Pillar · 2 lessons · newest first
Commodities & Alternatives.
Physical raw materials plus everything off the public exchange — crypto, private equity, real estate, venture capital. Everything published under this pillar so far, using that week's real story as the walkthrough.
From Issue No. 15 · August 9th, 2026
How a Gold Futures Contract Actually Gets Its Price
The gap between spot gold and a futures price isn't a forecast. It's arithmetic — and interest rates set almost all of it.
Read this lessonFrom Issue No. 12 · July 17th, 2026
What even is Backwardation?
he oil futures curve normally slopes up. This week it flipped and here's what that means.
Read this lessonFrom Issue No. 11 · July 10th, 2026
The Hedge Fund Strategy That Argues With the Deal
Most shareholders take the buyout price and move on. Some hedge funds buy in specifically to ask a judge to set a higher one.
Read this lessonFrom Issue No. 08 · June 28th, 2026
The Anatomy of a Leveraged Buyout
Raise it, borrow it, improve it, and sell it.
Read this lesson