I just returned from my second trip to Chicago in the last three weeks. Really appreciative when I get to travel with smart experienced analysts and other investors to see interesting companies.
The structure of global financial markets is increasingly important, whether it's venues, participants, and/or strategies. Add to this complex brew new asset classes (cryptocurrencies?) and new regulatory regimes and the mix is turbulent.
No apologies for not offering a conclusion here, but just observations after hearing from those who have different attachment points to these markets -- and a variety of motivations for being there.
Much has changed during a period of very low interest rates and very low market volatility wrapped in the appreciating value of financial assets and a fixation on all things "robo" and passive.
If I heard a comforting insight, it was the speculation offered by a very credible CEO that "assets don't seem overleveraged, but they may be overpriced." So, possibly still only half-way to a bubble? #markets #exchanges #volatility #stocks #hedging #hft #marketstructure