Markets, Explained

Why it moved, not what to buy.

One thing that happened in the market, explained down to the mechanism. Written after the fact, because explaining is honest and predicting mostly is not.

Day 3 · 5 min

The float business hiding in a coffee chain

Prepaid balances on a coffee card are an interest-free loan from customers. Once you can see this structure, you find it everywhere.

Day 2 · 5 min

Why gold fell during a war

The safe haven asset dropped exactly when the textbook said it should rise. The reason is liquidity, and it explains more crashes than fear does.

Day 1 · 5 min

News is exit liquidity

By the time a story is on your feed, it has already been traded. What you are being offered is not information, it is someone else's exit.

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