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...
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...
July 15, 2026
Whatever you write, do it as though somebody will read it back to you in a court of law. I can’t recall who passed that gem along to me. I’ve never had to experience it, thus far. Maybe because I follow it. Anyway, with that...
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...
June 17, 2026
If I had a rock band, I would be tempted to name it “Tracking Error.” There are so many good names for rock bands. The sheer magnitude of data casts uncertainty on what I’d call it. I used to keep a list. “Parking Lot Campers”...