Opposite Sides Of The Coin

By | November 14th, 2017|Advisor Insights|

Quick cryptocurrency quiz. Virtually circle a correct answer. Only one, or maybe four, choices can be right. Mark your answer to eight decimal places. Bitcoin is: A currency An equity A social network Internet gold A way to get fired The definitive answer is we have no idea if any, or all, of these are [...]

Guess Who Put The “E” In “ETF”

By | October 25th, 2017|Advisor Insights|

Since October is the only time of the year when each of the "Big Four" professional sports leagues schedule games, you may have missed the trigentennial anniversary of “Black Monday”. By way of reminder, it was thirty years ago, October 19, 1987, when the Dow Jones Industrial Average plunged 508 points -- a mind-boggling 22.6% [...]

Regulator, Don’t Manage Thyself

By | October 9th, 2017|Advisor Insights|

By way of background, the National Association of Securities Dealers – the NASD – was founded in 1939 to oversee the behavior of brokerage firms under the SEC’s watch. In 1971, the self-regulatory association, much to the dismay of its spread-happy member firms, launched the industry’s first electronic stock quotation system: The National Association [...]

When Hacks Get Hacked

By | September 26th, 2017|Advisor Insights|

According to Merriam-Webster, “schadenfreude” is an unintentional pleasure that comes from seeing or hearing about another person's troubles or failures. Etymologically, the word is taken from German – Schaden, meaning damage, plus Freude, meaning joy. A good example of the term would be the certain joy many in the industry are experiencing as they witness [...]

Don’t Bank On It

By | September 12th, 2017|Advisor Insights|

Unless you serve on the Fargo Historical Society, you probably don’t know that North Dakota’s largest city is named after a fine fellow named William Fargo. We’re not entirely sure why, maybe because he was a director of the Northern Pacific Railway, or maybe because he was a two-term mayor of Buffalo. Whatever the [...]

Resigned to Resignation?

By | August 29th, 2017|Advisor Insights|

So, as any money junkie will tell you, the latest “Economic Symposium” sponsored by the Federal Reserve Bank of Kansas City took place last week. Better known these days as the “Jackson Hole Global Boondoggle and Data Fish Fry,” the little summer retreat for dismal scientists allegedly focused on important economic issues that face U.S. [...]

False Sense of Securities

By | August 14th, 2017|Advisor Insights|

Remember Bear Stearns? How about Lehman Brothers? If you don’t, you should. We all should. Both were classic American success stories with roots tracing back to Wall Street’s earliest days. Both firms weathered the Crash of 1929 and survived the Great Depression of the Thirties. Both shops went public on the New York Stock Exchange [...]

So, Who Put the Lie In Libor?

By | August 1st, 2017|Advisor Insights|

It’s been said that finance is a set of social conventions, and much of the financial industry is an arena for battling over those conventions. In that sense, the story of Libor — the London interbank offered rate — is the perfect finance story. The tale begins in 1986 when Libor was created to help [...]

A Quick Buck

By | July 17th, 2017|Advisor Insights|

New take on an old joke: How do you make less than a dollar in the stock market? Answer: Start with 220,000 dollars. Ha ha. Not-so-funny “small fortune” gags aside, this is a story about a 48-year-old man named Ingmar Bueb of High Bridge, N.J. An opera singer by trade, the good Mr. Bueb [...]

Greedman Sachs

By | July 3rd, 2017|Advisor Insights|

“The point is, ladies and gentlemen, that greed — for lack of a better word — is good.” We got to thinking about the mythical Gordon Gecko last month when real-life Goldman Sachs bullied a good deal of bonds from Venezuela, perhaps the world’s most easily out-negotiated counter-party. As the trade goes, the Wall [...]