Market Structure Insights

May 1, 2019

Which is the most important trading day of the month? “The one when my company reports results,” you say. Good guess, and you’re usually right. Not this time. It’s the last day.  Yesterday was it, the vital day of April, the benchmark for monthly fund-performance....

April 24, 2019

Suppose you were human resources director for a fleet of driverless taxis. As Elon Musk proposes streets full of autonomous autos, the market has become that fleet for investors and investor-relations professionals.  The market drives itself. What we measure as IR professionals and investors should...

April 17, 2019

Blackrock CEO Larry Fink sees risk of a melt-up, not a meltdown for stocks. Speaking of market structure, I’m a vice chair for NIRI’s Annual Conference – the 50th anniversary edition.  From the opening general session, to meeting the hedge funds, to a debate on...

April 10, 2019

JP Morgan’s global head of macro quant and derivatives research (if you have that title, you should be a big deal!), Marko Kolanovic, says the market’s rising propensity toward violent moves up and down reflects bad liquidity. Bad Liquidity would be a great name for...

April 3, 2019

As the Dow Jones Industrials surged over 300 points on April Fools Day, the behavior driving it was Exchange Traded Funds, not rational thought reacting to economic data. But aren’t ETFs manifestations of rational thought? Investors see, say, good Chinese manufacturing data, and pump money...

March 27, 2019

In fourteen years, we’ve not missed an Activist. “Chest-thumping, Quast?” you say. No, a market structure lesson, a way for investor-relations professionals to be valuable. Activism has become the de jour Value Investment proposition for modern markets. Our data indicate 10% of all US stocks...

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