{"@attributes":{"version":"2.0"},"channel":{"title":"The Seam","description":"Data-driven, contrarian essays \u2014 finding the places where the data has already turned and consensus hasn't caught up.","link":"https:\/\/edward4226.github.io\/","item":{"title":"You bought a futures contract that settles in four years","link":"https:\/\/edward4226.github.io\/blog\/diploma-futures\/","guid":"https:\/\/edward4226.github.io\/blog\/diploma-futures\/","description":"The diploma as a credit instrument, and the several guarantors all failing to back it at once \u2014 the redeemer, the issuer, the secondary market, and the collateral underneath.","pubDate":"Thu, 11 Jun 2026 00:00:00 GMT"}}}