Green and Purple
I can’t find a team (men’s or women’s) headed to March Madness, the annual collegiate sports fete in the USA, wearing green and purple. But the market’s awash in them. Don’t you mean red and green, Tim? Buy and selling?…
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Machination
“It’s like the market has become some uncontrollable machine lurching around,” said friend Pat at the NIRI Rocky Mountain chapter meeting last week. I spoke there about Exchange Traded Funds and how they contribute to market instability through the slow…
View pageCollateral Recovery
Who remembers EF Hutton? When EF Hutton talks, people listen. That slogan crafted by Hutton’s William Clayton, who died in 2013, and now-defunct advertising agency Benton & Bowles, wasn’t about a man but a firm. Ads ran in the 70s…
View pageVapor Risk
One definition of “volatile” is “passing off readily in the form of vapor.” Through yesterday, XIV, the exchange-traded security representing a one-day swap from Credit Suisse and offered by VelocityShares, had seen 94% of its value vaporized. It triggered a…
View pageArbitrage Mechanism
Arbitrage Mechanism would be a great name for a rock band. Of course, when bands are named for market terms – Call Option, Factor Model, Shiller PE – the bull market may be ending (let me know if your kid’s…
View pageDay to Day
Here in CO we can count on sun much of the time but we still watch the weather forecast. It would be a real pain to drag the skis out and drive up the mountain only to find the resorts…
View pageThe 5.5 Market
The capital markets are riven with acronyms. One of the first you learn in IR (acronym for investor relations) is “GARP.” Growth at a Reasonable Price. As 2018 begins, GARP is a great way to describe the stock market, just…
View pageLooking Back: Dec 2015
In New York City, it’s beginning to look a lot like Christmas around Rockefeller Center and it feels more like it here than in Denver where we hear yesterday it was 66 degrees (on Dec 12!). In the weather forecast…
View pageProspectively Passive
In the past week as stocks jetpacked higher, Passive Investment was 36% of trading volume. The data counter a message Passive managers like Blackrock are propagating: We don’t trade, we just follow stock-pickers. That’s not just untrue. It contradicts basic…
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