Financial Markets and Instruments
15 chapters
1. Equity Market Structure
[Verse 1]
Three market types you need to know
Order-driven where your orders flow
Quote-driven dealers set the price
Brokered markets for trades so nice
[Chorus]
Market orders quick and fast
Limit orders make them last
Stop-loss saves you from the fall
Iceberg hides the order tall
ODQ - Order, Dealer, Quiet broker
That's the structure, market poker
[Verse 2]
Efficiency comes in three forms here
Weak form says the past's not clear
Semi-strong includes the news
Strong form means there's nothing to choose
[Chorus]
Market orders quick and fast
Limit orders make them last
Stop-loss saves you from the fall
Iceberg hides the order tall
Weak, Semi, Strong - efficiency song
Past, news, all - information's gone
[Bridge]
Bid-ask spread shows the cost
Market depth when liquidity's lost
Value beats and momentum rides
Size matters, calendar hides
Anomalies break the rules
Market's not for perfect fools
[Verse 3]
Index weights tell different stories
Price-weighted for stock price glories
Value-weighted by market cap
Equal-weighted gives each stock a map
Fundamental looks at the books
Rebalancing changes the looks
[Chorus]
Price and Value, Equal, Fun
Four ways to weight till day is done
Rebalance quarterly, reconstitute
When companies don't make the cut
[Verse 4]
Depository receipts cross the sea
Foreign stocks trade locally
Dual listings in two places
Same company, different spaces
[Outro]
From order types to index weights
Market structure sets the stakes
Efficiency and microstructure too
Now you know what markets do
2. Bond Characteristics and Markets
[Verse 1]
When you buy a bond you're lending money out
To governments and companies without a doubt
Par value is the face amount they'll pay you back
Coupon rate determines interest on your track
Maturity date tells you when the loan will end
These basic features help you understand and lend
[Chorus]
Bonds are loans that pay you back
Coupon Maturity Par Value track
Government Corporate Municipal too
Fixed or floating rates for you
Primary markets where they're born
Secondary where they're traded on
[Verse 2]
Call provisions let the issuer pay early
Put provisions help you sell back clearly
Sinking funds set money aside each year
Conversion features make stocks appear
These special rights can change your return
Important details that you need to learn
[Chorus]
Bonds are loans that pay you back
Coupon Maturity Par Value track
Government Corporate Municipal too
Fixed or floating rates for you
Primary markets where they're born
Secondary where they're traded on
[Verse 3]
Treasury bonds from government are safe
Corporate bonds pay more but risks you face
Municipal bonds from cities tax-free gains
Sovereign bonds from foreign nations' reins
Supranational from world banks flow
Each type has risks you need to know
[Chorus]
Bonds are loans that pay you back
Coupon Maturity Par Value track
Government Corporate Municipal too
Fixed or floating rates for you
Primary markets where they're born
Secondary where they're traded on
[Bridge]
Zero coupon bonds pay nothing till the end
Inflation-linked adjust when prices bend
Securitized bonds bundle loans together
MBS and ABS through any weather
Bond indenture is the legal contract
Covenants protect what you've enacted
[Verse 4]
Primary markets where new bonds debut
Investment banks help price them through
Secondary markets where trading flows
Over the counter is how it mostly goes
No central exchange like stocks you see
Dealers make markets for you and me
[Chorus]
Bonds are loans that pay you back
Coupon Maturity Par Value track
Government Corporate Municipal too
Fixed or floating rates for you
Primary markets where they're born
Secondary where they're traded on
[Outro]
From corporate debt to government bills
Bond markets fund the world that builds
Remember features markets and types
Your CFA knowledge takes new heights
3. Bond Valuation
[Verse 1]
When a bond is born, it promises to pay
Interest every period, principal one day
To find what it's worth in today's money
Discount all cash flows, that's the key
Present value of payments, each one has its rate
Spot rates tell us now what future dollars weigh
Sum them all together, that's your bond's true price
Mathematics never lies
[Chorus]
P-V cash flows, that's the way
Spot rates, forward rates, show the way
Y-T-M, Y-T-C, yields we need to know
Current yield's just annual, divided by the price below
Bond valuation, future to today
Present value is the way
[Verse 2]
Current yield's so simple, coupon over price
Yield to maturity assumes you hold it tight
Yield to call considers when they might pay back
Yield to worst protects you from the risks you lack
Money market uses different ways to count
Three-sixty basis, not three-sixty-five amounts
Bond equivalent yield converts it all the same
Standard comparison game
[Chorus]
P-V cash flows, that's the way
