What Is EBITDA — And What It Doesn’t Tell You
EBITDA strips out interest, tax, and non-cash charges. Here’s how to calculate it, why Wall Street uses it, and where it misleads.
Market Education
How Treasury Auctions Work: Bid-to-Cover and Tails
How the U.S. Treasury actually raises money: single-price auctions, competitive vs noncompetitive bids, primary dealers, and what tails reveal.
Investment Grade vs High Yield: Ratings, Spreads, Defaults
Investment grade vs high-yield bonds explained: the BBB-/Baa3 cutoff, credit spreads, default rates, and recovery — what actually separates the two.
QE vs QT: How the Fed Balance Sheet Actually Works
A plain-English guide to how the Fed creates reserves to buy bonds (QE) and lets them mature to shrink the balance sheet (QT), with 2026 numbers.
Bond Duration & Convexity: Why Long Bonds Move Most
What is bond duration? A plain-English guide with the rule of thumb, the formula, and a worked example using current Treasury yields.
POET Plunges 22% on $400M Raise, Eclipsing Lumilens Deal
POET Technologies tumbled 22% on May 15, 2026 as a $400M dilutive raise overshadowed a fresh AI-optics supply pact worth up to $500M with Lumilens.
Options 101: Calls, Puts, Strike, and Expiry Explained
A plain-English guide to stock options: how calls, puts, strike, expiration, and premium work, with payoff charts and a worked example.
Stock Buybacks vs. Dividends: How Companies Pay You Back
Buybacks and dividends both return cash to shareholders, but they work very differently. Here’s the math, the tax rules, and when each one wins.
Abel’s First 13F: Berkshire Drops UNH, Buys Delta and Macy’s
Berkshire Hathaway’s Q1 2026 13F closed 16 positions including UnitedHealth, Amazon, Visa and Mastercard while adding a $2.65B Delta stake and tripling Alphabet.
CLOs Explained: How Collateralized Loan Obligations Work
What is a CLO? How collateralized loan obligations slice up leveraged corporate loans into rated tranches and where the AAAs actually stand.