Market Structure Insights

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July 26, 2023

Now it’s getting weird. Companies are asking us why their shares are up.  Most times it’s the reverse. Why’s my stock down? It’s a telling point along the continuum of the Curiously Strong Market.  S&P 500 earnings so far this quarter are down about 9%...

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July 19, 2023

The stock market says the economy is fine.  Or does it? I joined Brian Sullivan and Carson Group Management’s Ryan Detrick on Last Call last night, Brian’s new show. We talked about the economy and the stock market. The Dow Jones Industrials hit a new...

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July 12, 2023

Does alpha exist?  That was how a hedge-fund executive began a conversation when I was in his office back before the pandemic.  He said the joke among hedge funds is that everybody is pursuing something – higher risk-adjusted returns – that might in fact not...

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June 28, 2023

I’m amused. There is a ceaseless stream of people chattering about the economy.  On TV.  On the web. In print, in digital. Will we have a recession, a soft landing, nothing?  When will the Fed stop lifting rates and start cutting (Bank of America’s strategist...

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June 21, 2023

The Latin word Panacea comes from the Greek “Panakes,” a combination of two words meaning “all healing.” I love the Greeks. Humans love panaceas. Like central banks. Fat pills.  Digital assets like bitcoin. The metaverse. Dutch tulips. Vaccines. A silver bullet. Artificial intelligence. We humans...

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June 14, 2023

There’s no alpha left in public equities. Hasn’t been for 20 years.  Nope, not me.  I didn’t say it. Marc Rowan, CEO and co-founder of Apollo Global Management, a private equity firm with six hundred billion dollars under management said it in an interview June...

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