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Image Credit: Fabian Oefner "The voyage of discovery is not in seeking new landscapes but in having new eyes." - Marcel Proust “Learn how to see. Realize that everything connects to everything else.” - Leonardo DaVinci In my mind, memories of the childhood home are dominated by those of vast spaces. A colossal stairway, a living room like a grand ballroom, the front and back yards both like baseball stadiums. My father is there - like a giant [...]

Image Credit: John Rowady, Havana, Cuba "You can't connect the dots looking forward; you can only connect them looking backwards. So you have to trust that the dots will somehow connect in your future. You have to trust in something - your gut, destiny, life, karma, whatever. This approach has never let me down, and it has made all the difference in my life." - Steve Jobs There was a time, years ago, when I had a cigar attached to some part of my body pretty [...]

"There's an old saying: If you want to hide the treasure, put it in plain sight. That way no one will see it." - Larry Dossey It was only a matter of time. Sooner or later, Alphacution would need take its analysis further out on the road. Sure, we recently sent a warm shoutout to the AmsterdamTrader with our article focused on Optiver and IMC, so this would not be the first time we ventured outside our own [...]

Alphacution's Top 100 Players in US Listed Market Structure schematic (v1.0) was a huge hit last week; breaking almost all content engagement records on our various publishing channels to date. Apparently there is a demand for eye candy. Who knew? While we develop some of the specific underlying modeling that supports that vision, this is a quick teaser for how that schematic fits onto our asset management ecosystem map. It only appears complicated. We are working on some [...]

"Laughter, tears, and dance moves are all things that should not be kept on the inside." - Denis Morton, Peloton Instructor It is as of the writing of this very short post - mid-afternoon on a lazy Friday - that we've just found that XTX Markets' very first US filing to the SEC database is not yet 24 hours old. We have been scratching our heads about this one for a little while now, wondering if and when [...]

“Learn how to see. Realize that everything connects to everything else.” - Leonardo DaVinci How do listed markets actually work? And, how do players discover and capture opportunity from within that market structure? And, what impact - if any - does the proximity of certain players to the centers of market liquidity have to do with the capacity of opportunity that is left over for all others that operate downstream from these players? These are the kinds of [...]

If you've ever had the distinct pleasure of driving around downtown LA, particularly heading north on the 110 just past the famed Staples Center where the LA Kings hockey team and a couple little-known basketball teams play, then you can't help but be confronted by the sign at the top of the building just up ahead: Wedbush. Beyond the tony Wilshire Boulevard address, it is here - certainly more metaphorically than physically - that our fascination with the [...]

"The problems are solved, not by giving new information, but by arranging what we have known since long." - Ludwig Wittgenstein Two brief teasers to share on our legendary friend, Izzy Englander and his Millennium Management trading operation. First, we modeled 72 quarterly 13F reports beginning Q4 2000 and ending Q3 2018, and the value of that piece of Izzy's portfolio puts him on the all-time buyside leaderboard in between Citadel and Jane Street: As per usual, we [...]