The Market Structure Map
March 4, 2026
Yesterday, the stock market tanked early on news. The news is we’re at war with Iran. On Mar 2, we were at war with Iran too and stocks closed flat to up, oil was down. Then yesterday, shazam! Stocks nosedived. Early anyway. Had the Dow...
February 25, 2026
Everything I ever needed to know about economics I learned in Sri Lanka. I spent 1989 in Sri Lanka teaching at a post-A-level technical school. I was a junior in college and it was a chance to see the world. The village below the school...
February 18, 2026
Follow the big stingray and you’ll never know what you might see. Speaking of which, I’m back from the sea! Belize, specifically. Here’s a collection of trip photos. I was snorkeling near our catamaran with Karen off South Water Caye and came over coral reef upon...
February 4, 2026
When the going gets tough in the stock market, we head to sea. There’s a village on a sidewalk way down south in Belize and there’s a marina from which you can see the far horizon and leave on a boat for the reef. We’ll...
January 28, 2026
NVDA trades about 100 times per second. Should you care? EDITORIAL NOTE: Jan 27 on CNBC with Brian Sullivan, I suggested that market structure should lead public companies to stay with the herd that Blackrock buys. (And I did a segment for EDGE on The...
January 21, 2026
The number of Large Cap Blend Exchange Traded Funds holding a deal stock dropped 40% in the two months after the announcement. Most investment bankers don’t know that deal stocks can struggle not because investors reject transactions but because they skew from benchmarks – and...