Market Structure Insights
June 22, 2016
We humans don’t like change. We become accustomed to uncomfortable shoes, kinks in the neck each morning, the monotony of sameness. Were we recorded we’d likely be surprised to hear ourselves making excuses for why what we don’t like must continue. The USA’s Declaration of...
June 15, 2016
How do you know macroeconomists have a sense of humor? They use decimal points. While you ponder, it’s that time again when the Federal Reserve meets to wring its figurative hands over decimal points, VIX expirations hit as volatility explodes anew, and Brits consider telling...
June 8, 2016
“We try not to confuse busy with productive.” Thus spake the head of investor-relations for an Israeli tech company years ago, and as we wrap the 2016 NIRI National Conference here in June-gloomy but ever awesome San Diego, I recall it anew. IR for those...
June 1, 2016
Yesterday China’s stock-futures market Flash-Crashed 10% and recovered in the same single minute. For those new to market structure, the term “Flash Crash” references a hyperbolic rout and recovery in US equities May 6, 2010 in which the Dow 30 erased a thousand points and...
May 25, 2016
If I could explain monetary policy using mainly actual English words, would you still rather slit your wrists than read it? Tough one, huh. As you consider it, people everywhere are wondering if the Federal Reserve will lift interest rates in June. You’ve no doubt...
May 18, 2016
Everybody adapts, including institutional investors like Janus. Rattle off a top-ten list of the best active stock pickers visited by teams of company execs and investor-relations pros trundling through the airports and cities of America, and Denver’s Janus likely makes the cut. Ah, but. In...