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TradeAlmanac

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All journal articles — TradeAlmanac

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All journal articles

Every English article in the TradeAlmanac journal: the Russian market, bonds, dividends, taxes, valuation and portfolio construction.

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Moscow Exchange close: November 2, 2026The Moscow Exchange close on November 2 (Monday): the MOEX Russia Index, market breadth, daily turnover, leaders and laggards among liquid stocks, and the nearest dividend record dates.03/11/2026Market wraps12 views
The Nixon Shock: why the dollar stopped being a claim on goldThe Nixon Shock is the name given to the decision by US President Richard Nixon announced on 15 August 1971.03/11/2026Investing basics · 5 min14 views

Sales per square metre: how much revenue the selling space generates, not the expansion programme

Sales per square metre: how much revenue the selling space generates, not the expansion programmeSales per square metre is a retail chain's revenue for a period divided by its average selling space over the same period.03/11/2026Investing basics · 6 min16 views

Financial Statement Fraud: Where Earnings, Cash and the Balance Sheet Diverge

Financial Statement Fraud: Where Earnings, Cash and the Balance Sheet DivergeFalsified financial statements almost never show up in a single line item.03/11/2026Investing basics · 6 min16 views

Flat tax: why a single rate does not mean an equal burden

Flat tax: why a single rate does not mean an equal burdenA flat tax is a system in which all taxable income is taxed at a single rate, however much a person earns.03/11/2026Investing basics · 6 min14 views

Income Tax on the Balance Sheet: What a Company Owes the Budget Now and What It Has Deferred

Income Tax on the Balance Sheet: What a Company Owes the Budget Now and What It Has DeferredIncome tax liabilities come in two forms: current and deferred.03/11/2026Investing basics · 5 min8 views

Notional value of a derivative: how much underlying exposure sits behind the margin

Notional value of a derivative: how much underlying exposure sits behind the marginThe notional value of a derivative is the value of the underlying asset covered by the contract: the price of the underlying multiplied by the quantity in one lot.03/11/2026Investing basics · 6 min7 views

Negative pledge covenant: what it promises a bondholder and where it leaks

Negative pledge covenant: what it promises a bondholder and where it leaksA negative pledge covenant is a borrower's promise not to pledge its assets to other creditors or, if security is granted after all, to secure the debt owed to bondholders with it equally alongside the new lender.03/11/2026Investing basics · 6 min8 views

The small retail investor on the exchange: where the losses come from mechanics, not forecasts

The small retail investor on the exchange: where the losses come from mechanics, not forecastsA small retail investor trades in the same sessions and under the same rules as large participants, but costs weigh on them differently.03/11/2026Investing basics · 5 min8 views

The Maastricht criteria: the eurozone entrance exam, and why it is never marked to the letter

The Maastricht criteria: the eurozone entrance exam, and why it is never marked to the letterThe Maastricht criteria are the set of conditions a European Union country must meet to adopt the euro: low and stable inflation, a moderate budget deficit, limited government debt, a stable national currency exchange rate, and long-term interest rates close to those of the most disciplined03/11/2026Investing basics · 6 min7 views

The Quantity Theory of Money: When New Money Feeds Into Prices and When It Doesn't

The Quantity Theory of Money: When New Money Feeds Into Prices and When It Doesn'tThe quantity theory of money holds that, in the long run, the general price level is determined by the amount of money in the economy: if the money supply grows faster than the output of goods and services, the difference shows up as rising prices.03/11/2026Investing basics · 5 min7 views

Cliff vesting of stock options: why an employee gets nothing before the first date

Cliff vesting of stock options: why an employee gets nothing before the first dateCliff vesting is a condition of a stock option plan under which the right to options does not accrue gradually from the first day of employment but arises all at once when an initial waiting period expires.03/11/2026Investing basics · 6 min9 views

Industrial REITs in Russia: what you are buying in a warehouse unit fund

Industrial REITs in Russia: what you are buying in a warehouse unit fundAn industrial REIT is a stake in a portfolio of warehouses, logistics and production facilities that gives its holder a share of the rental income.03/11/2026Investing basics · 5 min7 views

