Good news everyone! The Bank of England increased interest rates to a fifteen-year high yesterday which means the pound is likely to remain strong relative to other currencies. So, if you are paid in GBP but do not live in the UK (like me), then there is cause to celebrate today. Of course, if you do live in the UK and have a mortgage, then maybe this isn’t such good news for your Friday. Sorry for getting your hopes up.

The lowdown

• 📈 Bank of England raises rates from 5% to 5.25%, a fifteen year high.

• 🧶 Meta’s Twitter clone Threads struggles to retain users one month after launch.

• 💸 Amazon reports bumper earnings while Apple earnings fall, though still beat expectations.

Featured story

Tiger acquires substantial stake in Apollo

Hedge fund Tiger Global has made a significant investment in PE group Apollo as part of its shift away from tech in search of returns. The exact size of the stake has not been disclosed, but it is described as “substantial”.

Tiger has selectively added new holdings in the aerospace and healthcare sectors, signaling its broader investment strategy beyond tech. Earlier this week, we mentioned that Tiger sold its remaining stake in Indian e-commerce player Flipkart to Walmart for $1.4 billion, generating overall gains of $3.5 billion from its investment.

That isn’t Tiger’s only win this year. Tiger's flagship hedge fund has gained more than 20 percent in the current year compared to the same period in the previous year. The hedge fund's performance has been driven by investments in big tech stocks like Meta, Google, and Amazon, as well as digital gaming companies Flutter and Take-Two, and software companies Microsoft and Workday. Why was Tiger diversifying from tech again?

The content we're consuming today

• FT: How bonds ate the entire financial system ($).

• The Real Deal: How Brookfield made $2B in defaults disappear.

• Odd Lots podcast: The Chinese EV maker that’s selling more cars than Tesla.

Off-balance sheet items

• Here is a good pasta recipe for when you don’t have much time. Unlike Jamie’s 15-minute meals, this one will genuinely only take 15 minutes. The video itself is not even 6 minutes long so I’m promising 21 minutes all up or your next newsletter is free.

The bottom line