Every highly experienced Wall Street professional has, tucked away in their back pocket, something called a “Deliver the firm” speech. It is a standard feature of any business pitch in finance, usually presented by the most senior person on the...
From CNBC’s Bob Pisani on a recent DataTrek report: “Volatility has returned to the market in a big way, but that doesn’t necessarily mean lower returns for stocks. What’s been weird about the markets is not the volatility,...
Today we update our statistical work on the relationship between bitcoin’s price and the S&P 500. The notion that bitcoin is a “Stub” asset (the riskiest piece of a capital structure) in global capital markets is getting some traction...
Of everything that impacts the capital markets, behavioral biases are often the most underappreciated. We try to keep this in mind as it can provide insight into the bigger picture. Take the recent onslaught of volatility, for example: is it just...
US equity market volatility has returned, so today we take a big step back and examine long-term historical trends here. Specifically, we want to address two questions we hear a lot: 1) Are US equities more volatile now than previous cycles and, if...
We’ve come to the conclusion that US stocks are keying off one interest rate-related number, but it is not the US Treasury 10 Year yield that is so commonly mentioned. Yes, the rate on the 10-year did move higher today as equities slipped after...