Emergency Fund: Where to Keep Money You Might Need Tomorrow

Emergency Fund: Where to Keep Money You Might Need TomorrowA financial emergency fund is a reserve of money set aside in case you lose your income or face a sudden large expense, and the key requirement for it is not return but accessibility.03/11/2026Investing basics · 6 min6 views

The accumulation phase: why an investor's main asset is their future earnings

The accumulation phase: why an investor's main asset is their future earningsThe accumulation phase is the stage of an investor's life cycle when income from work exceeds consumption and the difference is regularly converted into financial assets.03/11/2026Investing basics · 5 min7 views

Leases under IFRS: why they end up in debt and inflate EBITDA at the same time

Leases under IFRS: why they end up in debt and inflate EBITDA at the same timeUnder the current IFRS standard on leases, in force since 1 January 2019, a lessee recognises almost every lease contract on its balance sheet as debt.03/11/2026Investing basics · 5 min7 views

Joint Ventures: How Shared Control Keeps Revenue and Debt off the Parent's Books

Joint Ventures: How Shared Control Keeps Revenue and Debt off the Parent's Books03/11/2026Investing basics · 7 min13 views

Moscow Exchange close: October 30, 2026

Moscow Exchange close: October 30, 2026The Moscow Exchange close on October 30 (Friday): the MOEX Russia Index, market breadth, daily turnover, leaders and laggards among liquid stocks, and the nearest dividend record dates.02/11/2026Market wraps20 views

Firm-commitment underwriting: who takes on the placement risk, and at what price

Firm-commitment underwriting: who takes on the placement risk, and at what priceWhen an underwriter buys the entire issue (known in English-language practice as a firm commitment), the arranger purchases the securities from the issuer in full and at a fixed price before it has found buyers for them, then resells them to the market for its own account and at its own risk.02/11/2026Investing basics · 5 min24 views

Replacement Cost and Actual Cash Value: What the Insurer Pays For and Who Bears the Wear and Tear

Replacement Cost and Actual Cash Value: What the Insurer Pays For and Who Bears the Wear and TearThe difference between these bases comes down to one question: who pays for the wear and tear the property has accumulated by the time of the loss.02/11/2026Investing basics · 5 min22 views

Warrants: the right to buy shares from the issuer itself, and whose stake gets diluted as a result

Warrants: the right to buy shares from the issuer itself, and whose stake gets diluted as a resultA warrant is a right, issued by the company itself, to buy its shares at a price agreed in advance up to an agreed date.02/11/2026Investing basics · 5 min19 views

Borrower solvency: why lenders look at cash flow, not profit

Borrower solvency: why lenders look at cash flow, not profitA borrower's solvency is judged by its ability to meet mandatory payments in cash and on time, and only second by the size of its profit.02/11/2026Investing basics · 5 min31 views

The income effect: how a price change alters purchasing power and demand

The income effect: how a price change alters purchasing power and demandThe income effect is the part of the demand response to a price change that is explained not by a good becoming relatively more or less expensive than other goods, but by a change in a person's real purchasing power.02/11/2026Investing basics · 6 min17 views

Earnings Power Value (EPV): how to value a business that has stopped growing

Earnings Power Value (EPV): how to value a business that has stopped growingEarnings power value, or EPV, shows what a company is worth if its current sustainable earnings continue indefinitely with no growth at all.02/11/2026Investing basics · 6 min15 views

Power of attorney for a brokerage account: which actions it delegates and which it does not

Power of attorney for a brokerage account: which actions it delegates and which it does notA power of attorney for a brokerage account gives a representative the right to carry out transactions on your behalf, but it does not transfer the assets, the brokerage agreement or your tax obligations.02/11/2026Investing basics · 5 min19 views

Documentary collection: the bank hands over the documents but does not pay on the buyer's behalf

