A pet peeve of mine is formulaic financial news, the kind that just reads a few points off a price chart and calls it a day. Lots of newspapers are guilty of doing this, but none come close to Les Echos. Let's marvel at their terrible headlines together.| Market Unpack
It turns out you can donate money to the Treasury to pay off the US national debt. Some people actually do this. Venmo'ing the Treasury While looking for data on the US national debt, I stumbled upon this website and did a double-take—you can voluntarily give| Market Unpack
National debts, sovereign bonds, and yields have been in the news a lot this year. This made me realize I don't have a feel for what the numbers mean or what mechanisms affect the headline stats. So, let's look into the national debts of several countries,| Market Unpack
What's better: a 5% EUR bond subject to 3% inflation, or a 10% RON bond subject to 8% inflation? Let's calculate.| Market Unpack
Market prices are weird—when news comes out that should move them one way, they sometimes move the other way instead. What's going on? I have a hypothesis and a simple model.| Market Unpack
Every month, the ECB publishes a new snapshot of the interest rates in the euro area. How are the rates broken down and how did they evolve over the last year?| Market Unpack
In early February, DOGE sent every government employee an email asking them to list five things they've accomplished the previous week. This is obviously stupid, so why do it? In this post, I argue it's to bootstrap corruption into the system.| Market Unpack
Ørsted has had quite a few write-offs these last couple of years which led to a halving of the share price. Let's construct a timeline.| Market Unpack
Every month, the ECB publishes a report on recent monetary developments. Let's break the last one down and see what we can glean from it.| Market Unpack
Every month, the ECB publishes a new "Euro area monthly balance of payments" report. Let's dive in and figure out what's in these.| Market Unpack
The ECB publishes an Economic Bulletin every four to eight weeks. Along with the press releases, meeting notes, and speeches, it's one of the main ways the ECB communicates. Let's see what's in it.| Market Unpack
Say you've got a series of ten growth rates. These could be ten years of GDP growth, earnings increases, or index returns. What's the correct way to talk about the average growth rate?| Market Unpack
Enterprise value is market cap plus debt minus cash. It's what a buyer would pay to buy a whole business. It's a clear metric and we see this number thrown around a lot. But under closer scrutiny, it becomes uncertain and ill-defined. Let's explore.| Market Unpack
MicroStrategy (MSTR) has been making the news recently with their scheme of raising equity and buying Bitcoin (BTC). People have described this as buying Bitcoin with leverage, but it's not leverage in the usual sense. Let's dig in.| Market Unpack
In October, OpenAI secured a 4 billion dollar revolving credit facility from J.P. Morgan and several other banks. I was surprised when I heard this because OpenAI is a young company with no earnings. Shouldn't all their capital come from investors? Let's run some numbers. From first principles Let's| Market Unpack
