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.

Marketsstart at the top

What Is the Efficient Market Hypothesis?A good company is not always a good investment. How market prices absorb information, why beating them is difficult, and where the efficient market hypothesis falls short.

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.