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

In keeping with its current 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 |April 25th, 2025|Silver / Premium|

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 |April 25th, 2025|For Subscribers|

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 |April 20th, 2025|For Subscribers|

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 – before returning to US equities, where it all began.. Competitors should pay close attention…

By |March 6th, 2025|For Subscribers|

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 |February 27th, 2025|For Subscribers|

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 |February 17th, 2025|For Subscribers|

The Market Macrostructure Factor

In this Feed post, Alphacution takes another step on its mission to quantify the capacity of alpha in the US equity market by ranking 71 notable trading firms by average stock position value; thereby highlighting which leading players are capturing which components of the liquidity spectrum. This story is also for those who don't know Nigel Tufnel...

By |February 5th, 2025|For Subscribers|

Nigel Tufnel’s Market

In this Feed post, Alphacution brings together a wider-than-usual Overton window of macro-economic and market macro-structure factors to explain an era of extremes - including the "Bitcoin product expansion mania", all-time highs in off-exchange US stock trading, and new evidence for "wag-the-dog" impacts of options - at the beginning of the new Trump 2.0 era...

By |January 16th, 2025|For Subscribers|