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Why Your Investment Returns Are Not What They Appear
Why Your Investment Returns Are Not What They Appear Your portfolio went up 4% last year. Inflation ran at 5%. You lost money. Here is why the number on your screen tells only half the story. Suppose you invested €10,000 at the start of the year. By December, it had grown to €10,400 — a…
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Amazon Just Hit $3 Trillion. What Does That Actually Mean?
Amazon Just Hit $3 Trillion. What Does That Actually Mean? On August 3, 2026, Amazon became the fifth company in history to reach a $3 trillion market valuation. Here is what that number means, how Amazon got there, and what is actually driving it. On August 3, 2026, Amazon’s stock surged 15% following its second…
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The Price of Free Trading: What Is Payment for Order Flow?
The Price of Free Trading: What Is Payment for Order Flow? When your broker charges you nothing to buy a stock, someone else is paying. Here is who, how much, and what it means for the price you actually get. Commission-free trading feels like a straightforward win for ordinary investors. No fees to buy a…
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Citadel: The Firm That Bought a $45 Billion Portfolio in a Single Trade
Citadel: The Firm That Bought a $45 Billion Portfolio in a Single Trade When Leopold Aschenbrenner’s fund collapsed last week, one firm stepped in and acquired the entire portfolio in a single block trade. Here is how Citadel operates, and why it was uniquely positioned to do it. On July 30, 2026, Goldman Sachs, JPMorgan…
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What Is a Hedge Fund?
What Is a Hedge Fund? In 1998, Long-Term Capital Management — staffed with Nobel Prize winners and managing $126 billion — collapsed in weeks. In 2008, hedge funds betting against the US housing market made billions while the global economy fell apart. Last week, one fund went from $45 billion to a fire sale in…
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From $225 Million to $45 Billion to a Fire Sale: What Happened to Leopold Aschenbrenner’s AI Fund?
From $225 Million to $45 Billion to a Fire Sale: What Happened to Leopold Aschenbrenner’s AI Fund? A former OpenAI researcher built one of the fastest-growing hedge funds in history. Then leverage destroyed it in six days. Here is what happened, and what it tells you about borrowed money. In late 2024, Leopold Aschenbrenner launched…