Private Equity 101: How PE Funds Actually Work
How PE funds are structured: GPs, LPs, 2-and-20, carried interest, hurdle rate, and the distribution waterfall — with a worked example on a $1B fund.
investing basics
How Spot Bitcoin ETFs Work: Creation, Custody, and Fees
Spot bitcoin ETFs explained: the January 2024 approval, how authorized participants mint and redeem shares, cash vs in-kind, Coinbase custody, and where fees really bite.
How an IPO Actually Works: S-1, Roadshow, Greenshoe, Lock-Up
IPO 101 with real numbers: what an S-1 filing is, how bookbuilding sets the price, why greenshoes and lock-ups exist, and what first-day pops mean.
Quad Witching Explained: What Happens on Expiration Friday
Quad witching is really triple witching now: three contract types expire on the third Friday of Mar, Jun, Sep, Dec. Here’s the real mechanics.
Convertible Bonds Explained: Coupon, Premium, Dilution
What is a convertible bond? Coupon savings, conversion premium, dilution risk, and how hedge funds run convertible arbitrage — with real examples.
VWAP Explained: What It Is and How Traders Use It
VWAP is the intraday benchmark institutions and traders share. Learn the formula, how to read it, and where it misleads.
VIX Explained: How the Fear Gauge Actually Works
The VIX measures expected S&P 500 volatility over the next 30 days. Here is how it is calculated, what levels mean, and where it misleads.
Options Greeks Explained: Delta, Gamma, Theta, Vega, Rho
A clear, math-honest guide to the five Greeks — with a worked Black-Scholes chain, delta and theta charts, and sources you can verify.
Gamma Squeeze Explained: Why GameStop Wasn’t One
A gamma squeeze forces dealers hedging calls to buy stock, pushing it higher. Here’s the mechanism, how to spot one, and why GameStop wasn’t one.
How Stock Market Circuit Breakers Work: MWCB and LULD
How US market circuit breakers halt trading — the 7%, 13%, 20% S&P 500 triggers and the single-stock LULD bands that pause runaway moves.