Market Structure Insights
October 16, 2013
They keep you from getting lost in irrelevant sideshows. That’s how University of Chicago economics professor John Cochrane described the benefits of asset-price models in a WSJ piece yesterday about Nobel winners Eugene Fama, Lars Peter Hansen and Robert Shiller. Two alert readers sent me...
October 9, 2013
We saw Gravity last weekend and like so many others I immediately thought of the equity market. Karen hates how movie trailers today tell the whole story (guess it saves one having to see films), so I’ll offer but a glimpse. At the start, George...
October 2, 2013
“When I talk about this stuff with clients, they’re only half-listening until this phrase appears.” Thus spake my learned friend Jim MacGregor, at Abernathy MacGregor in New York City, whose views I hold in high esteem. “What stuff? What phrase?” I said. “Market Structure. ‘How...
September 25, 2013
You can see what investors are doing. When indexes are rebalancing, NASCAR ensues. No, not a bunch of noise and southern accents. A race. On Sep 17 with kickoff of the Federal Reserve’s meeting last week, the top price-setting authority behind the S&P 500, using...
September 18, 2013
The word of the week was “flood.” Here in Colorado, Denver had a coup d’état by weather patterns from Portland, Oregon for a week but our streets never ran in torrents. Where the Rocky Mountain watershed empties to the flood plain from the Mesozoic Era,...
September 11, 2013
We smell autumn on the wind in Denver. Soon the backbone of the continent will transform from verdant to orange and yellow and caramel as the aspens salute departing summer. It’s a process spanning weeks, an epoch compared to equity-market timeframes nowadays. Investors want an...