Secondary Stock Offerings: Dilution, ATMs, and Greenshoes
How public companies issue new shares after their IPO, why the stock usually falls on the announcement, and what ATM offerings and greenshoes really do.
investing basics
TIPS Explained: How Inflation-Protected Treasuries Work
How Treasury Inflation-Protected Securities work — principal adjustment, real yield, breakeven inflation, taxes, and where TIPS fit in a portfolio.
Implied Volatility Explained: How Options Price Future Moves
What is implied volatility? How does it differ from realized volatility, drive the VIX, and shape every options trade? A best-in-class explainer with worked numbers, IV rank, skew, and term structure.
Options Greeks Explained: Delta, Gamma, Theta, Vega
What delta, gamma, theta, vega, and rho actually mean — with worked examples from the Options Industry Council and a 30-day call snapshot.
Repo and Reverse Repo Explained: How Funding Plumbing Works
How the repo market actually works — collateral, haircuts, SOFR, the Fed’s ON RRP, and why the $2.5T overnight RRP facility drained to almost zero in 2026.
Bond Duration Explained: Why Yields Move Bond Prices
Bond duration measures how much a bond’s price moves when yields change. Here’s the math, a worked example, and why long Treasuries got crushed in 2026.
DCF Valuation Explained: Inputs, Math, and Pitfalls
DCF values a company as the present value of its future free cash flow. Here is the formula, a worked example, and the three inputs that break it.
How an IPO Actually Works: S-1, Bookbuilding, Greenshoe
From S-1 filing to the greenshoe, how a private company actually goes public — underwriters, the roadshow, pricing, allocations, and stabilization.
Stock Buybacks Explained: Mechanics, EPS Math, Taxes
How share repurchases actually work — open-market vs ASR vs Dutch auction, the EPS math that drives them, SEC Rule 10b-18, and the 1% excise tax.
Enterprise Value Explained: When EV/EBITDA Beats P/E
Enterprise value captures the debt and cash that market cap ignores. Here’s the EV formula, the EV/EBITDA multiple, a worked example, and when it misleads.