Market Structure Insights
September 25, 2019
Curtains are window-dressing. Curtains loom. But not the way you think. I’ll explain. Before that, here in New York it’s Indian Summer, and Karen snapped this midtown shot after we stopped in at The Smith before two busy days of client visits. Next up, Washington...
September 18, 2019
In 1975, there were no electronic exchanges in the United States. Now the average S&P 500 component trades electronically 17,000 times daily in 134-share increments totaling a mean of $500 million of stock. Yet public companies still have a 1975 standard of shareholder disclosure from...
September 11, 2019
There’s a story going around about an epochal rotation from momentum (growth) to value in stocks. It may be a hoax. I’ll explain in a bit. First the facts. It began Monday when without warning the iShares Edge MSCI USA Value Factor ETF (VLUE) veered...
September 4, 2019
Want a big ranch out west? Apparently you don’t. The Wall Street Journal last month ran a feature (subscription required) on the mushrooming supply of leviathan cattle operations from Colorado to Idaho, legacy assets of the rich left to heirs from the era of Ted...
August 28, 2019
I don’t think it should be overlooked that “Quants” and “Quasts” differ by only a letter. Scott Patterson’s 2010 book, The Quants, is a great read. You’ll be riveted by what was cascading beneath the market’s surface before the financial crisis. Here’s a taste: “That...
August 21, 2019
“It’s going to be an interesting year.” We wrote that phrase in the Jan 2, 2019 edition of the Market Structure Map. (By the way, we’re in Rhode Island this week visiting customers, and in Newport you’ll see the sea in everything.) I don’t mean...