The Market Structure Map

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May 7, 2025

Crazy Chester followed me and he caught me in the fog. I’ve had that lyric stuck in my head. As it turned out in the song by The Band, Chester wanted him to take Jack the dog. I like this version with Dave Matthews and...

SPGlobal 2024 Capital Flows
February 5, 2025

“Really? That’s all the time you spent?” I said,”Yessir. It doesn’t take long to pull weeds.” I think I was twelve.  The mailman had suggested to Walker Fry, the richest guy in Huntington, Oregon, population 530, where I grew up that the Quast kid would...

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November 20, 2024

Nvidia (NVDA) reports results today after the market closes, like thousands of public companies in the last couple weeks trying to generate alpha. The difference between Nvidia and most of the rest – about 99% – is Nvidia right now generates alpha, a superior return...

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November 13, 2024
Since the re-election of Donald Trump, I’ve seen a half-dozen animated discussions on TV about ending the Federal Reserve, the distant stepchild of Hamilton’s bank....
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October 16, 2024

Options expire and renew starting today and running through Tuesday, the last chance for big hedges and bets on the US presidential election. We could root through Nostradamus’s quatrains for insight on what’ll happen. We could try something more certain, such as wildly guessing.  Or...

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October 9, 2024

Forbes Magazine wrote in Feb 2009 that Warren Buffett is said to have observed, “You pay a very high price in the stock market for a cheery consensus.” On the other hand – you know about the one-handed economist – Baron Rothschild is credited with...

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