Market Structure Insights
May 10, 2017
I’ve seen at least four Wall Street Journal stories in May alone about a quiescent VIX. The CBOE’s volatility index derived from options pricing on the S&P 500 hit a low Monday last seen in Dec 1993, the WSJ said (subscription required). It moved lower...
May 3, 2017
“Earnings beat expectations but revenues missed.” Variations on this theme pervade the business airwaves here during earnings, currently at fever pitch. Stocks bounce around in response. Soaring heights, crushing depths, and instances where stocks moved opposite of what the company expected. Why? Well, everyone is...
April 26, 2017
If you’ve never been to Sedona, AZ in April, go but guard yourself because it will lay hold on your spirit and make it captive to unrelenting beauty. How does the French election, yet unfinished, help US stocks? Wait, no. It’s not the French election...
April 19, 2017
Why don’t I trade like my peers? The CEO is sure it’s because investors don’t understand something – how you manage inventory, your internal rate of return targets. Pick something. Investors ask the same question. Why does that stock lag the group? For answers, they...
April 12, 2017
In Texas everything is bigger including the dry-aged beef ribs at Hubbell & Hudson in the Woodlands and the lazy river at Houston’s Marriott Marquis, shaped familiarly. We were visiting clients and friends before quarterly reporting begins again. Speaking of which, ever been surprised by...
April 5, 2017
The point isn’t that Blackrock picked robots over humans. The point comes later. If you missed the news, last week the Wall Street Journal’s Sarah Krouse reported that Blackrock will revamp its $275 billion business for selecting individual stocks, turning over most decisions to machines...