While there’s been a rapid rise in the interest of the general public in markets over the past few years, there still exists a massive discontinuity between the way that sell-side or buy-side traders think about markets and the way the general public does.

This isn’t anything new, of course. As a precocious college student, I thought I knew a reasonable amount prior to venturing down to 200 West in the mid-2010s to begin at Goldman in the securities division (now rebranded, regrettably, to the much more generic-sounding global markets division).

However, it became immediately obvious that not only was there a different vocabulary that existed on the trading floor – from cross-currency basis swaps to negative convexity – but also the way in which sell-side traders thought about markets was fundamentally different.

The reality is that there exists an entire ecosystem within the world of high finance entirely divorced from what someone on the outside has access to. This partly explains why asset classes outside of equities are so rarely (or poorly) discussed within the popular press, since equities are the only asset class where there’s some semblance of similarity between what a retail trader can do and what a major institutional client calling up GS, JPM, or MS can do.

However, that doesn’t mean that what happens in these more inaccessible corners of the world of high finance aren’t interesting or impactful. In fact, quite the opposite…

Market Making’s Mission: To Breakdown Global Markets Each Week from a Sell-Side Vantage Point

Many trying to understand how markets truly operate are unfortunate victims of the streetlight effect: looking for something where the light shines while completely disregarding the fact that what they’re looking for could be where the light isn’t currently shining.

So, what Market Making aims to do is deliver you a newsletter – right to your inbox – every Sunday evening that explains what is really happening in markets right now and what really matters moving forward.

The structure of each Market Making newsletter will be somewhat similar to the weekly market commentaries I used to write. So, I’ll be combing through the sell-side research reports that I’ve found most compelling over the past week – from GS, JPM, Barclays, etc. – and will be writing about how I think all the pieces of the puzzle currently fit together (or whether they do at all!).

Note: You can check out early editions of Market Making here and here to get a feel for what I’ll be writing about each week.

Needless to say, nothing in the Market Making newsletter will be actionable to the average retail trader. That’s not who the newsletter is designed for.

Rather, the newsletter is designed with three types of people in mind…

  • Those who are interested in joining sales and trading eventually and want to get a better understanding of the way that markets really operate and what’s important to pay attention to within the world of rates, credit, FX, and equities.

  • Those currently in sales and trading – or an adjacent area – that are looking for commentary and analysis on what’s occurring across markets, potentially covering some asset classes they may not routinely follow day-to-day.

  • Those who love reading about markets, even if what they’re reading isn’t going to be something that is directly actionable (i.e., those who simply enjoy learning about more esoteric subjects, want to hear how institutional players are thinking about markets, etc.).

My real hope is that Market Making can help bridge the discontinuity that exists between the way those on the sell-side or buy-side think about markets and the way that markets are often thought about by people on the outside.

Market Making’s Structure and Pricing

Ultimately, I created Market Making purely to scratch my own itch. I desperately missed routinely writing about markets after leaving the sell-side, and this seems like an ideal venue to begin doing so again for a broader audience.

Indeed, nothing would make me happier than to know that some college students reading Market Making were inspired to pursue a career on the sell-side and were able to exceed all expectations during their interview process by leveraging what I’ve written about in the newsletters.

With that said, there’s no getting around the fact that writing Market Making takes a significant amount of my time each week, so I do have to charge a small amount for it (although I hope you find that the amount charged pales in comparison to the value that Market Making provides).  

Here’s what you’ll get by subscribing to Market Making…

  • An in-depth newsletter delivered to your inbox every Sunday evening that does a deep dive into what’s happening in markets, what sell-side research I’ve been paying attention to, and how I’m currently trying to make sense of it all (normally it’ll you take 25-35 minutes to read the newsletter — brevity isn’t my strong suit!).

  • Full access to all past newsletter editions and the ability to comment on posts or send me a message if you want my opinion on something. I’ll always try to answer within a day or two if at all possible (just bear in mind that my actual job keeps me very busy, so I normally only get to respond late at night).

  • Access to my weekly “reading list” that provides a list of the most interesting things I’ve been reading and thinking about over the past week — from articles to academic research. Included in my reading list will always be a copy of my favorite sell-side research report of the week. (Note: this reading list won’t be contained in the newsletter e-mails, but will be contained on the reading list page of this site which is only accessible to current paid subscribers).

I toyed around with what price to set for Market Making and decided that $22 per month seemed about as low as I could reasonably go — especially since I won’t be promoting the newsletter anywhere and there’s naturally not that many people interested in a more in-depth institutional perspective on markets.

This amount per month strikes me as the right balance: extremely cheap for those currently in the industry, but not too expensive for those still in college seeking to learn more.

Further, there’s absolutely zero commitment when you subscribe to Market Making. If you want to cancel your subscription at any time, you can do so online with just a few clicks and without ever having to tell me. I don’t want you to ever feel like you aren’t getting many times your money’s worth, so no hard feelings if you cancel after just a month or two.

In case you don’t feel like you can become a paid subscriber to Market Making right now, that’s perfectly fine! The first part of each Sunday’s newsletter will always be free to read.

So, if you’re just interested in hearing a bit about what’s really happening in markets, you can sign-up as a free member below and convert over to be a paid subscriber whenever you want.

Putting together Market Making each week is a lot of work, but it’s been a tremendously rewarding experience as well (especially when I get e-mails from those that have been able to leverage what I’ve written during interviews).

During these increasingly volatile times in markets, I hope that reading Market Making not only helps provide clarity on what’s happening, but that it also becomes a part of your week you always look forward to.

Subscribe below to subscribe to the Market Making newsletter — delivered straight to your inbox every Sunday evening.


Disclaimer

The content created, provided, or presented within the Market Making newsletter is purely for general informational purposes only. No content provided herein, inclusive of any and all information and materials, should be construed as financial, investment, legal or any other forms of advice. Further, no content created, provided or presented should be construed as providing an endorsement, recommendation or solicitation in any context. No representation or warranty, whether express or implied, is made to the accuracy or completeness of information provided. Do your own research.


People

Market Making
Previously on the sell-side, now on the buy-side. Since I missed writing about markets, I figured I'd keep doing so here.