Popular Articles
Macro
27.10.2026
Credit Spreads: Recession Signals at 200bp and 500bp
Credit spreads compare the yield on risky debt to safer benchmarks and often widen when markets expect weaker growth. This guide is for investors and informed readers who want to interpret spread levels like 200bp and 500bp without treating them as automatic recession timers. You’ll learn how spreads are measured, what drives them, which data series to check, and how to cross-check recession risk with rates, defaults, and liquidity conditions.
Alternatives
26.10.2026
Commodity Roll Costs at Different Curve Slopes
Commodity roll costs describe the gain or loss from closing a futures position and reopening it in a different contract month. The cost depends on the futures curve shape: backwardation, contango, and how steep the slope is. This article explains how curve slope affects roll economics in practical terms for investors and hedgers, why roll costs can dominate returns, and how to interpret common signals. Readers will learn what drives roll yield, what to watch in real quotes, and how to avoid common measurement mistakes.
Latest Articles
Income
25.10.2026
Bond Ladders: Reinvestment at 2%, 4% and 6%
Bond ladders spread maturities across time so cash from maturing bonds can be reinvested. This article explains how reinvestment rates of 2%, 4%, and 6% change expected income, reinvestment risk, and cash-flow timing. It is for investors comparing ladder designs and planning for rate changes. You will learn what reinvestment risk means, how to model outcomes with simple assumptions, what to watch in bond pricing and yield, and common mistakes that distort expectations.
Risk
24.10.2026
Active Risk: Tracking Error vs Information Ratio
Active risk, tracking error, and information ratio describe how a portfolio’s returns differ from its benchmark and how consistently that difference is achieved. This article explains what tracking error measures, what the information ratio adds, and why confusing the two can lead to poor interpretation of performance. You’ll learn practical ways to read these metrics, common pitfalls, and how to compare strategies using a checklist and examples.
Strategies
23.10.2026
Momentum Reversals: Signal Decay After Breaks
Momentum reversals describe how a trend can stall after a price break, then fade as the signal weakens. This article explains why “break-and-go” expectations often fail, how signal decay shows up in charts and trading rules, and what supporting tools (volume, volatility, order-flow proxies) can confirm or contradict it. Readers will learn practical checks, realistic outcomes, and common mistakes to avoid when evaluating breakouts and reversals.
Alternatives
22.10.2026
Private Credit Liquidity: Gates and Redemption Terms
Private credit funds often promise income, yet liquidity can be limited by gates, lockups, and redemption terms. This guide explains how these mechanics work, what investors should look for in fund documents, and how redemption delays can change realized returns. It’s for investors evaluating private credit funds, interval funds, and evergreen structures who want practical decision support, including example scenarios, a checklist for reading terms, and common mistakes that lead to surprises.
Income
21.10.2026
Covered Calls: Upside Cost at 5%, 10% and 20% Gains
Covered calls trade upside for option premium by selling call contracts against shares you already own. This article explains how the “upside cost” changes when the stock rises 5%, 10%, or 20%, and how strike selection, call premium, and assignment risk shape outcomes. It’s for investors who want a clear, numbers-first way to judge covered calls, compare scenarios, and avoid common execution mistakes. You’ll learn practical decision checks, example trade paths, and a short FAQ.
Risk
20.10.2026
Expected Shortfall: Losses Beyond the VaR Threshold
Expected Shortfall (ES) measures the average loss when losses exceed a Value at Risk (VaR) cutoff. This article explains how ES differs from VaR, why tail losses matter for risk management, and where the math meets real-world data limits. It is for readers evaluating risk reports, model outputs, or investment risk discussions. You will learn practical interpretation, common pitfalls, and how to compare ES and VaR using clear checklists and examples.
Factors
19.10.2026
Value Factor: Earnings Yield vs Profitability
Value investing isn’t just about finding “cheap” stocks—it’s about understanding what the numbers are really telling you. This article explains how investors use earnings yield as a classic value signal and why adding profitability can completely change the conclusion. It’s written for anyone who wants a grounded, practical way to read common metrics without getting pulled in by hype or one-line rankings. You’ll learn what earnings yield actually captures, how profitability helps separate bargain prices from weak businesses, where the data can be distorted (accounting quirks, one-off items, stale screens), and a simple checklist you can run using public filings and widely available screeners. Two short scenarios show how the same company can look attractive—or questionable—depending on which lens you use.
