Opposite Sides Of The Coin

By | November 14th, 2017|Advisor Insights|

By William Davis   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 [...]

Guess Who Put The “E” In “ETF”

By | October 25th, 2017|Advisor Insights|

By William Davis   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 [...]

Regulator, Don’t Manage Thyself

By | October 9th, 2017|Advisor Insights|

By William Davis   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 [...]

When Hacks Get Hacked

By | September 26th, 2017|Advisor Insights|

By William Davis   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 [...]

Don’t Bank On It

By | September 12th, 2017|Advisor Insights|

By William Davis   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 [...]

Resigned to Resignation?

By | August 29th, 2017|Advisor Insights|

By William Davis   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 [...]

False Sense of Securities

By | August 14th, 2017|Advisor Insights|

By William Davis   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 [...]

So, Who Put the Lie In Libor?

By | August 1st, 2017|Advisor Insights|

By William Davis   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 [...]

A Quick Buck

By | July 17th, 2017|Advisor Insights|

By William Davis   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 [...]

Greedman Sachs

By | July 3rd, 2017|Advisor Insights|

By William Davis   “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. [...]