A ratio can fall because the numerator shrank or because the denominator did. Those are opposite economic events producing an identical headline.
What Really Happens to Markets in the Last Week of a Quarter
Volumes rise, sectors move together, and some of it reverses within days. Almost none of it reflects anyone changing their mind about anything.
Buybacks vs Dividends: Why Companies Choose One Over the Other
The financial effect is nearly identical. The signalling, the tax treatment and the incentives are not, which is why the choice says more about management than about the business.
The Term Premium Is Back. Here’s What It Actually Measures
For a decade investors demanded almost no extra compensation for lending long. That has changed, and it moves mortgage rates, corporate borrowing costs and equity valuations with it.