Weekly Reading List: Finance Articles 2025/11/24 ~ 30

Note:

• Some links might not link to the exact article that I read. This is because I read some articles in the print edition. The title of the same article is different in the online and print editions. So it’s difficult to find the exact article online unless I read its content, and that’s too time-consuming, so I don’t.

The Economist

• How to short the bubbliest firms
  • syndicated-loan market

Financial Times

Note: I read the UK edition of the FT Digital Edition. I subscribe to the FT Digital Edition and cannot read articles on its regular web pages. So, I am not sure that the links below match exactly what I read.

• Moderna becomes most shorted stock in S&P 500 after Americans skip jabs (11/25)
• Song dynasty had its own version of the money tree (11/28)
• Altice USA bridles at new amity among creditors (11/27)
• Tether suffers downgrade over dollar pegging fears (11/27)
• Glencore in a position to steal the spotlight in Tullow Oil’s debt drama (11/25)
• CME outage fuels concerns over reliance on one venue (11/29)
• Not just gamblers bet on prediction markets (11/29)
  • event contracts
• One of the clearest explanations of the total portfolio approach (11/24)
• The fatal flaw in using bitcoin as a currency (11/26)
• Why stablecoin failures could happen again (11/26)
• Insurers retreat from AI cover as risks mount (11/24)
• Europe’s banks woo uncertain investors with sweeteners (11/24)
• Citi reshuffles deckchairs but investors would rather it made waves (11/27)
  • return on tangible common equity(RoTCE)

Hankyung (한경)

• “Please avoid early morning currency exchange”… SOS sent to brokerage firms as well.
  (“장 초반 환전 피해달라”…증권사에도 SOS)
• Woori Bank participates in auctions/public sales, signaling a ’new wave in PF normalization.’
  (경·공매도 참여…우리銀 ‘PF 정상화’ 새바람)
• Hanyang Securities launches target return funds.
  (한양증권, 목표전환형 펀드 판매 개시)
  • target return fund(목표전환형 펀드)
• DSRV: “The criticism regarding the price instability of the KRW stablecoin is completely false.”
  (DSRV “원화 스테이블코인의 가격 불안정성 지적은 사실과 전혀 달라”)
• A coin jumped 126% after the Upbit hack… The paradox of deposit and withdrawal suspension
  (업비트 해킹 후 126% 뛴 코인도…입출금 중단의 역설 [한경 코알라])
  • 가두리 펌핑
• ‘Pudgy Penguins’ chosen by a U.S. Congressman… expanding its presence in Washington.
  (美 하원의원이 선택한 ‘펏지펭귄’…워싱턴서 존재감 키운다)
• Kiwoom Securities stock jump brings ‘jackpot’ for financial firms… KB, Shinhan, and others get profit.
  (키움證 주가 점프에 금융사들 ‘잭팟’…KB·신한 등 투자금 회수)
  • redeemable convertible preference shares(RCPS, 상환전환우선주)

The New Yorker

• What Does “Capitalism” Really Mean, Anyway?
  • Capitalism: A Global History

Nikkei (日本経済新聞)

• Financial Services Agency mandates reserves for crypto exchanges to ensure quick compensation after asset leaks.
  (仮想通貨の流出、迅速補償　金融庁、交換業者に積立金義務化)
• Poor Charlie’s Almanack edited by Peter D. Kaufman: The Unconventional Investor
  (チャールズ・Ｔ・マンガーの金言　ピーター・Ｄ・カウフマン編、異色の投資家　横)断的分析力（読書）
• Stablecoin giants rise to prominence as gold purchasers, comparable to central banks.
  (ステーブルコイン大手が台頭、金の買い手に　中銀に匹敵（ＭａｒｋｅｔＳＣＯＰＥ）)
• Aggressive fiscal spending hinges on government debt, necessitating delicate market communication. Ministry of Finance’s plan: Boost short-term bonds and review policy biannually.
  (国債頼みの積極財政　市場と対話綱渡り　短期を増額／半年ごと見直し　財務省方針)
• General shareholders unhappy with the “too cheap” price offered in Toyota Industries’ TOB for privatization, highlighting the immature system for their protection.
  (非公開化「手切れ金」に不満　豊田織機ＴＯＢ価格「安すぎる」、一般株主守る制度途上（スクランブル）)
• AI concentration causes turbulence in Japanese and U.S. markets; the Nikkei frequently moves more than ¥1,000. Diversifying the market is a challenge for stability; focus shifts to construction and banking.
  (日米株、ＡＩ集中で乱調　日経平均「値動き１０００円超」が頻発　安定へ裾野拡大課題　建設や銀行に注目)
• Even with the Nikkei average at a record high, stocks hitting all-time highs account for only 25% of the total.
  (日経平均が過去最高水準にあっても、最高値の銘柄は全体の25％にとどまる。)
• Massive AI investment through off-balance-sheet transactions: US Meta plans ¥4 trillion-scale procurement, shifting risk to investors.
  (簿外取引で巨額ＡＩ投資　米メタ計画、４兆円規模調達　投資家にリスク転嫁（真相深層）)

Yonhap Infomax (연합인포맥스)

• [Meritz Securities Capital Increase] Credit used instead of holding company cash… The reason for the clever move using CPS + Put Options.
  ([메리츠증권 증자] 지주 현금 대신 신용…CPS+풋옵션 묘수 둔 까닭)
  • Special Purpose Company (SPC, 특수목적법인)
  • Convertible Preferrence Stock (CPS, 전환우선주)
  • perpetual bond(신종자본증권)
  • 이중레버리지 비율
  • Subordinated Debt (후순위성 증권)
  • Net Capital Ratio (NCR, 영업용순자본비율)
  • Cumulative Dividend (누적적 배당)