Oxford Ledge — markets, SEC filings, and free finance lessons. Tuesday, July 21st.
A research platform for lifelong students and investors — live markets, SEC filings, and over four hundred free lessons.
LEDGE FACTLevel 1 fair value uses unadjusted quoted prices in active markets; Level 3 uses unobservable inputs. (FASB ASC 820)
Today's headlines
Moody’s Flags Rising Risks in Indonesia on Policy Uncertainty
Korean Stock Traders Slash Margin Loans to Lowest Since April (Bloomberg)
Start with a lesson
No account needed — the lessons are free. Begin with how the market actually works, in plain English, a few minutes at a time.
From the reading list — Book
Edward Chancellor: “Capital Returns”
13F holdings
Large investment funds must disclose their U.S. stock holdings every quarter. Third Point opened a new ~$51M position in Meta Platforms (META).
Trian Fund Management opened a new ~$4M position in Magnum Ice Cream Co (MICC).
BDC universe
Business-development companies are private-credit funds that file their loan books quarterly. Most-held borrower across BDCs: Integrity Marketing Acquisition, LLC, Diversified Financial Services — Insurance (8 BDCs have reported exposure).
Markets
10-year sits at 4.55% — up 36 bps from the year's open.
What’s new
- The pulse bar now reads credit, rates, and goldThe always-on market strip grew three signals: the 10-year Treasury yield with its one-day move in bps, the ICE BofA high-yield credit spread (end-of-day, in bps), and GLD.
- Markets opens with a plain-English read of the dayA new Day's Ledger paragraph narrates today's tape from two public numbers - the S&P 500's one-day move and the VIX - with fixed regime labels and a methodology page documenting the exact thresholds.
- The concept map behind the curriculum, now publicBrowse all 105 concepts across 11 domains - each with the one-line intuition we most want you to remember - and see how the Bayesian mastery model tracks every one per learner.