Market Structure Insights
September 30, 2020
You all remember the Fat Finger? It’s a gaffe, trading-style. In one 2014 instance, if the record can be believed, somebody in Japan accidentally tried to buy $700 billion of stocks including more than half the total outstanding shares of Toyota. The trades occurred outside...
September 23, 2020
What can you control? It’s a question largely abandoned in the modern era under the assumption humans can control everything. Arrogance often precedes experience-induced humility. But we’re talking specifically about the stock market. Public companies. Share-performance. Investor relations. What’s within your sphere of influence? There’s...
September 16, 2020
There’s a beer in this for you. A glass of rosé from Provence if you prefer. What’s the most liquid stock in the US market? I’m writing this after the virtual happy hour for the NIRI Big I Conference (it’s a strong event, and you...
September 9, 2020
Softbank bet big on call-options and Technology stocks are sinking. So goes the latest big story. Business-reporting wants a whale, a giant trade that went awry. A cause for why Tech stocks just corrected (off 10%). In reality the market today rarely works that way....
September 2, 2020
In Michael Lewis’s The Big Short, a collection of eccentrics finds a flaw in real estate securities and shorts them. The movie is great, the book even better. Somebody will write a book about the 2020 stock market (anyone?) flaw. The flaw? Depends who you...
August 26, 2020
Is it good to be part of the collective? From Karl Marx to Friedrich Hayek, polemics ring like swords and plowshares on anvils. But that’s not what we mean. When Vanguard in 1975 created the 500 Fund, many called it “Bogle’s Folly,” suggesting founder Jack...