Blog posts
- Stock Tariff
- A Drunken Stumble
- Abroad and Broadening
- Copernicus Said It
- The Paradox
- The Assumptions
- Random?
- Look Around
- Inequality
- Divergence
- One Fund
- Data Dependent
- A Writhing Market
- Sizing Trades
- Running Bulls
- In the Basket
- Money and Machines
- Earnings and Alpha
- Signs and Wonders
- Sherlock Holmes Market
- What Money Wants
- Trading Air
- New Thinking
- Everything is Awesome?
- Clarity
- Big Zero
- Our Valentine
- Magnificence
- High Confidence
- Improbable
- Opposites
- What’s Real
- The Year
- Be the Benchmark
- Demand Signal
- What Hank Knew
- Prudence
- Aggieland and Markets
- Half Pennies
- What We’ve Learned
- Just Short It
- Me and Mr. Jones
- Synthetics
- Disconnect
- Striking Features
- The Trend
- Wireframe
- The Tides
- Delivering Beta
- Wahoo
- The Signs
- Do Earnings Matter?
- Searching for Why
- Mixed Messages
- Chasing Beta
- The Emperor
- Panakes
- Vanished Alpha
- Virtual Reality Calls
- Odyssey
- Achilles
- Ford Pinto
- Real World
- The Barometer
- Surreal
- The Trends
- The What?
- What The Fed Knew
- Principal Influencers
- IR 2.0
- What’s Wrong
- The Odds
- The Cost
- Great(ish) Expectations
- Halted Auction
- The Winners
- Origins
- Right and Wrong
- Barometric Pressure
- Tulips
- Big Risk Transfer
- Deodorant Lid
- The Trouble
- Blood Sport
- Fault Lines
- Where’s the Poo
- What the Hell?
- Decline and Fall
- Market Palio
- Short Story
- Inflation
- Objectivity
- Closeted
- Why Yass Wins
- Big Little Things
- A New Construct
- Like Switzerland
- Panorama
- What We Do
- The Essentials
- Elasticity
- Constant Change
- Understanding
- Snapped
- Create and Destroy
- Experience
- Hysteresis
- For the Birds
- Troubling Signs
- Interest(ing) Rates
- Weird
- Caveat Short Emptor
- Suspended
- Eyes Wide Open
- Rise and Fall
- Cliffside
- Extended Chaos
- Predicting Moves
- Electric Jellyfish
- No Excuses
- Uneven Market
- The Big Story
- Human Nature
- Right Now
- Big Strategy
- The Flaw
- Most Important
- The Days Count
- Time
- The Inferiors
- Whacked and Lulled
- Mission SEC
- Clear the Room
- Analyst Day
- Bare Windows
- Resistance and Support
- Just Data
- Growth vs Value
- Gensler’s Gambit
- Where’s It Going?
- Suddenly
- Starting Point
- Passive Pitfalls
- Optional Chaos
- Supply and Demand
- Data to Know
- Rustling Data
- Fab Problem
- Money Highway
- Blunderbuss
- Rewards of Risk
- Characteristic Opportunity
- Your Umbrella
- Something Wicked
- Roped Together
- Message vs Messages
- Swapping Volatility
- Which Way
- Fama Market
- Suez on Wall
- Cash in Lieu
- March 17: The machination of machines!
- Reg Efdy and Thee
- The Missing Wall
- Maxine Waters
- Big Cheese Grater
- Metastable
- IS REPORTING NOW JUST A SIDESHOW?
- Sailing Away
- 440 Market
- Onward and Upward
- Last Year’s Language
- Hacky Sack Stocks
- Deal Art
- Fearless
- Are You 2.0?
