The Market Structure Map
May 6, 2026
Warren Buffett last week called the stock market a church with a casino attached to it. AI didn’t know how to interpret it, but he means investing is a hieratic pursuit. A commitment. Somber and serious. A casino is like a brothel – about self-gratification....
April 29, 2026
Today is likely the last one for Jay Powell. While we don’t know for certain, the Fed chair takes the mic today after chairing the Federal Reserve Open Market Committee for what’s probably the last time. It matters because the most powerful force in the...
April 22, 2026
Vanguard founder Jack Bogle said in 2017, “If everybody indexed, the only word you could use is chaos, catastrophe.” He added that the chance of that happening was “zero.” What he meant, though, was that a fully passive market would have no trading. So, it...
April 15, 2026
Say you’re a public company in the S&P 500. How’s your stock doing? For every CIEN and SNDK, there are three components trailing the benchmark, says the math. On average, 72% of S&P 500 stocks the past three years lagged the index. Why? Let...
April 9, 2026
EDITORIAL NOTE: Ahoy! We are at sea, as we thought it would be cold and snowy in Colorado when we planned this trip. Silly us. Departing Denver last week for the Caribbean, it was, like, 80 degrees. Anyway. Read on. Important facts about how the...
April 1, 2026
If you were wondering last week if the stock market was in trouble, you were too late. And that is no April Fool’s joke. EDITORIAL NOTE: I wrote this Sunday Mar 29, and I’m out of the country. So I have no idea what’s happening...