Horses and Wagons
Public companies with traded shares need to stop selling horses and wagons to a stock market buying cars.
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Three Percent
We were in Nashville and Keith Urban wished us a happy new year. If you like country music, that’s a good start to 2025. More on that in a moment. It was December 18 when I last wrote. I talked…
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The Wagging Dog
Willie Nelson plays Johnny Dean in the 1997 Barry Levinson movie Wag the Dog, who is hired to write a patriotic song as part of a fake war designed to divert public attention. I don’t recall it but Microsoft Copilot…
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Paying the Price
What’s the price of your stock? It matters because the SEC has adopted final rules to redefine a “round lot.” Currently a round lot is 100 shares. All quotes to buy or sell must display in 100-share increments, at a…
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Alpha or Beta
Nvidia (NVDA) reports results today after the market closes, like thousands of public companies in the last couple weeks trying to generate alpha. The difference between Nvidia and most of the rest – about 99% – is Nvidia right now…
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Arbitrage Abounds
Stocks are up. So are the number of trades and the amount of volume that’s short. But trade-size has plunged. The stock market is up 87% the past five years while trade-size is down 37% from 154 shares per trade…
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Stock Tariff
On May 22, fees charged by the SEC on trading rose 248%. It’s not widely understood that the fees from initial public offerings, follow-on and secondary offerings, proxy solicitations and corporate buybacks (under sections 6b, 13e and 14g of the…
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A Drunken Stumble
Why does the stock market all at once lurch like a drunk and take out a row of planter boxes containing semiconductor stocks? Public companies, this is the market you depend on for capital, for a read on fair value. …
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The Paradox
What about the stock market can we believe? You can’t believe prices. At least, during the day. If you’re a trader, how do you know if the price will move favorably? Yet prices are the core ingredient of technical signals,…
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