Brian R. Brown's Chasing the same signals : how black-box trading influences PDF

By Brian R. Brown

ISBN-10: 0470824883

ISBN-13: 9780470824887

Traditional knowledge means that markets are effective, random walks and that inventory costs upward thrust and fall with the basics of the corporate. How then have black-box investors prospered and the way do they make the most marketplace inefficiencies? Are their ideas on their final legs or will they adapt to the recent panorama amidst the worldwide monetary concern?

Chasing an identical Signals is a different chronicle of the black-box industry's upward thrust to prominence and their effect out there position. this isn't a narrative approximately what indications they chase, yet particularly a narrative on how they chase and compete for a similar signals


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Extra info for Chasing the same signals : how black-box trading influences stock markets from Wall Street to Shanghai

Example text

The large funds receive substantial access to corporate management because they often have the capacity to assume a substantial position in the company. A firm such as Fidelity has the clout to be the largest institutional holder in a variety of large-capitalization stocks, whether McDonald’s, Microsoft, or AT&T. The sheer size of the institutional funds awards them access to top management. After earnings announcements a fund manager could expect to receive a personalized walkthrough of the earnings results from the CFO.

A sudden absence of trades on the offer side clearly represented a reversal. Hedge funds also had a significant advantage over individual traders. Rather than trading individual stocks alone, they could distribute risk across several hundred or thousands of stocks. If they were getting hit in a particular stock that was moving downward, they could cover in a correlated stock and hedge out the market risk. They could apply the latest innovations of portfolio theory to the age-old business of market making.

Hedge funds would describe this trading style as “heuristics,” in which a set of rules is learned through trial and error. Traders are not completely mechanical; their decisions vary from day to day, but largely their longevity is founded in their practical experience. They learn through doing. 44 Hedge funds felt they could learn these rules too. And the advent of electronic trading provided an opportunity to get involved, particularly in the layers of securities that were less crowded than the mainstream.

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Chasing the same signals : how black-box trading influences stock markets from Wall Street to Shanghai by Brian R. Brown

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