The Market Structure Map
May 27, 2026
Tokens are coming for your stock, public companies. But not yet. According to a Bloomberg article (subscription required) from Scott Patterson, veteran market-structure reporter (long at the WSJ) and author, regulators have delayed a plan to grant exemptions for tokenized stocks. Because there are big...
May 20, 2026
If 90% of your volume is between 930a-4p ET, why would you report outside market hours, public companies? For NIRI members, I’ll address this question and much more in 20 minutes between 305-325p CT in Chicago Monday June 8, at the NIRI Annual Conference. Join...
May 13, 2026
I observed Monday to EDGE Daily Market Desk readers that stocks like CSGP would not be in the S&P 500 basket. And now it’s been booted from the Nasdaq 100. The point for investors is that creators of ETF baskets – statistical samples – for...
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...