Robert G. Roach, Jr.

We discuss the "Trump Trade" and how this has affected Treasury yields and mortgage rates with our colleagues at Baird. https://lnkd.in/gcHWvQnP

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#Bitcoin #Pensions #Collide ????? Yes, that’s right! This week, news landed that one of the US top 10 pension funds by assets, the State of Wisconsin Investment Board, has made $160m of investments into 2 newly launched Spot Bitcoin ETFs.  Ai-CIO’s coverage of this is here: https://lnkd.in/e_7bdAPj   A few months ago on the Synthesis Enterprise Solutions blog, we wrote about the possibility of pension fund adoption of Bitcoin resulting from then forthcoming potential for ETF launches.  Since the publication of our post, Bitcoin has rallied to the upside by over 50%. Link: https://lnkd.in/erT49EQj 💡 Could this signal the emergence of a new investment paradigm for long-term investors? 💡 Will Bitcoin become a standard building block for investment strategies in the late 2020s and beyond? 💡 Is this simply never going to catch on? Have your say in the comments below! 📢📢📢

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How if the BRICS end up creating their own alternative (to the US$ and €) payment and reserve currency system? The currency may end up being called a BRIC! The attached article spells this out in really clear and interesting terms. Worth reading and worth waiting for a response from a leading expert in this area Kathleen Tyson

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🚀 Silver is testing new highs again as the market faces a fundamental supply deficit. Despite the challenges, the latest insights from Kitco suggest that there is no significant downside risk for silver in the current environment. 📊 🔗 Explore the full analysis and what it means for the market outlook by clicking the link below ⬇ #SilverMarket #PreciousMetals #MarketOutlook #CommodityTrading #InvestmentTrends #MarketAnalysis #EconomicInsights

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Just saw this headline: MassPRIM reports record $105.3 billion in assets. That sounds great. What is the PV of those future liabilities? This is THE problem with pension reporting. Reporting is only focused on assets. The only reason that there is a pot of money is because of a promise that has been made to their workforce/plan participants. It is that promise that needs to be SECURED in a cost efficient manner and with prudent risk. Reporting only the asset side of the equation would be similar to reporting only your score and not that of your opponent. Great, you scored 24 points. How many did they score?

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Risk management is at the core of what we do at BX Index. In this clip from our Optimizing Client Portfolios webinar, we dive into our unique strategies that result in better risk-adjusted returns for your clients. Want to learn more about our indexes? Visit our website to see a breakdown of each index we offer: https://lnkd.in/gBq8KAbt #RiskManagement #InvestmentStrategy #PortfolioOptimization #FinancialAdvisors #WealthManagement #RiskAdjustedReturns

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The BSTA: Wait, What?* Volume Two: Liquidity Waterfalls, Synthetic Blocks, and Trading Edge IntelligentCross at a Steakhouse with Shrimp in the Dining Room Panel: Scott Graczyk, IntelligentCross; John Bright, Fidelity Investments; Jatin Suryawanshi, Jefferies 2024 is a reflection of 1986. Trade strategists are focused on finding and sourcing liquidity without market impact. The game changes, but the issues remain. Client service revolves around 3 categories: 1) systematic implementation and measurement calibrations, 2) finding liquidity across SDPs, ATSs, and Exchanges, and 3) the culture of surrounding teams with capabilities that encourage exploration and innovation. Teasing out edge in the trading world is art and science, discretion and systematic automation. With 70% of volume being highly competitive, trading edge factors include midpoint executions, mark-outs (price improvements beyond prevailing quoted market prices), IEX D-Peg implications (non-displayed order type designed to minimize adverse selection), the tradeoff between execution speed and quality (slower speeds can avoid HFT), venue differentiation, queue management, and latency arbitrage. Finding natural liquidity means solving micro market structure challenges to identify like-minded flow, true liquidity where passive and aggressive participants can match, and pockets of accessibility that include retail. Every ATS has different tiering logic that must be understood: accessing internal liquidity, prioritizing retail, avoiding predatory behavior, interacting with block venues, managing lit-market imbalances, and the space between trades when nothing is happening. While interacting with natural flow is important, the behavior of order flow is moving in the other direction. SIZE can come in small prints. Synthetic blocks. A counter view: mark-outs are meaningless for long duration where there is low correlation between liquidity and price. Fills away (outside internal systems) can be stable and in your favor. Thus, liquidity randomization is desirable because 50% of your market share can come from a venue group with 10% market share. Quotes and trades are not the same. Venues have many more orders than trades and the market is not evenly balanced for everyone. Popular-unpopular opinion: lit volume is most toxic. Off-exchange efficient price formation is a fallacy driving auction growth - note the PureStream Trading Technologies model of matching outside the market. 30% of Jefferies volume can be off-market. Fragmentation benefits have limits and eventually lead to stronger signals for market makers. Trade strategy optimization: with experimental freedom, criteria for validating strategy A is better than strategy B must be defined BEFORE testing. Then identify your benchmark, collect data, measure, and make decisions. * This is the second of a two-part non-exclusive Boston Securities Traders Association non-investigative series of LinkedIn posts. Image by Point Focal

