Market Structure Insights
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...
June 28, 2023
I’m amused. There is a ceaseless stream of people chattering about the economy. On TV. On the web. In print, in digital. Will we have a recession, a soft landing, nothing? When will the Fed stop lifting rates and start cutting (Bank of America’s strategist...
June 21, 2023
The Latin word Panacea comes from the Greek “Panakes,” a combination of two words meaning “all healing.” I love the Greeks. Humans love panaceas. Like central banks. Fat pills. Digital assets like bitcoin. The metaverse. Dutch tulips. Vaccines. A silver bullet. Artificial intelligence. We humans...
June 14, 2023
There’s no alpha left in public equities. Hasn’t been for 20 years. Nope, not me. I didn’t say it. Marc Rowan, CEO and co-founder of Apollo Global Management, a private equity firm with six hundred billion dollars under management said it in an interview June...
June 7, 2023
Should you wear an Apple Virtual Reality headset during earnings calls? Wait, what? Earnings calls? I’ll explain. I remember wondering if Apple would survive. You too? The maker of personal computers had by the 1990s lost the market to Microsoft. Some schools used taxpayer dollars...
May 31, 2023
Odysseus needed ten years to get home and only his dog recognized him. We were three weeks in Greece (May 3-24) and visited Odysseus’s home (neither he nor his dog were in), and our dog thankfully still knew us on return last week. Here are...