Spot rates, forward rates, show the way
Y-T-M, Y-T-C, yields we need to know
Current yield's just annual, divided by the price below
Bond valuation, future to today
Present value is the way
[Bridge]
Spot curve shows us rates for every single year
Par curve bonds at face value, yields crystal clear
Forward rates predict tomorrow's borrowing cost
Bootstrap builds the curve from bonds we've crossed
[Verse 3]
When bonds don't trade much, matrix pricing helps
Use similar bonds to price what no one sells
Arbitrage-free framework keeps the prices true
No free lunch for me or you
Start with shorter bonds to build your rates up high
Bootstrap methodology, layer by layer try
Each new bond reveals the rate that's hidden there
Building curves with perfect care
[Chorus]
P-V cash flows, that's the way
Spot rates, forward rates, show the way
Y-T-M, Y-T-C, yields we need to know
Current yield's just annual, divided by the price below
Bond valuation, future to today
Present value is the way
[Outro]
From the cash flows to the curves
Bond valuation's what we've learned
Present value saves the day
That's the bond valuation way
4. Interest Rate Risk
[Verse 1]
When interest rates start to climb and fall
Bond prices dance upon the wall
Duration tells us how they'll move
A measure that we need to prove
Macaulay counts the weighted time
Till cash flows back, dollar and dime
[Chorus]
Duration, convexity, price sensitivity
Mac-D, Mod-D, and effective too
PVBP shows the basis point view
When rates go up, prices fall down
Duration tells us by how much around
[Verse 2]
Modified duration takes Mac-D
Divides by one plus yield, you see
Effective duration's better still
For bonds with options, fits the bill
Key rate duration breaks it down
By maturity, piece by piece around
[Chorus]
Duration, convexity, price sensitivity
Mac-D, Mod-D, and effective too
PVBP shows the basis point view
When rates go up, prices fall down
Duration tells us by how much around
[Verse 3]
Money duration's dollar terms
Price value basis point confirms
One basis point, how much we lose
PVBP gives us the news
Convexity adds the curve
When duration alone won't serve
[Bridge]
Positive convex, prices rise more, fall less
Negative convex brings more stress
Callable bonds have caps above
Putable bonds, floors we love
Mortgage-backed with prepay risk
Make the convexity more brisk
[Verse 4]
Term structure theories tell the tale
Expectations never fail
Liquidity wants a premium paid
Segmented markets, separate trade
Preferred habitat finds its home
Where investors like to roam
[Chorus]
Duration, convexity, price sensitivity
Mac-D, Mod-D, and effective too
PVBP shows the basis point view
When rates go up, prices fall down
Duration tells us by how much around
[Outro]
Interest rate risk, now you know
How bond prices ebb and flow
Duration and convexity combined
Keep these measures in your mind
5. Credit Analysis
[Verse 1]
When a borrower might not pay you back
That's credit risk upon the track
Default probability shows the chance they'll fall
Loss given default tells you how much you'll lose it all
Expected loss combines these two
Recovery rates will see you through
[Chorus]
Credit analysis, breaking it down
PD times LGD, expected loss found
Investment grade or high yield bound
Rating agencies make the sound
Spreads and models, risks unwound
Credit analysis, knowledge profound
[Verse 2]
Investment grade means triple B and higher still
High yield bonds are riskier but pay the bill
Moody's, S&P, and Fitch decide the fate
Migration patterns show how ratings fluctuate
From strong to weak or weak to strong
The rating journey can be long
[Chorus]
Credit analysis, breaking it down
PD times LGD, expected loss found
Investment grade or high yield bound
Rating agencies make the sound
Spreads and models, risks unwound
Credit analysis, knowledge profound
[Verse 3]
G-spread measures over government bonds so clean
Z-spread uses the whole curve, if you know what I mean
I-spread compares to swaps instead
OAS adjusts for options in your head
These spreads reveal the extra yield
For credit risk that won't be healed
[Verse 4]
Merton model sees equity as a call
On firm assets standing tall
If assets fall below the debt
Shareholders get nothing yet
Hazard rates in reduced form
Show default risk through the storm
[Bridge]
Leverage ratios tell the tale
Debt covenants help prevail
Distressed debt for bargain hunters
Credit scoring never flounders
Sovereign risk looks at the state
Fiscal strength determines fate
[Chorus]
Credit analysis, breaking it down
PD times LGD, expected loss found
Investment grade or high yield bound
Rating agencies make the sound
Spreads and models, risks unwound
Credit analysis, knowledge profound
[Outro]
From corporate bonds to sovereign debt
Credit analysis is your best bet
Understanding risk in every loan
Makes credit markets feel like home
6. Securitization
[Verse 1]
Banks create loans but want to free up cash
