This Is Not Investment Advice
Les BarclaysFeatured on FT Alphaville. Economic realism with a sharp edge. Gen Z, all opinions are my own.
| Platform |  | Pricing | Only free issues | Publishes | Weekly |
|---|---|---|---|---|---|
| Issues | 33 | Founded | a year ago | Last Issue | 10 days ago |
| Active | |||||
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lesbarclays.substack.comLatest Issues
How AI Startups Hallucinate Their Revenue Metrics
Good afternoon from St. Andrews, Scotland!
On 17th April 2026, Scott Stevenson, the founder of Spellbook, called Contracted ARR “a huge scam in AI startups.” He’s frustrated because some companies are taking future, back‑loaded contracts a...
Bain of Existence
Good evening from St. Andrews, Scotland!
There are people who’ll read the title and agree that private equity (PE), and perhaps AI, are the ‘bain of existence’ to which I disagree with.1 Both industries promise efficiency but end up provok...
Everyone Wants a Slice of Orbit
I don’t usually dedicate posts to a specific deal. Whenever I’ve analysed deals in the past, it’s normally embedded into my analysis to help explain the wider thesis in said article. But this time, I’m trying something different. This is al...
So... will Europe ever build the CMU?
Good morning from London!
For all of the talk of Europe's tech sovereignty (which is a good thing), they won’t achieve this without Europe fixing its fragmented capital markets and their wider risk culture. To older subscribers, this sound...
Collateralized Chip Obligations (CCOs)
Due to LaTeX usage for math equations, this post is truncated. To access the full post, click the title above if you’re viewing this via email.
Back in September 2025 when I published my ‘AI Ouroboros’ piece, I spoke on the circular...
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Authors
The writers behind this newsletter.
First-principles thinking on finance + macro. I offer no investment advice. Gen Z, all opinions are my own.
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