The Market Structure Map
December 4, 2019
“How do you think about ESG?” said my friend Moriah Shilton at a San Francisco NIRI summit some weeks back with hedge fund Citadel. Silence. The four panelists shifted around. A couple whispered to each other. Finally, somebody offered with a throat-clearing cough, “It doesn’t...
November 26, 2019
As Thanksgiving nears, we’re giving thanks for a rock-star stock market since last December, when it fell 20%. Can it hold? In the simplest sense, whatever has been driving it must continue. Thanksgiving is to me the best holiday because it’s introspective. So let’s reflect...
November 20, 2019
Happy birthday to Karen Quast! My beloved treasure, the delight of my soul, turns an elegant calendar page today. It’s my greatest privilege to share life with her. Not only because she tolerates my market-structure screeds. Speaking of which, I’m discussing market structure today at...
November 13, 2019
Public companies, are you still reporting financial results like it’s 1995? Back then, Tim Koogle and team at Yahoo! made it a mission to be first, showing acuity at closing the books for the quarter faster than the rest. Thousands turned out for the call...
November 6, 2019
Balloons rise on hot air. Data suggest there’s some in stocks. Lipper says about $25 billion left US equities in October, $15 billion if you weed out inflows to Exchange Traded Funds (ETFs). Bond flows by contrast were up $21 billion. So how did stocks...
October 30, 2019
CNBC’s Brian Sullivan invited me to discuss shrinking market liquidity last Friday. Riveting, huh! Well, it is to me! Unraveling the mystery of the market has turned out to be a breathtaking quest. I had another aha! moment this weekend. Jane Street, a big Exchange...