- Mean Plus
- What’s Going On
- On the Skids
- Serenity
- Placid
- What’s In It
- Political Sentiment
- Vahlcue
- Gaffes and Spoofs
- In Control
- Volatile Liquid
- Minnows
- The Little Short
- Indexed
- Mini Me
- Dark Edges
- Boxes and Lines
- Plains Crossings
- The Daytraders
- Big Blanket
- Mr. Smith’s Money
- Trading Fast and Slow
- Power of Two
- Seen and Unseen
- Squid Ink
- Unknowable
- Medium Frequency Trading
- What’s Changed
- Reg Nemesis II
- Benjamin Graham
- Money for Nothing
- Roll Call
- Nothing
- Sneeze Cloud
- Epiphany
- Many Tiny Trades
- The End
- SPECIAL CORONAVIRUS EDITION: Halting
- Canary Prices
- Viral Market
- Collateral
- The Mock
- The Truth
- Disruption
- Infected Stocks
- Proportional Response
- What Matters
- Time and Sentiment
- Hummingbird Wings
- Boxed Yellow Pencils
- Blurry
- The Fortress
- Time Changes
- Hot Air
- Wholesale Profits
- Suppy Chain Trouble
- Spread Spoofing
- Six See Eleven
- Bad News
- Curtains
- Reality Disconnect
- Rotation
- Liquidity
- Beneath the Surface
- Interesting Year
- Why Traders Trade
- Yet Arrived
- Unstoppable
- The Canary
- Flying Machines
- In Control
- Rate of Change
- Russelling Stocks
- Phones and Wristwatches
- Jekyll and Hyde
- Euripides Volatility
- Dragon Market
- The Vital Day
- Driverless Market
- Melting Up
- Bad Liquidity
- Beating Hearts
- Activism Science
- Five Questions
- FX Effects
- Manufactured Spreads
- Clashing Titans
- Best of MSM: Market Structure Matters
- Watch the Machines
- Flowing
- Short-Term Borrowing
- Form Follows Function
- Exchanging Data
- Leveraged Market
- Down Maiden Lane
- A Credit Market
- Surly Furious
- Sector Insights
- Bucking the Mighty
- Collateral
- When Oil Swoons
- Pricing Everything
- Blocking Volatility
- Counterparty Tuesday
- Reactively Passive
- Deal Data
- Unsettling
- Electric Market Toothbrush
- Age of Discovery
- Borrowed Time
- Going Naked
- August Currents
- Rules and Money
- Lab Knowledge
- Shell Game
- Moon Rules
- Block Monopoly
- The Actionable Hoax
- Big Pillow Fight
- Piloting Fees
- Liar’s Poker
- BEST OF: Green and Purple
- Best Of: The Housing ETF
- Westworld
- The Matrix
- Substitutes
- Big Movers
- Ticking Down
- Streaming Market
- The Housing ETF
- Three Ways
- SEC vs NYSE
- Green and Purple
- Machination
- Collateral Recovery
- Shaun White Market
- Vapor Risk
- Currency Volatility
- Arbitrage Mechanism
- Day to Day
- Can It Last?
- The 5.5 Market
- Euphoria
- Looking Back: Dec 2015
- Paid Access
- Prospectively Passive
- Squab and Thanks
- Supine Risk
- Evaluation
- The Middle
- Easy Riders
- Impassively Up
- Climbing Mountains
- Times and Seasons
- A Big Deal
- Acronym Techniques
- Harvey Market Structure
- Hidden Volatility
- Auctioning Profits
- Time for Change
- Livermore Lesson
- Earning the Answers
- Realistic Expectation
- Dalhart vs Artifice
- Long and Short
- David Copperfield
- Mercenary Prices
- BEST OF: IR Power
- Building Signals
- IR Power
- Half the Market
- Expectations vs Outcomes
- Man vs Machine
- Predictive Knowledge
- Volatility Insurance
- Blackrobotics
- Race Condition
- High Speed Risk
- Weathering Change
- The Rising
- Story Versus Store
- Outliers
- The Clash
- Hedging Bets
- Open Water
- Core Reality
- Metrics
- The Death Star
- Two Pillars
- The Math
- Verve and Sand
- Fed Up
- Bang the Close
- Long December
- Best Of: The GRAR
- Selling the Future
- The GRAR
- Total Confusion
- A Rational Market
- Volume and Interest
- Do The Math
- Two Faces
- Three Acts
- Balancing Act
- The Blue Whale
- Market Serfdom
- A Year Ago
- Low Spreads
- Light Speed
- Trivago and Traders
- Gilding the Trend
- Rational Signals
- ETFs and Arbitrage
- Up and Down
- Teasing Us All
- The IEX Machete
- Vinnie the Face
- Busily Productive
- Ring of Fire
- Bait and Switch
- Janus ETFs
