The Vacuum
Looking around at the market, we decided the only thing to do is go to St. Maarten. Safely at sea, we’ll wait out options-expirations and the Fed meeting next week and return Dec 21 to tell you what we saw…
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The Frontier
A war of words is unfolding in our profession. In case you’ve not followed, it’s about the market for the product you manage as investor-relations officers. Many of you have read Flash Boys, Michael Lewis’s (The Big Short is soon…
View pageMispricing
If the stock market reflects all information currently known, why are buyout deals nearly always done at a premium to market price? “Because, Quast, deals involve proprietary pricing models that account for synergies.” Sure. But I want you to think…
View pageThe Obvious
Algorithmic trading is Wall Street’s last best hope. So said the lead sentence in a story called Algo Wars in the May 30, 2005 edition of Investment Dealer’s Digest. That publication is gone and so is Lehman Brothers, co-leader of…
View pageStein’s Law
Why are stocks rising if earnings and revenues are falling? FactSet’s latest Earnings Insight with 70% of the S&P 500 reporting says earnings are down 2.2% versus the third quarter last year, revenues off 2.9%. Yardeni Reseach Inc. shows a…
View pageYour Voice
I debated high-frequency trader Remco Lenterman on market structure for two hours. Legendary financial writer Kate Welling (longtime Barron’s managing editor) moderated. Your executives should be reading Kate so propose to your CFO or CEO that you get a subscription…
View pagePaid to Trade
“You’re giving the exchanges so much business, they should be paying you,” said Richard Keary of Global ETF Advisors in a June 2014 Financial Times article. He was talking about Exchange Traded Funds, which drive big volumes for markets listing…
View pageThe Replicator
In the television and cinematic series Star Trek, the Replicator creates stuff. Captain Jean-Luc Picard would instruct it to dispense “tea. Earl Grey. Hot.” This YouTube montage is homage. Speaking of creating stuff, stocks lately saw the longest 2015 rally…
View pageWater Down
Why are my shares down when my peers are up? The answer most times isn’t that you’ve done something poorly that your peers are doing well. That would be true if 100% of the money in the market was sorting…
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