Friday, May 29th.
LEDGE FACTRoll yield is the gain or loss from rolling a futures position from a near-month into a deferred contract — positive in backwardation when distant contracts price below spot, negative in contango. (CFTC Glossary)
Today's reading
Inflation Breakevens and TIPS Pricing: Reading the Real-vs-Nominal Spread.
Glossary
Convexity — Why bond prices fall faster than yields rise — and rise faster than yields fall.
From the reading list — Letter
Warren Buffett: “Berkshire Hathaway 2024 Annual Letter”
BDC universe
Most-held borrower across BDCs: to purchase (13 BDCs report exposure).
Markets
10-year sits at 4.45% — up 26 bps from the year's open.
What’s new
- AI Activity panel (honest scope)Usage breakdown panel now labelled 'AI Activity' and copy is honest — only AI events count here. One account menu now too: settings panel + sidecar duplicates collapsed into the auth dropdown.
- Loyalty AI schedule, surfacedYour daily free AI count now discloses the ramp: 5 on signup day, 3 for the first week, 2 the second, then 1 ongoing. No more silent step-downs.
- ETF directoryBrowsable, categorized ETF directory — index, sector, factor, fixed-income, thematic — every card opens the in-app ETF view with holdings, expense ratio, and yield.