The Market Structure Map
August 12, 2020
The stock market’s glowing core can’t hide the dark edges – rather like this photo I snapped of the Yampa River in downtown Steamboat springs at twilight. Speaking of which, summer tinkled its departure bell up high. We saw the first yellowing aspen leaves last...
August 5, 2020
In the sense that high-speed transmission lines connecting computerized boxes are the stock market, it’s boxes and lines. Also, stock exchange IEX, the investors exchange, hosts a podcast called Boxes and Lines that’s moderated by co-founder Ronan Ryan and John “JR” Ramsay, IEX’s chief...
July 29, 2020
The Comanches ruled the Llano Estacado once. We crossed it twice this week, driving in a day to Austin from Denver, and the next day back to Denver. South of Lubbock you plunge off the Llano into Abilene and Sweetwater, and it looks like this....
July 22, 2020
A year ago, Karen and I were flying to Fiji, 24 hours of travel from Denver to LA, to Auckland, to Nadi. We took a ferry out of Denarau Island into Nadi Bay and north toward the Mamanuca Islands, all the way past the...
July 15, 2020
The US stock market trades about $500 billion of stock daily, the great majority of it driven by machines turning it into trading aerosol, a fine mist sprayed everywhere. So tracking ownership-changes is hard. And unless we speak up it’s about to get a lot...
July 8, 2020
The price-to-earnings ratio in the S&P 500 is about 23. Is it even meaningful? Some say a zero-interest-rate environment justifies paying more for stocks. That’s compounding the error. If we behaved rationally, we’d see both asset classes as mispriced, both overpriced. All investors and all...