CalibratedConfidence's blog

Looking across retailers with at least $1B in market cap, the top 20 of those with the highest concentration of activist investors has under-performed a leading retailing index.

So long as inflation stays under four percent, it's a bullish factor. In such environments, the S&P 500 (since 1948, according to S&P's Capital IQ) increases on average 70 basis points per month.

Cruising through earnings, it is now time to revisit certain indicators that speak to the underlying health of the economy and that of the US equity and Treasury bond market.

I do have a heightened sense of alertness to what may be in store should the hubris of the current market run fail to permeate into forecasts and expectation announcements over the coming months.

[J. Bradley Bennett]...compared high frequency trading to buying a first-class ticket on an airline...“Is there anything unfair about that? Doesn’t sound like it to me.”

I contend that Lewis should have done a lot more to identify the parties involved and tell the full story of latency arbitrage in Sigma X.

...haven't traveled to NASCO facility but this operation is legit and the technology is outrageously valuable

Market fragmentation in combination with the maker-taker market model, and in conjunction with a dramatic period of exchange “innovation,” had resulted in a new form of artificial edge.

VPRO Backlight has just released the documentary we did with them earlier this year.  Wall Street Code is about the blatant and planned fixing of, specifically, the US financial markets. 

Dept. of Defense on Irregular Financial Warfare

The documentary will air Novemeber 4th at Battle of The Quants in Shanghai and from there will hopefully make its way around the world

It's not just the level of actual credit being lent that is the problem, it's the patterned behavior tied to the hubris of rallies that allows people to rationalizing borrowing without the liquid assets to back it up.

Now, after the Fed's generosity caused by "a decoupling of the 'real' economy from the financial economy with its lavish creation of fictitious wealth...

"I am going to hit on some of the landmines that you can encounter within order-matching engines, and then I am going to give a forecast on, at least from my perspective, what’s going to happen over the course of 2013"