Returning

A few weeks ago I decided to take a hiatus from writing to refresh the brain & get a few personal affairs in order.

The break was well enjoyed. I spent time with family, managed a job change, and tried to stay off social media as much as possible. I’m happy to come back to the writing table with more energy and less burnout than when I left.

I received a flood of feedback from readers while I was away. Even if I didn’t respond to some emails or Twitter DMs, I promise I read every message and sincerely appreciate all the thoughtful comments many of you sent my way.

After giving thought to the structure of this newsletter and incorporating some of the feedback I received, I’m making a few changes to the writing schedule going forward that should come as good news to the vast majority of readers.

First, I will be converting back to a free-only publication and will no longer be releasing exclusive posts for paid subscribers. I can’t put in the time to support high quality free & paid research on a consistent basis anymore, and would rather share my thoughts with a wider audience without shouldering the burden of running a business at the same time. If you are a paid subscriber today you will receive a pro-rata refund of your subscription fee in the next couple weeks, along with my sincere thanks for supporting me over the last year. Please reach out if you have any specific questions on this and I’ll be happy to answer.

I will be putting all my past paid research up on Gumroad for those who still have an interest in reading it and supporting me - you can find a link to the archive here. The archive will contain all 20+ paid research articles I’ve published along with any models or other Excel files that came with them. I will also be periodically moving free posts into the archive after readers have had time to consume them.

Second, I will be moving away from the weekly Friday morning writing cadence in favor of fewer but higher quality posts. This aligns with the lion’s share of feedback I received from readers - most don’t have the time to read every word of every post I publish, and would rather read one or two memorable pieces per month instead of lightly skimming 4-6+ posts and not fully engaging with anything they read. Limiting new posts to 1-2 per month will allow me to spend more time on a topic & should mean higher quality writing - a win-win for all parties.

As always, you can continue to expect this Substack to be fully focused on market structure education & analysis. I plan to continue my coverage of public exchange stocks, the evolution of today’s HFT market maker landscape, and the important market structure headlines that impact everyday investors. If the last few months are any indication, this industry will always have something new & important to throw our way and I should have no shortage of topics to write about.

During my short time away the world of market structure remained extremely active. Global assets began deflating as the Nasdaq entered bear market territory, taking exchange stocks down with it despite strength in trading volumes across asset classes. Multi-billion dollar M&A continued with the ICE attempted takeover of Black Knight, and more fireworks may be coming soon with FTX on the prowl for deals of their own. Rising rates have caused massive shifts to everything from derivatives trading to credit ratings to the IPO environment, each with their own direct impact on the exchange space. Retail investors called it quits. Luna collapsed. Even once stodgy and un-exciting CFTC panels now cause fireworks. It remains a GREAT time to be a market structure spectator & investor.

I look forward to keeping up with the industry this year & sharing the key themes I’m watching with you. Be on the lookout for new posts from me soon.

Thank you for reading this issue of Front Month. Word of mouth is the #1 way others find this newsletter - If you liked this week’s content, please consider sharing with friends & colleagues. Questions & feedback can be sent via email or Twitter.

Disclaimer: I am not a financial advisor. Nothing on this site or in the Front Month newsletter should be considered investment advice. Any discussion about future results or projections may not pan out as expected. Do your own research & speak to a licensed professional before making any investment decisions. As of the publishing of this newsletter, I am long ICE, CME, TW, SPGI, NDAQ and VIRT. I am also long BTC, ETH, LOOKS and SOL.