Market Structure Insights
May 20, 2015
Investor-relations is an itinerant profession. We’re on the road a lot. If you’ve had one of those three-hour flights, say from Denver to Atlanta, in a cramped regional jet (we’ve vowed to avoid them but United interdicts our solemn ecclesiastical commitments), you may utter profanities....
May 13, 2015
“Management wants answers when we don’t trade with our peers.” This is a lyric from a song by the rock band Smart Beta. Just kidding. But Smart Beta is as good a rock-band name as One Direction and each begets the other in the stock...
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...