The Market Structure Map
December 12, 2012
Why don’t trading and ownership match? Sometimes you must change your point of view – put on the Magic Market Structure Spectacles – to see the truth. Say twenty-five institutions own 75% of your shares. From one month to the next there is little change...
December 5, 2012
CNBC has a Fiscal Cliff countdown clock. You can’t click a TV remote or a web page without somebody declaring that Congress’s inability to compromise on tax rates and spending cuts before December 31 will incinerate equities. It’s predicated on sound logic. Higher taxes on...
November 28, 2012
It’s good to know what’s around you. En route back from Austin to Denver we traversed the hinterlands including eight miles of dirt track to visit the evocative scene of the 1864 Sand Creek massacre of peaceful Cheyenne and Arapahoe north of Lamar, CO. There’s...
November 21, 2012
We’re in Texas for Thanksgiving and it was 85 degrees yesterday as we idled in heavy I-35 traffic halfway to Fort Worth. I have to share a funny line you might use if your Thanksgiving guests linger long. My step father-in-law said, “As my dad...
November 14, 2012
“Why is our stock underperforming the peer group?” Ever got that question from your CFO or CEO? We hear it too. Speaking of questions, if you’re in Atlanta come throw them at the panel on High Frequency Trading for NIRI’s chapter breakfast, Friday Nov 16...
November 8, 2012
Will markets collapse? We’re a day late this week, steering clear of election bipolarity marked by the vicissitudes of demography and the barest palimpsest of republicanism, a diaphanous echo of Madison and Jefferson and Hamilton, names people now think of as inner city high schools....