The Market Structure Map
October 8, 2025
Public companies shouldn’t report financial results during index-options expirations because the numbers are large. The law of large numbers says that as the number of random events increases, the probability that the outcome moves toward the mean increases. Is that manifesting in the stock market?...
October 1, 2025
He was born on a Friday so his name is Karma. Karma Sherpa, our driver from Soho (South of Houston in New York) to the refreshed Laguardia airport last Friday, coincidentally, is a member of the famous Everest-guiding Nepalese. The Sherpa tribe is just a...
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 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...