Market Structure Insights
May 13, 2020
In the Colorado mountains at Steamboat Springs, the pixie dust florescence of greening aspen leaves paints spring onto the high country. In the bowels of equity markets there gurgles an emergent leviathan (maybe I should choose different imagery – but we’ll talk about what stinks...
May 6, 2020
A decade ago today, stocks flash-crashed. I’m reminded that there are points of conventional market wisdom needing reconsideration. It’s not because wisdom has diminished. It’s because the market always reflects what the money is doing, and it’s not Ben Graham’s market now. I’ll explain. There...
April 29, 2020
How much does free money cost? Everything, apparently. The play Hamilton by Lin Manuel Miranda has grossed over $620 million, seventh all-time on Broadway but still a long way from Phantom of the Opera, Wicked, and Lion King, theater’s billion-dollar trio. Hamilton is about Alexander,...
April 22, 2020
Apr 21, yesterday, is Texas A&M Aggie Muster. Aggies everywhere gather to say “here” for Aggies lost in the past year, a roll call. It’s more poignant this time for my Aggie, Karen, and the many friends and family hailing from College Station. Gig’em, Aggies....
April 15, 2020
I rest my case, and it only took 15 years. On Dec 29, 2009, we wrote in this very blog we’d then been clattering off the keyboard since 2006: “Now, why would you care about Iron Condors, IROs and execs? Because once again something besides...
April 8, 2020
I know this Friday will be good. I’ll let you think about that one. By the way, markets are closed then. For a decade we’ve written about the way the stock market has disconnected from reality. Nothing lays bare the truth like a Pandemic. More...