Market Structure Insights

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...

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...

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