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December 11, 2025

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

December 10, 2025

Are Firms Leaving Money on the Table with the IPO Pop?

December 9, 2025

The Responsibilities of Complete Ownership

December 9, 2025

Why AMMs Work (Surprisingly) Well On Certain Assets

The Captain's
Logbook

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

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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

Freeport Memo

October 13, 2023

Building for allocators, not day traders

Macro Trends

Order Routing

October 12, 2023

Mapping Intents to Liquidity

Market Microstructure

From Dead Internet to Verified Web

October 11, 2023

Why Blockchains May Be Our Only Defense Against AI Slop

Alternative Thinking

The Captain's
Logbook

Freeport Research

The Best Predictor of Asset Returns

What is the Fundamental Value of Crypto

Market Fragmentation

Trading vs Investing

Can the Economy be Fully Decentralized?

Modern Monetary Theory

Freeport Memo

Order Routing

From Dead Internet to Verified Web

Financial Innovation
Built on Trust

Our Promise

The Captain's Logbook

Freeport Research

The Best Predictor of Asset Returns

What is the Fundamental Value of Crypto

Market Fragmentation

Trading vs Investing

Can the Economy be Fully Decentralized?

Modern Monetary Theory

Freeport Memo

Order Routing

From Dead Internet to Verified Web

Financial Innovation Built on Trust

Our Promise

The Captain's
Logbook

Financial Innovation
Built on Trust