Market Structure Insights
May 6, 2015
Whether public companies are winning in the stock market comes down to basis points. The Buttonwood Agreement formulating the US public equity market in 1792 affirmed in two terse sentences that its parties would charge a quarter-point commission. Last weekend Jason Zweig wrote about “May...
April 29, 2015
What’s the purpose of life? We want simple answers to complex questions. Such as when management asks why the stock price is up or down. Since elementary explanations are often incorrect, there’s been a loss of confidence. “We broke through our moving averages” wears thin...
April 22, 2015
Apparently the market is very unstable. This is the message regulators are unwittingly sending with news yesterday that UK futures trader Navinder Singh Sarao working from home in West London has been arrested for precipitating an epochal US stock-market crash. On May 6, 2010, the...
April 15, 2015
Happy Tax Day! Don’t you wish you could be somewhere else? Sit at Saba Rock looking north where beyond the earth’s curvature lies Anegada and you know why Richard Branson embraced the British Virgin Islands. We did too, abandoning electronics including in my case a...
April 8, 2015
EDITORIAL NOTE: Richard Branson says hello! Well, I imagine he would if we bumped into him here off Necker Island on the gloriously azure plane of the Caribbean Sea snuggling against the British Virgin Islands. Today would’ve been my father’s 80th birthday had he lived...
April 1, 2015
I saw this definition for the word “study”: The act of texting, eating and watching TV with a textbook nearby. Modern trading markets can cause investor-relations to seem like a nearby textbook, as the following guest commentary illustrates (and that’s no April Fools’ joke). Special...