Running the Numbers
Financial markets and macroeconomics | Structured public markets research, valuation work and portfolio analysis.
| Platform |  | Pricing | Freemium | Publishes | Daily |
|---|---|---|---|---|---|
| Issues | 22 | Founded | 7 months ago | Last Issue | 3 months ago |
| Active | |||||
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runningthynumbers.substack.comLatest Issues
The Market State
I have spent the past month building a market research environment that can move through hundreds of linked ideas, test them against current data and return a view only after the evidence has been compared across several independent branche...
Portfolio Construction in an Expensive US Market
US equities are sending two different signals.
Recent valuations imply confidence, with the cyclically adjusted price-to-earnings ratio near levels seen only during previous market extremes. Earnings forecasts are equally demanding, with i...
The Mechanics Behind Short-Term Price Movements
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An ETF arbitrage desk may need to buy or sell an underlying basket to complete a creation or redemption
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An options dealer may need to adjust a hedge as prices and implied volatility change.
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A fund tracking VWAP or the closing pr...
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From Institutional Flows to Retail Execution: Vistra and MicroStrategy
A look at Vistra, MicroStrategy and hedge fund replication: how retail investors can benefit from institutional signals
This article is a continuation of the previous article on what retail investors can learn from institutional flows.
What Retail Investors Can Learn From Institutional Flows
The financial landscape in 2026 is defined by a transition in how institutional allocators deploy capital. Rather than pursuing broad, passive index diversification, dominant hedge funds, sovereign wealth funds and multi-asset managers are...
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| Subscribers | Engagement | 78 | Monthly Web Visits | ||
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| Accepts Sponsors | Estimated Cost per Ad | ||||
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Independent investment research powered by data, valuation and quantitative analysis
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