From April 15: Second, though, these are like … pre-selected package vacations? (Litquidity has the memo; it says “Click on the link of available trips to pick the package that speaks to you.”) Ew, no. The classy move here is to say “take yourself a nice vacation and put it on the corporate credit card.” And …
Tag Archives: matt-levine
Money Stuff – Good Aptonym
From March 10: “The reshuffling of the S&P 500 last month brought lighting supplier Monolithic Power Systems Inc., which has six men and no women on its board, into the Index for the first time. The last all-male board — Copart Inc. — added a woman in July 2019. The gender disparity comes even as …
Money Stuff – The Real Victims of $GME
From February 8th: If Congress could call a bunch of witnesses to say “I was deceived by evil Wall Street banks into putting my life savings into GameStop, and I lost everything,” they absolutely would, and then Something Would Be Done About It. But instead the witnesses are all going to be like “yeah I couldn’t …
Money Stuff – Payment for Order Flow
From February 5th: Okay let’s do payment for order flow again, because people are talking about it and that always stresses me out. Here’s an intuitive description of how it works. A million people come to a broker to trade GameStop Corp. stock. Half of them want to buy shares, half of them want to …
Money Stuff – Irrelevancies
But I think mostly the answer is that there will be a focus on irrelevancies, a sort of “we have to do something, this is something” approach. “Capitol Hill chatter on possible post @RobinhoodApp – @reddit stock-trading frenzy legislation includes curbs on so-called payment for order flow and short selling,” tweeted Charlie Gasparino, and why not, those are …
Money Stuff – Car Shorts
Especially, though, it is hard because everyone hates you? I have nothing intelligent to say about this. It seems to me that selling stock is as legitimate as buying it, that betting that prices will go down is as legitimate as betting that they’ll go up, that for prices to be accurate and capital allocation …
GameStop, Stop
my headline for money stuff tomorrow is gonna be like “a few comments on the ISDA protocol for Libor transition in IR derivatives” and then the body will be “no just kidding here’s a ton more gamestop” — Matt Levine (@matt_levine) January 28, 2021
Money Stuff – Board Diversity
Corporate political donations “became the biggest business story of the day” because some U.S. politicians tried to overturn a democratic election to keep the losing presidential candidate in office, and then some companies announced some variant on “we would prefer not to fund the end of democracy so we are going to pause our donations …
Quants Trading the Butterflies
Matt Levine, writing a Money Stuff: Another view of quant trading is that it reinforces market inefficiencies: Your algorithm notices some correlation, everyone else’s algorithm notices the same correlation, you all pile into the correlation, the correlation increases, and the original reason for the correlation goes away, or was spurious to begin with. The butterflies and …
PPP Loan Gossip
From Matt Levine, writing in Money Stuff: I have engaged in this sort of gossip before, but for the most part I am pretty chill about “inappropriate” businesses getting PPP money. The idea of the PPP is that if a smallish business lost revenue, the government would give it a cheap loan, and if it …