For Subscribers

Case Study: The Temple of Financial Fantasy

In this 118-page, 145-exhibit case study – “US Equity Market Macrostructure Evolution: The Temple of Financial Fantasy” – Alphacution presents its case for how the adoption of technology by a subset of leading proprietary trading firms have leveraged the regulatory framework over the past 20 years to permanently alter and distort the US equity market to the point of a farcical rivalry between two separate and distinct “stock markets” that are animated by two competing realities. The first reality is...
By Paul Rowady | July 9, 2025 | For Subscribers
Read More →

The Model US Equity Portfolio?

In Alphacution's upcoming case study, "US Equity Market Macrostructure Evolution: The Temple of Financial Fantasies," we expose patterns discovered by modeling the entire 13F dataset over a period of nearly 12 years. It turns out that there are significant concentrations of reporting managers at the intersection of certain metrics that we've mined from that dataset. This suggests that there are significant concentrations of similar strategies. Alphacution presents a teaser for its findings...
By Paul Rowady | June 25, 2025 | For Subscribers
Read More →

Baghdad Bessent And The New Capital War (Updated)

Alphacution continues its analysis of US equity liquidity factors contextualized against the backdrop of foreign holdings of US securities - which is further contextualized against the backdrop of the composition and expected growth of the US national debt - and all of which is set against the backdrop of the "Trump Trade War." Meanwhile, as the key financial spokesman for the Trump administration, US Treasury Secretary Scott Bessent appears to have consciously adopted one of recent history's most colorful roles;...
By Paul Rowady | May 8, 2025 | For Subscribers
Read More →

Blood Bath: Foreign Holdings of US Equities by Domicile, YE2024

In keeping with its focus on the evolution of US equity market macrostructure, Alphacution presents its estimate for foreign (non-US) holdings of US equities by domicile for year-end 2024. As if right on cue, Bloomberg published similar estimates by Goldman Sachs this morning. In this Feed post, find out 1) how close Alphacution's estimate is to GS, and 2) what both estimates likely mean for US equities in the current era...
By Paul Rowady | April 25, 2025 | For Subscribers
Read More →

History’s Greatest Trade by The World’s First Trillionaire

Against the unavoidable backdrop of the ongoing Trump 2.0 global economic policy extravaganza and our own unique perspective on the true definition of the "Trump Trade," Alphacution presents its evidence for how current US equity market macrostructure has become degraded as a price discovery mechanism. This research is a prologue to Alphacution's upcoming case study, "US Equity Market Macrostructure Evolution."
By Paul Rowady | April 20, 2025 | For Subscribers
Read More →

Headlands Technologies: Return of the Pioneers (Case Study)

In this 33-page, 32-exhibit case study, “Headlands Technologies: Return of the Pioneers,” Alphacution details the profound paradox of one of the newest liquidity providers in US equities while simultaneously being one of its most consequential pioneers. Follow Matt Andresen’s journey from Island ECN to the early incarnation of Citadel Securities to the launch of Headlands, where he and team spent a decade – racking up success after success as a liquidity provider in other products, asset classes, and regions –...
By Paul Rowady | March 6, 2025 | For Subscribers
Read More →

Retail Flow Factor: Everything Is A Trading App

The roster of market actors around retail option trading continues to grow. Beyond the marquee names - like Charles Schwab, Robinhood, or Interactive Brokers - there is an expanding array of new, old, and different players joining those who cater to the "emotional money." In this Feed post, Alphacution expands its retail equity option volume estimates from 17 to 25 players...
By Paul Rowady | February 27, 2025 | For Subscribers
Read More →

24/5: Exporting US Equity Market Access

In support of its great "sentiment engine," there's a rush to develop the next big wave of retail trading in the US. The irony here - with all the recent sabre-rattling around tariffs - is that this new wave requires exporting access to US equity markets to additional retail investors around the world. Alphacution adds significant new evidence to its ongoing case on the matter...
By Paul Rowady | February 17, 2025 | For Subscribers
Read More →