Documentary collection: the bank hands over the documents but does not pay on the buyer's behalfA documentary collection is a settlement arrangement in which the bank acts on the seller's instructions: it receives a set of shipping documents from the exporter and releases them to the buyer only against payment or against acceptance of a bill of exchange.02/11/2026Investing basics · 5 min15 views

Price dumping: where cheap goods end and trade defence begins

Price dumping: where cheap goods end and trade defence beginsDumping is the sale of goods in a foreign market at a price below their "normal value", that is, below the price at which the same goods are sold at home, or below their cost of production plus a reasonable profit.02/11/2026Investing basics · 5 min16 views

The Cash Conversion Cycle: How Inventory and Payment Terms Decide When Profit Becomes Cash

The Cash Conversion Cycle: How Inventory and Payment Terms Decide When Profit Becomes Cash02/11/2026Investing basics · 6 min21 views

The Dodd-Frank Act: who pays when a bank fails, and why it isn't the taxpayer

The Dodd-Frank Act: who pays when a bank fails, and why it isn't the taxpayerThe Dodd-Frank Act (in full, the Wall Street Reform and Consumer Protection Act, signed into law in the United States in 2010) answers one practical question: what happens when a large bank becomes insolvent.01/11/2026Investing basics · 6 min44 views

Commodities That Gained in 2026: Measuring From the December Base, and Its Blind Spots

Commodities That Gained in 2026: Measuring From the December Base, and Its Blind SpotsThe list below answers the question literally: these are the commodity instruments in the site's database, sorted by price change within calendar year 2026, from the close of the last trading day of December 2025 to the latest available quote, in descending order.01/11/2026Investing basics · 5 min30 views

Short squeeze: why covering short positions drives the price higher

Short squeeze: why covering short positions drives the price higherA short squeeze is a situation in which a rising price forces short sellers to buy the stock back, and their buying in turn becomes fresh fuel for the rally.01/11/2026Investing basics · 6 min39 views

SPB Exchange (SPBE): a review by the numbers

SPB Exchange (SPBE): a review by the numbersAny multiples-based review of SPBE runs into one peculiarity: this is not an industrial company, nor even a bank, but market infrastructure whose revenue depends on turnover, and it was external events, not management decisions, that rewrote that turnover.01/11/2026Разборы эмитентов · 4 min28 views

Annuitant: whose life sets the length of the payments

Annuitant: whose life sets the length of the paymentsThe annuitant is the person whose life serves as the measure of the obligation under the contract: their age, sex and the simple fact of their continued survival determine how many payments will be made and how large each one will be.01/11/2026Investing basics · 5 min23 views

Asset purchase or share purchase: what a buyer inherits along with a company's history

Asset purchase or share purchase: what a buyer inherits along with a company's historyThe difference between an asset purchase and a purchase of shares (or participatory interests) comes down to one question: are you taking on the history of the legal entity, or only its property?01/11/2026Investing basics · 6 min20 views

The cost of borrowing: interest, fees and what already counts as a penalty

The cost of borrowing: interest, fees and what already counts as a penaltyThe cost of borrowing is more than the interest rate written into the loan agreement.01/11/2026Investing basics · 5 min22 views

Defined benefit pension plans: who bears the risk and where it shows up in the accounts

Defined benefit pension plans: who bears the risk and where it shows up in the accountsA defined benefit (DB) pension plan is an employer's promise to pay an employee, after retirement, an amount calculated by a formula based on length of service and earnings, rather than on how much has built up in an account.01/11/2026Investing basics · 4 min19 views

Intercreditor agreement: who gets paid first and who waits

Intercreditor agreement: who gets paid first and who waitsAn intercreditor agreement is a contract between the creditors of the same borrower that sets the order in which they receive payments, who controls the shared collateral and who has the right to start enforcement first.01/11/2026Investing basics · 5 min24 views

The Darvas Box Method: How Price Itself Marks the Line Beyond Which You Were Wrong

The Darvas Box Method: How Price Itself Marks the Line Beyond Which You Were WrongThe Darvas box method describes sideways price movement as a rectangle and trades only its breakout: while the stock oscillates between the box's ceiling and floor, there is no trade; a breakout above the box triggers the entry, and its floor becomes the place for the stop order.01/11/2026Investing basics · 4 min28 views

