Roll Yield and Basis
If Basis = S - F(T) (per page 315 of Schweser Book1) and Roll Yield is your change in Basis how is the formula for Roll Yield = [F(T)0 - F(T)1] - [S0 - S1] per pg. 338?
And if in an efficient market your basis = carrying cost (pg. 335); how dow F(T) = S + carrying cost (pg. 306) if Basis = S - F(T)?
I feel like Basis should be calced as F(T) - S. Am I thinking about this wrong? Should basis just be a magnitude representing the gain on changes in future and spot prices assuming constant carrying cost in a backwardated market?