The Market Structure Map
January 22, 2025
A headline at Bloomberg from Jan 13, 2025, reads: I was a Wall Street Analyst. They are Irrelevant. The article by opinion columnist Shuli Ren (subscription required), a former sellsider, describes factors reducing the value of sellside research. It’s one of three in a span...
January 8, 2025
We were in Nashville and Keith Urban wished us a happy new year. If you like country music, that’s a good start to 2025. More on that in a moment. It was December 18 when I last wrote. I talked then about how the market...
December 18, 2024
Willie Nelson plays Johnny Dean in the 1997 Barry Levinson movie Wag the Dog, who is hired to write a patriotic song as part of a fake war designed to divert public attention. I don’t recall it but Microsoft Copilot tells me the character struggles...
December 11, 2024
Microsoft is in 766 Exchange Traded Funds including a Utilities ETF. It’s in about a third of the nearly 1,800 domestic equity ETFs comprising a US-traded universe of 3,500 ETFs, adding in bond, commodity and international funds. Says the Investment Company Institute. Is that a...
December 4, 2024
What’s the price of your stock? It matters because the SEC has adopted final rules to redefine a “round lot.” Currently a round lot is 100 shares. All quotes to buy or sell must display in 100-share increments, at a minimum one-penny spread between the...
November 20, 2024
Nvidia (NVDA) reports results today after the market closes, like thousands of public companies in the last couple weeks trying to generate alpha. The difference between Nvidia and most of the rest – about 99% – is Nvidia right now generates alpha, a superior return...