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

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Jul 24, 2026

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.

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

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Jul 22, 2026

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

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Jul 21, 2026

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 Market Anomaly
The Market Anomaly
The safest loan in the world just started costing too much

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Jul 17, 2026

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

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Jul 16, 2026

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

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Jul 14, 2026

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 Market Anomaly
The Market Anomaly
The Fed is Buying Treasuries Again

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Jul 10, 2026

The Fed is Buying Treasuries Again

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

The Market Anomaly
The Market Anomaly
One Trade Is Holding the VIX Down

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Jul 8, 2026

One Trade Is Holding the VIX Down

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

The Market Anomaly
The Market Anomaly
A $50 Billion Trade Fires Every Day Near the Close

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Jul 7, 2026

A $50 Billion Trade Fires Every Day Near the Close

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

The Market Anomaly
The Market Anomaly
The 12% Yield That's Really Return Of Capital

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Jul 3, 2026

The 12% Yield That's Really Return Of Capital

A monthly check that shrinks what you started with.

The Market Anomaly
The Market Anomaly
The Insurance Behind Your Insurance Is Getting Cheaper

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Jul 1, 2026

The Insurance Behind Your Insurance Is Getting Cheaper

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

The Market Anomaly
The Market Anomaly
The Woman Who Invented Synthetic CDOs Is Back at JPMorgan

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Jun 30, 2026

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 Market Anomaly
The Market Anomaly
The Dividend Was "Covered." In What?

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Jun 26, 2026

The Dividend Was "Covered." In What?

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

The Market Anomaly
The Market Anomaly
The Model That Needs Its Own Price to Work

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Jun 24, 2026

The Model That Needs Its Own Price to Work

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

The Market Anomaly
The Market Anomaly
$135 Billion in T-bills, No Banking License

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Jun 23, 2026

$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.

The Market Anomaly
The Market Anomaly
Frankenstein’s Monster in Your Portfolio?

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Jun 17, 2026

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.

The Market Anomaly
The Market Anomaly
The New Buyer of America's Debt is Borrowing 90% of the Money

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Jun 16, 2026

The New Buyer of America's Debt is Borrowing 90% of the Money

The Dallas Fed put a number on it last month. Nobody noticed.

The Market Anomaly
The Market Anomaly
An Anomaly Hiding in 1.73 Million Repossessions

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Jun 12, 2026

An Anomaly Hiding in 1.73 Million Repossessions

The loans are failing. The paper built on them keeps getting safer.

The Market Anomaly
The Market Anomaly

Stop reading the news a day too late.

Independent. Anomaly-first. Weekly.

No part of this publication constitutes financial advice.