Well done on surviving another week. Particularly to Credit Suisse which is still going despite reporting its biggest annual loss since the financial crisis. Credit Suisse also reported that it will be paying bonuses in installments this year… so, like a salary?

The lowdown

• 📉 Credit Suisse reports biggest annual loss since the 2008 financial crisis.

• 🎈 MSCI cuts Adani weightings after free float concerns raised by Hindenburg.

• 🎬 Disney’s proxy battle comes to an end as Peltz calls off the fight.

Featured Stories

How Tiger Global values its investments

In an annual letter to shareholders, technology-focused hedge fund Tiger Global outlined how it values some of its $40 billion portfolio of privately held “growth” companies ($). 

It stated that it valued TikTok parent ByteDance based on the profitability of its Chinese operations, marked Stripe at a lower revenue multiple than Adyen, and applied a 20% discount to private market stake sales of Databricks. 

The explanations come after a stinker 2022 for Tiger Global. The fund had hitched its wagon to the tech stocks and so, after a very good 2020 in which it returned ~48%, had what the FT described as “a terrible, horrible, no good very bad 2022.”

There is, however, one bright spot in Tiger’s portfolio – frozen potato products. Boil ‘em, mash ‘em, stick ‘em in a technology-focused growth stock portfolio.

The content we're consuming today

• The Economist: The pitfalls of loving your job a little too much ($).

• FT Weekend podcast: Why fine dining isn’t fine.

• WSJ: Elon Musk’s Twitter Tenure Draws Criticism From Jack Dorsey ($).

Off-balance sheet items

• Just when you thought you were going to have a productive Friday, someone has gone and combined Flappy Bird with Wordle in a new game – Flappy Birdle.

The bottom line