Market Structure Insights
October 17, 2018
As stocks fell last week, pundits declared that interest rates and trade fears had shaken confidence. Yesterday as the Dow Jones Industrial Average zoomed 540 points, earnings, they declaimed, had brought investors rushing back. Oh, and easing trade tensions. Didn’t we know corporate profits would...
October 10, 2018
From another rumor that game-maker Zynga might have a buyer, to a Trian bid for Papa John’s, to Bill Ackman’s stake in Starbucks, deals and rumors of them abound. Suppose it’s your company, investor-relations professionals. How do you add value for your executives? These situations...
October 3, 2018
Why is a paltry dab of trading volume showing up in settlement data? Those of you with furrowed brows wondering what I’m talking about, let me explain. Speaking of explication, I’ll be sharing our discoveries about exchange-traded funds with the Connecticut/Westchester NIRI chapter this evening...
September 26, 2018
We were in Portugal and our electric toothbrush went haywire. It would randomly turn on in the night, and no amount of pressing the button would silence it. We abandoned it in Evora in the shadow of 2,000-year-old Roman aqueducts that still work. The point...
September 19, 2018
Bom Dia! We returned Monday from Portugal after two fantastic weeks roaming and pedaling this land famed for its explorers. We stood at Cape St. Vincent, once the end of the known world where Vasco da Gama, Ferdinand Magellan and Christopher Columbus sailed off to...
August 29, 2018
“If a stock trades 500,000 shares daily,” said panelist Mark Flannery from hedge fund Point72 last Thursday on my market-structure panel, “and you’ve got 200,000 to buy or sell, you’d think ‘well that should work.’ It won’t. Those 500,000 shares aren’t all real.” If you...