The Market Structure Map
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...
January 21, 2026
The number of Large Cap Blend Exchange Traded Funds holding a deal stock dropped 40% in the two months after the announcement. Most investment bankers don’t know that deal stocks can struggle not because investors reject transactions but because they skew from benchmarks – and...
December 17, 2025
The market isn’t really the market. Yesterday, I told Diane King Hall on Schwab Network that futures are no crystal ball. Cracked myself up with that. I meant signals from futures contracts for benchmarks like the S&P 500 often are wrong. Why is that?...
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...