Ken Capital
Independent research on macro regimes, market internals, security analysis, and portfolio construction.
An independent investment-research portfolio by Ken Zhang · Baruch College, Zicklin School of Business · Passed all three CMT Program examinations (charter pending qualifying experience) · CFA Program Level I candidate.
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Recent writing
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Research Note
The Fed Anchors the Short End, Not Your Mortgage
A textbook regression says the federal funds rate explains 66% of 30-year mortgage rates. Run the same method on the 2-year Treasury and it holds up. Run the diagnostics on the mortgage and it doesn't.
2026-07-16
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Market Letter
Inaugural Letter — Research in the Open
Why I'm publishing my investment research in the open, how I work, and what to expect from these letters.
2026-07-14
Written by Ken Zhang — economics undergraduate at Baruch College, with prior investment-analyst experience publishing weekly research and Buy/Neutral/Sell recommendations. Building a research track record in the open, toward portfolio and asset management analyst roles. More about the work →