Macro
18.10.2026
ECB Cuts: Portfolio Impact at -100bp and -200bp
What happens to your bond fund—or a balanced stock/bond portfolio—if the European Central Bank starts cutting rates? This article looks at two concrete scenarios (100 bps and 200 bps of ECB cuts) and translates the headlines into the things investors can actually measure: duration and price sensitivity, changes in yield, the behavior of credit spreads, and the impact on hedging costs for EUR-based investors. You’ll learn what typically improves when yields drop, what new risks can show up as the curve moves, and how to stress-test your current holdings using a few key portfolio metrics before you decide whether to rebalance or sit tight.
Strategies
17.10.2026
Trend Signals: 3-Month vs 12-Month Lookback
When you look at a trend, the time window you choose can completely change the story. This article shows how a 3‑month lookback can produce very different “signals” than a 12‑month view, even when the underlying data hasn’t meaningfully changed. It’s aimed at anyone who tracks health metrics, reads charts, or uses screening and risk tools that summarize results over a set period. You’ll learn what short versus long windows are good at capturing, how reporting delays, noise, and seasonality can skew what you think you’re seeing, and a few simple ways to sanity‑check your takeaway with practical examples. The focus is on interpretation, not forecasting.
Alternatives
16.10.2026
Private Credit Covenants: Maintenance vs Incurrence
Private credit covenants set rules for borrowers after a loan closes. This guide explains maintenance and incurrence covenants in plain English, with examples of how each affects refinancing, asset sales, and equity raises. It helps investors and borrowers read covenant language, model covenant headroom, and plan actions that trigger or avoid defaults. You’ll learn common misunderstandings, practical checklist items, and questions to ask before signing.
Income
15.10.2026
Total Return: Income Yield vs Capital Appreciation
This article breaks down total return into its two real-world components: the income you receive along the way (dividends or interest) and the price gains (or losses) from capital appreciation. That split matters more than most people think, because it affects risk, taxes, and how reliable your cash flow is—especially if you’re planning withdrawals. Instead of repeating “dividends vs growth” slogans, the piece gives you practical checks to compare income-focused strategies with growth-oriented holdings. You’ll learn how to look at yield and total return together, model what reinvesting payouts does over time, stress-test drawdowns and sequence risk, and avoid common reporting traps when you’re switching between taxable accounts and retirement wrappers.
Risk
14.10.2026
T+1 Settlement: Liquidity Risk for Active Investors
T+1 settlement shortens the time between trade execution and cash/asset delivery. This article explains how the change affects active investors who trade frequently, manage margin, and rely on intraday liquidity. You’ll learn what liquidity risk means under T+1, which dependencies drive it (clearing, margining, funding, and settlement fails), and how to stress-test your workflow. Practical checklists and anonymized scenarios show what to monitor before and after cutover.
Factors
13.10.2026
Smart Beta: Factor Exposure vs Benchmark Drift
Smart beta funds target factors like value or momentum, but their real holdings can drift away from the stated benchmark over time. This article explains factor exposure, benchmark drift, and why both matter for risk and performance. It walks through how to check factor tilts using public data, how to interpret tracking error and turnover, and how to compare two funds without relying on marketing claims. Readers learn practical checks, common pitfalls, and decision steps.
Macro
12.10.2026
ECB QT: How Balance-Sheet Reduction Hits Markets
This article unpacks what the ECB’s quantitative tightening (QT) actually means in practice, and why shrinking the central bank balance sheet can ripple through markets. If you follow macro headlines but want a calmer, more practical framework, it explains how QT can influence bond yields, money‑market rates, bank funding costs, and—even indirectly—equity valuations. You’ll learn what changes inside the Eurosystem as holdings roll off, which indicators are worth watching (and which are mostly noise), where the transmission mechanism can weaken or stall, and how to interpret common headlines about spreads, liquidity conditions, and bank refinancing without getting swept up in hype.
Strategies
11.10.2026
Systematic Strategies: Gross Return vs Implementation Cost
When you’re deciding whether a health program, digital tool, or new care process is “worth it,” the biggest challenge is separating real value from impressive-sounding claims. This guide offers a practical way to compare the benefits you might get (better outcomes, fewer complications, time saved, lower utilization) with what it actually takes to roll something out—money, staff time, training, support, and ongoing upkeep. It’s meant for patients, caregivers, and smaller teams who need dependable decisions without buzzwords. You’ll learn how to map outcomes versus expenses, account for ramp-up time and risk, and double-check your assumptions using easy checklists and clear, everyday examples.