The Market Structure Map
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...
August 19, 2026
Earnings. This is what the stock market is all about. That’s what we’re told all day long by the financial media. And it would be true if just 51% of the money in the market were driven by earnings. With Morningstar data as barometer, about...
July 22, 2026
My dad wanted to be buried in a pine box on a hillside. Our friend Kim did it. A “natural burial” puts nothing between the deceased person and a return to dust. No embalming, encasement, metal, vaults. Just wood and time and dirt. Kim chose...
July 8, 2026
Passive Investors are buying a SpaceX IPO every month in US equities. If you want to know more about those trends, public companies, ask us. You must understand your addressable market. If Blackrock et al are pumping $75 billion per month into US stocks, the...
July 1, 2026
Amid epic returns for chip stocks, Jeremy Grantham says the market risks a 70% retrenchment. Mr. Grantham, 87, longtime head of Boston’s GMO Capital, is notorious for his “permabear” warnings. He’s been right, depending on how you define “right.” John Maynard Keynes said being right...