We read a lot of market structure academic papers and often end up poking holes in them for various reasons including poor data sets and conflicted industry sponsorship.  We like to point out these conflicts because many of these papers are often touted by the pro-high frequency trading crowd as evidence that they are not doing anything wrong.  A new academic paper titled “Phantom Liquidity and High Frequency Quoting”  written by four assistant professors from three different universities has just been published and we discovered that it contains a giant red flag that should not be ignored.

Before telling you what the (more…)


Sometimes it’s nice to get a sanity check and hear other investors and market professionals views on how the stock market has changed over the past few years.  We hear more and more from various market participants that the market seems to be one big correlated beast that doesn’t trade on supply and demand anymore.  We have opined on this topic many times in the past,  so today we would like to let you read what three other very well respected professionals recently had to say on the topic:

Steve Wynn, Chairman and CEO of Wynn Resorts

Steve Wynn knows a little something about (more…)