The Market Structure Map
October 22, 2025
If you beat across the board, why does your stock fall? For those unaccustomed to earnings season jargon, I’m referring to exceeding the expectations of Wall Street analysts for revenue and earnings and other metrics. The kicker is raising guidance – telling investors you’ll do...
September 24, 2025
At 9:45am eastern time September 20, the Nasdaq declared Self-Help against the Nasdaq BX. September 20 was a Saturday. Relax. It was a test. We saw a bunch last week. If you want to know about the Nasdaq BX, well, another time. It’s the old...
September 17, 2025
I hope you enjoyed the break from the blog! Aug 31, we followed James Michener into the South Pacific and found out why Paul Gaugin stayed. It’s the water (Gaugin may have, er, named other things). See here. In our absence, stocks steamed higher and...
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...