A longstanding belief in market finance is that short-term funding markets like repo are relatively stable and transparent. But this new research turns that idea on its head. Leverage is dangerous if you can’t borrow in a crisis was originally published at Alpha Architect. Please read the Alpha Architect disclosures at your convenience.| Alpha Architect
Nigeria’s pension industry has grown tremendously over the past decade, playing a critical role in securing the retirement futures of| Nairametrics
Politics Trumps the Numbers, Can Markets Keep Their Cool? | Catalyst Insights
As the stock market reached new all-time highs, investors had plenty to juggle—both in Washington, D.C., and on Wall Street. The S&P 500 climbed +2.2%, the NASDAQ surged +3.7%, and the Dow Jone…| Investing Caffeine
The Quadratic Interest Rate Volatility and Inflation Hedge ETF (Ticker: IVOL) delivered a strong performance in the first half of 2025, as the US interest rate curve began to normalize. This steepening of the spot and forward 2s10s curves has caused IVOL to outperform in the first half of the year: IVOL +12.26%. After posting […]| KFA Funds
IT's TRUE 👀 – most CIO's read 50+ books each year – get your copy of the Ultimate Guide to the Best Investment Books ever written here. And you can get a free copy of my latest book “The Many Flavors of Trend Following” here. Learn more about the Trend Barometer here. Send your questions to info@toptradersunplugged.com […] The post SI359: Trend Following in a World That Loves Bubbles ft. Mark Rzepczynski appeared first on Top Traders Unplugged.| Top Traders Unplugged
No asset is truly safe. But diversifying into steady, low-volatility stocks can help investors lose less—and stay invested for the long run.| CFA Institute Enterprising Investor
Surprise, surprise. Contrary to conventional wisdom, the bond market may be taking its risk cues from equities. At least, that appears to be the case when fluctuations in the two major volatility indices are compared. Equity investors often look to the CBOE Volatility Index (VIX) as a gauge of fear or future uncertainty in the […] The post Volatility Signals: Do Equities Forecast Bonds? appeared first on CFA Institute Enterprising Investor.| CFA Institute Enterprising Investor
Saving and investing beyond a million dollar portfolio includes owning fixed income. Weekend Reading - Do you need fixed income?| My Own Advisor
Benchmarking portfolios is part science and part judgment, which makes it susceptible to bias. Fortunately, there are ways to limit that.| The Daily Upside
This chatbot-style tool allows investment analysts to query complex research materials in plain language without ever exposing sensitive data.| CFA Institute Enterprising Investor
This paper explores how value, momentum, low-risk, and size factors explain differences in corporate bond returns across firms and over time.| Alpha Architect
Explore red flags in private markets as speculative excess, retail marketing, and valuation risks mount. Lessons from financial history.| CFA Institute Enterprising Investor
For financial analysts and investors, the rise of defense spending in Europe is more than a policy shift -- it’s a structural re-rating of risk and opportunity across the continent.| CFA Institute Enterprising Investor
This book fills a unique gap between the CFA curriculum and the growing demand to find model-driven investment management solutions.| CFA Institute Enterprising Investor
The year is unfolding beneath the weight of mounting geopolitical risks and structural divergences, The challenge for investors isn’t just to react, but to interpret, prepare, and adapt.| CFA Institute Enterprising Investor
Rebalancing may help portfolios stay on target, but its predictability comes at a cost.| CFA Institute Enterprising Investor
The debate over the inclusion of private investments in 401(k) plans is a hot topic. Are DC plans better off without them?| CFA Institute Enterprising Investor
Does Germany's massive fiscal package mark the beginning of a lasting regime change or just another chapter in market volatility?| CFA Institute Enterprising Investor
Understanding the historical context of financial markets is crucial for investment professionals seeking to make informed decisions in today’s complex landscape. This exploration of historical dat…| CFA Institute Enterprising Investor
