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Original, source-based guides to currencies and commodities for investors.
20 articles · Original research guides with primary sources and worked examples
Assess a rise in the won–dollar exchange rate through export revenue, import costs, foreign-currency debt, and settlement timing. Calculate net dollar exposure to avoid overstating the benefits.
Read article →Distinguish exchange gains realized at settlement from foreign-currency translation gains at the reporting date. Separate foreign-subsidiary translation differences to assess whether higher net income produced a cash inflow.
Read article →Assess currency hedges by matching currencies, maturities, settlement terms, and actual foreign-currency cash flows. A hypothetical calculation connects derivative valuation losses with operating effects.
Read article →Calculate won returns by multiplying overseas stock performance by the change in the won–dollar exchange rate. Examples explain how conversion timing, dividends, fees, and additional deposits affect comparisons.
Read article →Analyze refiners through product selling prices, refining margins, and inventory timing rather than crude oil prices alone. Work through a hypothetical case in which oil prices rise while margins fall.
Read article →Read copper prices through power-grid and construction demand and mine and smelter supply. Connect these to company earnings using exchange inventories, regional premiums, and raw-material-linked contracts.
Read article →Understand gold’s relationship with real interest rates through opportunity cost, separating dollar and safe-haven demand effects. Check timing mismatches when comparing nominal rates with inflation.
Read article →Apply generation efficiency and exchange rates to natural gas prices to calculate fuel costs per unit of electricity. Understand why US gas benchmarks, Korean LNG import costs, fuel costs, and electricity tariffs differ.
Read article →Trace how lithium price changes affect miners, cathode-material suppliers, and battery-cell makers differently. Separate selling-price adjustment lags from inventory costs to interpret revenue and profitability changes.
Read article →Understand how steelmaking routes, raw-material mixes, and inventory lags link iron ore prices to steel costs. Compare unit margins using steel selling prices alongside other input costs.
Read article →Understand commodity spot and futures prices through delivery timing, quality, and settlement terms. Avoid confusing returns on margin with contract value changes or misreading continuous futures charts.
Read article →Understand contango and backwardation as price structures across maturities and connect them to futures returns. Avoid treating a rollover price gap as an immediate loss or a guaranteed return.
Read article →Estimate freight exposure by separating container and bulk rates, routes, and contract shares. Examine indirect costs from higher freight rates through inventory, delivery schedules, and cash collection.
Read article →Break down dollar strength into import prices, dollar debt, and capital flows. Compare foreign-currency earnings and debt maturities across countries rather than treating every emerging market as equally exposed.
Read article →Understand the inverse relationship between government bond prices and market yields by discounting fixed cash flows. Distinguish coupon rates, yield to maturity, and realized returns, and examine maturity and currency risks.
Read article →Separate corporate bond yields into benchmark government yields and credit spreads. Check basis points, option-adjusted spreads, and comparable maturities to distinguish improving credit from actual bond returns.
Read article →Match the currencies, rates, and maturities of foreign-currency borrowings to cash inflows. Calculate debt-service pressure when the won weakens and rates rise, and understand the limits of net foreign-currency debt.
Read article →Align share ratios, exchange rates, and trading times when comparing ADRs with underlying shares. Check EPS conversions and depositary fees before treating price differences as risk-free arbitrage.
Read article →Distinguish trading currency, presentation currency, and functional currency. Use a step-by-step approach and examples to align currencies, units, and conversion bases when comparing foreign companies’ revenue and EPS.
Read article →Understand why asset correlations change with inflation and growth conditions. Align currencies and observation intervals when calculating correlations, and stress-test diversification with joint-decline scenarios.
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