The Market Structure Map
July 15, 2026
Whatever you write, do it as though somebody will read it back to you in a court of law. I can’t recall who passed that gem along to me. I’ve never had to experience it, thus far. Maybe because I follow it. Anyway, with that...
July 8, 2026
Passive Investors are buying a SpaceX IPO every month in US equities. If you want to know more about those trends, public companies, ask us. You must understand your addressable market. If Blackrock et al are pumping $75 billion per month into US stocks, the...
July 1, 2026
Amid epic returns for chip stocks, Jeremy Grantham says the market risks a 70% retrenchment. Mr. Grantham, 87, longtime head of Boston’s GMO Capital, is notorious for his “permabear” warnings. He’s been right, depending on how you define “right.” John Maynard Keynes said being right...
June 24, 2026
Did you know AMD came within a hair of $900 billion of market cap Monday? It was back down to $850 billion yesterday after what Bloomberg cleverly called the “Chip Wreck.” The Wall Street Journal wasn’t quite so original, calling it the Tech Wreck. And...
June 17, 2026
If I had a rock band, I would be tempted to name it “Tracking Error.” There are so many good names for rock bands. The sheer magnitude of data casts uncertainty on what I’d call it. I used to keep a list. “Parking Lot Campers”...
June 10, 2026
I probably liked Jay Woods best. We’re back in the mountains after a junket to Chicago for the NIRI Annual Conference, where the joy is seeing our clients, colleagues and friends. Have been there some 25 times and it never gets old. And I thought...