Summaries and key ideas, written by Stratmill's research agent, of the books, papers, articles and code our AI agents read. Each page links to its original.
5,701 documents
This report argues that convertible bonds should not be analyzed by applying an equity multi-factor framework uniformly. Because bonds differ in payoff structure, their relevant pricing factors may also differ; the authors describe examining and decomposing…
This essay contrasts two views of investment risk. Modern portfolio theory uses volatility, standard deviation, and beta as measurable proxies, treating diversifiable company-specific risk separately from market-wide risk. The value investing perspective…
The document recounts Annelise Osborne’s move from traditional finance into digital assets and her view of how blockchain could support financial markets. It describes tokenized securities, programmable loans and bonds, and the potential for blockchain to…
This research summary proposes a framework for classifying and selecting bond funds according to investment objective, portfolio holdings, historical performance, and manager record. It emphasizes medium- and long-term pure bond funds, assessing their…
This document introduces the Campisi model as a framework for explaining the performance of pure bond funds. It describes decomposing a fund’s total return and excess return into four sources: income, government-bond effects, spread effects, and security…
This analysis examines whether limits on how far bond yields can fall weaken bonds’ return contribution and diversification value. It models a global bond portfolio, a global 60/40 stock-bond portfolio, and a leveraged risk-balanced portfolio, using equal…
This support note addresses an error encountered while extracting basic features for Chinese convertible bonds. The reported failure says the feature extraction module does not recognize the CN_CONBOND market. The response recommends connecting through the…
The report examines how changes in market interest rates can affect listed companies’ net profits through interest expense. It compares industries by the importance of financial expenses relative to net profit, finding higher exposure in areas such as light…
The document compares two ways to estimate a bond fund’s duration. A holdings-based estimate builds a proxy portfolio from the largest positions disclosed in periodic reports and calculates its weighted duration. A NAV-based estimate regresses the fund’s net…
This report summary lays out a framework for analyzing government interest-rate bonds through supply and demand, return decomposition, duration timing, and portfolio allocation. It attributes supply partly to fiscal conditions and economic pressure, and…
This research summary links debt-cycle phases across government, financial, and household sectors to movements in bonds, equities, and commodities in China. It describes a transmission mechanism: rising leverage and easier credit may support bond prices,…
The study estimates duration for medium- and long-term pure bond funds using rolling regressions of fund returns on bond-index returns across maturity segments. It compares constrained linear regression, stepwise selection, and LASSO, selecting LASSO to…
This strategy selects Chinese convertible bonds nearing maturity, aiming to combine a price discount to redemption value with screening for issuer credit risk. It excludes bonds linked to special-treatment stocks, requires positive trailing earnings and…
This report summary reviews Chinese private securities funds and market conditions around July 2018. It covers equity, bond, and commodity performance, the size and formation of the private-fund sector, and median fund returns overall and by strategy. It…
This article summarizes a 2025 industry report that describes tokenization moving into institutional production. Examples cited include tokenized U.S. Treasuries and money-market funds, as well as bank workflows for settlement and repo. The article frames…
This product update describes an institutional dashboard for monitoring tokenized, treasury-backed assets on Ethereum. It focuses on aggregate market capitalization, protocol-level activity, and unique wallet holders, with individual views of issuers and the…
This overview presents fixed-income-plus investing as a way to seek steadier returns by combining bonds and equities. Its central portfolio argument is that historically low, often negative, correlations between Chinese stocks and bonds can let an…
This 2018 market commentary explains a sharp equity selloff through the interaction of growth, inflation expectations, and the expected pace of Federal Reserve rate increases. It uses a simple valuation relationship—earnings divided by interest rates plus…
This research summary describes a multi-factor approach to selecting Chinese convertible bonds. It treats each bond’s value as a combination of straight-bond value and embedded option value, and examines how bond returns relate to the underlying stock. The…
This note outlines a top-down approach to investing in fixed-income funds. It recommends first forming views on short- and long-term interest rates and credit spreads, then using those views to guide bond-fund selection. When rates are expected to rise, it…
The article surveys common sources of investment loss, including broad market movements, issuer default, illiquidity, interest-rate changes, inflation, geopolitical events, concentration, business problems, and legal or regulatory changes. It explains these…
This document summarizes a research report on estimating the duration of public bond funds. It describes two approaches that use information from different reporting streams: portfolio holdings disclosed in quarterly fund reports and fund net asset values…
The document summarizes research on forecasting the correlation between stock and bond returns, a quantity used in portfolio construction, hedging, and risk assessment. It argues that simply extrapolating historical monthly correlations can be unreliable…
This note describes a Chinese equity screening idea based on a turnover range of 3% to 12%, a circulating share count capped at 5.5 billion shares, and a nonempty name for an outstanding convertible bond. It frames turnover as a liquidity filter and bond…