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FT Alphaville
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datetime="2025-02-13T08:27:11.192Z">Thursday, 13 February, 2025</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="6516d473-9dd5-4b1b-a032-42cb7d37c4a8" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image js-teaser" data-id="6516d473-9dd5-4b1b-a032-42cb7d37c4a8"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/us-treasury-bonds" aria-label="Category: US Treasury bonds">US Treasury bonds</a></div><div class="o-teaser__heading"><a href="/content/6516d473-9dd5-4b1b-a032-42cb7d37c4a8" data-trackable="heading-link" class="js-teaser-heading-link">A golden opportunity to reduce US government debt? </a></div><p class="o-teaser__standfirst"><a href="/content/6516d473-9dd5-4b1b-a032-42cb7d37c4a8" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">Not so fast</a></p><div class="o-teaser__action"><span> <form 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February, 2025</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="77b3dcf6-3497-496c-b86f-75d26510b098" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image js-teaser" data-id="77b3dcf6-3497-496c-b86f-75d26510b098"><div class="o-teaser__content"><div class="o-teaser__meta"></div><div class="o-teaser__heading"><a href="/content/77b3dcf6-3497-496c-b86f-75d26510b098" data-trackable="heading-link" class="js-teaser-heading-link">FTAV’s further reading</a></div><p class="o-teaser__standfirst"><a href="/content/77b3dcf6-3497-496c-b86f-75d26510b098" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">AI slop; CDS DCs; Contra Krugman; pork taboo; Civ VII</a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="77b3dcf6-3497-496c-b86f-75d26510b098" data-myft-ui="saved" action="/myft/save/77b3dcf6-3497-496c-b86f-75d26510b098" 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data-id="16ed3d1e-c5d7-461d-9b6b-bdc3671dd61a"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/stream/db9cfb85-4366-49b6-a1dd-ab446395ae07" aria-label="Category: Saba Capital Management LP">Saba Capital Management LP</a></div><div class="o-teaser__heading"><a href="/content/16ed3d1e-c5d7-461d-9b6b-bdc3671dd61a" data-trackable="heading-link" class="js-teaser-heading-link">How much is Weinstein’s UK investment trust salvo costing Saba?</a></div><p class="o-teaser__standfirst"><a href="/content/16ed3d1e-c5d7-461d-9b6b-bdc3671dd61a" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">You ask, we guess</a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="16ed3d1e-c5d7-461d-9b6b-bdc3671dd61a" data-myft-ui="saved" action="/myft/save/16ed3d1e-c5d7-461d-9b6b-bdc3671dd61a" 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<div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image js-teaser" data-id="171582dd-1e96-4ef7-8a3b-47579310c7d2"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/sovereign-debt" aria-label="Category: Sovereign debt">Sovereign debt</a></div><div class="o-teaser__heading"><a href="/content/171582dd-1e96-4ef7-8a3b-47579310c7d2" data-trackable="heading-link" class="js-teaser-heading-link">A sovereign debt restructuring furniture review</a></div><p class="o-teaser__standfirst"><a href="/content/171582dd-1e96-4ef7-8a3b-47579310c7d2" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">What have we learned from the recent spate of government bankruptcies?</a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="171582dd-1e96-4ef7-8a3b-47579310c7d2" data-myft-ui="saved" 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data-id="87c321ab-e5ac-4a1d-a637-c1f7befcc1cb" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image js-teaser" data-id="87c321ab-e5ac-4a1d-a637-c1f7befcc1cb"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/pensions-industry" aria-label="Category: Pensions industry">Pensions industry</a></div><div class="o-teaser__heading"><a href="/content/87c321ab-e5ac-4a1d-a637-c1f7befcc1cb" data-trackable="heading-link" class="js-teaser-heading-link">Local Government Pension Schemes are heading for an embarrassment of riches</a></div><p class="o-teaser__standfirst"><a href="/content/87c321ab-e5ac-4a1d-a637-c1f7befcc1cb" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">How to scheme it</a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="87c321ab-e5ac-4a1d-a637-c1f7befcc1cb" data-myft-ui="saved" 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</div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="1a191638-d1ff-41b0-b089-bd91be4cf3c4" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image js-teaser" data-id="1a191638-d1ff-41b0-b089-bd91be4cf3c4"><div class="o-teaser__content"><div class="o-teaser__meta"></div><div class="o-teaser__heading"><a href="/content/1a191638-d1ff-41b0-b089-bd91be4cf3c4" data-trackable="heading-link" class="js-teaser-heading-link">FTAV’s further reading</a></div><p class="o-teaser__standfirst"><a href="/content/1a191638-d1ff-41b0-b089-bd91be4cf3c4" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">Wikipedia; dating; bitcoin dump; rat-repellents</a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="1a191638-d1ff-41b0-b089-bd91be4cf3c4" data-myft-ui="saved" action="/myft/save/1a191638-d1ff-41b0-b089-bd91be4cf3c4" 