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Analysis and explainers built from SEC filings
InteractivePricing the AI buildout: an interactive model
The five hyperscalers are spending on AI infrastructure at a pace with no precedent. This piece explains the four things that actually drive what that spending is worth — growth, margin, terminal capex, and the discount rate — and hands you an interactive model to set those assumptions yourself. Educational, not a prediction, not investment advice.
Similar duration, different risks: comparing BND and PIMCO Income
Similar interest-rate duration does not make two bond funds interchangeable. Compare BND and PIMCO Income through their holdings, financing, and exposure to credit spreads.
What duration tells you about a bond fund—and what it misses
A practical guide to interest-rate duration and credit-spread duration: what each number tells you, why a floating-rate fund can still lose value, and how to read the two together.