StrikeAndYield — new and updated pageshttps://strikeandyield.com/feed.xml2026-09-08T00:00:00ZDELISORIAFor non-executives, trustees and audit committeeshttps://strikeandyield.com/prepare/on-the-board2026-09-08T00:00:00Z2026-09-08T00:00:00ZWhat a reported number can and cannot tell you, where the discretion sits, which four questions do most of the work.For anyone arriving in finance from somewhere elsehttps://strikeandyield.com/prepare/coming-from-elsewhere2026-09-08T00:00:00Z2026-09-08T00:00:00ZWhat the industry is actually divided into, which vocabulary to learn first, what transfers from where you came from.For everyone building the systems finance runs onhttps://strikeandyield.com/prepare/building-the-system2026-09-08T00:00:00Z2026-09-08T00:00:00ZWhat a trade actually is as data, why identifiers are the first problem, the lifecycle nobody documents, corporate actions as the hardest case.Value at Risk vs stress testing — StrikeAndYieldhttps://strikeandyield.com/compare/var-vs-stress-testing2026-09-08T00:00:00Z2026-09-08T00:00:00ZWhat each measure answers, why one carries a confidence level and the other deliberately carries none, where the aggregation differs.Repo vs securities lending — StrikeAndYieldhttps://strikeandyield.com/compare/repo-vs-securities-lending2026-09-08T00:00:00Z2026-09-08T00:00:00ZThe same exchange with opposite motives: which leg is the point, how each is priced, what the collateral does.Futures vs forwards — StrikeAndYieldhttps://strikeandyield.com/compare/futures-vs-forwards2026-09-08T00:00:00Z2026-09-08T00:00:00ZStandardised and cleared against negotiated and bilateral: what daily variation margin does to a position, why the two prices differ.Defined benefit vs defined contribution — StrikeAndYieldhttps://strikeandyield.com/compare/defined-benefit-vs-defined-contribution2026-09-08T00:00:00Z2026-09-08T00:00:00ZWhat each promises, who bears investment, longevity and inflation risk, why one is a balance-sheet liability and the other is not.CDS vs insurance — StrikeAndYieldhttps://strikeandyield.com/compare/cds-vs-insurance2026-09-08T00:00:00Z2026-09-08T00:00:00ZWhy a credit default swap is described as insurance and is not: insurable interest, indemnity against a fixed payout, reserving against margin.Amortised cost vs fair value — StrikeAndYieldhttps://strikeandyield.com/compare/amortised-cost-vs-fair-value2026-09-08T00:00:00Z2026-09-08T00:00:00ZWhat each measurement does to reported profit and equity, why the choice is made at recognition and rarely revisited, where the difference is disclosed.Which document governs — the hierarchy behind every producthttps://strikeandyield.com/analysis/which-document-governs2026-09-08T00:00:00Z2026-09-08T00:00:00ZWhy a summary, a factsheet and a marketing page are descriptions while the contract is the product, how to find the binding document.What the index decides — construction rules as an allocatorhttps://strikeandyield.com/analysis/what-the-index-decides2026-09-08T00:00:00Z2026-09-08T00:00:00ZHow inclusion, weighting and rebalancing rules turn a measurement into a set of instructions: who is forced to trade and when.What one rate does to everything — the shared denominatorhttps://strikeandyield.com/analysis/what-one-rate-does-to-everything2026-09-08T00:00:00Z2026-09-08T00:00:00ZWhy the discount rate is the common factor behind every asset class, which holdings are most sensitive and why that is rarely the obvious ones.What happens when everybody does it — crowding and capacityhttps://strikeandyield.com/analysis/what-happens-when-everybody-does-it2026-09-08T00:00:00Z2026-09-08T00:00:00ZWhy a strategy's own popularity is one of its risks: capacity, the correlation that appears under stress, the exit that is the same door for everyone.What a number is measuring — notional, exposure, value, riskhttps://strikeandyield.com/analysis/what-a-number-is-measuring2026-09-08T00:00:00Z2026-09-08T00:00:00ZFour quantities that describe one position and are routinely confused: what each one is, when each is the right measure.What a currency does — StrikeAndYieldhttps://strikeandyield.com/analysis/what-a-currency-does2026-09-08T00:00:00Z2026-09-08T00:00:00ZWhy a foreign holding carries two returns, what hedging actually costs and why that cost is an interest differential rather than a fee.Price, value and mark — three numbers that look like onehttps://strikeandyield.com/analysis/price-value-and-mark2026-09-08T00:00:00Z2026-09-08T00:00:00ZWhere each of the three comes from, why a mark is a decision made under rules rather than an observation.If you are teaching this — StrikeAndYieldhttps://strikeandyield.com/prepare/teaching-with-this2026-09-07T00:00:00Z2026-09-07T00:00:00ZFor lecturers and course leaders: what the site can be set as, a twelve-week outline built from pages that already exist, where the problem sets are.Stress testing explained — StrikeAndYieldhttps://strikeandyield.com/concepts/stress-testing2026-09-07T00:00:00Z2026-09-07T00:00:00ZSensitivity against scenario, historical against hypothetical, reverse stress testing, second-round effects.Reference rates explained — StrikeAndYieldhttps://strikeandyield.com/concepts/reference-rates2026-09-07T00:00:00Z2026-09-07T00:00:00ZWhat a reference rate is, submission-based versus transaction-based benchmarks, overnight rates compounded in arrears, term rates.Model risk explained — StrikeAndYieldhttps://strikeandyield.com/concepts/model-risk2026-09-07T00:00:00Z2026-09-07T00:00:00ZWhat a