Research, Policy & Execution Notes
Deep research on synthetic credit structures, tax treatment, and execution mechanics for disciplined portfolio decisions.
How Synthetic Financing Can Change an Investment Strategy's Return Profile
A scenario analysis of how box financing and a collar can change the return profile of a stock position.
SPX vs SPY: Why Cheaper Financing Requires Active Management
A comparison of SPX and SPY structures for accessing portfolio liquidity without selling long-term holdings.
How to Think About Borrowing Against a Portfolio Without Selling
How to evaluate collateral, drawdown cushion, rate structure, tax timing, and forced-sale risk before borrowing against securities.
What CPI Means for Your Cost of Liquidity
Why CPI surprises can change the funding curve behind broker margin, SBLOCs, and box-spread liquidity.
Complete Research Archive
Every published note, brief, and explainer — organized by topic.
Broker Margin vs. SBLOC vs. Box Spread
A clear side-by-side look at cost, flexibility, and risk across the three main portfolio-liquidity paths.
How a Box Spread Works in a Real Portfolio
A practical scenario showing how cash, NLV, and account risk change after a $200,000 box spread withdrawal.
Why We Use SPX for Box Spreads
A practical explanation of why European-style SPX options usually produce a cleaner funding structure than many other underlyings.
Section 1256 and the 60/40 Rule
A concrete tax example showing how a bank loan and an SPX box spread can produce different after-tax funding outcomes.
Why We Use SPX for Box Spreads
A practical explanation of why European-style SPX options usually produce a cleaner funding structure than many other underlyings.
Section 1256 and Box Spreads
Understand mark-to-market treatment, the 60/40 capital gains split, and why SPX box spreads can have different tax mechanics from ordinary borrowing.