If I told you at the beginning of the year that the U.S. would bomb key nuclear sites in Iran, would you have guessed that Middle East stability would follow—and that global financial markets would…| Investing Caffeine
From fractionalization to tokenization, Rahul Banerjee discusses innovating in an asset class hard to digitize. The post Bonds digitized for all | Rahul Banerjee, BondbloX appeared first on Digital Finance.| Digital Finance
Younger and less-wealthy individuals are more prone to increasing their exposure to riskier assets in low-interest environments. Investors experiencing losses are more likely to seek higher yields.| Alpha Architect
Some follow-up thoughts on yesterday's post.| Idiosyncratic Whisk
The yield curve looks pretty good. Long term rates still are recovering. The expected date of the first short term rate hike also appears to be coming closer. This all seems like good news to me. All in all, pretty good monetary management for the COVID-19 recession, I think.It seems to me that a short position in early 2023 Eurodollar contracts has a nice risk/reward balance. Not much room for downside (declining interest rates), but quite a bit of room to run higher (higher intere...| Idiosyncratic Whisk
The yield curve has taken a strong bullish move as a result of the election and the Covid-19 vaccine progress. The long end of the Eurodollar curve is nearly back to the pre-Covid level.The date of the first rate hike remains in mid-2021, but the escape velocity has increased significantly. Forward inflation breakevens remain level at about 1.6%, which suggests that the recent improvement has been due to real shocks. The Fed probably still has room for more traditional accommodation.| Idiosyncratic Whisk
The yield curve remains at about the same place it was a month ago.| Idiosyncratic Whisk
The yield curve (using Eurodollar futures) has undergone a series of shifts with the coronavirus pandemic. In the first graph, we can see that starting from the end of January, the whole curve shifted down by early March. It shifted down more by March 10, as the extent of the pandemic became worse. Then, it steepened over the next week as, across the US, cities, states, and citizens took action.| Idiosyncratic Whisk
The Eurodollar charts are updated through today. The Treasuries chart is monthly.| Idiosyncratic Whisk
Well, so much has happened, I hardly need to update the yield curve. Coronavirus has given us one big push into the recessionary outcome th...| www.idiosyncraticwhisk.com
We’ll see if there is any gravy left for investors during the last month of the year, but so far 2024 has been a satiating feast that has stuffed investors. There has been a cornucopia of item…| Investing Caffeine
Navigating Trade Winds: HANDLS Indexes Showcase Resilient Recoveries and Diversified Income Strength in May 2025| Catalyst Insights
Private credit's accelerated growth raises critical questions about liquidity, transparency, and systemic risk.| CFA Institute Enterprising Investor
This post examines the potential consequences of coordinated dollar depreciation today -- from FX volatility and insurance risk to broader macroeconomic impacts.| CFA Institute Enterprising Investor
Think +1,000-bps high yield spreads are history? Marty Fridson shows why they could still hit that mark in the next recession.| CFA Institute Enterprising Investor
Learn how tariff-related inflation shocks ripple through markets—and which assets have historically helped investors navigate the turbulence.| CFA Institute Enterprising Investor
The US downgrade won’t upend markets—but it may reshape sovereign risk models and investor assumptions. Here’s what to watch next.| CFA Institute Enterprising Investor
Nancy Davis, founder and CIO of Quadratic Capital Management, believes the market is finally returning to a more normal state—and that’s exactly why the Quadratic Interest Rate Volatility and Inflation Hedge ETF’s (Ticker: IVOL) is performing so well. IVOL is up 11.82% YTD compared to the Bloomberg TIPS index which has returned 2.89% and the Bloomberg […]| KFA Funds
Commemorating Warren Buffett’s legacy and the Financial Analysts Journal’s 80th Anniversary through the lens of the award-winning article, “Buffett’s Alpha.”| CFA Institute Enterprising Investor
