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 translated summary of BlackRock’s 2022 outlook argues that markets were entering a regime distinct from the prior half century. It expected inflation to settle above its pre-pandemic trend, central banks to respond more slowly than in past cycles, and…
This summary of a securities research report outlines China’s three-pillar pension system: public basic pensions, employer-sponsored plans, and individual or household savings. It distinguishes the public schemes for urban employees from the scheme covering…
This document summarizes a framework for deciding whether and how to combine single-factor smart beta strategies with multifactor portfolios. It represents each candidate strategy as exposures to a small set of investable elementary smart betas—initially…
The document combines two research summaries. The first explains how target-date fund allocations can account for retirement spending as a liability alongside financial assets and human capital. A liability-aware optimization framework treats…
This document is a dated series of U.S. Treasury yields organized by maturity, from short bills through long-term securities. Each row pairs an observation date with a maturity and quoted yield, allowing researchers to examine how rates across the curve…
The report outlines a fixed-income-plus approach that reserves some capital for options margin and option buying strategies, while investing most remaining funds in government bonds. It combines directional index exposure, short volatility, and event-driven…
The document describes buying already-listed Chinese convertible bonds at lower prices and selling them higher, including the appeal of same-day trading and lower stated transaction fees than stocks. It contrasts this approach with bond subscriptions and…
This research summary outlines a framework for evaluating and allocating active equity and bond funds. For equity funds, it describes classification and performance attribution using both holdings and returns, then discusses portfolios of active funds and…
This Chinese-language strategy note surveys ways to connect macro conditions, company fundamentals, valuation, and sector performance. It describes a credit and earnings framework for market regimes, a rolling stock-bond yield spread as a relative valuation…
This monthly allocation report describes a strategic portfolio framework that maps broad asset holdings to underlying macroeconomic risks. It uses principal component analysis to define five factors—economic growth, interest rates, credit, term spread, and…
The article argues that Bitcoin implied volatility should be read alongside broader market measures. It highlights VIX, VVIX, MOVE, the dollar index, gold volatility, and yield curve shape as potential clues to changes in crypto volatility. It attributes…
The article summarizes research that models mutual fund returns and performance persistence with a Bayesian dynamic panel. The model allows fund returns to have time-varying variances and covariances, autocorrelation, stochastic volatility, and measurement…
The document introduces the Ornstein–Uhlenbeck (OU) process as a continuous-time model for a variable that is pulled toward a long-run mean while exposed to random shocks. It explains the roles of the mean, reversion speed, and volatility, contrasts OU…
This retrospective examines US exchange traded products and China’s ETF market during 2020, covering fund flows, product launches, fees, providers, regulation, and investor preferences. In the United States, bond ETF inflows were strong amid Federal Reserve…
This document proposes screening metaverse-sector stocks for a positive return and an associated outstanding convertible bond with a nonempty short name. It presents the bond link as a way to focus on companies that have issued convertible debt, while the…
This research summary reviews several empirical findings drawn from macroeconomic and equity data. It reports that principal components built from 132 monthly macro series across 15 categories produce eight factors that explain a stated share of the next…
This essay challenges common claims about government money creation, bank reserves, public debt, quantitative easing, inflation, interest rates, and the Federal Reserve. It argues that commercial bank lending creates much of the money supply, reserves remain…
This document summarizes a documentary series on the development of money and financial systems. Its topics include the origins and social role of credit and debt, the rise of securities markets and sovereign borrowing, insurance and the welfare state,…
This literature digest covers two topics. The first evaluates asset-pricing factor models using the maximum squared Sharpe ratio. It describes comparisons among nested models, from CAPM through three-, five-, and six-factor specifications, and non-nested…
The document introduces tokenization as representing assets on blockchain networks in a way that supports transparent tracking and resistance to tampering. It describes tokenization as applicable across asset classes, naming art, collectibles, corporate…
This report examines fund advisory services in China, including how third-party fund platforms work with licensed asset managers and how advisory services may evolve. It describes the platforms mainly as places where advisory strategies are presented, with…
This research summary compares common ways to divide macroeconomic cycles: the growth-and-inflation framework often called the Merrill Lynch clock, monetary-credit cycles, and monetary-economic cycles. It argues that these approaches revolve around money,…
The report outlines a multi-asset allocation framework that links macroeconomic risks to broad asset classes, styles, and industries. It identifies economic growth, interest rates, exchange rates, inflation, and credit as five central risk factors. A…
The document explains Centrifuge as a decentralized finance protocol that connects business lending with crypto-based liquidity. Its Tinlake marketplace represents real-world assets, such as invoices and mortgages, as blockchain tokens that can serve as…