NPV vs IRR Explained: When They Disagree and Why
NPV adds dollar value at your cost of capital. IRR is the rate that zeros it out. When they disagree on scale or timing, NPV wins. Here is why.
Market Education
The Yield Curve Explained: Shape, Inversion, and What It Signals
What the Treasury yield curve is, why its shape matters, how inversions have historically preceded U.S. recessions, and how to read it.
0DTE Options Explained: How Same-Day Expirations Work
0DTE options expire the same day they trade. They are now 62% of all SPX volume. Here’s how same-day options work, what the Greeks do, and the real risks.
Bond Duration and Convexity: How Prices Move with Yields
Duration measures bond price sensitivity to yield changes; convexity corrects the curve. Formulas, a worked example, and a snapshot table.
How Stock Spinoffs Work: Section 355 Tax-Free Explained
Spinoffs detach a subsidiary into its own public stock. Here’s how Section 355 keeps the deal tax-free, plus the FedEx Freight playbook.
Tax-Loss Harvesting and the Wash Sale Rule Explained
How tax-loss harvesting works, the 61-day wash sale window, and what counts as ‘substantially identical’ under the 2026 capital gains brackets.
Options Greeks Explained: Delta, Gamma, Theta, Vega, Rho
A plain-English guide to the five option Greeks — what each measures, when it matters, and how traders use them in real positions.
Merger Arbitrage Explained: Deal Spreads and Risk
Merger arb is the spread between a target’s price and the deal price. Here is the math, the risk, and a worked example on the Paramount-WBD deal.
Net Interest Margin Explained: How Banks Make Money
Net interest margin is the spread banks earn between asset yields and funding costs. Q1 2026 industry NIM hit 3.31%. Here’s how it works.
Sortino Ratio Explained: Why Downside Risk Beats Sharpe
The Sortino ratio measures returns per unit of downside risk, not total volatility. Here is the formula, a worked example, and when to use it.