Synthetics
Former SEC chair Mary Jo White once said in a speech, “The stock market exists for investors and issuers, and their interests must be paramount.” It’s a view widely intoned by regulators and on Capitol Hill where there is now…
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Disconnect
Why is there a 100% spread between SPY and stocks? SPY is the State Street S&P Depository Receipt, called a “spider” for the acronym SPDR, tracking S&P 500 stocks. It’s an exchange-traded fund (ETF). The term depository receipt reflects the…
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Delivering Beta
It’s been a surreal week. We’ve had a life-changing event, a terrifying experience. But it’s going to be okay. Those of you in our close circle know. We’re more reflective. And I can’t let beta go. I’m admittedly fixated on…
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Searching for Why
Now it’s getting weird. Companies are asking us why their shares are up. Most times it’s the reverse. Why’s my stock down? It’s a telling point along the continuum of the Curiously Strong Market. S&P 500 earnings so far this…
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Chasing Beta
Does alpha exist? That was how a hedge-fund executive began a conversation when I was in his office back before the pandemic. He said the joke among hedge funds is that everybody is pursuing something – higher risk-adjusted returns –…
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The Emperor
I’m amused. There is a ceaseless stream of people chattering about the economy. On TV. On the web. In print, in digital. Will we have a recession, a soft landing, nothing? When will the Fed stop lifting rates and start…
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Vanished Alpha
There’s no alpha left in public equities. Hasn’t been for 20 years. Nope, not me. I didn’t say it. Marc Rowan, CEO and co-founder of Apollo Global Management, a private equity firm with six hundred billion dollars under management said…
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Virtual Reality Calls
Should you wear an Apple Virtual Reality headset during earnings calls? Wait, what? Earnings calls? I’ll explain. I remember wondering if Apple would survive. You too? The maker of personal computers had by the 1990s lost the market to Microsoft. …
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