The Market Structure Map
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...
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...
March 11, 2026
I solved a problem. In the book “The Humans,” by Matt Haig, a mathematician is trying to prove the Riemann Hypothesis suggesting deep foundational meaning in prime numbers. No, I didn’t solve that one. A different one. Before I get to that: Oil jumped Monday...
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...
December 10, 2025
I don’t know if it’s better to be the Wildebeest or the Hyena. But there’s safety in the herd. That’s one conclusion from my NIRI Senior Roundtable panel last Thursday with Simplify Asset Management chief strategist Mike Green (who is now also the economics rockstar...
December 3, 2025
Where is the money coming from? It’s the question Karen and I had down in Cabo ahead of Thanksgiving as we observed the hillsides overlooking the Sea of Cortez now festooned with elegant homes. It wasn’t that way the last time I visited 25 years...