The Market Structure Map
August 16, 2017
What’s the closing auction worth? A member of the investor-relations profession last week posted a story for community discussion on a CBOE BATS proposal to open day-end auctions to exchanges that don’t have listings. Right now rules say only the listing venue, largely the Nasdaq...
August 9, 2017
Seventy-two years ago today, the United States dropped the second atomic weapon in four days, bringing world war in Asia to dramatic conclusion. Current relations with North Korea demonstrate the intractability of human nature. While human nature is unchanging, markets are the opposite. Yesterday famed...
August 2, 2017
A guy from Cumbria in the UK has built a Twitter Tape Machine. Programmer Adam Vaughan was long intrigued by ticker tape, the stock market technology standard from 1869, when Thomas Edison patented a version better than inventor Edward Calahan’s, until the 1960s when TV...
July 26, 2017
It’s 8am Eastern Time and you’re in a conference room. Earnings season. Executives around the table. The serious ones in suits and ties like usual. Others in shorts or jeans. Everybody reading the call script one more time. “You think we’ll get that question about...
July 19, 2017
How do you set realistic expectations about your shares for management? I’ll give you examples. One of our clients had a cyberattack and disclosed the impact, a material one degrading expected quarterly results. What to expect? Shares are up on strong volume. That’s great but...
July 12, 2017
Texas is booming. We road-tripped it June 28-July 6, giving y’all a break from market structure. We rolled the I35 corridor from frenzied Frisco north of Dallas, to Austin, now home to 950,000 people, to San Antonio, the fastest-growing Texas city last year, pushing 1.5...