Price Discovery, But Now With Fewer “Patsies” “If you’re playing poker for half an hour, and you don’t know who the patsy at the table is . . . it’s you.” –Warren Buffett As super-cheap exchange traded funds (“ETF’s”) proliferate, Wall Street is fighting back. The latest salvo: a new academic paper suggesting that ETF’s...Read More
Fall 2014 Stock Market Behavior Me-thinks there’s a three-step trend afoot in the intra-day stock market action the last two weeks or so. First, there’s a big sell-off. Then, there’s a big bounce back/rebound. Finally, there’s selling into the bounce back near the close, with the averages settling more or less where they started or...Read More
