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MS Pro Briefing | 20th June 2025

MS Pro Briefing | 20th June 2025

Box Spreads, Hedging Premium, Private Equity returns, and more..

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Market Sentiment Pro
Jun 20, 2025
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Market Sentiment Pro
Market Sentiment Pro
MS Pro Briefing | 20th June 2025
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MS Pro has a simple aim: to make your job easier. Our team combs through hundreds of academic and institutional reports every week. With MS Pro, we seek to simplify this into clear, concise, and actionable insights.


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Thanks to all of you who signed up for the pro membership! Since this is coming from a new domain, please send a “hi” back so that these reports come straight to your inbox.


Actionable Insights

  • You can make a slightly higher pre-tax yield than equivalent Treasury bills at a similar risk profile using a box spread. Depending on your tax situation, it can leave you with a meaningfully better after-tax return.

  • Most investors overlook the hedging premium when evaluating international bonds. The 10-year Japanese bond yield is under 2% in the local currency, but after adjusting for currency hedging, the total yield jumps above 5%.

  • Apple released a paper that argued that Large Language Models only have an illusion of thinking and no actual reasoning.

  • Manager selection is vital in realizing the “market-beating” returns touted by alternative asset classes like Private Equity.

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