model actually is, calibration versus estimation, the assumptions that fail first, the fair-value hierarchy, validation.Market abuse explained — StrikeAndYieldhttps://strikeandyield.com/concepts/market-abuse2026-09-07T00:00:00Z2026-09-07T00:00:00ZWhat insider dealing and market manipulation actually prohibit, the recognised manipulation patterns, information barriers and wall-crossing.How a fund is built — StrikeAndYieldhttps://strikeandyield.com/concepts/how-a-fund-is-built2026-09-07T00:00:00Z2026-09-07T00:00:00ZThe six parties behind a fund and what each one does, how a NAV is actually struck, dealing cut-offs and forward pricing, share classes.Bank capital explained — StrikeAndYieldhttps://strikeandyield.com/concepts/bank-capital2026-09-07T00:00:00Z2026-09-07T00:00:00ZWhat bank capital actually is, why it is a ratio of risk-weighted assets, what the leverage ratio adds, how the buffers stack.How a position hits the books — StrikeAndYieldhttps://strikeandyield.com/concepts/accounting-for-a-position2026-09-07T00:00:00Z2026-09-07T00:00:00ZAmortised cost, fair value through profit or loss, fair value through other comprehensive income: what each does to reported profit.Madoff, 2008 — StrikeAndYieldhttps://strikeandyield.com/cases/madoff-20082026-09-07T00:00:00Z2026-09-07T00:00:00ZThe structural feature behind the largest recorded investment fraud: a single entity performing the three roles a fund normally separates.The LIBOR settlements, 2012 — StrikeAndYieldhttps://strikeandyield.com/cases/libor-20122026-09-07T00:00:00Z2026-09-07T00:00:00ZWhy a submission-based reference rate was fragile by construction, what the settlements established as a matter of record.Greensill, 2021 — StrikeAndYieldhttps://strikeandyield.com/cases/greensill-20212026-09-07T00:00:00Z2026-09-07T00:00:00ZHow a self-liquidating short-term asset became a funding-dependent credit exposure to a handful of borrowers.Evergrande, 2021 — StrikeAndYieldhttps://strikeandyield.com/cases/evergrande-20212026-09-07T00:00:00Z2026-09-07T00:00:00ZHow a developer's funding model depended on continuing sales, why an offshore bondholder sits behind onshore creditors.Enron, 2001 — StrikeAndYieldhttps://strikeandyield.com/cases/enron-20012026-09-07T00:00:00Z2026-09-07T00:00:00ZHow recognising the whole value of a long contract on day one, funded through unconsolidated entities, produced reported earnings that cash never followed.Why does a payment take days to arrive?https://strikeandyield.com/questions/why-does-a-payment-take-days2026-09-06T00:00:00Z2026-09-06T00:00:00ZHow a payment actually moves: rails and cut-off times, correspondent banking across borders, settlement against messaging, and why some transfers are instant.Why did the bank refuse my loan?https://strikeandyield.com/questions/why-did-the-bank-refuse-my-loan2026-09-06T00:00:00Z2026-09-06T00:00:00ZHow a retail credit decision is actually made: policy, scoring, affordability against security, and the narrow band where a human judgement applies.Who actually holds my shares?https://strikeandyield.com/questions/who-actually-holds-my-shares2026-09-06T00:00:00Z2026-09-06T00:00:00ZThe custody chain from the register to your statement: nominee accounts, omnibus holdings, why segregation matters and what it does to your rights.What is short selling?https://strikeandyield.com/questions/what-is-short-selling2026-09-06T00:00:00Z2026-09-06T00:00:00ZBorrow, sell, buy back, return: how a short is actually assembled, why the loss is unbounded, and what a squeeze is mechanically rather than dramatically.What is private equity?https://strikeandyield.com/questions/what-is-private-equity2026-09-06T00:00:00Z2026-09-06T00:00:00ZHow a buyout fund actually works: committed capital, the leverage, where returns come from, and why the absence of a daily price is the real difference.What is market capitalisation?https://strikeandyield.com/questions/what-is-market-capitalisation2026-09-06T00:00:00Z2026-09-06T00:00:00ZPrice times shares: what market cap does and does not measure, why enterprise value is the other number, and the three ways the figure misleads.What is compound interest?https://strikeandyield.com/questions/what-is-compound-interest2026-09-06T00:00:00Z2026-09-06T00:00:00ZWhy growth on growth is not intuitive, the rule of 72, what a one per cent fee removes over thirty years, and why the same maths runs debt.What is a hedge fund?https://strikeandyield.com/questions/what-is-a-hedge-fund2026-09-06T00:00:00Z2026-09-06T00:00:00ZWhat actually distinguishes a hedge fund: the permissions, the fee structure, the lock-up, and the strategies that share nothing but a wrapper.What is a dividend?https://strikeandyield.com/questions/what-is-a-dividend2026-09-06T00:00:00Z2026-09-06T00:00:00ZWhere a dividend comes from, why the share price drops on the ex-date, the four dates that matter, and what a high dividend yield can actually mean.What is a derivative, in plain words?https://strikeandyield.com/questions/what-is-a-derivative2026-09-06T00:00:00Z2026-09-06T00:00:00ZA contract that takes its value from something else: the four families, why the notional is not the risk, and the two questions that unpack any of them.What is a bond, in plain words?https://strikeandyield.com/questions/what-is-a-bond-in-plain-words2026-09-06T00:00:00Z2026-09-06T00:00:00ZA loan you can sell: the coupon, the maturity, the price against par, and the two risks that decide the outcome — rates moving and the borrower not paying.