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

1 day 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

5 days 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

1 week ago

One Trade Is Holding the VIX Down

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

A $50 Billion Trade Fires Every Day Near the Close

1 week ago

A $50 Billion Trade Fires Every Day Near the Close

It buys high and sells low, on purpose, and it keeps growing.

The 12% Yield That's Really Return Of Capital

1 week ago

The 12% Yield That's Really Return Of Capital

A monthly check that shrinks what you started with.

The Insurance Behind Your Insurance Is Getting Cheaper

2 weeks ago

The Insurance Behind Your Insurance Is Getting Cheaper

Record money is piling into disaster bonds. The pay keeps shrinking.

The Woman Who Invented Synthetic CDOs Is Back at JPMorgan

2 weeks ago

The Woman Who Invented Synthetic CDOs Is Back at JPMorgan

And the Fed just re-opened the trade that helped break the system in 2008.

The Dividend Was "Covered." In What?

2 weeks ago

The Dividend Was "Covered." In What?

FS KKR booked it as income. The cash never arrived.

The Model That Needs Its Own Price to Work

3 weeks ago

The Model That Needs Its Own Price to Work

The premium fueling Bitcoin treasury companies has collapsed. Saylor sold to fund a dividend.

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Stop reading the news a day too late.

Independent. Anomaly-first. Weekly.

No part of this publication constitutes financial advice.