Market Structure Insights
June 3, 2020
The question vexing Uber and Grubhub as they wrestle over a merger is which firm’s losses are worth more? And for investors considering opportunities among stocks, a larger question: What companies or industries deserve better multiples on the Federal Reserve’s backstopping balance sheet and Congress’s...
May 27, 2020
Liquidity is driving the stock market. And I don’t mean the Federal Reserve. I saw it firsthand in my Interactive Brokers account. I bought 600 shares of GE at the market. Limit orders are like turn signals in LA: For sissies. The average trade-size in...
May 20, 2020
We’ve been pandemicking across the fruited plain and through the stock market for better than two months. Now what? I still rue my decision Friday Mar 13 to delay skiing in Steamboat till the next day (it was Fri the 13th after all). The next...
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,...