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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 ...

As widely expected the FOMC lowered interest rates by 0.25% to insulate the US from slowing global growth. The Committee also stopped shrinking the Fed’s balance sheet effective August 1 as compared to the previously announced ...

Always expect the unexpected. Late last week the 10 year Treasury traded to a 2.07% yield down from a 3.23% yield registered in late November. According to the WSJ, the lowest 2019 projected yield from a late 2018 survey of the largest Wall Street firms...

According to a survey taken by JP Morgan the greatest risk to quantitative strategies is not a sharp increase in rates or poor economic data but rather a collapse in liquidity. According to the Bank, “people know this is happening, it is not...

Equities were unable to rebound from yesterday’s selloff. As widely noted, Friday the Dow overcame a 400 point decline trading in a stunning range off 550 points from trough to peak. Technologies were hit the hardest with the NASDAQ down over ...

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...

Fortune Magazine commented in late January “Bond yields [are] historically low and inflation seemed negligible: Wages [are] going nowhere, companies dare not raise prices to avoid losing market share. Bond market vigilantes have been pounded into submission.” ...

As widely noted many hedge funds and quantitative investors are on the sidelines because of market volatility. This pessimism has also spread to ETF investors for they have yanked about $4 billion from funds thus far this year. Bloomberg writes that this is unusual given...

According to FISUM, Vanguard, Blackrock and State Street are the largest holders of 88% of S & P 500 companies. Wow! The potential influence that these companies can exert upon markets and corporations is incredible. Several times I have opined the next financial crisis could...