Market Structure Insights
January 6, 2021
Happy New Year! Last year’s words belong to last year’s language and next year’s words await another voice. TS Eliot said that. If you need a break from the daily tempest, read my favorite of his, The Love Song of J Alfred Prufrock. So often...
December 23, 2020
“We track everything in our facilities, down to the number of gloves we use. Why wouldn’t we track everything in the market? Our primary purpose is creating shareholder value.” So said one of the investor-relations rock stars of the modern era over dinner with executives...
December 16, 2020
The Federal Reserve’s balance sheet is 185 times leveraged, and DoorDash’s market cap is $50 billion. I’m sure it’ll all work out. In some ways the Fed is easier to understand than DoorDash. It’s got $7.2 trillion of liabilities and $39 billion of capital. Who...
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,...