The Market Structure Map
December 10, 2025
I don’t know if it’s better to be the Wildebeest or the Hyena. But there’s safety in the herd. That’s one conclusion from my NIRI Senior Roundtable panel last Thursday with Simplify Asset Management chief strategist Mike Green (who is now also the economics rockstar...
December 3, 2025
Where is the money coming from? It’s the question Karen and I had down in Cabo ahead of Thanksgiving as we observed the hillsides overlooking the Sea of Cortez now festooned with elegant homes. It wasn’t that way the last time I visited 25 years...
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...
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...
April 16, 2025
Big banks reported this week, posting record first-quarter trading profits. Buy-and-hold money didn’t drive them. We’re told by financial advisors not to trade. Buy, and hold. Don’t time the market. Sell to avoid downside and you’ll miss the market’s biggest rebounds, say the statistics. Yet...
March 19, 2025
I’ll give you a high statistical probability. The stock market this week won’t reflect “fundamentals.” Quast, you’re obsessed with your own view that the market is quantitative. No, it’s what we call “context.” The cadence and calendar of the market: Yet whatever the stock market...