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April 6, 2026

What is ADL and why does it exist?

April 5, 2026

How We Think About Prediction Markets

December 11, 2025

What is ADL and why does it exist?

December 11, 2025

How and Why do Markets Form? What are Good Markets?

The Captain's
Logbook

Wide-ranging, evidence-driven, and practical market insights from our research team. NOT Investment advice.

Insights

Freeport Research

Select Research Entries From
freeportlogbook.substack.com

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The Tail Wagging the Dog

December 8, 2025

What Happens When Derivatives Are More Liquid Than Spot

Market Microstructure

The Final Stage of Financial Capitalism

December 7, 2025

Why Rising Asset Prices Isn't Necessarily a Bad Thing for Young People

Market Consolidation

December 4, 2025

Order Flow Externality, Order Exposure, HFT ,Reg-NMS & SIP, Optimal Tick Size, Auctions, Circuit Breakers, Margin Requirements, Order Competition

Market Microstructure

The Best Predictor of Asset Returns

December 4, 2025

A Bullish Case for Crypto Valuation

Macro Trends

What is the Fundamental Value of Crypto

December 3, 2025

A Field Guide for the Crypto-Adjacent on Valuation

Portfolio Construction

Market Fragmentation

December 2, 2025

Best Execution, Payment for Order Flow, Internalization, Preferencing, Crossing, Dark Pools, Fragmentation, The Competition Among Markets vs Among Orders

Market Microstructure

Trading vs Investing

December 2, 2025

Why don't Just Invest in the S&P 500

Alternative Thinking

Can the Economy be Fully Decentralized?

December 2, 2025

Obstacles to a Decentralized Economy

Alternative Thinking

Modern Monetary Theory

December 1, 2025

Why We Can't Just Print Money

Alternative Thinking