Market Structure Insights
May 22, 2024
It’s tough being a market strategist. Mike Wilson, chief equity strategist for Morgan Stanley, has thrown his bear towel on the laundry pile and lifted his year-end target for the S&P 500 to 5,400 from 4,500. He’ll be braining himself with a brick if the...
May 1, 2024
The cost of fast food has exploded. No, I’m not doing field research. While I’ve got nothing against fast food, it’s generally incompatible with getting in boat shape (ever harder as I get older), riding bikes, skiing, etc. And I’d rather take my empty calories...
March 20, 2024
I was walking up Steamboat Springs’s Emerald Mountain with my friend Charlie last week and he said, “Trading volatility is like trading air.” Charlie was a hedge-fund guy. He knows. Coincidentally, new VIX volatility options trade today. Since everyone has been selling volatility, don’t 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...