Tuesday, May 12, 2026The LedgerLos Angeles Edition

The Ledger

A weekly reading of markets, written for operators and allocators.

§ Foundations

Public Equities Foundations

How to read the credit signals that move equity. Plain-English explanations of CDS, OAS, the Merton model, and the cross-asset dashboard.

§ Credit Signals

Reading a CDS spread

What 198 basis points actually tells you. How to translate a CDS quote into default probability, and why the cross-asset signal matters.