The Market Structure Map
March 25, 2026
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...
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...
January 7, 2026
If we need more proof that the stock market is an autonomous system, look no further than a rally on the “Donroe Doctrine,” as some are calling it. Happy New Year! We resume our coverage of US equity market structure, the mechanics of stocks. I’m...
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...
August 20, 2025
I was the odd man out. I joined over a hundred investor-relations colleagues in Dallas last week for the NIRI Southwest Regional Conference (great work, chapter team led by Brook Wooton!). I was the only person talking about the trend in our addressable market. More...