· Sample edition
Business, finance, and economics — explained from first principles.
The things worth understanding.
Technology · Sample
The cash leaves as the assets are built. The expense does not arrive all at once. This is capital expenditure: cash exchanged for long-lived assets, then charged against earnings as those assets are used.
Mechanism, abbreviated
9 min · 7 Oct 2026
Deals · Sample
The price of the shares and the price of the firm are different stacks of claims. Harbor’s $18 billion buys the equity. The debt stays a claim. The cash comes with the business.
Mechanism, abbreviated
8 min · 7 Oct 2026
Markets · Sample
They give up a fraction of the company. They do not automatically give up value. The slice gets smaller. Whether it is worth less depends on the price of the new shares and on what the cash becomes.
Mechanism, abbreviated
8 min · 6 Oct 2026
Worth knowing. Not a full explanation.
Economy · Sample
Holding a central bank’s benchmark rate keeps one administered price where it is. Market rates, credit availability, and the exchange rate can still move. A hold does not mean inflation, wages, or growth are finished. This brief illustrates the mechanism. It does not report a specific central-bank decision.
Business · Sample
Cash leaves, and the share count falls. Each remaining share is a larger claim on a firm that now holds less cash. Whether owners are helped depends on the price paid versus the value of that cash inside the business. Percentage and wealth still have to be read separately.
DilutionAccounting · Sample
A board can authorize a multi-year build and pay nothing in the quarter of the announcement. Cash leaves as vendors are paid. If the assets are long-lived, the outlay is capital expenditure: the expense arrives later, as the assets are used, not on the day of the headline.
Capital expenditureConcepts inside this edition.
Event explanations, in order.
Technology · Sample
The cash leaves as the assets are built. The expense does not arrive all at once. This is capital expenditure: cash exchanged for long-lived assets, then charged against earnings as those assets are used.
Deals · Sample
The price of the shares and the price of the firm are different stacks of claims. Harbor’s $18 billion buys the equity. The debt stays a claim. The cash comes with the business.
Markets · Sample
They give up a fraction of the company. They do not automatically give up value. The slice gets smaller. Whether it is worth less depends on the price of the new shares and on what the cash becomes.
Newsletter
Important business, financial, and economic events — explained from first principles.
The edition worth sending is a few explanations, not a pile of headlines. Three things worth understanding.