The Emperor’s ETF Clothes
If somebody tells you he has a plan to improve your financial condition by borrowing your credit card and buying himself a bunch of stuff with it, be suspicious. With that setup, we have a story to tell you. In…
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Clouds and Wind Without Rain
We’re in glorious Cincinnati where the land is rushing headlong into spring. Even a photo snapped in haste northward at night from Covington at the John Roebling Bridge seems cast in ethereal light. Speaking of rushing headlong, if you’re here…
View pageThe Volatility Class
We write this week from sun-splashed Steamboat Springs, where visitors to the slopes are relishing more than seven feet of new snow in the past month. A word on markets: You’ll hear knee-jerk blame for yesterday’s 200-point Dow Jones double-black-diamond…
View pageBe Vigilant
Good to see you folks in Boston last week. But I needed Denver to thaw me out. It was seventy here last Saturday. I washed the car in T-shirt and flip flops. If at first you don’t succeed, try, try…
View pagePublic Companies, Pay Your Market-Makers
Apparently, exchanges are not bastions of deep liquidity. In a bombshell dropped at a congressional hearing yesterday, top executives for the NYSE and the Nasdaq proposed – to borrow from humorist Dave Barry, we SWEAR we are not making this…
View pageHigh Correlation in Stocks
While Irene splashed Wall Street, we Coloradans reveled in the ridden glory of the USA Pro Cycling Challenge. The 500-mile route hosted 130 of the world’s top cyclists including Tour de France winner Cadel Evans and both runners-up, Luxembourgers Andy…
View pageThe Difference Between Market and Consensus Expectations
We were in San Francisco Sunday escaping the heat parching most of the country. Cool heads are better than hot heads, we thought. It was nice to need a sweater. Speaking of needing things, there’s a flaw in consensus estimates.…
View pageExchanges Propose More Price Controls
The Boii are back in town! I refer not to the 1976 rock hit by the Irishmen of Thin Lizzy, but to the central European tribe that gave Bohemia its name. We just finished getting tribal in the Czech Republic…
View pageActionable
What does the word “actionable” mean to you? It’s a decent name for a rock band, yes. But it means “what stuff can you do with this?” Traders want actionable data – something to drive opportunity for profit. Investor-relations professionals…
View pageTrading Goes Beyond the Edge
We were in Lake Jackson, TX, last week for Karen’s HS reunion. South Texas is a sweat lodge this time of year, but the Saint Augustine grass lies lush and luminescent under the sycamores and live oaks. And we saw…
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