- Correlating Volatility
- Split Millisecond
- Dollar Ratios
- Stuck Throttle
- Making Water
- Chasing Gaps
- Bad Forecast
- False Passive
- Root Cause
- Culmination
- Inconvenience
- Side Deals
- Bieber in a Bottle
- Eroding Banks
- Receding
- Pricing Models
- Volatility
- Weighing Options
- Swimming
- Reflection
- Best Of: The Vacuum
- BEST OF: From Jan 7, 2015 – Adapting
- The Vacuum
- Dollars and Sense
- The Frontier
- Mispricing
- The Obvious
- Stein’s Law
- Your Voice
- Turnover
- Paid to Trade
- The Replicator
- The Long Slide
- Water Down
- ETF Bubble
- Capital Caprice
- Derivation
- Interconnection
- Showing Up
- Dark Costs
- Boards Should Know
- Follow the Line
- Behavioral Volatility
- Defend Yourselves
- Babbling Happily
- Cans and Roads
- Being Novak
- The Escalator
- It Aint So
- Quiet Midday
- Trading Through
- The Cube
- Smart Beta
- 25 Basis Points
- New Answers
- Chasing Spoofers
- Patterns
- BEST OF From Feb 4: Function Follows Form
- Relevance
- Compensation Model
- Three Days
- Listing
- Assuming
- Taint Natural
- Leakage
- The Reality Discount
- Function Follows Form
- The Fulcrum
- The Committee
- Crumbling Quotes
- Adapting
- Future Former
- Market Facts
- Ups and Downs
- Lava Cools
- Best-of: From Aug 27, 2014 – Beyond Curiosity
- Feedback
- Sizing Ticks
- Legging It
- The Audience
- Perspective
- Volatile
- Casting About
- Peer Review
- Double Standard
- Risk
- Big Opportunity
- Without Your Knowledge
- Beyond Curiosity
- Tray Dat
- Buy the Rights
- Big ModernIR News
- Missing Volume
- Take and Make
- CYNK Me
- The Empty Chair
- Setting Prices
- The Risk
- First Things First
- The Big News
- Crossfinding
- Tapering Tantrum
- Autocallable
- Who Is Selling
- Rotation
- Binary IR
- Monoliths and Microseconds
- Fires, Crashes and Kill Switches
- The Recovery
- Flash Boys
- What Really Matters
- Constituents
- Virtuous
- Light Brigade
- Unwired
- Commuting Sentences
- Losing Purchase
- Sun and Goggles
- Reg Nemesis
- Why Auctions Work
- MMI, not MMA
- Great Expectations
- The Short Fed Story
- Retail Reality
- The Dark Exchange
- BEST OF MSM – A Movable Feast
- The Long and Short
- Wag the Dog
- Kansas and Your Stock
- Behind the Trade
- Risk-Free Return
- Irrelevant Sideshows
- Daily Self Help
- Structural Distortion
- Rebalancing Act
- The Flood
- Alpha Bet
- Street Level
- Follow the Line
- Streetwise IR
- Infinite Money Theorem
- Pondering Exchanges
- Banks BARE All
- Market Electrolysis
- Data Darkness
- The Trading Edge
- A Movable Feast
- Stopping Shorts
- Targeting Today
- Equity Supply Chain
- Tapering Tantrum
- The Answer
- Swapping the Future
- Follow the Money
- Moving Averages
- Enlist Investors
- Understanding Markets
- Lulled by Markets
- Holistic IR
- Hired ETF Guns
- Market Structure Matters
- Volatility Implications
- Our Best Sentiments
- En Route to Knowing
- Maker-Taker’s Mark
- The IR Goal
- Spread Too Thin
- Resonant Frequency
- Reality or Fantasy
- Issuer Data Initiative
- The IR Jetsons
- A Short Story
- The Dark Arts
- Who Owns My Shares
- Stocks and the Fiscal Cliff
- Look Around
- Sizing it Up
- Correlation
- The Vessel
- The Auction
- Relativity and Dollars
- Instant Replay
- Fade the Move
- The Great Debate
- End Reg NMS
- You Never Know
- Big Tick Talk
- Volcker Rocks IR
- Quiet Period
- Bourbon Street Market
- Mean Reversion
- Knight Time
- Bending Like Beck
- Eternal Motion
- Machinating Your News
- NYSE Goes Retail
- Macro IR
- Window Dressing
- The Epic Divide
- Broken Markets
- NIRI Seattle-Style
- Targeting Today
- Losing Facebook
- JP Morgan and Market Structure
- Macro Factors and IR
- The 11.1% Occupying Earnings
- A Blueprint for Modern IR Strategy
- The Emperor’s ETF Clothes
- The Theory of Value Relativity
- Predictable Outcomes
- Did You Carry the One?
