Market Structure Insights

May 25, 2010

Does it feel like the beatings will continue until morale improves? What’s happened today is straightforward: Investors and counterparties – think of it like vacationers and providers of trip insurance – sorted out imbalances. The debits and credits were entered on ledgers last week with...

May 18, 2010

Global Statistical Arbitrage is not nearly so good a name for a rock band as the one my lovely Karen quipped after cleaning the glass on a patio door where the cat presses her nose: Snot Mark. Snot Mark is also a tempting description for...

May 11, 2010

The late standup comedian Mitch Hedberg said: “A severed foot is the ultimate stocking stuffer.” I’m not sure that’s funny. But it segues to the stock market. So let me tell you a story about a severed foot in a sock. Nets have been cast...

May 4, 2010

In Denver we get sun, rain, snow, sleet, hail. And then comes the next day. Today, a clear, bright and breezy 75 degrees Fahrenheit, photographers out snapping chamber of commerce pictures, the power goes out. It’s put us behind schedule. Speaking of power outages, starting...

April 27, 2010

Loveland Ski Resort an hour up I-70 from downtown Denver logged 26 inches of snow in the past five days. We’ve had to cover patio plants the past two nights as temperatures dipped to 30. It’s bright and clear. But winter has had a hard...

April 20, 2010

We hope none of you are marooned in Europe by volcanic ash. If you are, we’ll try to keep your minds off the extra money you’re spending with the shocking suggestion that markets writhed last week not for Goldman Sachs but for expirations. The SEC...

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