The Market Structure Map
June 18, 2025
I wanted to call the blog “Frenzied Pursuit” because I thought it was not only a great name for a rock band but an excellent title. Alas, Greg Zuckerman at the Wall Street Journal had already used it. I’ve long recommended Greg’s book “The Man...
June 11, 2025
In what I believe to be a first, we have a client whose largest shareholder is a proprietary trader. And the position is comprised of put and call options. The firm, Jane Street, is the largest market-maker in Exchange Traded Funds (ETFs). Proprietary traders like...
June 4, 2025
“You are going to see a crack in the bond market, OK?” Jamie Dimon is good at saying things that get your attention. I tried to follow that example at the NIRI Annual Conference this week as a panelist on Data-Driven IR for moderator Fatma...
May 28, 2025
Who is John Galt? The libertarians know. But who is John Law? I would’ve gotten along with him as he liked probabilities. At one point by his own estimation – reducing its veracity – he was the richest man who ever lived. A Scotsman and...
May 21, 2025
I’ll tell you what fascinates me about stocks. Before that, Barry Diller’s memoir is out. I’ve long thought him an interesting guy. It’s no doubt worth reading. He says he spends months on his 300-foot schooner, Eos. We saw his big boat (see photo) sailing...
May 14, 2025
On May 9, Goldman Sachs strategists warned that the S&P 500 faced a potential drop of 20%, to 4,600, while the US economy had a 45% risk of recession. On May 13 in Barbara Kollmeyer’s Dow Jones Marketwatch Call of the Day column, the firm’s...