The Market Structure Map
July 1, 2025
Karen’s laptop computer died last Thursday, June 26. We needed a replacement pronto. We bought it online from our usual source, a big maker that’s a ModernIR customer so we’ll maintain confidentiality. We paid for expedited delivery, which said it would arrive Saturday the 28th. ...
June 25, 2025
There’s an air of inevitability in the stock market. We have wars and rumors of wars and stocks rise, and then a ceasefire and stocks skyrocket. It’s nice in the sense that a relentlessly yeasty market creates wealth. Moviemaker Stanley Kubrick recrafted Peter George’s 1958...
June 18, 2025
I wanted to call the blog “Frenzied Pursuit” because I thought it was not only a great name for a rock band but an excellent title. Alas, Greg Zuckerman at the Wall Street Journal had already used it. I’ve long recommended Greg’s book “The Man...
June 11, 2025
In what I believe to be a first, we have a client whose largest shareholder is a proprietary trader. And the position is comprised of put and call options. The firm, Jane Street, is the largest market-maker in Exchange Traded Funds (ETFs). Proprietary traders like...
June 4, 2025
“You are going to see a crack in the bond market, OK?” Jamie Dimon is good at saying things that get your attention. I tried to follow that example at the NIRI Annual Conference this week as a panelist on Data-Driven IR for moderator Fatma...
May 28, 2025
Who is John Galt? The libertarians know. But who is John Law? I would’ve gotten along with him as he liked probabilities. At one point by his own estimation – reducing its veracity – he was the richest man who ever lived. A Scotsman and...