The Machine That Shrinks A Company To Lift Its Stock
S&P 500 buybacks hit a record $293 billion in Q1 2025. Here is what the machine does to your shares.
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Latest Issues
The Latest Drawings
One financial machine per issue, opened up and drawn.
The Bond Fund That Trades Faster Than Its Bonds
Corporate bond ETFs trade every second. The bonds inside them can go hours or days without a trade.
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The Leveraged Trade Sitting Under The Treasury Market
In April 2025, Treasuries fell when they should have risen. A crowded hedge-fund trade is part of why.
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The Safest Slice Of A Loan Machine, Now In An ETF
AAA CLO ETFs crossed $20 billion. They turn the top slice of leveraged loans into a daily-traded fund.
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The ETF That Resets Its Bet Every Single Day
Two-times single-stock funds promise double the move. The daily reset can bleed value even when the stock rises.
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The Fed Tool That Held The System's Spare Cash
The reverse repo facility soaked up trillions. As it empties, the pressure moves onto bank reserves.
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What The Debt Ceiling Does To The Safest Asset You Own
Treasury bills back money funds and collateral everywhere. The debt limit quietly changes how many exist.
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The New Exit Fee Built Into Prime Money Funds
Money funds hold a record $7 trillion. A 2024 rule changed what happens when too many people leave at once.
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The Private-Credit ETF Built To Sell What Doesn't Trade
State Street and Apollo made a fund you can sell any day. Its daily liquidity rests on one firm's promise.
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