime, stablecoins, digital currencies, and NFTs. Also: Housing costs, Chinese EVs, and much more. 

In this week’s newsletter: The differing meanings of inflation, the financial importance of a good story, AMC (of course), unreliable financial advisers, crypto investors, the Libor mess, used-clothes unicorns, and much more. 

In this week’s newsletter, I look at the power of shareholders, focusing on energy and media. It’s bigger than you think — except, of course, at Amazon.

In this week’s newsletter: Making money off the YOLO investing boom; the new Coinbase pay structure; gyrating consumer prices; rich states; ethical companies; ransomware; and much more. All in 1,756 words, a 6.5-minute read.

In this week’s newsletter: Recovering from chaos; the Robinhood debate; the death of Nuzzel; the question marks over the Gates Foundation; Peloton’s woes; David Swensen; and much more. All in 1,844 words, a 7-minute read.