The Market Structure Map
August 27, 2025
Willie Nelson said the air was full of melodies. You reach out and pluck one. I don’t have that gift. My mind though is always reaching for ideas hanging like Palisade peaches in August. Let me give you this week’s before we leave for French...
August 13, 2025
Today’s alpha is tomorrow’s beta. That’s a line I read in a Bloomberg story (subscription required) about hedge fund Schonfeld, whose 38-year-old CEO Ryan Tolkin is reported to have said it. Schonfeld is a multi-strategy hedge fund with about $14 billion of assets. It’s always...
August 6, 2025
I wouldn’t call it a scam. But it’s head-scratching. To explain, here are some big numbers. Four million Americans currently retire from jobs each year. We thus need nearly 350,000 jobs monthly replacing them. Last week like a flash-bang hucked at a sleepover, the US...
July 30, 2025
Tell them it’s human nature, sang Jacob Collier. Well, Michael Jackson crooned that in 1982 under the tutelage of Quincy Jones. At the Denver Botanic Gardens Jul 28, musical savant Jacob Collier who Quincy Jones championed played Michael Jackson’s Human Nature with technological wizardry that...
June 25, 2025
There’s an air of inevitability in the stock market. We have wars and rumors of wars and stocks rise, and then a ceasefire and stocks skyrocket. It’s nice in the sense that a relentlessly yeasty market creates wealth. Moviemaker Stanley Kubrick recrafted Peter George’s 1958...
June 18, 2025
I wanted to call the blog “Frenzied Pursuit” because I thought it was not only a great name for a rock band but an excellent title. Alas, Greg Zuckerman at the Wall Street Journal had already used it. I’ve long recommended Greg’s book “The Man...