The Age of Structure
On Friday, I published Structure > Fundamentals. A simple line, backed by evidence: the tape doesn’t bend to earnings reports or forecasts.
It bends to structure.
POTUS just floated the idea of removing quarterly reporting altogether.
Some read that as reform.
I read it as self-preservation.
The Cage of Fundamentals
For decades, fund managers have lived inside the cadence of fundamentals:
Quarterly earnings calls.
Guidance updates.
Fed language.
These weren’t just datapoints — they were the heartbeat of the industry.
Take them away, and the playbook collapses.
The Threat of Structure
But here’s the problem:
Authored highs and lows.
Tempo bars.
These aren’t narratives.
They’re structural facts, written into the tape.
And when structure dictates, capital has no choice but to follow.
That makes fundamentals look like persuasion — optional, debatable.
Structure is inevitability.
The Grip
So when POTUS suggests eliminating quarterly cadence, what’s really happening?
It’s not rebellion.
It’s not innovation.
It’s survival.
It’s an attempt to stay relevant in a battlefield where fundamentals are losing their grip. If fundamentals are going obsolete, better to kill the cadence than to let the market expose it.
The Inversion
Here’s the irony:
They accelerate the shift.
By removing quarterlies, they eliminate one of the last external anchors left.
And that leaves the market with no choice but to submit to structure.
Authorship wins either way.
Fundamentals can fight or retreat.
But either way, they yield to structure.
That’s the story: the age of persuasion is ending.
The age of structure has begun.