Market Structure Insights
September 19, 2012
An ode to erudition in professional sports, these pearls of wisdom overheard on sidelines come thanks to ESPN’s halftime report during the unfortunate demise of our Denver Broncos in Monday Night Football: “If you hadn’ta been where you was, and did what you did, we...
September 12, 2012
We all love soaring markets. When were you last dead sure what drove your stock up? Today, a German court will decide if German taxpayers must back last week’s European Central Bank plan to buy Eurozone debt, which powered US equities to multi-year highs Sept...
September 5, 2012
Volcker would be a great name for a shred-metal band. It seems vaguely gothic and you can picture musicians in leather with guitars and tattoos. Maybe colored hair. Alas, no. The Volcker Rule is no band. But it’s prompting musical chairs that may rock IR....
August 29, 2012
Define irony. Alanis Morrissette called things ironic in song and was criticized for the apparent absence of irony in her verse. So is it ironic, or instead coincidental or paradoxical, that the SEC may consider speeding up information by removing the quiet period around IPOs...
August 22, 2012
The equity market is like Bourbon Street. No, we don’t mean the stock market is home to “Big Daddy’s World Famous Love Acts.” We mean it’s a bit off, a party, somewhat wanton, full of folks in disguise doing things they wouldn’t do anywhere else....
August 15, 2012
If our stock reverts to the mean, I don’t see that high-frequency trading matters. I’m paraphrasing what many CEOs and CFOs believe. The market is complicated. There’s volatility. Trading is global. ETFs and derivatives probably affect volume. But I’m trading at a reasonable multiple of...