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In my view the race to bottom regarding asset management fees is adding to market illiquidity. Bloomberg writes there is approximately $8 trillion between ETFs and passive index funds. There is little barrier to entry and hundreds of companies are ...

The main focus for the markets this week looks to be Fed Chair Powell’s remarks before Congress. His remarks can greatly influence the markets. As widely noted and discounted, the markets are expecting at least a 0.25% reduction in the ...

Nervousness amongst many iconic market luminaries is rising with one calling the current environment the “Wild West.” In my view a major reason for this nervousness is the massive influence of the absolute dollar amount of assets in ...

Yesterday a veteran market professional commented “experience and common sense seem to be useless commodities in the world today.” I cannot agree more with this statement especially regarding the amount of negative interest rate debt outstanding…$12.5 trillion. The amount of negative real interest rate debt...

Some believe the “illusion” of liquidity could be shattered in the intermediate future as more on Wall Street are adopting the view that technology based trading will be the bane of the markets, a view that I have expressed many times. Bloomberg writes “algorithmic trading strategies...

Earnings season commences Friday. Depending upon the source, first quarter profits are expected to decline anywhere between 4.8% and 9%. JP Morgan writes the majority of the declines will be focused in the ...

Yesterday I referenced an UBS report about the lack of liquidity in the bond market under the guise of “it is not what you say but rather why you say it” specifically stating the lack of liquidity is perhaps impacting overall profitability. On Wednesday, UBS announced...

A Chicago programmer is going to trial over software he developed that prosecutors say had only one purpose: to manipulate market with bogus orders. Most market manipulation cases are against people who buy and sell securities. This is the first case brought...

We are we going? Three months ago the global consensus view was growth. Three months later, the inverse. According to Bloomberg, since November the global universe of negative yielding debt has surged by 75% to approximately $10 trillion. The apex was ...

Equity markets were mixed following a report that a meeting between China and the US to end the trade war is now likely to happen in April at the earliest. Many, including me, believe a trade deal is fully priced into...