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One real market story a week, broken all the way down — what happened, why, and the concept behind it. No jargon, no assumptions.
Issue No. 18 · August 30, 2026 · Extra Credit Series
The Company That Gives You a Raise vs. The One That Buys You a Gift Card.
The newest Extra Credit Series issue, filed under Equities: the difference between a dividend and a buyback, and why the same dollar of company cash looks completely different by the time it reaches a shareholder.
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The Latest Issues.
Every issue on the website picks up right where the Substack story leaves off: the full breakdown, the market tables, and the teaching moment underneath.
Issue No. 18 · August 30, 2026
The Company That Gives You a Raise vs. The One That Buys You a Gift Card.
A dividend and a buyback are the same dollar of company cash, handed to you in two completely different ways: what the tax timing is worth, and how to tell a real EPS gain from an arithmetic one.
Read the full issueIssue No. 17 · August 23, 2026
Why One Price Rising Makes Everything Else Rise Too.
The second of two Fixed Income issues: the difference between a price shock that fades on its own and one that feeds itself through wages and expectations, plus the real math behind telling which is which.
Read the full issueIssue No. 16 · August 16, 2026
Extra Credit Series: Fixed Income.
This isn't the usual issue. This is the Extra Credit Series. The first of two Fixed Income issues: why a bond's price and its yield are mathematically forced to move in opposite directions, and how that seesaw builds into the entire yield curve.
Read the full issueFind your way around
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