Term Premium Explained: Why Long Bonds Yield Extra
Term premium is the extra yield bonds pay beyond expected short rates. Here’s how the NY Fed measures it and what’s pushing it higher in 2026.
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.
Stock-Based Compensation Explained: GAAP vs Non-GAAP
Stock-based compensation is real money. How RSUs and options get expensed, why tech excludes SBC from non-GAAP EPS, and how buybacks paper over the dilution.
SEC Filings Explained: 10-K, 10-Q, and 8-K
Every U.S.-listed company files three core reports with the SEC. Here is what each one contains, when it is due, and what to read first.
Order Types Explained: Market, Limit, Stop, Trailing Stops
Market, limit, stop, stop-limit, and trailing stops explained — what each order does, when to use it, and how each one can quietly cost you on the fill.
Dark Pools Explained: How Off-Exchange Trading Works
Dark pools now match nearly half of U.S. stock trades — and most retail orders never touch a lit exchange. Here is how they actually work.
Yield Curve Explained: What Inversion Really Means
What the yield curve is, why inversion has preceded every US recession since 1970, and how to read the current US Treasury curve as of June 1, 2026.
Return on Invested Capital (ROIC) Explained
ROIC measures profit per dollar of capital invested. When ROIC beats WACC, the firm creates value. Here is the formula, math, and where it misleads.
Contango Explained: Why Commodity ETFs Lose to Spot Prices
Contango is the upward-sloping futures curve that quietly drains commodity ETF returns. Here is the math, the cause, and how to spot it.
WACC Explained: How Companies Calculate Their Cost of Capital
WACC blends the cost of equity and after-tax cost of debt into one discount rate. Here is the formula, a worked Apple example, and the pitfalls to avoid.
The Repo Market Explained: $12.6 Trillion of Plumbing
How the repo market works: $12.6T daily, SOFR, tri-party clearing, the Fed’s Standing Repo Facility, and the 2019 spike that changed everything.