The earnings-versus-expectations construct that fixates Wall Street and business journalism as companies report results fuels bets on which shell hides the pea. In fact, the stock market is built now on hiding the pea and moving the shells, apparent in…
View pageThis year’s rare midweek July 4 prompted a pause for the Market Structure Map to honor our Republic built on limited government and unbounded individual liberty. Long may it live. Returning to our market narrative: Did you know that 100%…
View pageWhat’s actionable? It’s a buzzword of business and the investor-relations profession. And, yes, my title violates a rule of grammar because you can’t tell if the topic is a hoax about actionability or if a hoax out there has proved…
View pageWhat do these pension funds below have in common? All (over $1.3 trillion of assets), according to Pensions & Investments, periodical for retirement plans, endorse the SEC’s Fee Pilot program on stock-trading in US equities. The California State Teachers’ Retirement…
View pageWe’re back! We recommend Barbados but we didn’t see Rihanna. We also endorse floating around the Grenadines on a big catamaran turning brown and losing track of time. We had rum off the shore of Petit Tabac where Elizabeth set…
View pageEDITORIAL NOTE: We are on a big catamaran with Painkillers in hand watching the sun dissolve into an aqua Grenadine sea. So while we all float on, here’s Part Two of our return to the past to learn today’s lessons.…
View pageEditorial note: We looked at market Sentiment topping into this week’s options expirations cycle and said to ourselves, “Selves, we should be cheeseburgers in paradise instead of hanging around here waiting for the market to fall!” So we are somewhere…
View pageFactSet says quarterly earnings are up 23% from a year ago. Why have stocks declined? There’s an inclination to grasp at fundamental explanations. Yet stock pickers generally don’t reactively sell because most times they must be fully invested (meaning to…
View pageYou can’t expect the stock market to reflect earnings. I’ll explain. By week’s end, 20% of the S&P 500 will have reported, and earnings are up 17% over the same period last year so far (normalized to about 7% sans…
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