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One Trade Is Holding the VIX Down

3 months 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

3 months 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

3 months 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

3 months 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

3 months 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?

4 months 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

4 months ago

The Model That Needs Its Own Price to Work

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

$135 Billion in T-bills, No Banking License

4 months ago

$135 Billion in T-bills, No Banking License

Tether made more money than Pfizer last year. Its depositors are retail users in Argentina, Vietnam, and Nigeria.

Frankenstein’s Monster in Your Portfolio?

4 months ago

Frankenstein’s Monster in Your Portfolio?

Inside the growing gap between what private credit funds say they're worth and what buyers are actually willing to pay.

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Stop reading the news a day too late.

Independent. Anomaly-first. Weekly.

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