Securitization helps them make that dash
Originator bundles loans together tight
Creates a package ready for the light
Special Purpose Vehicle takes the stage
Isolates the assets from the bank's cage
Transform illiquid loans to liquid gold
Securities that investors want to hold
[Chorus]
SPV takes the loans away
Tranching splits the risk today
Senior, mezzanine, subordinate
Credit enhancement makes it safe to take
Securitization, transformation
Turning loans to liquid sensation
[Verse 2]
Credit enhancement makes the deal more sweet
Subordination puts junior beneath
Overcollateralization adds more collateral
Excess spread provides a financialaterial
Surety bonds guarantee the payment flow
Making senior tranches safer as they go
Pass-through certificates send payments straight
CMOs control the timing and the rate
[Chorus]
SPV takes the loans away
Tranching splits the risk today
Senior, mezzanine, subordinate
Credit enhancement makes it safe to take
Securitization, transformation
Turning loans to liquid sensation
[Bridge]
Sequential pays in order, one by one
PAC tranches get protected from the run
Support tranches absorb prepayment shock
CPR measures how fast payments rock
SMM is monthly, PSA's the standard way
Auto loans and credit cards join the fray
[Verse 3]
Mortgage-backed securities lead the dance
Pass-throughs give investors payment chance
CDOs can be cash flow or synthetic
Real assets or just derivatives kinetic
Covered bonds stay on the balance sheet
Dual recourse makes the structure complete
Asset-backed securities diversify the game
Student loans and autos stake their claim
[Chorus]
SPV takes the loans away
Tranching splits the risk today
Senior, mezzanine, subordinate
Credit enhancement makes it safe to take
Securitization, transformation
Turning loans to liquid sensation
[Outro]
From origination to investor's hand
Securitization helps capital expand
Breaking down the barriers of illiquid debt
Creating markets where investors can bet
7. Fixed Income Portfolio Management (Level III)
[Verse 1]
When you've got liabilities coming due
Match your cash flows, that's what smart managers do
Duration matching keeps the interest rate risk low
Immunization helps your portfolio grow
But when rates fall too far, you might want to switch
Contingent immunization gives you that twitch
[Chorus]
LDI keeps you safe and sound
Cash flow match when payments come around
Full rep, sampling, optimize your way
Active strategies help you win the day
Bullet, barbell, ladder up the curve
Currency hedging protects what you deserve
[Verse 2]
Index replication starts with full complete
Every single bond, no shortcuts to beat
Stratified sampling groups by similar traits
Optimization software calculates the weights
Tracking error minimal, costs under control
Choose your method based upon your goal
[Chorus]
LDI keeps you safe and sound
Cash flow match when payments come around
Full rep, sampling, optimize your way
Active strategies help you win the day
Bullet, barbell, ladder up the curve
Currency hedging protects what you deserve
[Verse 3]
Sector rotation, move from corps to govs
Duration management when the Fed rate shoves
Credit positioning, spread the risk around
Yield curve strategies keep your feet on ground
Bullet concentration, barbell at the ends
Ladder through the years, on time it depends
[Bridge]
International bonds bring currency risk
Cross-currency basis makes the spread more brisk
Hedge your exposures when you venture far
Forward contracts are your guiding star
Basis swaps and futures lock the rate
Don't let currency swings seal your fate
[Chorus]
LDI keeps you safe and sound
Cash flow match when payments come around
Full rep, sampling, optimize your way
Active strategies help you win the day
Bullet, barbell, ladder up the curve
Currency hedging protects what you deserve
[Outro]
Fixed income mastery takes time to learn
Match your strategy to the income you earn
From immunization to active plays
Portfolio management has many ways
8. Derivative Instruments
[Verse 1]
Forward contracts lock the price today
For future delivery, that's the way
Cost of carry sets the fair value right
Storage plus interest minus dividends in sight
Zero value when you start the deal
But mark-to-market makes profits real
Cash or physical when contract's done
Forward pricing theory, we've just begun
[Chorus]
Derivatives dancing, four types in line
Forwards and futures, swaps by design
Options give choices, calls going up
Puts going down, fill up your cup
Cost of carry, margin calls too
Mark-to-market, convergence is true
Intrinsic and time value, moneyness plays
Derivative instruments, learn all their ways
[Verse 2]
Futures trade on exchanges with margin required
Initial deposit gets you hired
Maintenance level keeps you in the game
Daily settlement, profits and losses the same
Convergence happens as expiry nears
Spot and futures price, the gap disappears
