Market Structure Insights

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February 21, 2024

Last week, markets were abuzz over the zero that lifted LYFT.  For those who were vacationing or living hermetically and missed it, Lyft reported financial results and inadvertently added a zero to adjusted EBITDA margin-expansion, giving machines the notion profit margins improved 5% instead of...

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February 14, 2024

I’ve got my Valentine, for which I’m grateful every day.  Whether the market finds love after yesterday’s blood remains to be seen. Back when the Romans celebrated Lupercalia, there was blood.  Romans knifed a goat to arouse the gods of fertility and then flicked bloody...

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February 7, 2024

On Nov 15, 2021, NVDA closed at $345.30 on a hundred million shares of volume. Without context, that information is interesting but unhelpful.  I’d note it was a monthly options-expirations date (those are bigger than ever for hedging, and routinely we find that Activist swaps...

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January 31, 2024

Consumers are confident. I’m not sure they have all the data. It’s a lesson for public companies. In case you missed it, The Conference Board’s monthly consumer confidence survey reached a two-year high. Nielson runs the survey, and The Conference Board will sell you a...

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January 24, 2024

If I said the name “Sherlock Holmes” to you, what’s your snap response? Probably, “Elementary, my dear Watson.” I have long favored a line by Sir Arthur Conan Doyle, written for his fictitious detective Sherlock Holmes. Eliminate the impossible and what remains, no matter how improbable,...

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January 17, 2024

What do bitcoin Exchange Traded Funds mean for public companies?   More competition for those dollars you chase with your story. A number of you emailed or texted similar thoughts after the SEC faceplanted into approving the instruments last week (a supposed “hacked” announcement on...

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