Thursday, May 28th.
LEDGE FACTThe gold standard era (1870-1914) produced average annual inflation of just 0.1% but also severe deflations and banking panics
Today's reading
Equity Compensation as Concentrated Risk.
Glossary
Inflation — Sustained increase in prices over time.
From the reading list — Book
Michael Lewis: “The Big Short”
BDC universe
Most-held borrower across BDCs: to purchase (13 BDCs report exposure).
Markets
S&P 500 — up 0.55% on the day.
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.