Basis risk when hedging's not perfect
But futures markets keep flowing and working
[Chorus]
Derivatives dancing, four types in line
Forwards and futures, swaps by design
Options give choices, calls going up
Puts going down, fill up your cup
Cost of carry, margin calls too
Mark-to-market, convergence is true
Intrinsic and time value, moneyness plays
Derivative instruments, learn all their ways
[Verse 3]
Swaps exchange cash flows, that's the plan
Fixed for floating, understand
Interest rates, currencies, equity too
Total return swaps, performance flows through
Pricing swaps at par when they begin
Present value zero, that's how we win
Notional amounts stay theoretical
While cash flows dance, so practical
[Bridge]
Options give you rights but no obligation
Calls bet up, puts bet down with dedication
American style, exercise anytime
European waits till expiration chime
In-the-money, at-the-money, out-of-the-money states
Intrinsic value plus time value, that's what makes their rates
[Final Chorus]
Derivatives dancing, four types in line
Forwards and futures, swaps by design
Options give choices, rights without duty
Understanding derivatives, now that's beauty
From cost of carry to margin's embrace
These instruments help us hedge and trade space
Master these concepts, you're on your way
CFA knowledge grows stronger each day
[Outro]
Forward, futures, swaps, and options
Financial markets give us all these adoptions
Learn them well, use them right
Derivative knowledge shining bright
9. Options Pricing
[Verse 1]
In the world of options trading there's a price to calculate
Binomial trees will show us how the value can fluctuate
One period or two periods we build the branches out
Risk neutral probability tells us what it's all about
[Chorus]
Put plus stock equals call plus strike discounted back today
That's the parity formula that never goes away
Delta gamma vega theta rho the Greeks will guide your way
Options pricing models help the traders make their play
[Verse 2]
Black-Scholes-Merton needs five inputs to make the magic work
Stock price strike and time to go with risk-free rate that lurks
Volatility's the fifth one and assumptions must be met
Constant volatility and rates, no dividends to get
[Chorus]
Put plus stock equals call plus strike discounted back today
That's the parity formula that never goes away
Delta gamma vega theta rho the Greeks will guide your way
Options pricing models help the traders make their play
[Bridge]
Delta measures price sensitivity to the underlying move
Gamma shows how delta changes as the stock price finds its groove
Vega captures volatility while theta counts the days
Rho responds to interest rates in all the different ways
[Verse 3]
Implied volatility comes from market prices that we see
When it varies by the strike we get a smile or skew you see
Replicating portfolios can match the option's flow
With stocks and bonds combined just right the arbitrage won't show
[Chorus]
Put plus stock equals call plus strike discounted back today
That's the parity formula that never goes away
Delta gamma vega theta rho the Greeks will guide your way
Options pricing models help the traders make their play
[Outro]
From binomial trees to Black-Scholes formulas
The Greeks and parity will guide us through
Options pricing mastery awaits for you
10. Derivative Strategies
[Verse 1]
When you own a stock and want some extra cash
Write a covered call, collect that premium stash
You keep the money but cap your upside gain
If price goes up too much, your shares will be taken away
But if you're worried that your holdings might decline
Buy a protective put, it's your safety line
Pay a premium for the right to sell at strike
Insurance for your portfolio when markets take a hike
[Chorus]
Covered calls and protective puts, hedge your way
Bull spreads rise, bear spreads fall, that's how they play
Straddles catch the big moves up or down
Strangles give you room to dance around
Butterfly spreads and collars tight
Calendar time and income bright
Options strategies, learn them well
Risk and reward stories to tell
[Verse 2]
Bull call spreads when you think prices will climb
Buy low strike, sell high strike, profit over time
Bear put spreads when you think they're going down
Buy high strike, sell low strike, profit all around
Calendar spreads play the passage of time
Same strike price but expiration's not aligned
Sell the near month, buy the distant date
Time decay works for you, just sit and wait
[Chorus]
Covered calls and protective puts, hedge your way
Bull spreads rise, bear spreads fall, that's how they play
Straddles catch the big moves up or down
Strangles give you room to dance around
Butterfly spreads and collars tight
Calendar time and income bright
Options strategies, learn them well
Risk and reward stories to tell
[Bridge]
Butterfly spreads with three strikes in a row
Buy the wings, sell the body, watch profits grow
Long straddle when you think there's volatility
