Market Structure Insights

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August 16, 2023

Karen and I both have Wahoo Element Roam bike computers. We finish a ride and rush to check the data analytics.  Feet climbed, average cadence, average heart rate, distance, peak cycles. It’s how you learn what drives your performance.  What cadence can you maintain, what...

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August 9, 2023

The signs are there. What if we’re already in a recession? Before you react, hear me out. Gross Domestic Income, the measure of all the money we make in the country, trails Gross Domestic Product, the measure of output, by about 25%, says the St...

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August 2, 2023

It’s earnings season, which is like The Palio in Siena.  What I mean is it’s a mad scramble, a horse race, a cultural event for public companies and investor-relations officers, the obsession of CNBC.  Full of intrigue. For instance, UBER had surprise GAAP earnings for...

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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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