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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…
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Why Does the US Economy Affect the Whole World?
Why Does the US Economy Affect the Whole World? The United States produces a quarter of global output with 4% of the world’s population. Here is why that concentration of economic power means that what happens in America does not stay in America. When the US Federal Reserve raises interest rates, borrowing costs rise in…
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What Is a Tariff and Why Is Everyone Talking About Them?
What Is a Tariff and Why Is Everyone Talking About Them? Trade wars, rising prices, and retaliating governments. Here is what a tariff actually is, how it reaches your wallet, and why the current situation is the most significant in decades. The United States average effective tariff rate in 2026 stands at 11%, the highest…