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A weekly financial newsletter

The city hasn't woken up.

the Market does.

Every week I find the one thing the financial press missed

The premise

Mainstream media covers events. We cover what leads them.

Fed decisions, earnings calls, S&P price targets. By the time they're news, the move has already happened. The clues were in the credit markets. In the stress fractures of private lending. In the insider selling pattern that nobody connected.

The Market Anomaly reads the BIS reports. The BDC earnings transcripts. The cross-border capital flow data. The stuff the pros read that the public doesn't see, then tells you what it means in plain language, a week before it becomes a headline.

Still reading yesterday's news?

The Market Anomaly lands every week

Latest Anomalies

People paid $6 to own $1 of bitcoin. That just broke.

3 days ago

People paid $6 to own $1 of bitcoin. That just broke.

For five years a stock traded far above the coins inside it, and used the gap to buy more. In June the premium became a discount — and the machine started running backward.

Companies are failing fast. Lending to them has never been cheaper.

5 days ago

Companies are failing fast. Lending to them has never been cheaper.

372 big bankruptcies in six months, the most since 2010. Yet the reward for owning junk debt is near a record low. Those two don't belong together.

The market looks calm. The stocks inside it are on fire.

6 days ago

The market looks calm. The stocks inside it are on fire.

One crowded trade is holding the whole index still. It's made billions — and it already broke once this year.

The safest loan in the world just started costing too much

1 week ago

The safest loan in the world just started costing too much

At year-end, the overnight repo rate punched through the Fed's ceiling. The cushion that used to prevent that is gone — and the Fed is buying Treasuries again.

The biggest buyer in the market isn't an investor. It's the company itself.

1 week ago

The biggest buyer in the market isn't an investor. It's the company itself.

Companies bought a record $1.02 trillion of their own stock. The insiders running them are selling four shares for every one they buy.

The safest market in the world is priced for zero risk. One name isn't.

1 week ago

The safest market in the world is priced for zero risk. One name isn't.

Oracle's default insurance just hit a record while the whole bond market yawns. We followed the money behind the AI buildout.

The Fed is Buying Treasuries Again

2 weeks ago

The Fed is Buying Treasuries Again

QT is over. And QE is quietly back, just under a different name.

One Trade Is Holding the VIX Down

2 weeks ago

One Trade Is Holding the VIX Down

Single-stock volatility is three times the index. Someone is selling the gap.

Load more

Stop reading the news a day too late.

Independent. Anomaly-first. Weekly.

No part of this publication constitutes financial advice.