This is really the best paragraph I have read so far in 2017: The world is awash in bullshit. Politicians are unconstrained by facts. Science is conducted by press release. So-called higher education often rewards bullshit over analytic thought. Startup culture has elevated bullshit to high art. Advertisers wink conspiratorially and invite us to join them in seeing through all the bullshit, then take advantage of our lowered guard to bombard us with second-order bullshit. The majority of administrative activity, whether in private business or the public sphere, often seems to be little more than a sophisticated exercise in the combinatorial (more…)

  Congratulations to our friends at IEX for reaching the 2% market share milestone yesterday.  As you all know by now, we are big fans (and participants) of IEX and continue to root for their success. While their speed bump is usually what folks talk about when they mention IEX, we think that their pricing structure is one of their most important features.  IEX has no membership, connectivity or market data fees.  But more importantly, they have an unconflicted, flat rate fee schedule .  For non-displayed liquidity, the transaction fee for brokers is $0.0009/share regardless if you make or take liquidity. (more…)