Market Structure Insights

March 5, 2014

Not though the soldier knew someone had blundered. Alfred Tennyson’s 1854 poem, “The Charge of the Light Brigade,” offers lines more recognized than this one above including “into the valley of death rode the six hundred,” and “theirs not to reason why, theirs but to...

February 26, 2014

It’s got to stop. Warren Buffett said so. Until the Wall Street Journal’s Scott Patterson broke the story recently, most investor-relations professionals were unaware that Berkshire Hathaway unit Business Wire took fees from high-speed firms in trade for early delivery of news. It provoked outrage...

February 19, 2014

Are you a commuter? Even if not, come along for today’s ride or you’ll miss the story. Imagine that you drove to work by car. You’d have your favored route and your backups. Long ago in California, I commuted daily from the suburb of Roseville...

February 12, 2014
We're talking about stock repurchases. The build up, the announcements, the very lack of discretion in a competitive market. If this hurts your ability to get the best deal, then why have companies done this for so long? We're challenging you to question your assumptions....
February 5, 2014

Mayday! That’s the word quarterback Peyton Manning should’ve used Sunday, instead of Omaha! But we congratulate Coach Pete Carroll, a gentleman, and his bruisers from the Puget Sound. Speaking of bruising, earnings season and macro factors collided like particles in an accelerator as January slopped...

January 29, 2014

Omaha! Rather than Nebraska, we’re in Steamboat Springs enjoying spectacular slopes before this weekend’s big game between our Broncos and the Seahawks. Denver quarterback Peyton Manning uses the word “Omaha” to change plays or alert his team to shifting defensive coverage. In football, both defenses...

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