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In August 2024, the Options Clearing Corporation (OCC) reported a total contract volume of 1.067 billion, marking a 4.3% increase compared to August 2023. Equity options saw a 7.4% rise to 556.4 million contracts, while index options grew by 10% to 98 million contracts. In contrast, ETF options experienced a slight decline of 1.2%, totaling 406 million contracts. Futures contracts showed the most significant growth, surging 26.4% to nearly 7 million contracts. Year-to-date average daily volume for 2024 also increased by 6.8% to 47.6 million contracts, reflecting overall growth in trading activity. https://jlne.ws/4cYH3WN

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Important update for GraniteShares 2x Short NVDA Daily ETF holders: Starting Nov. 4, the NVD ETF will trade at a higher per-share NAV due to a reverse split. Learn more: https://buff.ly/4f2i46W For important risk disclosures, learn more at GraniteShares.com.

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How CREDIT CARDS Used To Work In 1985 https://lnkd.in/eBNsn5s2 #creditcard #credit #creditscore #creditrepair #visa #Mastercard #AmericanExpress #discover

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Guardian Gold's 141st Issue of the Weekly Market Report Live! Gold has continued to surge to the upside while stocks and the U.S. Dollar are moving up as well. This cannot continue, so something must give. Our guess is gold will have a small pullback towards 2600.00 to 2650.00 next week. There are some strong economic indicators being released this week and these could start the ball rolling. We remain bullish coming into the end of the year with a target just below 3000.00.    And more of what you missed in the news: - U.S. and Israeli Officials Resume Cease-Fire Talks in Doha Amid Hamas Leadership Shift - Xi and Modi Commit to Rebuild Relations at BRICS Summit in Russia - North Korean Troops to Join Russian Forces in Ukraine, Escalating Conflict - Japan’s Ruling Coalition Loses Majority Amid Financial Scandals   Read Guardian Gold's 141st Weekly Market Report Below! https://lnkd.in/gczhcZ2u #GoldInvesting #MarketTrends #TorontoFinance

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Earnings season just wrapped up -bringing a mix of results - but overall, the outcomes were mostly positive. Q1 earnings saw significant stock price swings and attention-grabbing headlines. Notable changes among Sifter Fund holdings after earnings included: *Mettler-Toledo: +17.5% *Atlas Copco: +9% *Sony Corporation: +8% *Old Dominion: -17% *Disney Corporation: -10% While stock prices can be interesting, they often provide little actionable information. In our investment strategy, we prioritize business fundamentals over stock price fluctuations. Market emotions drive stock prices, making them unpredictable and beyond analysis. Therefore, we focus on investing in top-quality businesses globally and analysing long-term business changes without undue concern for short-term market movements. #longterm #qualityinvesting #sifterfund

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