Andy Constan’s latest market note strips trading back to first principles: every seller has a buyer, and the equity market in aggregate is always 100% net long.

BWB News TV • 2026-07-17 09:01 UTC • By Billy Odell Tucker-Robinson

Andy Constan’s latest market note strips trading back to first principles: every seller has a buyer, and the equity market in aggregate is always 100% net long. The point is a reminder that narratives shift, but market structure does not.

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