How Treasury Auctions Work: Bid-to-Cover, Direct, Indirect
US Treasury auctions explained: single-price format, primary dealers, direct and indirect bidders, when-issued trading, bid-to-cover, and the tail.
investing basics
PCE vs CPI: Which Inflation Number the Fed Actually Watches
The Fed targets PCE, not CPI. Here is what each measures, why they diverge, and what the July 2026 readings tell you before Jackson Hole.
EBITDA Explained: What It Measures and Where It Lies
EBITDA strips out interest, taxes, depreciation, and amortization. What it captures, where Adjusted EBITDA misleads, and how to read it.
Bond Duration and Convexity Explained
Duration measures a bond’s price move per 1% yield change; convexity is the correction that matters when rates move a lot. The math, with examples.
Stock Warrants Explained: Why They Aren’t Just Long-Dated Calls
Warrants look like call options but are issued by the company and create new shares on exercise — a dilution difference that reshapes pricing and risk.
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.
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.