Markets

Notes on money, markets, and the economy.

2 topics · 4 pieces

Explainers

Sometimes I'm not sure I understand something completely, so I write it out. Read at your own risk.

Bondsstart at the top

What Are Bonds? A Beginner's GuideA bond is a loan dressed up as an investment. What that means, some terminology worth knowing, and why bond prices move.
Bond DurationDuration estimates how much a bond's price moves when interest rates do. This post shows how this is measured and what the impact can be.
A Field Guide to U.S. Treasury SecuritiesBills, notes, bonds, TIPS, FRNs, I Bonds, EE Bonds. Same borrower, different terms. What each one actually is and how to tell them apart.

Economystart at the top

What Is GDP?Gross domestic product is a broad scorecard for an economy. What it counts, what it doesn't count, and why markets care so much when it changes.

3 pieces

Commentary

Attempts at understanding and divining the markets.

Overhead view of overlapping green fern fronds

Passive Investing Is an Active Bet

Aug 26, 20266 min read

Aerial view of forest meeting pale sand and breaking surf along a shoreline

Analyzing the effects of tariffs on prices and inflation

Aug 26, 202610 min read

Turquoise alpine lake below limestone peaks, with a wooden fence in the foreground

Why has the Buffett Indicator Been Rising for Twenty Years?

Jun 13, 202614 min read

3 indicators

Trends

Charting out long-running market trends, and speculating on what they mean.