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data-id="c2b252dc-d691-4df8-8e12-e2b2b54df2f7"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/us-banks" aria-label="Category: US banks">US banks</a></div><div class="o-teaser__heading"><a href="/content/c2b252dc-d691-4df8-8e12-e2b2b54df2f7" data-trackable="heading-link" class="js-teaser-heading-link">JPMorgan and bank capital requirements: the long-short story </a></div><p class="o-teaser__standfirst"><a href="/content/c2b252dc-d691-4df8-8e12-e2b2b54df2f7" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">Much ado about netting</a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="c2b252dc-d691-4df8-8e12-e2b2b54df2f7" data-myft-ui="saved" action="/myft/save/c2b252dc-d691-4df8-8e12-e2b2b54df2f7" data-js-action="/__myft/api/core/saved/content/c2b252dc-d691-4df8-8e12-e2b2b54df2f7?method=put" data-myft-ui-save-config=""> <input 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href="/content/c2b252dc-d691-4df8-8e12-e2b2b54df2f7" data-trackable="image-link" tabindex="-1" aria-hidden="true"><div class="o-teaser__image-placeholder" style="padding-bottom:56.2445%;"><img class="o-teaser__image o-lazy-load" data-src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2Fefbdc2e2-eb56-480c-b557-515af4996610.jpg?source=next&fit=scale-down&dpr=2&width=240" alt=""/></div></a></div></div> </div> </div> </li> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> <div class="stream-card__date"> <time data-o-component="o-date" class="o-date" data-o-date-format="date-only" datetime="2025-02-11T11:03:05.083Z">Tuesday, 11 February, 2025</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="dfd07a3f-c178-4021-b24d-3805cf6c4ee4" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image js-teaser" 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href="/technology" aria-label="Category: Technology">Technology</a></div><div class="o-teaser__heading"><a href="/content/eb4ba5f4-0488-43c0-8eae-68a91f763593" data-trackable="heading-link" class="js-teaser-heading-link">FTAV’s further reading</a></div><p class="o-teaser__standfirst"><a href="/content/eb4ba5f4-0488-43c0-8eae-68a91f763593" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">Fascist gaming culture; Meta shenanigans; the ‘pecuniary monster’</a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="eb4ba5f4-0488-43c0-8eae-68a91f763593" data-myft-ui="saved" action="/myft/save/eb4ba5f4-0488-43c0-8eae-68a91f763593" data-js-action="/__myft/api/core/saved/content/eb4ba5f4-0488-43c0-8eae-68a91f763593?method=put" data-myft-ui-save-config=""> <input data-myft-csrf-token value="" type="hidden" name="token"> <div class="n-myft-ui__announcement o-normalise-visually-hidden" aria-live="assertive" 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data-src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F9262f2db-3fc7-4f12-b751-af741e13cfde.jpg?source=next&fit=scale-down&dpr=2&width=240" alt=""/></div></a></div></div> </div> </div> </li> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> <div class="stream-card__date"> <time data-o-component="o-date" class="o-date" data-o-date-format="date-only" datetime="2025-02-10T14:11:28.229Z">Monday, 10 February, 2025</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="4fb20b1b-2377-4380-9767-e914f1482306" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image js-teaser" data-id="4fb20b1b-2377-4380-9767-e914f1482306"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/us-companies" aria-label="Category: US & Canadian companies">US & Canadian companies</a></div><div class="o-teaser__heading"><a href="/content/4fb20b1b-2377-4380-9767-e914f1482306" data-trackable="heading-link" class="js-teaser-heading-link">Excel and PowerPoint workers for hire at $55,555 an hour</a></div><p class="o-teaser__standfirst"><a href="/content/4fb20b1b-2377-4380-9767-e914f1482306" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">=XNPV</a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="4fb20b1b-2377-4380-9767-e914f1482306" data-myft-ui="saved" action="/myft/save/4fb20b1b-2377-4380-9767-e914f1482306" data-js-action="/__myft/api/core/saved/content/4fb20b1b-2377-4380-9767-e914f1482306?method=put" data-myft-ui-save-config=""> <input data-myft-csrf-token value="" type="hidden" name="token"> <div class="n-myft-ui__announcement o-normalise-visually-hidden" aria-live="assertive" data-pressed-text="Article saved in My FT." data-unpressed-text="Removed article from 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data-src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F37ba5abf-894a-4e9d-9da4-bc35cc3bf476.jpg?source=next&fit=scale-down&dpr=2&width=240" alt=""/></div></a></div></div> </div> </div> </li> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> <div class="stream-card__date"> <time data-o-component="o-date" class="o-date" data-o-date-format="date-only" datetime="2025-02-10T12:05:50.656Z">Monday, 10 February, 2025</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="21db2c56-6b4b-4c3c-94a4-36896609de32" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image js-teaser" data-id="21db2c56-6b4b-4c3c-94a4-36896609de32"><div class="o-teaser__content"><div class="o-teaser__meta"></div><div