The Market Structure Map
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...
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 23, 2025
Stage 16 of the Tour de France yesterday raced up Provence’s forbidding Mont Ventoux, and nobody displaced the wearer of the Maillot Jaune, the yellow jersey, Tadej Pogacar (po-GOT-cher), the Scottie Scheffler of cycling. I rode Mont Ventoux in 2013, a long leg-burner from the...
July 16, 2025
Does the book by Amos Tversky and Daniel Kahneman, “Thinking, Fast and Slow,” highlight the fundamental flaw in AI? The definition of heuristic (a key Tversky Kahneman topic) is, paraphrasing, pragmatic problem-solving, subject to vagary and error. One could say that eliminating vagary and error...
July 9, 2025
Jane Street, a top 25 holder of US equities in 13Fs and one of the biggest global proprietary traders, has been banned for now from the Indian stock market by the regulatory equivalent there of the SEC. Why should you care, investors and public companies?...