The Market Structure Map
January 3, 2024
Will this be the year? Speaking of which, happy New Year! The year for what, you ask? I was reading an Institutional Investor piece yesterday from the NIRI IR Update Daily on what investment managers see. Forty-one percent expect a 2024 decline in revenue. Why?...
December 13, 2023
Anything you say can and will be used against you in the stock market, public companies. By machines. And I don’t mean just that stocks get hammered like ORCL yesterday, down 12%. Stocks that rise 24% on earnings like PATH don’t benefit in the long...
December 6, 2023
Demand Signal would be a great name for a rock band. I heard it from Microsoft’s president Brad Smith, who is an attorney, not an engineer. He said Microsoft’s investments in startups often benefit from Microsoft’s “demand signal.” If we’re doing it, you should be...
November 29, 2023
It’s the 159th anniversary – without fanfare – of the Sand Creek Massacre in southeastern Colorado. Karen once accompanied me out to Lamar and up highway 385 to Chivington (named for the guy behind the massacre), and nine miles out a dirt road to the...
November 22, 2023
I have never been more profoundly grateful than I am this Thanksgiving 2023. I wish you the season’s blessings, and gratefulness. Prudence doesn’t hurt either. Especially if your career revolves around the US equity market, as mine does. And we don’t say prudency. So why...
November 15, 2023
One time in your life, attend a Texas A&M Aggies football game. There’s a lesson. The lesson isn’t that it’s pretty great to get fired as a Division One football coach and earn generational wealth. Now, had I known, I might have focused more on...