The market message appears to be: If you want to know the rest, buy the rights. While rival Nintendo is banking on Pokemon Go, Sony bought the rights to Michael Jackson’s music catalog for an eye-popping $750 million. This may…
View pageA line in the 1973 song Lord Mr. Ford goes, “All the cars placed end to end would reach to the moon and back again, and there’d probably be some fool pull out to pass.” Such is the delicate balance…
View page“We try not to confuse busy with productive.” Thus spake the head of investor-relations for an Israeli tech company years ago, and as we wrap the 2016 NIRI National Conference here in June-gloomy but ever awesome San Diego, I recall…
View pageYesterday China’s stock-futures market Flash-Crashed 10% and recovered in the same single minute. For those new to market structure, the term “Flash Crash” references a hyperbolic rout and recovery in US equities May 6, 2010 in which the Dow 30…
View page“Measure the performance of equity securities in the top 85% by market capitalization of equity securities listed on stock exchanges in the United States.” I made it a sentence here but I clipped that phrase from a Blackrock iShares “minimum…
View pageMy friend’s dad joked that kids are the most destructive force in the universe. For stocks, the most powerful (and sometimes destructive) force is the movement of the dollar. The Federal Reserve and the Bank of Japan both meet today…
View pageIf someone says he’s going to make water, it means one thing. If he says he’s providing liquidity, it means another. We should clear (and perhaps clean) that up. In the stock market, some firms call themselves “liquidity providers.” The…
View pageThere’s a mistake in last week’s Market Structure Map. We never made it to Boston! The forecasters missed it and snow walloped us with a ferocity that shut Denver International Airport by air and land and we were stranded for…
View pageKaren and I are in Boston seeing friends at the NIRI chapter (we sponsor) and our trip today like last week coincides with snow in Denver. Next winter if the slopes turn bare, we’ll schedule a couple flights to bring…
View pageOutcomes are culminations, not events. Denver bid farewell this week to retiring Broncos quarterback Peyton Manning who for eighteen years accumulated the byproducts of focus, discipline and work, twice culminating in Super Bowl victories. The idea that outcomes are culminations…
View page