The Market Structure Map
May 27, 2026
Tokens are coming for your stock, public companies. But not yet. According to a Bloomberg article (subscription required) from Scott Patterson, veteran market-structure reporter (long at the WSJ) and author, regulators have delayed a plan to grant exemptions for tokenized stocks. Because there are big...
May 6, 2026
Warren Buffett last week called the stock market a church with a casino attached to it. AI didn’t know how to interpret it, but he means investing is a hieratic pursuit. A commitment. Somber and serious. A casino is like a brothel – about self-gratification....
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...
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...
January 7, 2026
If we need more proof that the stock market is an autonomous system, look no further than a rally on the “Donroe Doctrine,” as some are calling it. Happy New Year! We resume our coverage of US equity market structure, the mechanics of stocks. I’m...
October 8, 2025
Public companies shouldn’t report financial results during index-options expirations because the numbers are large. The law of large numbers says that as the number of random events increases, the probability that the outcome moves toward the mean increases. Is that manifesting in the stock market?...