class="o-teaser__heading"><a href="/content/21db2c56-6b4b-4c3c-94a4-36896609de32" data-trackable="heading-link" class="js-teaser-heading-link">And the FTAV watch-chart quiz winner is . . . </a></div><p class="o-teaser__standfirst"><a href="/content/21db2c56-6b4b-4c3c-94a4-36896609de32" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">Time for T</a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="21db2c56-6b4b-4c3c-94a4-36896609de32" data-myft-ui="saved" action="/myft/save/21db2c56-6b4b-4c3c-94a4-36896609de32" data-js-action="/__myft/api/core/saved/content/21db2c56-6b4b-4c3c-94a4-36896609de32?method=put" data-myft-ui-save-config=""> <input data-myft-csrf-token value="" type="hidden" name="token"> <div class="n-myft-ui__announcement o-normalise-visually-hidden" aria-live="assertive" data-pressed-text="Article saved in My FT." data-unpressed-text="Removed article from My FT." ></div> <button type="submit" class="n-myft-ui__save-button-with-icon" data-trackable="save-for-later" title="Save And the FTAV 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alt=""/></div></a></div></div> </div> </div> </li> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> <div class="stream-card__date"> <time data-o-component="o-date" class="o-date" data-o-date-format="date-only" datetime="2025-02-10T11:08:09.226Z">Monday, 10 February, 2025</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="573cb3d1-219a-4ff4-9d67-524914e0e323" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image js-teaser" data-id="573cb3d1-219a-4ff4-9d67-524914e0e323"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/artificial-intelligence" aria-label="Category: Artificial intelligence">Artificial intelligence</a></div><div class="o-teaser__heading"><a href="/content/573cb3d1-219a-4ff4-9d67-524914e0e323" data-trackable="heading-link" class="js-teaser-heading-link">The AI investment frenzy, charted</a></div><p class="o-teaser__standfirst"><a href="/content/573cb3d1-219a-4ff4-9d67-524914e0e323" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">Mag7 ≥ US govt</a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="573cb3d1-219a-4ff4-9d67-524914e0e323" data-myft-ui="saved" action="/myft/save/573cb3d1-219a-4ff4-9d67-524914e0e323" data-js-action="/__myft/api/core/saved/content/573cb3d1-219a-4ff4-9d67-524914e0e323?method=put" data-myft-ui-save-config=""> <input data-myft-csrf-token value="" type="hidden" name="token"> <div class="n-myft-ui__announcement o-normalise-visually-hidden" aria-live="assertive" data-pressed-text="Article saved in My FT." data-unpressed-text="Removed article from My FT." ></div> <button type="submit" class="n-myft-ui__save-button-with-icon" data-trackable="save-for-later" title="Save The AI investment frenzy, charted to myFT for later" aria-label="Save The AI 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datetime="2025-02-09T23:01:06.061Z">Sunday, 9 February, 2025</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="7757e480-6aae-4a61-986e-52a2c2690f91" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image js-teaser" data-id="7757e480-6aae-4a61-986e-52a2c2690f91"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/sovereign-bonds" aria-label="Category: Sovereign bonds">Sovereign bonds</a></div><div class="o-teaser__heading"><a href="/content/7757e480-6aae-4a61-986e-52a2c2690f91" data-trackable="heading-link" class="js-teaser-heading-link">Trump’s ‘interesting problem’ with Treasuries</a></div><p class="o-teaser__standfirst"><a href="/content/7757e480-6aae-4a61-986e-52a2c2690f91" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">Debtcon 1</a></p><div class="o-teaser__action"><span> <form class="n-myft-ui 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data-trackable="Energy">Energy</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/financials" data-trackable="Financials">Financials</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/health" data-trackable="Health">Health</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/industrials" data-trackable="Industrials">Industrials</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/media" data-trackable="Media">Media</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/professional-services" data-trackable="Professional Services">Professional Services</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/retail-consumer" data-trackable="Retail & Consumer">Retail & Consumer</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/technology-sector" data-trackable="Tech Sector">Tech Sector</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/telecoms" data-trackable="Telecoms">Telecoms</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/transport" data-trackable="Transport">Transport</a></li></ul></li><li class="o-header__drawer-menu-item"><div class="o-header__drawer-menu-toggle-wrapper"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--parent" href="/technology" data-trackable="Tech">Tech</a><button class="o-header__drawer-menu-toggle o-header__drawer-menu-toggle--unselected" aria-controls="o-header-drawer-child-4" data-trackable="sub-level-toggle | Tech">Show more Tech</button></div><ul class="o-header__drawer-menu-list