The Market Structure Map
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...
August 13, 2025
Today’s alpha is tomorrow’s beta. That’s a line I read in a Bloomberg story (subscription required) about hedge fund Schonfeld, whose 38-year-old CEO Ryan Tolkin is reported to have said it. Schonfeld is a multi-strategy hedge fund with about $14 billion of assets. It’s always...
August 6, 2025
I wouldn’t call it a scam. But it’s head-scratching. To explain, here are some big numbers. Four million Americans currently retire from jobs each year. We thus need nearly 350,000 jobs monthly replacing them. Last week like a flash-bang hucked at a sleepover, the US...
July 30, 2025
Tell them it’s human nature, sang Jacob Collier. Well, Michael Jackson crooned that in 1982 under the tutelage of Quincy Jones. At the Denver Botanic Gardens Jul 28, musical savant Jacob Collier who Quincy Jones championed played Michael Jackson’s Human Nature with technological wizardry that...