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T-Bills 'n' Thrills and Bellyaches

Ben Ashby

Professional investor

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Substack
PricingOnly free issuesPublishesWeekly
Issues35Founded2 years agoLast Issue22 days ago
Active

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Latest Issues

Carry On Not Drilling

  • The claim that energy prices are set globally is misleading; this ignores transport & storage costs and different grades

    • The claim that the North Sea is ‘tapped out’ is also misleading; Norway shows a mature field can still yield ben...
22 days ago
8
6

Offerings from the litter tray

  • Is a rounding top forming in US equities? The slow, quiet kind of top; not the dramatic kind with an obliging klaxon.

    • The proper chart work is sympathetic; seven of eight classic diagnostics fit. But the word “rounded” is a stretch...
a month ago
6

Time to fold on energy?

  • Spot crude is calm as delayed barrels arrive. That is prompt relief, not system repair.

    • Hormuz is open in theory, but probably rationed in practice. Ships are leaving; fewer want to go back in. Insurance is doing the blockade’s admin...
2 months ago
8
8

How I learned to stop worrying and love the bust

  • Not all bubbles are the same.

    • Asset bubbles reprice existing claims; technology bubbles install new capacity.

    • AI infrastructure now looks like late-frenzy finance of a classic tech bubble.

    • The bust may be socially productiv...

2 months ago
8
2

Thoughts on SpaceX IPO

· I have analysed SpaceX as a business. At current prices, I think the market is valuing it at roughly four to five times what I can justify.

· As of Friday close, SpaceX trades at a staggering 100x trailing 2025 revenue ($18.67B) wh...

2 months ago
11
4

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  • Ben Ashby

    "Veteran" professional investor, financial salvage specialist and disaster artist. Owner of QuantCat, trading AI and virtual cat. This is purely personal opinion and should not be considered investment advice or indeed anything else.....

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