Market Structure Insights
September 28, 2016
Spain rocks. We’re back from pedaling the Pyrenees and cruising the rollers of the Costa Brava on bikes, where the people, the food, the wine, the scenes, the art, the land and the sea were embracing and enriching. To wit, we traversed 200 miles, thousands...
September 14, 2016
If you want to know what a business is capable of doing, look at its balance sheet. If you want to know what the Federal Reserve is capable of doing too, look at its balance sheet. Having scrutinized it, Karen and I are leaving today...
September 7, 2016
Last week US jobs were weak and the market welcomed the news. We tend to laugh or snort when stocks do the opposite of what they should. But if the market is powered by an economy that’s weaker than expected, why should it rise? And...
August 31, 2016
Last week a stock strategist said passive investment is worse than Marxism. That’s a way to get attention at risk of offending Marxists. It did (get attention). CNBC covered it. Jason Zweig did too in the Wall Street Journal weekend edition. It’s relevant to investor...
August 24, 2016
In Luckenbach, Texas, ain’t nobody feeling no pain. We were just there and I think the reason is the bar out the back of the post office. A country song by that name about this place released in 1977 by Waylon Jennings begins by asserting...
August 17, 2016
What keeps stocks going is low volatility. By seeking only to earn the spread on each transaction and not bet on the direction of markets, you can make money close to 50 percent of the time. This one sentence from a profile of high-speed firm Virtu...