Same strike, same expiration, movement sets you free
Short strangle sells both put and call apart
Collect premium hoping price stays near the heart
Collar protects with put below and call above
Limits risk and reward like a gentle glove
[Chorus]
Covered calls and protective puts, hedge your way
Bull spreads rise, bear spreads fall, that's how they play
Straddles catch the big moves up or down
Strangles give you room to dance around
Butterfly spreads and collars tight
Calendar time and income bright
Options strategies, learn them well
Risk and reward stories to tell
[Outro]
From hedging risk to income streams
Options help achieve your dreams
Master these strategies today
For CFA success along the way
11. Pricing and Valuation Framework
[Verse 1]
In the market where the prices flow
There's a rule that every trader knows
No arbitrage means one fair price
Same asset can't be sold twice
If you find two different quotes today
Buy the low and sell away
Law of one price keeps it clean
Replication builds the pricing machine
[Chorus]
No arbitrage, one price to pay
Risk neutral makes the math okay
Forward rates and options too
CDS spreads will guide you through
Price it right, value it true
Framework built for me and you
[Verse 2]
Risk neutral world is where we play
Expected returns all the same way
Discount everything at risk-free rate
Makes our calculations straight
Forward rate agreements lock the deal
Interest rates become so real
Set today what you'll pay tomorrow
No more interest rate sorrow
[Chorus]
No arbitrage, one price to pay
Risk neutral makes the math okay
Forward rates and options too
CDS spreads will guide you through
Price it right, value it true
Framework built for me and you
[Bridge]
Caps protect you when rates go high
Floors will catch you if they die
Collars give you both combined
Swaptions keep peace of mind
Credit default swaps insure
Against the risk you can't endure
Indices spread the risk around
Sound foundations can be found
[Verse 3]
CDS pricing tells the tale
Of credit risk without fail
Higher spreads mean danger near
Lower spreads keep skies clear
Market makers quote the price
Based on probability's dice
Five year standard is the norm
Protecting from the credit storm
[Final Chorus]
No arbitrage, one price to pay
Risk neutral makes the math okay
Forward rates and options too
CDS spreads will guide you through
Price it right, value it true
Framework built for me and you
Framework built for me and you
12. Essential reading
[Verse 1]
There's a professor named Phalippou
Who looked behind the curtain blue
At private equity's golden claims
And found they're playing different games
The billionaire factory machine
Makes wealth from fees, not what it seems
Returns inflated, truth concealed
It's time these secrets are revealed
[Chorus]
IRR's a lie, don't be deceived
The tyranny that makes you believe
Higher numbers, twisted math
Leading investors down the wrong path
Phalippou shows what they don't tell
The inconvenient truth they hide so well
Private equity laid bare
Finally someone who truly cares
[Verse 2]
Twenty twenty brought the facts
In papers showing all the cracks
An Inconvenient Fact revealed
How real returns are often sealed
The carry fees and phantom gains
While pension funds feel all the pains
SSRN published wide
The research they tried to hide
[Chorus]
IRR's a lie, don't be deceived
The tyranny that makes you believe
Higher numbers, twisted math
Leading investors down the wrong path
Phalippou shows what they don't tell
The inconvenient truth they hide so well
Private equity laid bare
Finally someone who truly cares
[Bridge]
Read the book that tells it all
Private Equity's rise and fall
Internal rates that twist the story
Hiding failure, faking glory
Ludovic's the name to know
When you want the real cash flow
[Verse 3]
The tyranny paper breaks it down
Why IRR's the biggest clown
Of metrics used in finance halls
It stumbles when the market falls
Multiple expansion tricks
With timing games and money tricks
The comprehensive critique stands strong
Exposing what's been going wrong
[Final Chorus]
IRR's a lie, now you can see
The tyranny that used to be
Hidden from investors' eyes
Behind a wall of financial lies
Phalippou pulled back the veil
Told the truth when others fail
Private equity laid bare
Now you know, so please beware
[Outro]
Essential reading for your mind
Don't let the wool cover your eyes
What they know that you don't yet
Is written down, so don't forget
13. Essential reading
[Verse 1]
There's a playbook they don't want you to see
Hidden strategies of private equity
CAMP report from twenty-twenty-four
Shows the methods they've been using more and more
Appelbaum and Batt laid the foundation
Academic truth about wealth concentration
[Chorus]
Four essential books to read today
To learn their secrets, know their way
Private equity's hidden game
Plunder, pillage, shift the blame
Read the playbook, know their moves
