Follow the Line
Money is better than poverty, if only for financial reasons. So wrote Woody Allen for himself as Broadway Danny Rose in the eponymous 1984 film. I’m not sure what Allen meant then as I was a high-school sophomore wearing a…
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Behavioral Volatility
I recall knowing one particularly volatile fellow. I should have called him VIX. Speaking of the VIX, options on that popularly titled Fear Gauge expire today as a raft of S&P components report results. Many will see sharp moves in…
View pageDefend Yourselves
You need to defend yourselves as public companies. This clarion lesson comes from last week’s trading halt at the NYSE though we think the exchange handled the outage correctly. Humans want pictures of perfection like Saturday’s Balloon Rodeo in Steamboat…
View pageCans and Roads
The problem with kicking the can down the road is what happens when you reach a hill. Speaking of hills, Taos wasn’t what we’d expected. Galleries cluster the square, yes. We loved our circuitous bike ride along the foothills to…
View pageThe Escalator
As the US investor-relations profession’s annual confabulation concludes in the Windy City, we wonder how the week will end. The problem is risk. Or rather, the cost of transferring it to somebody else. Today the Federal Reserve’s Open Market Committee…
View pageIt Aint So
The equity market is like Mark Twain said. The trouble ain’t what people don’t know, it’s what they know that ain’t so. Thus did Sam Clemens articulate the difference between the price of ignorance and the consequence of arrogance. I…
View pageQuiet Midday
The midday equity-market silence is deafening. Writing for the Wall Street Journal last week, Dan Strumpf roiled capital-markets constituents describing how stock-trading is now focused around the opening bell and the last half-hour, with volume dribbling otherwise. NYSE strategists are…
View pageNew Answers
What’s the purpose of life? We want simple answers to complex questions. Such as when management asks why the stock price is up or down. Since elementary explanations are often incorrect, there’s been a loss of confidence. “We broke through…
View pageThree Days
Some energy-sector clients lost 40% of market-capitalization in three days last October. A year and a half cultivating share-appreciation and by Wednesday it’s gone. How so? To get there let’s take a trip. I love driving the Llano Estacado, in…
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