The Market Structure Map
April 22, 2026
Vanguard founder Jack Bogle said in 2017, “If everybody indexed, the only word you could use is chaos, catastrophe.” He added that the chance of that happening was “zero.” What he meant, though, was that a fully passive market would have no trading. So, it...
April 15, 2026
Say you’re a public company in the S&P 500. How’s your stock doing? For every CIEN and SNDK, there are three components trailing the benchmark, says the math. On average, 72% of S&P 500 stocks the past three years lagged the index. Why? Let...
April 9, 2026
EDITORIAL NOTE: Ahoy! We are at sea, as we thought it would be cold and snowy in Colorado when we planned this trip. Silly us. Departing Denver last week for the Caribbean, it was, like, 80 degrees. Anyway. Read on. Important facts about how the...
April 1, 2026
If you were wondering last week if the stock market was in trouble, you were too late. And that is no April Fool’s joke. EDITORIAL NOTE: I wrote this Sunday Mar 29, and I’m out of the country. So I have no idea what’s happening...
March 25, 2026
March 18, 2026
“How they square increasing liquidity with delaying information is insane.” So said a skeptic in a ycombinator forum about the SEC’s reputed proposal to end mandatory quarterly reporting, reducing required reports from four to two. There is no official SEC rule-filing yet. You’ll find it...