The Market Structure Map
January 3, 2018
The capital markets are riven with acronyms. One of the first you learn in IR (acronym for investor relations) is “GARP.” Growth at a Reasonable Price. As 2018 begins, GARP is a great way to describe the stock market, just as it was in 2017....
December 20, 2017
The legal community was euphoric Tuesday on word stock exchanges listing your shares, public companies, aren’t immune from lawsuits claiming rules favor high-speed traders. Bloomberg reported (news breaking so no updated link yet but case history is here) that a federal appeals court has overturned...
December 13, 2017
In New York City, it’s beginning to look a lot like Christmas around Rockefeller Center and it feels more like it here than in Denver where we hear yesterday it was 66 degrees (on Dec 12!). In the weather forecast today is a probable Federal...
December 6, 2017
A day ski pass to Vail will now set you back $160-$190. It’s rich but I’m glad the SEC isn’t studying skiing access fees. It is however about to consider trading access fees and you should know, public companies and investors. These are the gears...
November 29, 2017
In the past week as stocks jetpacked higher, Passive Investment was 36% of trading volume. The data counter a message Passive managers like Blackrock are propagating: We don’t trade, we just follow stock-pickers. That’s not just untrue. It contradicts basic facts. Let me explain using...
November 22, 2017
About 60% of US trading takes place on stock exchanges, the other 40% in private broker-operated markets. Should you be worried that nearly half of trading isn’t transparent? It’s Thanksgiving week so there’s no need for worry! We’re in Vail marking the occasion because everything...