Knowledge is the power that improves
[Verse 2]
Ballou wrote "Plunder" in twenty-three
Accessible stories for you and me
How they plan to strip America bare
Taking profits while pretending they care
Morgenson, Rosner joined the fight
"These Are the Plunderers" brought truth to light
[Chorus]
Four essential books to read today
To learn their secrets, know their way
Private equity's hidden game
Plunder, pillage, shift the blame
Read the playbook, know their moves
Knowledge is the power that improves
[Bridge]
Academic foundation first
Then the narrative that's well-rehearsed
Latest research shows their hand
Now you'll finally understand
Why the wealthy keep getting more
While communities hit the floor
[Verse 3]
Leverage buyouts, debt loading schemes
Crushing worker pension dreams
Extract value, cut the cost
Count the jobs and lives they've lost
But now you have the reading list
To see through their capitalist mist
[Chorus]
Four essential books to read today
To learn their secrets, know their way
Private equity's hidden game
Plunder, pillage, shift the blame
Read the playbook, know their moves
Knowledge is the power that improves
[Outro]
CAMP, Appelbaum, Ballou too
Morgenson's research calling you
Essential reading starts today
Don't let them take your wealth away
14. Essential reading
[Verse 1]
There's a world of knowledge hiding in plain sight
CAMP publications shed monopoly light
Canadian Anti-Monopoly Project's the name
Fighting corporate power in the market game
Letters from CAMP arrive each month with news
Essential reading you cannot afford to lose
[Chorus]
Read the letters, know the code
C-fifty-six and fifty-nine on the legislative road
CAMP submissions tell the tale
How to make fair markets prevail
Don't just follow, understand the game
Essential reading lights the flame
[Verse 2]
Bill C-fifty-six came down from parliament hill
Competition changes, bend them to your will
C-fifty-nine follows close behind its track
CAMP's submissions help you get the facts
Line by line they break it down for you
Showing what the new laws really do
[Chorus]
Read the letters, know the code
C-fifty-six and fifty-nine on the legislative road
CAMP submissions tell the tale
How to make fair markets prevail
Don't just follow, understand the game
Essential reading lights the flame
[Bridge]
February twenty-twenty-five will bring
CAMP and Social Capital Partners offering
Joint submission to Ontario's SEC
Retail investor access to PE
Private equity shouldn't hide behind closed doors
Knowledge opens up forbidden shores
[Verse 3]
Don't just trade on tips or market hype
Dig deeper than the surface type
Publications hold the master key
To understanding what you cannot see
While others guess, you'll know the score
Essential reading opens every door
[Chorus]
Read the letters, know the code
C-fifty-six and fifty-nine on the legislative road
CAMP submissions tell the tale
How to make fair markets prevail
Don't just follow, understand the game
Essential reading lights the flame
[Outro]
What they know that you don't yet
Is written down, no need to fret
CAMP's wisdom waits for you to find
Essential reading feeds your mind
15. Essential reading
[Verse 1]
Stanford says economics ain't just theory in the sky
It's how we work and live and breathe, it's you and me and why
The markets aren't some natural force like wind or rain or snow
They're built by people, changed by choice, that's what you need to know
[Chorus]
Read the books they don't want you to see
Stanford, Philippon, they hold the key
Stoller shows the monopoly game
Canadian Dimension breaks the frame
Essential reading sets you free
From the lies of false economy
[Verse 2]
Philippon looked at competition, thought he'd find it strong
But deregulation's promises had got it all wrong
Less rules didn't mean more players in the market space
It meant the big fish ate the small, monopoly took place
[Chorus]
Read the books they don't want you to see
Stanford, Philippon, they hold the key
Stoller shows the monopoly game
Canadian Dimension breaks the frame
Essential reading sets you free
From the lies of false economy
[Bridge]
Canadian Dimension tells the tale
How neoliberalism made workers fail
Productivity up but wages down
That's the story all around this town
[Verse 3]
Stoller digs through history's page, finds Goliath's rise
How giants crushed the little guy despite democracy's tries
The anti-monopoly tradition fought for you and me
But somewhere along the way we lost that legacy
[Chorus]
Read the books they don't want you to see
Stanford, Philippon, they hold the key
Stoller shows the monopoly game
Canadian Dimension breaks the frame
Essential reading sets you free
From the lies of false economy
[Outro]
Four books, four voices, one clear call
Economics should work for us all
Don't let them tell you it's too complex
These essential reads are what comes next
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