• Charles Dow seems to have been half Portuguese Water Dog.


    S&P Keeps Monopoly On Way To Count

    The Dow Jones Industrial Average is a very stupid measure of the stock market for at least two reasons, which are (1) it is an average of only 30 big stocks and (2) it is weighted by share price, an entirely arbitrary number, rather than market cap or equal weighting or anything at all sensible. […]

    / May 13, 2013 at 2:41 PM
  • Bloomberg, MZUSB and WCAUUS indexes


    How Much Of The Stock Market’s Growth Is Caused By Its Shrinking?

    There’s a small cause-and-effect mystery in the interaction between share prices and share buybacks. On the one hand, when a company buys back stock, that should make the remaining shares more valuable, on reasoning both fundamental-ish (EPS is up!) and technical-ish (more buyers than sellers!). On the other hand, issuers seem to view their own […]

    / Mar 8, 2013 at 2:42 PM


    The CDX And The Whale

    The OCC report on bank derivative activities is rarely what you would call a laugh riot but I enjoyed that the 2Q2012 one released today gives the London Whale a belated sad trombone: Commercial banks and savings associations reported trading revenue of $2.0 billion in the second quarter of 2012, 69 percent lower than the […]

    / Sep 21, 2012 at 1:29 PM
  • News

    The Import Of Latvian Prostitutes

    Forget the Case Shiller Index. Baltic Dry Index? Old news. Hemline analysis? Forget it. For real, serious metrics you have to think out of the box (so to speak). You have to consider the plight, for instance, of Latvian hookers. Yes we are serious. So is Bloomberg. When the economy starts to lift itself out […]

    / May 27, 2009 at 12:01 PM

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