The 4% Rule Explained: Bengen, Trinity, and Reality
What the 4% rule is, where it came from, the math, the assumptions that do the work, and where it breaks down.
Market Education
Learn how stocks, bonds and capital markets work. Explore plain-English explanations, worked examples and charts, then follow related coverage to connect market concepts with current events. Find your way around ECMSource.
How Mortgage Rates Are Set: 10-Year Treasury + Spread
30-year mortgage rates aren’t tied to the Fed’s rate. They track the 10-year Treasury plus a mortgage spread. Here’s how the math works.
How an IPO Actually Works: S-1, Bookbuilding, Greenshoe
From S-1 to first trade: how underwriters price an IPO, run the roadshow, use the greenshoe, and why the 7% spread refuses to move.
The Cash Flow Statement Explained: CFO, CFI, and CFF
The cash flow statement shows how a company actually generates and spends cash. How to read the three sections, with a worked example from Apple’s FY2024.
Options Greeks Explained: Delta, Gamma, Theta, Vega, Rho
The five options Greeks — delta, gamma, theta, vega, and rho — explained with OCC definitions, worked examples, a cheat-sheet table, and two visual guides.
T+1 Settlement: How Stock Trades Now Clear in One Day
T+1 settlement means US stock trades settle one business day after execution. Here’s the mechanics, timeline, and what changed for investors.
What Is the P/E Ratio – and When Does It Mislead?
The price-to-earnings ratio is the most-quoted valuation metric on Wall Street. Here’s the formula, trailing vs forward, and when it breaks.
Options Explained: Calls, Puts, Strikes & Expiry Basics
Beginner-friendly guide to stock options: how calls, puts, strike price, expiry, and premium actually work, with worked examples and payoff diagrams.
Leveraged ETFs Explained: Daily Reset and Volatility Drag
How TQQQ, SQQQ, and other daily-reset ETFs really work — the compounding math, when they overshoot, and when volatility eats them alive.
Credit Ratings Explained: How Moody’s, S&P, and Fitch Grade Debt
Credit ratings are opinions on default risk from SEC-designated agencies. What the scales mean, why the BBB-/Baa3 line moves markets.