Market Structure Insights

December 9, 2020

How does the stock market work? That’s what somebody was asking at the online forum for my professional association, NIRI. By the way, the NIRI Annual Conference is underway.  I enjoyed yesterday’s sessions and seeing the faces of my colleagues in the virtual happy hour. ...

December 2, 2020

Are you 2.0? I know.  You’re tired of clichés. Especially in a pandemic that birthed a lexicography – social distancing, mask-up, nonessential, emergency executive orders, comorbidity. After all that, you don’t want to hear you’re 1.0, not 2.0. On the other hand, I’m notorious for...

November 25, 2020

The stock market is high on tryptophan, hitting records. Right ahead of Thanksgiving, 2020 looks to deliver the best November in 30 years.  We’re grateful!  You don’t expect it in a pandemic .  You’d think amid a plague we’d find bitcoin trading near $20,000.  Oh,...

November 18, 2020

The most valuable thing is knowing what’s going on. The country is closing amid Covid cases. Simultaneously, the Shiller PE ratio of earnings in the S&P 500 is 33, a level exceeded in history only at the bursting of the Internet Bubble in 2000. What’s...

November 11, 2020

If electoral processes lack the drama to satisfy you, check the stock market. Intraday volatility has been averaging 4%. The pandemic has so desensitized us to gyrations that what once was appalling (volatility over 2%) is now a Sunday T-shirt. Who cares? Public companies, your...

November 4, 2020

On Nov 4, 2020, words commonly associated with a 12-step program come to mind. Protestant theologian Reinhold Niebuhr, who received the Presidential Medal of Freedom in 1964, sometime in the 1930s during the Great Depression is said to have coined the words we today call...

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