Market Structure Insights
November 13, 2013
Today a new era begins. One day in May 1792, 24 brokers gathered beneath a buttonwood tree in lower New York City and agreed to confederate in conducting their stock-in-trade. Thus began the New York Stock Exchange. Today, the NYSE is slated to cease trading...
November 6, 2013
We were in Kansas again. We set a personal record, visiting the state twice last week. Even Wichita is nice this time of year, as this photo shows Saturday from our downtown Hyatt Regency room on the Arkansas River – don’t ask me why that...
October 30, 2013
We were in King Soopers and they were out of lemons. For those of you elsewhere in the country and world, King Soopers is a Kroger-run grocery chain and I’m sure you’re thinking as I did when I first saw one, “Who names a store...
October 23, 2013
Everybody is talking about the weather. Why doesn’t somebody do something? This witticism on human futility is often attributed to Mark Twain but traces to Twain’s friend and collaborator Charles Dudley Warner. A century later, it’s still funny. There’s a lot of hand-wringing going on...
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...