The Market Structure Map
September 11, 2024
On May 22, fees charged by the SEC on trading rose 248%. It’s not widely understood that the fees from initial public offerings, follow-on and secondary offerings, proxy solicitations and corporate buybacks (under sections 6b, 13e and 14g of the Securities Acts) were directed away...
June 19, 2024
One of our customers at EDGE calculated that 82% of Demand in the S&P 500 is from three stocks (NVDA – now the largest – AAPL, MSFT). Ramifications? Reminds me of what the former head of investor relations at United Health Group, John Penshorn, said...
March 27, 2024
Vanguard founder Jack Bogle said to own the averages. Index funds. That seed germinated into a tree that filled the investment world. Look at Blackrock. More on Larry Fink in a moment. Most of the top 25 owners of US stocks follow models. The constituency...
March 13, 2024
My wife Karen is reading Peter Attia’s book, Outlive, which is like reading it myself. I get the benefit of Karen as filter for tidbits and takeaways. Now, I realize. Not everybody loves Dr. Attia. And I’m not suggesting he’s got all the answers. But...
February 21, 2024
Last week, markets were abuzz over the zero that lifted LYFT. For those who were vacationing or living hermetically and missed it, Lyft reported financial results and inadvertently added a zero to adjusted EBITDA margin-expansion, giving machines the notion profit margins improved 5% instead of...
February 14, 2024
I’ve got my Valentine, for which I’m grateful every day. Whether the market finds love after yesterday’s blood remains to be seen. Back when the Romans celebrated Lupercalia, there was blood. Romans knifed a goat to arouse the gods of fertility and then flicked bloody...