Equities
Stock markets, indices, and the public companies that define American capitalism.
Adjusted EBITDA excludes real costs like stock-based compensation and recurring "one-time" charges to present inflated earnings. This guide teaches investors to read the GAAP reconciliation and identify misleading non-GAAP adjustments.
Stock buybacks reduce shares outstanding to inflate EPS without increasing actual profit. This guide explains the mechanics, tax advantages, executive incentives, and how investors should evaluate repurchase programs.
Stocks drop after beating earnings because the market trades on whisper numbers, forward guidance, and growth deceleration — not the published consensus. This guide explains the multi-layered expectations game.
Mid-cap companies are the prime acquisition targets in today's regulatory environment. This guide explains why antitrust pressure redirects M&A to mid-caps, typical acquisition premiums, and how to identify potential targets.
Reshoring redirects hundreds of billions in capital spending toward mid-cap U.S. industrial companies. This guide explains CHIPS Act subsidies, tariff impacts, and how mid-caps benefit disproportionately.
The top 10 S&P 500 stocks represent over 35% of the index — the highest concentration since the 1970s. This guide explains cap-weighted vs equal-weight indices and how to manage concentration risk.
One-third of Russell 2000 debt is floating-rate, making small caps intensely sensitive to Fed rate decisions. This guide explains the mechanics of floating debt, leverage, zombie companies, and rate positioning.
Zombie companies generate insufficient income to cover interest payments, creating structural value traps in small-cap indices. This guide explains the interest coverage ratio, balance sheet analysis, and how to avoid zombies.
Companies now stay private until they're worth tens of billions, transferring the greatest growth to pre-IPO investors. This guide explains the JOBS Act, secondary markets, and what modern IPOs actually represent.
IPO lock-up expirations trigger predictable price declines as insiders sell millions of shares for the first time. This guide explains lock-up mechanics, supply dynamics, and how to trade around expiration dates.
The stock market is how publicly traded companies sell ownership shares to investors on regulated exchanges. This guide explains exchanges, indices, participants, settlement, risks, and SEC regulation.
In Markets