All journal articles
Every English article in the TradeAlmanac journal: the Russian market, bonds, dividends, taxes, valuation and portfolio construction.
- 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
- 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 markets47 views
- When multiples stop workingLosses, one-off items, negative equity and industry specifics render the familiar ratios meaningless.Fundamental analysis61 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 analysis59 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 statements59 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 statements52 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 portfolio55 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
- The value approach: buying below what it is worthLooking for a gap between price and value. It requires a valuation of your own — otherwise it is just buying whatever is cheap on multiples.Strategies49 views
- Expiration: what happens on the contract's last dayA cash-settled contract closes in money, a physically settled one in the real asset. Confusing them is expensive.Derivatives44 views
- Hedging: insurance paid for with returnReducing risk through an offsetting position. It works, it costs money, and it is often used for the wrong purpose.Derivatives52 views
- Structured products: where the risk is hiddenAn instrument with declared capital protection and capped income. It can only be understood by reading the terms in full.Derivatives44 views
- Contango and backwardation: why a long futures position meltsThe relationship between near and far contract prices decides what holding a position beyond one expiry costs.Derivatives52 views
- Options: a right without an obligationThe buyer pays a premium for the right to transact. The seller receives the premium and takes on the obligation.Derivatives47 views
- Substitute bonds: foreign-currency income inside a rouble contourAn instrument born from an infrastructure break: payments track a foreign currency while settlement happens domestically.Bonds48 views
- Inflation-protected bonds: how the principal is restatedThe coupon here is modest and the protection comes from indexing the principal. That changes both the yield calculation and the tax picture.Bonds52 views
- The over-the-counter market: trades without an order bookWhere there is no exchange trading, the price is set by negotiation rather than by the market. Everything else follows from that.Market infrastructure47 views
- Tax residency: why it matters more than citizenshipThe rate is set by days spent in the country rather than by a passport, and it changes retroactively for the whole year.Taxes and the Russian IIA40 views
- Budget and taxes: the second lever alongside the rateThe state influences the economy not only through the policy rate but through spending and taxes — and that lever works differently.Macroeconomics61 views
- The yield curve: what the market thinks about the futureThe yields of issues of different maturities, lined up, show rate expectations better than any survey.Macroeconomics52 views
- Restrictions and infrastructure risk: how it differs from market riskThe risk that an asset cannot be sold or paid out is not captured by volatility and not removed by diversifying across securities.Macroeconomics54 views
- Money supply and liquidity: why money does not immediately become inflationBetween issuance and rising prices stand the velocity of money and banks' willingness to lend. Without them the money stays in accounts.Macroeconomics49 views
- The fiscal rule: why the state sets part of its revenue asideA mechanism that separates budget spending from the current commodity price — and moves the exchange rate along the way.Macroeconomics · 2 min49 views
- Short positions and leverage: why risk here works differentlyBorrowing securities or money from a broker changes not the scale of the risk but its nature: the loss stops being bounded.Stocks53 views
- Price and value: how a market quote differs from what a business is worthPrice is what is paid today. Value is an estimate of future cash flows. They coincide rarely and briefly.Stocks54 views
- Corporate governance: why a minority shareholder should careThe quality of governance decides whether a shareholder receives a share of the business results or only a share of the accounts.Stocks41 views
