At 92 years old, media mogul Rupert Murdoch will get married for the fifth time. Murdoch will marry 66-year-old Ann Lesley Smith and has said that the couple are “looking forward to spending the second half of our lives together.” That’s a funny definition of the word half. Murdoch also stated he has never watched Succession. If he does live until he is 184, though, he still has some time.

The lowdown

• 💒 Rupert Murdoch to marry for the fifth time, union unlikely to affect structure of family trust.

• 🌊 Credit Suisse AT1 bondholders consider legal action after being wiped out.

• ✂️ Amazon to cut 9,000 jobs after already making 18,000 in January.

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Banking turmoil and discounted assets

With many banks in crisis, some brave investors are taking a look at the discounted assets to be had. They are having mixed success.

Yesterday, we briefly discussed the plight of Credit Suisse’s AT1 bondholders. When fears about the bank’s financial position erupted, the value of these bonds tumbled to lows of 20-40 cents on the dollar ($). When it looked as if a UBS takeover may shield these bonds, bargain hunters piled in, and the bonds rallied to 50-70 cents. Instead, they were vaporized, even as equity holders retained some value.

It worked out a little better for New York Community Bancorp. The discounted asset NYCB purchased was $38 billion of Signature Bank assets, including $13 billion in loans and the rest in cash. It also took on $34 billion of deposit liabilities ($). It looks like an easy $3 billion of book equity and NYCB’s share price rallied 30% in response.

As the saying goes, when there is blood on the streets, it’s time to buy. Sometimes true but sometimes you are just adding more blood to the streets.

The content we're consuming today

• The New Yorker: Will the Ozempic Era Change How We Think About Being Fat and Being Thin? ($).

• Bloomberg: History of Banking Crises Holds a Warning for Jay Powell ($).

• Reuters: EY's 'paused' split dragged into $2.7 bln London lawsuit.

Off-balance sheet items

• Blackberry is the latest company to have its story told on the big screen. It may be hard to believe, but before people were addicted to the iPhone, they were addicted to the ‘Crack-berry’. See the trailer here.

The bottom line