Rates, inflation, central banks, currency regimes and the global cycle.
A long-dated US Treasury bond fund lost roughly half its value between 2020 and 2023. The bonds inside it did not default. The mechanism that produced the loss is the single most useful thing a fixed income investor can understand, and most retail materials never explain it.
Each of the three big central banks publishes a short statement after every rate decision and a longer report a few weeks later. The statements use a recognisable vocabulary, and the words that change from meeting to meeting carry the news. A practical guide for the customer who wants to read them directly instead of via a journalist.
Bitcoin is fifteen years old, regulated as a commodity in the United States, and now sits inside ETFs sold by BlackRock and Fidelity. This is what it actually is, what its rules actually are, and where the marketing diverges from the protocol.
The chart that financial journalists invoke every time the word "recession" appears in a headline, explained at the level of a smart customer who never took a finance class.
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