Why Mortgage Rates Drift Away From Treasury Yields
Prepayment risk, hedging flows, and the negative convexity problem.
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Dossiers
The Lockup Day When IPO Stocks Move on Schedule
Scheduled selling meets thin float and narrow liquidity windows.
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Autoliv (ALV): A Durable Safety Leader Trading at a Discount
The market pullback changed the valuation, not the narrative.
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The Price That Isn’t a Price
How stressed markets lose firm quotes and still produce numbers.
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Why Bitcoin Liquidity Vanishes During Big Moves
Perpetual futures, liquidations, and the cliff effect in order books.
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Overnight Risk Meets Morning Liquidity
Why prices jump when trading is thin, not when information is new.
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The Bond Move After the Fed Is Done Talking
Auction settlement, hedging rolls, and the delayed repricing of duration.
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When a Currency Slides Without a Panic
Payment calendars that force FX demand into a narrow window.
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The Rally on “Bad” Data
When short covering becomes the only bid.
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Dell’s Growth is Accelerating, But the Valuation Hasn’t Fully Caught Up
AI growth story is accelerating and the valuation still looks modest.
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When Dividends Move Prices: The Mechanical Trade Around Ex-Date
Tax rules, futures pricing, and stock-lending frictions.
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Why Municipal Bonds Gap in Silence
Fragmented trading, dealer balance sheets, and the price of immediacy.
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