Market Structure Insights
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...
March 20, 2019
Is less more? This is the question anyone looking at the stock market as a barometer for rational thought – from stock-pickers to investor-relations professionals – should be asking. A Wall Street Journal article yesterday, “Passive Investing Gains Even in Turbulent Times,” notes that $203...
March 13, 2019
It’s all about the Benjamins, baby. What I mean is, Forex (FX) is the world’s most active trading market, with some $5 trillion daily in currencies changing hands on a decentralized global data network. It can teach us how to think about the effects of...
March 6, 2019
Did Exchange Traded Funds drive the recent market rollercoaster? The supply of ETF shares moved opposite the market. The S&P 500 fell about 16% in December and rose around 19% from Dec 24 to March 5. In December, says the Investment Company Institute, US ETFs...
February 27, 2019
While Karen and I consumed Arctic Char in Iceland, stock exchanges sued the SEC. Talk about a big fish story. The NYSE, Nasdaq and CBOE, representing about 57% of trading volume over a combined twelve platforms, asked a federal court to halt the SEC’s plan...
February 20, 2019
EDITORIAL NOTE: We returned last night on a 7-hour flight from Iceland, weighed down with breathtaking photography. As with market structure, there’s too much material to offer more than a snippet at a time. I wish we could show you everything. It’s the land of...