Your stock may collateralize long and short Exchange-Traded Funds (ETFs) simultaneously. Isn’t that cognitive dissonance – holding opposing views? Jekyll and Hyde? It’s akin to supposing that here in Denver you can drive I-25 north toward Fort Collins and arrive…
View pageQuestion everything. That saying is a famous Euripides attribution, the Athenian playwright of 2500 years ago. The Greeks were good thinkers and their rules of logic prevail yet today. Let’s use them. Blue chips dropped over 600 points Monday and…
View pageAs the market fell yesterday like a dragon from the sky (Game of Throners, the data are not good on dragon longevity now), 343 companies reported results, 10% of all firms. Market fireworks were blamed yet again on tariff fears.…
View pageWhich is the most important trading day of the month? “The one when my company reports results,” you say. Good guess, and you’re usually right. Not this time. It’s the last day. Yesterday was it, the vital day of April,…
View pageSuppose you were human resources director for a fleet of driverless taxis. As Elon Musk proposes streets full of autonomous autos, the market has become that fleet for investors and investor-relations professionals. The market drives itself. What we measure as…
View pageBlackrock CEO Larry Fink sees risk of a melt-up, not a meltdown for stocks. Speaking of market structure, I’m a vice chair for NIRI’s Annual Conference – the 50th anniversary edition. From the opening general session, to meeting the hedge…
View pageJP Morgan’s global head of macro quant and derivatives research (if you have that title, you should be a big deal!), Marko Kolanovic, says the market’s rising propensity toward violent moves up and down reflects bad liquidity. Bad Liquidity would…
View pageAs the Dow Jones Industrials surged over 300 points on April Fools Day, the behavior driving it was Exchange Traded Funds, not rational thought reacting to economic data. But aren’t ETFs manifestations of rational thought? Investors see, say, good Chinese…
View pageIs less more? This is the question anyone looking at the stock market as a barometer for rational thought – from stock-pickers to investor-relations professionals – should be asking. A Wall Street Journal article yesterday, “Passive Investing Gains Even in…
View pageIt’s all about the Benjamins, baby. What I mean is, Forex (FX) is the world’s most active trading market, with some $5 trillion daily in currencies changing hands on a decentralized global data network. It can teach us how to…
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