The library behind the coverage. Foundations explains the building blocks of finance to readers just getting started; Behind the coverage unpacks the machinery our analysis turns on. Every page links to the articles where the idea matters in practice. New concepts are added as the coverage demands them.
Foundations
New to finance? Start here.
A numbered path through the ideas every market story assumes you know, 53 concepts across 12 tracks. Read them in order, or jump to the one today’s headline needs.
Track 1Money and central banks3 concepts
Track 2Bonds and yields2 concepts
Track 3Equities3 concepts
Track 4The data calendar6 concepts
Track 5Market events and mechanics7 concepts
Track 6Valuation and companies6 concepts
Track 7Market machinery and credit6 concepts
Track 8Companies and accounts5 concepts
Track 9Cycles, bubbles and havens2 concepts
Track 10Behaviour and global macro4 concepts
Track 11Money, policy and cycles4 concepts
Track 12Crypto for markets readers5 concepts
Behind the coverage
The machinery our analysis turns on
Advanced concepts, one card each. Click through for the full explainer and the articles where it matters.
The Yen Carry Trade
The VIX
IPO Lock-Ups
Private Credit
Business Development Companies (BDCs)
PIK Interest
Quantitative Tightening (QT)
The Term Premium
The Fed Dot Plot
The Neutral Rate (r*)
High-Bandwidth Memory (HBM)
Remaining Performance Obligations (RPO)
The US Jobs Report
IEEPA Tariffs
Stablecoins
Brent vs WTI
War-Risk Insurance