All journal articles
Every English article in the TradeAlmanac journal: the Russian market, bonds, dividends, taxes, valuation and portfolio construction.
- A first portfolio: what it is assembled fromNot a list of securities but an order of decisions: proportions first, then instruments, and only then specific tickers.Investing basics89 views
- How to measure your portfolio's return honestlyThe difference between opening and closing balances credits the portfolio with growth that came from contributions.Strategies89 views
- Corporate liquidity: how it differs from solvencyThe ability to pay now and the ability to repay at all are different properties, and the first kills more often.Fundamental analysis82 views
- The government bond market: who is in it and whyThe finance ministry borrows, banks and funds buy, and a private investor gets the reference point for everything else.Bonds87 views
- How to tell investing from fraudFive signs, any one of which is enough to stop. None requires financial knowledge.Investing basics64 views
- Saving and investing: different jobs, different instrumentsPreserving and growing are not degrees of the same thing but opposite requirements of an instrument.Investing basics57 views
- How to read analyst researchA target price is not a forecast but a function of assumptions. Read the assumptions, not the conclusion.Fundamental analysis65 views
- Why past returns promise nothingA line from the disclaimer that almost everyone reads and almost nobody applies.Investing basics49 views
- A checklist before buying a bondEight parameters of an issue, any of which changes the meaning of the yield you were shown.Bonds54 views
- A checklist before buying a shareTwelve questions worth answering in writing before the trade rather than hunting for answers after it.Stocks · 2 min62 views
- How the TradeAlmanac journal is builtSections, courses, a glossary and a link to live data. Figures in articles are pulled from the database rather than typed in by hand.TradeAlmanac tools55 views
- The TradeAlmanac glossary: why a definition lives next to the dataA term is explained once and surfaces as a tooltip everywhere the metric appears.TradeAlmanac tools55 views
- The events calendar: how not to miss a dateRecord dates, put dates, results and meetings in one place. A tool against the one class of error that cannot be undone — a missed deadline.Investing basics57 views
- Reinvesting dividends: where the return leaks awayA payout left sitting in the account drops out of compounding. The loss is invisible in year one and decides the result by year ten.Dividends61 views
- The dividend calendar: which dates matter and whyAnnouncement, approval, last day to buy, record date, payment — five dates, of which the third is the one to act on.Investing basics59 views
- What dividends are paid out ofProfit, cash flow or debt — three different sources with different consequences for how durable the payouts are.Dividends60 views
- The dividend gap: why the price falls and when it closesA fall equal to the payout is arithmetic rather than a market reaction. How fast the gap closes depends on causes unrelated to the payout itself.Dividends64 views
- What market history actually teachesNot prediction, but which portfolio constructions survive a shock and which do not.Investing basics52 views
- Crises of the Russian market: how they differed1998, 2008, 2014, 2022 — four episodes with different causes and different consequences for a private investor.Crises and market history53 views
- The 2008 crisis: how one segment's problem became the world'sLow-quality mortgages packaged into highly rated securities, and the chain along which the loss spread through the whole system.Crises and market history51 views
- How a bubble works: the general patternA technology, a promise, an inflow of money, an explanation that this time is different, and a collapse. The pattern repeats across centuries; the details are new each time.Investing basics53 views
- Depositary receipts: a security on a securityAn instrument that lets a foreign share trade on a local exchange. It adds convenience and adds a link to the chain.Global markets45 views
- Developed and emerging markets: the practical differenceA classification by market depth and institutional quality, not by living standards. It drives capital flows and the risk premium.Global markets51 views
- How the Russian market connects to the worldThe link runs through commodities, interest rates and appetite for risk. Each channel works with its own strength and its own lag.Global markets42 views
- World indices: what each of them measuresIndices in different countries are computed differently and cover different parts of an economy. They cannot be compared directly.Global markets52 views
- How to compare two companies: the order of checksA sequence that stops you settling on the first metric that happens to look favourable.Fundamental analysis58 views
- When multiples stop workingLosses, one-off items, negative equity and industry specifics render the familiar ratios meaningless.Fundamental analysis59 views
- Free cash flow: what is left for the ownerCash from operations minus the investment needed to keep the business running. What can actually be allocated.Fundamental analysis58 views
- Comparing against the sector: why absolute multiple levels are uselessA normal level for a metric is set by the industry, not by a general rule.Fundamental analysis54 views
- Profitability: how much a company earns on what was investedMargin shows the efficiency of sales; return on equity shows the efficiency of shareholders' money.Fundamental analysis53 views
- Earnings quality: how much cash is in the profitProfit is an estimate; cash is a fact. A persistent gap between them demands an explanation.Financial statements57 views
- Notes to the accounts: where the interesting part livesThe statements give the numbers; the notes explain how they were arrived at. The gap between them is the subject of analysis.Financial statements50 views
- The balance sheet: what a company owns and what it owesA snapshot on a date: assets on one side, the sources funding them on the other. The two sides always match.Financial statements64 views
- The limits of technical analysisIt describes price behaviour and disciplines action. It cannot predict the future, and an honest discussion of it starts there.Technical analysis53 views
- Trading volume: the only dimension besides priceHow many securities changed hands. It shows the degree of participation, not the direction.Technical analysis48 views
- Overbought indicators: what they actually measureThe speed and size of a recent move, not whether a price is fair. An asset can stay overbought for months.Technical analysis46 views
- Moving averages: smoothing rather than a signalThe average price over a period. It shows the direction of a move that already happened and lags it by construction.Technical analysis48 views
- Support and resistance: why they sometimes workPrices where movement stalled before. The mechanism is participants' memory rather than a property of the market.Technical analysis45 views
- Candlestick charts: what a single candle showsFour numbers for a period — open, high, low, close. Everything else in candlestick analysis is built on top of them.Technical analysis43 views
- Hidden concentration: when twenty securities are one betA portfolio can look varied and depend on a single factor. That is established by calculation rather than by looking.Risk and portfolio56 views
- Portfolio liquidity risk: how long an exit would takeWhat has to be assessed is not only a position's return but the time it takes to close without losses.Risk and portfolio51 views
- Correlation: why diversification sometimes stops workingThe link between assets is not constant and rises precisely in a crisis — that is, when it was being counted on.Risk and portfolio53 views
- Beta: how closely a security repeats the marketA coefficient of sensitivity to the market. Useful for understanding the structure of risk and useless as a forecast.Risk and portfolio55 views
- How to live through a drawdown without making decisions you regretA practical set of techniques for the period when the portfolio is falling and doing something feels urgent.Investor psychology65 views
- Anchoring: why the purchase price keeps influencing decisionsThe price you paid has no bearing on the security's future. The brain thinks otherwise.Investor psychology57 views
- Herd behaviour: why a crowd is convincingAgreement from the majority feels like proof. In markets it more often signals that the price has already absorbed the consensus.Investor psychology50 views
- The illusion of control: why activity feels usefulMore trades feel like more management. The effect on results runs the other way.Investor psychology54 views
- Confirmation bias: why we only find arguments in favourAfter a purchase, attention selectively hunts for confirmation. That turns analysis into self-service.Investor psychology53 views
- Survivorship bias: why success statistics misleadWe see those who made it and not those who dropped out. That makes any strategy look better than it is.Investor psychology43 views
- Fear of missing out: why people buy at the highsWatching someone else's profit feels like a loss of your own. That feeling is what produces purchases at the worst point.Investor psychology54 views
