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Long-form work on markets, mechanisms and running money.
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The Portfolio Hidden Inside a Bank Hybrid
As Australia’s bank hybrids are phased out, the capital comes back with several plausible destinations. Making their income figures comparable is only the start of deciding what belongs in the portfolio next.
The Put Premium That Commits You to Buy
A cash-backed put pays cash at inception, but the seller’s exposure keeps changing as the shares fall. Before assignment, the position can behave increasingly like the underlying equity.
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