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Original, source-based guides to markets and macroeconomic indicators for investors.
20 articles · Original research guides with primary sources and worked examples
Learn why KOSPI returns can differ from your portfolio's returns through market-cap weights, index contributions, advancing stocks, and the distinction between the KOSPI and KOSPI 200.
Read article →Understand the coverage of the KOSDAQ Composite and KOSDAQ 150, sector concentration, and how to interpret trading value, market breadth, and relative returns together.
Read article →Explore differences in constituent coverage and sector composition between the Nasdaq Composite and Nasdaq-100, why their returns diverge, and what to check in Nasdaq ETFs and futures.
Read article →Understand the S&P 500's float-adjusted market-cap weighting, leading companies' contributions, differences from equal weighting, and calculations for assessing diversification.
Read article →Use hypothetical calculations to understand the Dow's price weighting and divisor adjustments, the difference between company size and index weight, stock splits, and point-based headlines.
Read article →Understand the gap between Nasdaq-100 futures and the cash index through interest rates, dividends, and time to expiration. Learn to distinguish basis, quote times, and contract rolls when reading futures returns.
Read article →Analyze rising 10-year Treasury yields through discount rates, growth expectations, and term premiums. Explore present-value calculations and how the cause of a yield increase affects its interpretation for stocks.
Read article →Understand the difference between central bank policy rates and market rates. Interpret rate news through future policy expectations, credit spreads, and loan repricing schedules.
Read article →Learn to separate the level of the yield spread from changes in it. Calculate and interpret steepening caused by falling short-term yields and by rising long-term yields.
Read article →Understand expected versus realized inflation in real-rate calculations. Distinguish purchasing-power returns, TIPS yields, and breakeven inflation.
Read article →Understand US headline and core CPI, monthly versus annual changes, and the difference between price levels and inflation rates, with hypothetical calculations illustrating base effects and seasonal adjustment.
Read article →Understand differences in PCE and CPI expenditure coverage, weights, and formulas, the conditions to align when comparing them, and how components such as healthcare affect the results.
Read article →Learn why US nonfarm payrolls and unemployment can move differently through survey coverage and the unemployment-rate denominator. Check participation, hours, wages, and revisions together.
Read article →Distinguish real from nominal GDP and annualized US quarterly growth. Learn how to interpret consumption, investment, inventory, and net-export contributions when relating GDP to listed-company earnings.
Read article →Understand the PMI's 50 threshold and diffusion-index calculation, slower contraction versus expansion, and how to interpret manufacturing, services, new orders, and supplier delivery indexes.
Read article →Learn how to read central bank statements, economic projections, press conferences, and minutes. Understand the conditional nature of the FOMC dot plot and market-rate reactions around announcements.
Read article →Read economic surprises by separating actual, expected, previous, and revised figures. Use a hypothetical comparison to examine forecast distributions, units, and economic meaning together.
Read article →Understand the Dollar Index's six-currency basket and how it differs from USD/KRW. Distinguish index levels, percentage changes, the Fed's broad dollar index, and companies' currency exposure.
Read article →Distinguish the VIX's 30-day implied volatility horizon from its annualized quotation. Understand magnitude versus direction, realized volatility, and what to check in VIX futures and related products.
Read article →Learn to assess Bitcoin-stock correlations using consistent periods, observation times, and currencies. Explore joint risk-asset losses, won-denominated returns, and differences between spot holdings and ETPs.
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