MAU: who a company counts as active, and why the metric can grow without revenue

MAU: who a company counts as active, and why the metric can grow without revenueMAU (monthly active users) is the number of unique users who performed a qualifying action in a service within a monthly window.01/11/2026Investing basics · 5 min27 views

Balloon payment: how a large final instalment shifts debt risk to the maturity date

Balloon payment: how a large final instalment shifts debt risk to the maturity dateA balloon payment is a debt structure in which most of the loan principal is not repaid over the life of the loan but deferred to the maturity date and settled in a single lump sum.01/11/2026Investing basics · 5 min24 views

Cadastral value: how mass appraisal becomes a tax base

Cadastral value: how mass appraisal becomes a tax baseCadastral value is neither traded nor negotiated: it is calculated by a model.01/11/2026Investing basics · 5 min23 views

Divergence on the Chart: Why It Is a Trade Condition, Not an Entry Signal

Divergence on the Chart: Why It Is a Trade Condition, Not an Entry SignalYou cannot trade "on divergence" the way it is usually described: a gap between price and an indicator does not say that a reversal has begun — it says that the momentum driving the price has weakened.01/11/2026Investing basics · 5 min22 views

Trade Cancellation by the Exchange: How Annulling a Trade Differs from Cancelling an Order

Trade Cancellation by the Exchange: How Annulling a Trade Differs from Cancelling an OrderYes, an exchange can cancel a trade that has already been executed, but this is a rare administrative decision taken by the trading venue itself. It is not a service offered to clients, and it is not a right that brokers hold.01/11/2026Investing basics · 6 min19 views

Moscow Exchange close: October 29, 2026

Moscow Exchange close: October 29, 2026The Moscow Exchange close on October 29 (Thursday): the MOEX Russia Index, market breadth, daily turnover, leaders and laggards among liquid stocks, and the nearest dividend record dates.30/10/2026Market wraps86 views

Accident Insurance Payouts: Who Assesses the Loss and Who Pays for It

Accident Insurance Payouts: Who Assesses the Loss and Who Pays for ItA payout under a personal accident insurance policy is the insurer's performance of a monetary obligation, and that obligation arises not from the fact of an injury but from the event matching the description of an insured event in the policy terms.30/10/2026Investing basics · 5 min64 views

Currencies in 2026: What the Exchange Rate Change Measures and What It Does Not Mean

Currencies in 2026: What the Exchange Rate Change Measures and What It Does Not MeanThe ranking below orders currencies by the change in their exchange rate from the start of 2026 to the latest available quote, and that is exactly what it measures, nothing more.30/10/2026Investing basics · 4 min63 views

Trailing stop: how the level follows the price and why it never moves back

Trailing stop: how the level follows the price and why it never moves backA trailing stop is a stop order with a moving trigger level: while the price moves in your favour, the trigger is recalculated and pulled along behind it at a set distance; as soon as the price turns, the level freezes and waits.30/10/2026Investing basics · 6 min71 views

Average credit card balance: the denominator of card economics

Average credit card balance: the denominator of card economicsThe average balance outstanding on a credit card is neither the statement amount nor the credit limit but a time-weighted measure of credit actually used: the balance for each day of the billing cycle is added up and divided by the number of days in that cycle.30/10/2026Investing basics · 5 min49 views

Balloon payment: how pushing principal to the end of the term creates refinancing risk

Balloon payment: how pushing principal to the end of the term creates refinancing riskA balloon payment is a loan agreement term under which the borrower services mainly interest over the life of the loan, while the principal is repaid in a single lump sum on the final date.30/10/2026Investing basics · 5 min53 views

Impermanent loss: why the pool sells your appreciating asset for you

Impermanent loss: why the pool sells your appreciating asset for youImpermanent loss is the difference between the value of your share in an automated market maker pool and the value of the same assets had you simply held them in your wallet.30/10/2026Investing basics · 5 min45 views

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Your First Portfolio: What It Is Built From