Market Structure Insights
March 26, 2025
Long ago, I saw a band called Mars Volta, which opened for Incubus in Sacramento. Boy, I’ve dated myself now. Incubus was awesome, Brandon Boyd writhing on the stage and telling us to take the wheel and drive. Mars Volta couldn’t finish a song. So...
February 26, 2025
It’s been a long time since the Flash Crash. So long in fact that heads of investor relations and chief investment officers of funds have come and gone in between. It was 15 years ago. The Flash Crash – an excellent name for a rock...
October 2, 2024
On Buffalo Pass, autumn blazes. In fact, there are a lot of things ablaze, with another earnings season looming. Will you report results the same old way, public companies? One thing blazing are Chinese stocks, which posted the best week and day since 2008. I’m...
July 17, 2024
The Dow Industrials gained 742 points yesterday. Randomly. The rest of the market was pedestrian. The trouble for issuers and investors alike is the comparisons. Why is this thing up and that thing down? There’s a luminous scene in the book Thirteen Moons by Charles...
June 12, 2024
High-frequency traders are data-dependent. The Federal Reserve ought not be. I’ll explain. The U.S. central bank today concludes its open-market (FOMC) meeting. Jay Powell speaks. Before I go further: join the ModernIR webinar today on Leveraging your Treasury for Sellside Coverage. It’s genius. Not because...
December 6, 2023
Demand Signal would be a great name for a rock band. I heard it from Microsoft’s president Brad Smith, who is an attorney, not an engineer. He said Microsoft’s investments in startups often benefit from Microsoft’s “demand signal.” If we’re doing it, you should be...