Market Structure Insights

January 20, 2021

How durable is the US stock market? It sounds like we’re talking about shoes.  Can I wear these hiking? Are they waterproof? No, it’s a legitimate question, a fair comparison.  Public companies, your capacity to raise capital, incentivize your executives, and deliver returns to shareholders...

January 13, 2021

The market is always forward-looking, said the pundit. We were driving back from Steamboat to Denver and listening to satellite radio.  It was noon coming through Kremmling in Grand County and the temperature was five degrees Fahrenheit, 50 degrees chillier than Denver. And I thought,...

January 6, 2021

Happy New Year! Last year’s words belong to last year’s language and next year’s words await another voice. TS Eliot said that. If you need a break from the daily tempest, read my favorite of his, The Love Song of J Alfred Prufrock. So often...

December 23, 2020

“We track everything in our facilities, down to the number of gloves we use. Why wouldn’t we track everything in the market? Our primary purpose is creating shareholder value.” So said one of the investor-relations rock stars of the modern era over dinner with executives...

December 16, 2020

The Federal Reserve’s balance sheet is 185 times leveraged, and DoorDash’s market cap is $50 billion.  I’m sure it’ll all work out. In some ways the Fed is easier to understand than DoorDash. It’s got $7.2 trillion of liabilities and $39 billion of capital.  Who...

December 9, 2020

How does the stock market work? That’s what somebody was asking at the online forum for my professional association, NIRI. By the way, the NIRI Annual Conference is underway.  I enjoyed yesterday’s sessions and seeing the faces of my colleagues in the virtual happy hour. ...

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