The Market Structure Map
October 21, 2026
What if you had a genie in a bottle? Some $25 trillion of assets do. It’s Blackrock’s Aladdin risk management system. It was nearly $22 trillion a year ago. So I peg it to $25 trillion by looking at the money flowing to Exchange Traded...
October 7, 2026
The Pinta landed in the bay of Baiona alongside the castle of Monterreal on Mar 1, 1493. Those of you who learned that Christopher Columbus sailed the ocean blue in 1492 will make the connection. His Santa Maria foundered on a reef off Haiti around...
September 30, 2026
EDITORIAL NOTE: If you’re reading this edition of the blog and it feels, as Yogi Berra would say, like deja vu all over again, it’s because I wrote this in May and it published the 13th of that month. If you think, “Well how can...
September 23, 2026
EDITORIAL NOTE: Queridos leitores! Portuguese is a hard language (well, not if you’re Portuguese). So dear readers, this is a Best of the ModernIR blog from back in the summer. We’re riding bikes in Portugal’s really steep Douro Valley. We’ll report back in October! As...
September 9, 2026
ChargePoint (CHPT) traded 44 million shares Sep 3, almost twice its ledger of 24 million, and rose from around $5 to over $9. Yes, in Dec 2020, it was trading above $900, with market cap over $15 billion versus today’s $250 million. How did its...
August 26, 2026
Twenty-five lighters on the dresser, yessir, and I gotsta get paid. That’s what NVDA investors are saying today. The ZZ Top (God rest Frank Beard) version of that song has Billy Gibbons at his gravelly best. I saw a documentary on the band, and Billy...