The Market Structure Map
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”...
June 10, 2026
I probably liked Jay Woods best. We’re back in the mountains after a junket to Chicago for the NIRI Annual Conference, where the joy is seeing our clients, colleagues and friends. Have been there some 25 times and it never gets old. And I thought...
June 3, 2026
The stock market has gone to the dogs. Well, one of them anyway. Before I get to that (and I’ll correct my deliberate syntactical gaffe – one market, or one dog?), ModernIR has launched a new product designed to track the flows behind price and...
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...