Convertible Bonds Explained: When Debt Turns Into Stock
How convertible bonds work: conversion ratio, conversion premium, the bond floor, convertible arbitrage, and the four main types of converts.
investing basics
Hedge Funds Explained: Strategies, Fees, and Structure
What a hedge fund actually is, the 2-and-20 fee structure with high-water marks, the four main strategies, and how hedge funds differ from mutual funds, PE, and VC.
Beta, Alpha, and CAPM: What They Actually Measure
Beta measures how a stock moves with the market. CAPM converts that risk into a required return. Alpha is what’s left over. Here is what each really means, with verified data.
REITs Explained: How Real Estate Investment Trusts Work
What is a REIT, the 90% dividend rule, equity vs mortgage REITs, why FFO matters more than net income, and why rising rates hit REITs first.
What Is Free Cash Flow — and Why Investors Trust It
Free cash flow shows the cash a company really keeps after capex. Here’s the formula, real Big Tech examples, and why FCF beats earnings.
What Is EBITDA — And What It Doesn’t Tell You
EBITDA strips out interest, tax, and non-cash charges. Here’s how to calculate it, why Wall Street uses it, and where it misleads.
How Treasury Auctions Work: Bid-to-Cover and Tails
How the U.S. Treasury actually raises money: single-price auctions, competitive vs noncompetitive bids, primary dealers, and what tails reveal.
QE vs QT: How the Fed Balance Sheet Actually Works
A plain-English guide to how the Fed creates reserves to buy bonds (QE) and lets them mature to shrink the balance sheet (QT), with 2026 numbers.
Bond Duration & Convexity: Why Long Bonds Move Most
What is bond duration? A plain-English guide with the rule of thumb, the formula, and a worked example using current Treasury yields.
Options 101: Calls, Puts, Strike, and Expiry Explained
A plain-English guide to stock options: how calls, puts, strike, expiration, and premium work, with payoff charts and a worked example.