The 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…
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Looking 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…
View pageSupine Risk
We’re in New York this week while companies gather in Dallas for the annual NAREIT conference, the association for real estate investment trusts. Real estate is about 3% of the S&P 500. By comparison, Technology is 23%, the largest by…
View pageImpassively Up
A picture is worth a thousand words. See the picture here, sparing you a thousand words (for a larger view click here). It explains our rising stock market. Look at the line graphs. Three move up and down, reflecting normal…
View pageHarvey Market Structure
We’ve said many prayers for friends, family and colleagues in Texas and Louisiana and will continue in the wake of Harvey. There’s a lesson from it about stocks today too. Is paying attention to the weather forecast important? The weather…
View pageHidden Volatility
Volatility plunged yesterday after spiking last week to a 2017 zenith thus far. But what does it mean? “Everybody was buying vol into expirations, Tim,” you say. “Now they’re not.” Buying vol? “Volatility. You know.” It’s been a long time…
View pageAuctioning Profits
What’s the closing auction worth? A member of the investor-relations profession last week posted a story for community discussion on a CBOE BATS proposal to open day-end auctions to exchanges that don’t have listings. Right now rules say only the…
View pageLivermore Lesson
A guy from Cumbria in the UK has built a Twitter Tape Machine. Programmer Adam Vaughan was long intrigued by ticker tape, the stock market technology standard from 1869, when Thomas Edison patented a version better than inventor Edward Calahan’s,…
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