Mark Rieder’s Reminiscences of a Bond Operator is a hands-on guide to corporate bond analysis, fixed-income portfolio construction, and navigating today’s evolving private credit landscape.| CFA Institute Enterprising Investor
Discover how new US tariffs could accelerate AI adoption, reshape American industry, and unlock long-term investment opportunities amid economic disruption.| CFA Institute Enterprising Investor
The Quadratic Interest Rate Volatility and Inflation Hedge ETF’s (Ticker: IVOL) NAV is up +13.46% YTD, whereas the Bloomberg TIPS index is up 2.36% YTD as of April 21st.1 What has been happening in 2025 is not a tail event. It is just the start of the normalization of the interest rate markets. Note that […]| KFA Funds
Famous Danish author Hans Christian Andersen told a renowned fairy tale of an emperor who was conned into believing he is wearing an invisible suit. The crowd was too embarrassed to acknowledge his nakedness, so they pretend to not notice – until a young boy shouted, “The emperor has no clothes!” Much like the fairy […]| Investing Caffeine
Explore halal alternatives to stocks and crypto, including fixed income, property, gold, and more. Learn how to diversify your portfolio for safer returns.| www.islamicfinanceguru.com
Explore how the growing convergence of private equity and private debt is transforming risk dynamics, return strategies, and regulatory concerns across the private capital landscape.| CFA Institute Enterprising Investor
Investor mood or sentiment can change rather quickly. Immediately after the 2024 presidential elections, positive animal spirits catapulted the stock market higher due to hopes of stimulating tax c…| Investing Caffeine
Stocks have been in a multi-year bull market, but just as investors cannot earn positive returns every month, golfers also cannot achieve a hole-in-one or birdie on every hole, either. A challenging performance is exactly what happened last month when stocks recorded a bogey on the scorecard. More specifically, this is how far out-of-bounds the […]| Investing Caffeine
In the rates market, the start of 2025 could not be more different than the start of 2024. Last January, the forward curve was expected to steepen, meaning the curve was priced to be higher in the future. Instead, the curve steepened far less than expected and flattened the forwards. For instance, the 18 month […]| KFA Funds
Yield curve inversions have historically been associated with impending recessions. The Federal Reserve Bank of NY maintains a chart tracking its perception of the probability of a recession over the next 12 months based on the shape of the yield curve. Currently, the NY Fed sees a 67.3% likelihood of a recession in the upcoming […] The post Yield Curve Inversion Opportunities: A Role for IVOL appeared first on KFA Funds.| KFA Funds
Nancy Davis of Quadratic Capital Management recently joined Maggie Lake’s “My Life in Four Trades” to discuss pivotal moments that guided her career path. After trading her Southern upbringing for a career in New York, Davis shared her experience navigating the European debt crisis, lessons learned from shorting Japan, and her research challenging gold as […] The post From Goldman to CIO: IVOL Portfolio Manager Nancy Davis’ Life in Four Trades appeared first on KFA Funds.| KFA Funds
Home-delivered groceries helped Gary get through the pandemic on his fixed income -- now he's volunteering at his neighborhood food pantry.| San Francisco-Marin Food Bank
There are many styles of investing, and many ways to make money in the stock market. Just like the styles of men’s ties or women’s dresses come in and out of fashion, so too do the styles of invest…| Investing Caffeine
Transcript Hi, I’m Nancy Davis. I’m the founder of Quadratic Capital and the portfolio manager for the Quadratic Interest Rate Volatility and Inflation Hedge ETF ticker IVOL, I-V-O-L. TIPS and the Founding of Quadratic Capital Management When I started my career in the late 90s at Goldman Sachs, that was right when the U.S. Treasury […]| KFA Funds
Bullish on bonds? Think rate cut expectations are too aggressive? Hoping to lock in today’s yields before they start falling? Want to add carry to your portfolio but leery of taking more credit risk? The Quadratic Deflation ETF (BNDD) is an actively managed government bond ETF that seeks to benefit from lower growth, deflation, lower […]| KFA Funds
