Primer
How to read a capital stack
Four questions that turn a list of loans and bonds into a view on who gets paid, in what order, and from what.
Research
Research
Methods, primers and notes on credit markets. The ideas behind the numbers on every credit page.
Method
Creation multiples: what you are really paying
A bond at 60 is not cheap or expensive until you work out the price it puts on the whole business. One line of arithmetic does that.
Method
Finding the fulcrum
In a company that cannot pay everyone, one class of debt sits exactly where the value runs out. It behaves like equity, and it is where most of the money is made and lost.