Hashprice and the Miner Capitulation Signal
2 min read · Updated Jul 2026 Bitcoin mining revenue can be reduced to a single figure: the revenue earned per unit of hashing power per day. This quantity, commonly called
Perpetual Funding Rates Are the Cleanest Positioning Gauge in Digital Assets
2 min read · Updated Jul 2026 A conventional futures contract converges to spot at expiry, and that convergence is what anchors its price. A perpetual future has no expiry a
The Currency Hedging Decision Is Not Symmetric for Australian Investors
2 min read · Updated Jul 2026 An Australian investor holding global equities holds two exposures: the equities themselves and the currency pair. The decision about whether t
Franking Credits Change Australian Portfolio Maths More Than Investors Realise
3 min read · Updated Jul 2026 Australia operates a dividend imputation system. When an Australian company pays tax on its profits and then distributes those profits as divid
Risk Parity and What Actually Broke in 2022
2 min read · Updated Jul 2026 Risk parity allocates by risk contribution rather than by capital. Because bonds are less volatile than equities, equalising their risk contrib
Reserves Are Not Deposits, and Almost Every Money-Printing Argument Confuses Them
2 min read · Updated Jul 2026 A commercial bank deposit is a liability of that bank to its customer. A central bank reserve is a liability of the central bank to a commercia
Cross-Currency Basis Is the Cleanest Dollar Stress Signal Available
2 min read · Updated Jul 2026 Covered interest parity states that borrowing in one currency and swapping into another should cost the same as borrowing in the second currenc
The Cash-Futures Basis Trade and the Leverage Underneath It
2 min read · Updated Jul 2026 Treasury futures and the underlying cash bonds are close substitutes, and their prices are linked by arbitrage. When futures trade rich relativ
The Reverse Repo Facility, Explained Without the Jargon
2 min read · Updated Jul 2026 The overnight reverse repurchase facility allows money market funds and similar institutions to lend cash to the central bank overnight, secure
The Treasury General Account Is a Liquidity Valve Hiding in Plain Sight
2 min read · Updated Jul 2026 The United States Treasury holds its operating cash in an account at the Federal Reserve rather than at a commercial bank. This arrangement has