Market Structure Insights
September 25, 2024
Tundra is spongy. So are stocks. Somebody facile with words is Peter Heller. Karen and I met him at a book-signing in Steamboat Springs. Things to do abound everywhere but I think one is more aware of them in small towns. We love our little...
September 18, 2024
Stocks are up. So are the number of trades and the amount of volume that’s short. But trade-size has plunged. The stock market is up 87% the past five years while trade-size is down 37% from 154 shares per trade on average in S&P 500...
September 11, 2024
On May 22, fees charged by the SEC on trading rose 248%. It’s not widely understood that the fees from initial public offerings, follow-on and secondary offerings, proxy solicitations and corporate buybacks (under sections 6b, 13e and 14g of the Securities Acts) were directed away...
September 4, 2024
Why does the stock market all at once lurch like a drunk and take out a row of planter boxes containing semiconductor stocks? Public companies, this is the market you depend on for capital, for a read on fair value. You deserve to know why...
August 28, 2024
They’ve been running the Palio in Siena officially since 1482 but the history goes further back. We were walking through the Lupa Contrada on the day of the race and I snapped a photo of a trainer walking the Wolf horse. Well, lupa means wolf...
August 7, 2024
Copernicus could help us pick stocks. In a sense, anyway. I’ll explain. Now, I don’t know what’s going to happen next. We did, however, write this July 24: Recognize this: It’s a mathematical impossibility for any meaningful rotation to occur from large caps to...