Market Structure EDGE Blog

Market Structure EDGE Blog

Optional Chaos

Optional Chaos

So which is it?   Monday, doom loomed over stocks. In Punditry were wringing hands, hushed tones. The virus was back. Growth was slowing. Inflation. The sky was falling! Then came Tuesday.  Jekyll and Hyde? Options expirations.  Only CNBC’s Brian Sullivan mentioned...

read more
Supply and Demand

Supply and Demand

Happy Bastille Day!  Also, Goldman Sachs made $15 per share, 50% over expectations. The stock declined. JP Morgan earned $12 billion on revenue of $31 billion, doubling views. Shares fell. Why are banks making 36% margins when you can’t earn a dime of interest? I...

read more
Data to Know

Data to Know

What should you know about your stock, public companies?  Well, what do you know about your business that you can rattle off to some inquiring investor while checking the soccer schedule for your twelve-year-old, replying to an email from the CFO, and listening to an...

read more
Data to Know

Data to Know

What should you know about your stock, public companies?  Well, what do you know about your business that you can rattle off to some inquiring investor while checking the soccer schedule for your twelve-year-old, replying to an email from the CFO, and listening to an...

read more
Rustling Data

Rustling Data

http://modernir.com/wp-content/uploads/2021/06/MSM063021.mp3 The Russell Reconstitution is so big everybody talks about it.  And yet it’s not.  The Nasdaq touted its role facilitating this year’s Russell reset, saying, “A record 2.37 billion shares representing...

read more
Fab Problem

Fab Problem

http://modernir.com/wp-content/uploads/2021/06/MSM062321.mp3 The world relies on one semiconductor company.  How did an economic ecosystem let itself get boxed in like that?  About the same way it happened in the stock market.  There’s a lesson for public companies...

read more
Money Highway

Money Highway

Is Jay Powell the new Investor Relations Officer for all public companies?  Before we answer, the tranquil image at right free of the Federal Reserve and all the travails of modern economics and politics (and investor relations) is Catamount Lake near Steamboat...

read more
Blunderbuss

Blunderbuss

Do stores sell coats in the summer?  No, they sell bathing suits. They match product to consumer.  Do you, investor-relations professionals? I’ll tell you what I mean.  First, here’s a tease:  I recorded a panel yesterday with the Nasdaq’s Chris Anselmo and Kissell...

read more
Rewards of Risk

Rewards of Risk

Investor relations involves risk.  And that’s good.  Don’t you mean investing involves risk, Tim? And why is it good? Well, yes, investing is a risky endeavor. But I mean the role of “investor relations,” the liaison to Wall Street at public companies, requires taking...

read more
Characteristic Opportunity

Characteristic Opportunity

I don’t think Harvard Business Review understands 21st century investor relations. No offense to the smart folks there.  Authors Dennis Carey, Ram Charan and Bill McNabb are world-renowned and wrote for HBR on the Changing Role of the Investor Relations Officer.  It’s...

read more

Market Structure Basics

Roll Call

Apr 21, yesterday, is Texas A&M Aggie Muster.  Aggies everywhere gather to say “here” for Aggies lost in the past year, a roll call. It’s more poignant this time for my Aggie, Karen, and the many friends and family hailing from College Station.  Gig’em, Aggies....

read more

Money for Nothing

How much does free money cost? Everything, apparently. The play Hamilton by Lin Manuel Miranda has grossed over $620 million, seventh all-time on Broadway but still a long way from Phantom of the Opera, Wicked, and Lion King, theater’s billion-dollar trio. Hamilton is...

read more

Benjamin Graham

A decade ago today, stocks flash-crashed.  I’m reminded that there are points of conventional market wisdom needing reconsideration. It’s not because wisdom has diminished. It’s because the market always reflects what the money is doing, and it’s not Ben Graham’s...

read more

Reg Nemesis II

In the Colorado mountains at Steamboat Springs, the pixie dust florescence of greening aspen leaves paints spring onto the high country. In the bowels of equity markets there gurgles an emergent leviathan (maybe I should choose different imagery – but we’ll talk about...

read more

What’s Changed

We’ve been pandemicking across the fruited plain and through the stock market for better than two months. Now what? I still rue my decision Friday Mar 13 to delay skiing in Steamboat till the next day (it was Fri the 13th after all). The next day the slopes closed for...

read more

Blocking Volatility

The NYSE has proposed lowering the fee for trading to $0.10/100, or a tenth of a penny per share, or 10 mils. Did you know there’s a booming market where brokers routinely pay eight cents per share or $8.00/100 shares? What market? Exchange-Traded Funds (ETFs). We’re...

read more

Rules and Money

There are two pillars to market intelligence: The Rules, and The Money.   By market intelligence, I mean information about what’s pricing a stock. So, translating, information about what’s pricing a stock must derive from the rules that govern stock-trading, and how...

read more

Ticking Down

In 2016 to much fanfare, the SEC and the stock exchanges smashed a bottle of champagne on the looming bow of a tick-size study and launched that battleship into the markets.   Two years later the tick study is limping to port in a lifeboat. For those of you thinking...

read more

Streaming Market

Spotify ditched convention with its direct listing on the NYSE.   It didn’t raise money or ring the opening bell. It gave shareholders a way out. It’s a touchstone for the state of the capital markets. CrunchBase says Spotify has raised $2.6 billion in 22 funding...

read more

Auctioning 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. (Editorial note: The SEC has now approved the BATS...

read more