o-header__drawer-menu-list--child" id="o-header-drawer-child-4" data-trackable="sub-level"><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/artificial-intelligence" data-trackable="Artificial intelligence">Artificial intelligence</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/semiconductors" data-trackable="Semiconductors">Semiconductors</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/cyber-security" data-trackable="Cyber Security">Cyber Security</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/social-media" data-trackable="Social Media">Social Media</a></li></ul></li><li class="o-header__drawer-menu-item"><div class="o-header__drawer-menu-toggle-wrapper"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--parent" href="/markets" data-trackable="Markets">Markets</a><button class="o-header__drawer-menu-toggle o-header__drawer-menu-toggle--unselected" aria-controls="o-header-drawer-child-5" data-trackable="sub-level-toggle | Markets">Show more Markets</button></div><ul class="o-header__drawer-menu-list o-header__drawer-menu-list--child" id="o-header-drawer-child-5" data-trackable="sub-level"><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--selected o-header__drawer-menu-link--child" href="/alphaville" data-trackable="Alphaville" aria-label="Alphaville, current page" aria-current="page">Alphaville</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="https://markets.ft.com/data" data-trackable="Markets Data">Markets Data</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/crypto" data-trackable="Crypto">Crypto</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/capital-markets" data-trackable="Capital Markets">Capital Markets</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/commodities" data-trackable="Commodities">Commodities</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/currencies" data-trackable="Currencies">Currencies</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/equities" data-trackable="Equities">Equities</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/ft-wealth-management" data-trackable="Wealth Management">Wealth 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o-header__drawer-menu-link--unselected" href="/climate-capital" data-trackable="Climate">Climate</a></li><li class="o-header__drawer-menu-item"><div class="o-header__drawer-menu-toggle-wrapper"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--parent" href="/opinion" data-trackable="Opinion">Opinion</a><button class="o-header__drawer-menu-toggle o-header__drawer-menu-toggle--unselected" aria-controls="o-header-drawer-child-7" data-trackable="sub-level-toggle | Opinion">Show more Opinion</button></div><ul class="o-header__drawer-menu-list o-header__drawer-menu-list--child" id="o-header-drawer-child-7" data-trackable="sub-level"><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/columnists" data-trackable="Columnists">Columnists</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/ft-view" data-trackable="The FT View">The FT View</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/the-big-read" data-trackable="The Big Read">The Big Read</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/lex" data-trackable="Lex">Lex</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/obituaries" data-trackable="Obituaries">Obituaries</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/letters" data-trackable="Letters">Letters</a></li></ul></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected" href="/lex" data-trackable="Lex">Lex</a></li><li class="o-header__drawer-menu-item"><div class="o-header__drawer-menu-toggle-wrapper"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--parent" href="/work-careers" data-trackable="Work & Careers">Work & Careers</a><button class="o-header__drawer-menu-toggle o-header__drawer-menu-toggle--unselected" aria-controls="o-header-drawer-child-9" data-trackable="sub-level-toggle | Work & Careers">Show more Work & Careers</button></div><ul class="o-header__drawer-menu-list o-header__drawer-menu-list--child" id="o-header-drawer-child-9" data-trackable="sub-level"><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="https://rankings.ft.com/business-education" data-trackable="Business School Rankings">Business School Rankings</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/business-education" data-trackable="Business Education">Business Education</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="https://rankings.ft.com/incubator-accelerator-programmes-europe" data-trackable="Europe's Start-Up Hubs">Europe's Start-Up Hubs</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/entrepreneurship" data-trackable="Entrepreneurship">Entrepreneurship</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/recruitment" data-trackable="Recruitment">Recruitment</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/business-books" data-trackable="Business Books">Business Books</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/business-travel" data-trackable="Business Travel">Business Travel</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/working-it" data-trackable="Working It">Working It</a></li></ul></li><li class="o-header__drawer-menu-item"><div