Price Discovery: How Markets Turn Orders Into Prices

A company reports earnings after the close, the print lands a little ahead of estimates, and by the time the stock reopens it's trading four percent higher. Stare at that…

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Event Study: How to Read Abnormal Returns From News

A headline crosses the wire: a stock "jumped 4% after earnings." It reads like a clean reaction, cause and effect in one line. Then you pull up the tape and…

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Market Efficiency: A Framework for Judging Your Edge

A screen you built over the weekend just lit up. Across ten years of history it turned a modest stake into something that looks a lot like skill: the equity…

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