Concepts

Products are the atlas's nouns; these are its verbs — the cross-cutting ideas that show up in every asset class. Each concept page combines the full explanation, charts, and the interactive calculators that make the idea concrete. Education only, as everywhere here — see the disclaimer.

The library

  • Option Strategy Builder — combine up to eight calls, puts and stock legs into one position and watch the combined payoff, breakevens, Greeks and scenario table update live. Plus a cheat sheet of the fourteen classic strategies.
  • The Yield Curve — shapes and what they forecast, the forward curve hidden inside, inversion as a recession signal, and how carry & roll-down pay bondholders. With the forward-rate and carry-and-roll calculators.
  • NPV & IRR — discounting from first principles, the NPV curve, hurdle rates, MOIC versus IRR, and the classic IRR traps (reinvestment assumption, multiple sign changes, subscription-line games). With a full cash-flow IRR solver.
  • Volatility — realised vs. implied, the VIX, volatility clustering, the vol risk premium and vol targeting. With a volatility converter (√time rule, expected moves).
  • Margin & Collateral — initial vs. variation margin, haircuts, rehypothecation, the margin spiral, and the LDI and Archegos case studies. With a margin-call simulator.
  • Diversification & Correlation — the portfolio volatility formula, how many holdings you need, the efficient frontier, and why correlations betray you in crises. With a two-asset portfolio calculator.
  • Spread Measures — G-spread, I-spread, Z-spread, asset-swap spread, OAS and discount margin: what each measures, when each misleads, and the desk rules for choosing. With a Z-spread calculator.
  • The Market Exam — fifteen random questions across all eleven asset classes, graded on your device with explanations, best score remembered locally.

More concepts are on the way — market microstructure and securitisation are next in the queue. The glossary covers the short versions of 150+ terms; the learning paths put products and concepts in a teachable order.