class="o-header__drawer-menu-toggle-wrapper"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--parent" href="/life-arts" data-trackable="Life & Arts">Life & Arts</a><button class="o-header__drawer-menu-toggle o-header__drawer-menu-toggle--unselected" aria-controls="o-header-drawer-child-10" data-trackable="sub-level-toggle | Life & Arts">Show more Life & Arts</button></div><ul class="o-header__drawer-menu-list o-header__drawer-menu-list--child" id="o-header-drawer-child-10" data-trackable="sub-level"><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/arts" data-trackable="Arts">Arts</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/books" data-trackable="Books">Books</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/food-drink" data-trackable="Food & Drink">Food & Drink</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/magazine" data-trackable="FT Magazine">FT Magazine</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/house-home" data-trackable="House & Home">House & Home</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/style" data-trackable="Style">Style</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/puzzles-games" data-trackable="Puzzles">Puzzles</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/travel" data-trackable="Travel">Travel</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/globetrotter" data-trackable="FT Globetrotter">FT Globetrotter</a></li></ul></li><li class="o-header__drawer-menu-item"><div class="o-header__drawer-menu-toggle-wrapper"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--parent" href="/personal-finance" data-trackable="Personal Finance">Personal Finance</a><button class="o-header__drawer-menu-toggle o-header__drawer-menu-toggle--unselected" aria-controls="o-header-drawer-child-11" data-trackable="sub-level-toggle | Personal Finance">Show more Personal Finance</button></div><ul class="o-header__drawer-menu-list o-header__drawer-menu-list--child" id="o-header-drawer-child-11" data-trackable="sub-level"><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/mortgages" data-trackable="Property & Mortgages">Property & Mortgages</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/investments" data-trackable="Investments">Investments</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/pensions" data-trackable="Pensions">Pensions</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/tax" data-trackable="Tax">Tax</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/banking-savings" data-trackable="Banking & Savings">Banking & Savings</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/advice-comment" data-trackable="Advice & Comment">Advice & Comment</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/next-act" data-trackable="Next Act">Next Act</a></li></ul></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected" href="/htsi" data-trackable="HTSI">HTSI</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected" href="/special-reports" data-trackable="Special Reports">Special Reports</a></li></ul><h2 id="ft-recommends" class="o-header__drawer-menu-item o-header__drawer-menu-item--heading">FT recommends</h2><ul aria-labelledby="ft-recommends" class="o-header__drawer-menu-list"><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--selected" href="/alphaville" data-trackable="Alphaville" aria-label="Alphaville, current page" aria-current="page">Alphaville</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected" href="/ft-edit" data-trackable="FT Edit">FT Edit</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected" href="/lunch-with-the-ft" data-trackable="Lunch with the FT">Lunch with the FT</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected" href="/globetrotter" data-trackable="FT Globetrotter">FT Globetrotter</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected" href="https://www.ft.com/tech-asia" data-trackable="#techAsia">#techAsia</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected" href="/moral-money" data-trackable="Moral Money">Moral Money</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected" href="/visual-and-data-journalism" data-trackable="Visual and data journalism">Visual and data journalism</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected" href="/newsletters" data-trackable="Newsletters">Newsletters</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected" href="/video" data-trackable="Video">Video</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected" href="https://www.ft.com/podcasts" data-trackable="Podcasts">Podcasts</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected" href="/news-feed" data-trackable="News feed">News feed</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected" href="/ft-schools" data-trackable="FT Schools">FT Schools</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected" href="https://events.ft.com/events-list" data-trackable="FT Live Events">FT Live Events</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected" href="https://forums.ft.com/" data-trackable="FT Forums">FT Forums</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected" href="https://bdp.ft.com/" data-trackable="Board Director Programme">Board 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