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Our thoughts on news that matters.

The Fish at the Table

Poker wisdom says to look around the table at the start of a game; if you cannot determine who the fish is, then the fish is you, and you will be served for dinner. The recent survey by ConvergEX suggests that US equity investors have now come to understand that they are the fish. In […]

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Please Sir … May I have some more?

Bond allocations are sexier than stock market IPO allocations. For example, the gigantic $49 billion Verizon bond issue from last September reportedly gave its recipients an instant 5% gain, or nearly $2.5 billion. That’s almost equivalent to the market cap of an S&P500 company. It is also roughly equal to 1.5 year’s worth of interest […]

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Mr. Lewis, your next book should be on LFT

In Flash Boys Michael Lewis has detailed the structural rigging problems of High Frequency Trading. Last year the Financial Times estimated that HFT generates over $1 billion per year in profits. Mr. Lewis details how these profits should be understood as “unfair”. He also suggests that the overall “tax” to the system could be much bigger: […]

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We have over $2 trillion of deals loaded on the platform already. And the industry has noticed.