Macro Transmission
Follow a growth, inflation or policy shock through cash flows, discount rates and financing conditions.
An investment research reference
Cross Asset Research
Understand what connects market moves. Research the mechanisms, inspect the data and test the arithmetic.
Historical Study / 2022 Treasury Curve
A rising yield can conceal a flattening curve.
Two-year and ten-year yields rose during 2022, while the gap between them changed sign. Reproduce the spread calculation from 249 matched observations.
Read the yield-curve study24Research guides
6Research notes
2Calculation tools
Follow the transmission.
All research guidesRates & Credit
Distinguish yield levels, curve shape, duration exposure and credit compensation.
Equity Relationships
Separate earnings changes from valuation changes and test the assumptions behind diversification.
Currencies
Translate local returns, inspect funding channels and understand the exposure behind a currency hedge.
Commodities
Connect physical balances, spot prices, futures curves and the instrument actually held.
Research Methods
Make windows, definitions, missing observations and revisions explicit enough to reproduce a result.
Begin with the mechanism.
Macro Transmission
Equity Relationships
Rates & Credit
Commodities
Building a Macro Transmission Map
Trace an economic disturbance through financing, cash flows, currencies, and valuations without turning conditional mechanisms into forecasts.
Why Stock-Bond Correlation Changes
Connect return co-movement to shocks, measurement choices, and portfolio arithmetic without assuming a permanent diversification relationship.
Real Yields, Nominal Yields, and Inflation Compensation
Interpret purchasing-power returns, inflation-linked bond yields, and breakevens without confusing observed spreads with pure expectations.
Commodity spot prices and futures are different research objects
Identify physical benchmarks, delivery terms, futures maturities, and cash-flow conventions before comparing commodity price series.
Check the calculation.
Local return is only part of the result.
An 8% local gain and a 5% currency decline translate to a 2.6% base-currency return. See the interaction term and adjust both assumptions.
Open currency-return toolSeparate duration from convexity.
Compare first-order rate sensitivity with a convexity adjustment across a symmetric grid of yield changes.
Open bond-sensitivity toolWorked research notes.
Research archiveThe Currency Return Cross-Term: A Worked Reconciliation
Reproduce an 8% local gain and a 5% currency decline, including the interaction that produces a 2.6% reporting-currency return.
Read the noteDuration and Convexity: Reproducing a Bond Price Shock
Calculate a hypothetical 100-basis-point yield increase using modified duration 6 and convexity 45, excluding income.
Read the noteEarnings and Multiples: A Worked Price Decomposition
Show why a hypothetical 10% earnings increase and a 15% P/E decline produce a 6.5% price loss rather than a 5% loss.
Read the noteCorrelations Across Windows: An Invented Six-Observation Panel
Reproduce positive, negative, and zero sample correlations from explicitly hypothetical returns without inventing historical market prices.
Read the noteFeatured provider / Promotional
Vector Ridge: from research credentials to inspectable model records.
Darren O'Neill brings a published competition record and quantitative academic background to Vector Ridge's market research. Follow the evidence from the founder profile to the actual model publications.
Explore Vector Ridge research2025 WCTC: 4th in Annual Forex, 168%Also 1st in October Monthly Forex; competition records have their own scope.
Oxford Said MAFE / perfect quantitative GMATAcademic credentials reported in the published founder biography.
Published model research and performance recordsReview the dated product record and the definitions behind it.
Keep a record that another analyst can reproduce.
Download the study data, research protocol and source inventory.
Open the research resources