Market Structure Insights
August 5, 2020
In the sense that high-speed transmission lines connecting computerized boxes are the stock market, it’s boxes and lines. Also, stock exchange IEX, the investors exchange, hosts a podcast called Boxes and Lines that’s moderated by co-founder Ronan Ryan and John “JR” Ramsay, IEX’s chief...
July 29, 2020
The Comanches ruled the Llano Estacado once. We crossed it twice this week, driving in a day to Austin from Denver, and the next day back to Denver. South of Lubbock you plunge off the Llano into Abilene and Sweetwater, and it looks like this. ...
July 22, 2020
A year ago, Karen and I were flying to Fiji, 24 hours of travel from Denver to LA, to Auckland, to Nadi. We took a ferry out of Denarau Island into Nadi Bay and north toward the Mamanuca Islands, all the way past the...
July 15, 2020
The US stock market trades about $500 billion of stock daily, the great majority of it driven by machines turning it into trading aerosol, a fine mist sprayed everywhere. So tracking ownership-changes is hard. And unless we speak up it’s about to get a lot...
July 8, 2020
The price-to-earnings ratio in the S&P 500 is about 23. Is it even meaningful? Some say a zero-interest-rate environment justifies paying more for stocks. That’s compounding the error. If we behaved rationally, we’d see both asset classes as mispriced, both overpriced. All investors and all...
July 1, 2020
Happy 2nd Half of 2020! I bet we’re all glad we’re halfway there. Karen and I would’ve been in Greece now sailing the Ionian islands, luxury catamaran, sunset off starboard, Hurricane in hand. Instead my checklist leaving the house has expanded from wallet, phone,...