The Market Structure Map
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...
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 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...
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...
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...