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.
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.
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.
IPO vs Direct Listing vs SPAC: How Companies Go Public
A side-by-side guide to the three paths to public markets — traditional IPO, direct listing, and SPAC merger — with real examples and trade-offs.
What Is the P/E Ratio — and When Does It Mislead?
P/E in plain English: the formula, a worked example, sector ranges from NYU’s Damodaran, and why the Shiller CAPE near 42 sits within a whisker of the 1999 peak.
Private Credit vs Bank Loans vs Syndicated Loans Explained
Private credit, bank loans, and syndicated loans all finance the same companies. Here is how each channel actually works, and where the money sits.
Municipal Bonds Explained: GO vs Revenue and the Tax Angle
Plain-English guide to municipal bonds: GO vs revenue, how the federal tax exemption changes your real yield, and why munis default less than corporates.
How an IPO Actually Works: S-1, Bookbuilding & Greenshoe
From the S-1 registration statement to bookbuilding, allocation, the first trade, and the greenshoe option — a plain-English walk through the modern IPO process.
Yield Curve Explained: Shapes, Forces, and Inversion
A plain-English guide to the Treasury yield curve: what it is, the four shapes, why it can invert, and what each shape says about the economy.
How Stock Splits Work — and Whether They Actually Matter
A stock split changes the share count but not the company. Here’s what splits actually do, why companies bother, and what the research says about returns.
Bond Pricing, Yield, Duration & Convexity Explained
Learn how bond prices move with interest rates, what duration really measures, and why convexity matters — with worked examples and real data.