- Clouds and Wind Without Rain
- Body Language of Stocks
- The Volatility Class
- The Facts
- Trading at the Speed of Light
- Algo Rhythm
- Moneyball in Your Shares
- Facebook Friends Morgan Stanley
- Be Vigilant
- Algorithms Are Pragmatic Chaos
- You Can Change the World
- Let’s Think of Something to Say
- Why Vanguard Likes High Frequency Trading
- Arbitragers Love Monetary Intervention
- A Rational View of Share Prices
- Public Companies, Pay Your Market-Makers
- ETFs and Divine Creation and Redemption
- The Peterffy Effect and High-Frequency Trading
- Outrage in the Dark
- Fragmented Markets Increase Equity Cost of Capital
- Your Earnings Expectations Are the Sum of All Flows
- Influencing behaviors in your trading
- Stocks, dollars and Newtonian physics
- Datafeed Speed and Market Structure
- IR Pros Must Know Macro Factors
- When Investors Buy and Sell
- High Correlation in Stocks
- Why Stocks Move 5 Pct In a Day
- A Wealth-transfer of Billions Should Matter
- Follow the Cash
- Market Mayhem and Large Traders
- The Difference Between Market and Consensus Expectations
- Dividends and Buybacks
- VZZB Is a Sign of the Times
- How Order Routing Affects Your Stock Price
- Yin and Yang in Your Stock
- Best Execution Makes Your Stock Trade Like the Rest
- Take the Pulse of Your Stock
- Do Traders Use Protection?
- A Lighter Shade of Dark
- Mad Scramble to Skirt the NBBO
- What Markets Look Like from a Week Away
- Great Markets and Poor Data are Contradictory
- Back in Pink
- Ups, Downs, and Algorithms
- Exchanges Depend on Arbitrage
- Why Markets Recovered Despite Global Troubles
- Citigroup on Liquidity
- Berkshire Hathaway and the Myth of Trading Liquidity
- Time for Public Companies to Demand Better Data
- Circuit Breakers for Shorts May Cast Long Shadow
- Flash Crash Panel Proposes More Market Constraints
- Explosive Growth in the OTC Market
- Pay Attention to Your Trading
- The World Rocks and Markets Roll
- What Would a Bookie Do?
- Don’t Roller-skate in Buffalo Herds
- Facing the Book Facts
- Money Loves Darkness
- Why Franklin Templeton Likes HFT
- Why IR Pros Need to Love Some Math
- Soft Dollars and Investor Relations
- Insider Trading and Rational Investment
- Why We Have Eleven Exchanges and Counting
- Nobody Wants to See You Naked
- The Trouble with Liquidity
- Options Expirations and Earnings Reports
- CEOs Need to Be Asking Questions
- What Should Your CFO Say About High Frequency Trading?
- What the SEC Flash Crash Report Means to Issuers
- Micro IR in Macro Markets
- Exchanges Propose More Price Controls
- Quote Stuffing and the Fall Conference Circuit
- Missing the Mark in Algorithmic Trading
- There Are Spreads and There Are Spreads
- Prudential Vice Chair Says Stocks Are Not Trading Chips
- Actionable
- Your Volume and the Maker-Taker Model
- Market Sentiment a Mix of Reactions
- Trading Goes Beyond the Edge
- Sub-Penny Quoting and What it Means to IR
- How Quants Find Value
- Why Vanguard Likes High Frequency Trading
- IROs, Own Your Market Structure
- It’s Either Hedge Funds or Balancing on Logs
- Of Beach Balls and Risk Allocations
- Understanding the Space Between Things
- Guitar Hero of Trading Markets
- Global Statistical Arbitrage is No Snot Mark
- The Market Fits Like a Sock
- It May Not Be About You
- Derivatives and the Something-for-Nothing Mindset
- Goldman Sachs or Expirations?
- Quant Trading at the Hudson
- Program Trading Kicks off Strong Q2 Start
- Market Structure in 3D
- Does Investment Matter?
- How Do Equity Swaps Work?
- How Can 70% and 50% Equal 100%?
- Can’t You Be More Positive?
- The Market Isn’t Efficient
- What the Dollar and Blacksmith Bellows Have in Common
- Market Volatility
- Beware Reporting Earnings In a Vacuum
- What You Should Know About Program Trading
- Risk and Naked Access
- Trading 101
- Sizing Up Twenty-Ten
- Three Days of the Iron Condor
- Expirations, Risks and Unknowns
- On the NYSE and Knight Floors
- The heart of the IR job
- What “Money” Means Now
- How Do You Know What’s Real?
- The Tale of Tail Risk
- Size (of trades) Matters
- Volatility and Small Caps
- What We Should Do With Dark Pools
- Stock Surveillance Batting .290?