Market Structure Insights
April 18, 2018
You can’t expect the stock market to reflect earnings. I’ll explain. By week’s end, 20% of the S&P 500 will have reported, and earnings are up 17% over the same period last year so far (normalized to about 7% sans federal corporate tax reform legislation)....
April 11, 2018
In 2016 to much fanfare, the SEC and the stock exchanges smashed a bottle of champagne on the looming bow of a tick-size study and launched that battleship into the markets. Two years later the tick study is limping into port in a lifeboat. For...
April 4, 2018
Spotify ditched convention yesterday with its direct listing on the NYSE. It didn’t raise money or ring the opening bell. It gave shareholders a way out. It’s a touchstone for the state of the capital markets. CrunchBase says Spotify has raised $2.6 billion in 22...
March 28, 2018
Recent market volatility is, we’re told, investors one day saying “let’s sell everything because of tariffs and a trade war” and two days later “let’s buy in epic fashion because the USA is negotiating with China.” That conforms market behavior to a fundamental explanation but...
March 21, 2018
Jakob Dylan (he of Pulitzer lineage) claimed on the Red Letter Days album by the Wallflowers that there are three ways out of every box. Warning: Listen to the song at your own risk. It will get in your head and stay there. Something else...
March 14, 2018
Our good friends at Themis Trading wrote last week about a $14 million settlement between the NYSE and the SEC over a series of violations. Why care, issuers and investors? Suppose nobody told you the road you take daily to work sat atop a growing...