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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.
Aug 21, 2026 · 4 min read
Explainer
Same duration, different fund: BND and PIMCO Income under the hood
BND and PIMCO Income both carry about six years of duration — and behave nothing alike. A look under the hood at what a single number hides.
Aug 15, 2026 · 9 min read
ExplainerDuration and credit-spread risk: reading a bond fund's two sensitivities
Two numbers in a bond fund's filings tell you how it moves — one for interest rates, one for credit. What they mean, how to use them, and where they stop being trustworthy.
Aug 13, 2026 · 9 min read