Net Interest

Net Interest is Marc Rubinstein's newsletter on banks, fintech, and the plumbing of the financial system, the kind of writing that explains why an institution is built the way it is rather than just what it announced this quarter. Rubinstein spent years as a hedge fund analyst, and it shows in how he reads a balance sheet.

Editions run long and research-heavy, usually built around a single institution or theme, a central bank's balance sheet, a payments network, a niche lender, and go deep. Finance professionals and serious market watchers are the real audience; this isn't a casual Sunday read.