Another way of looking at Twitter's lack of profit

David Lowery of Camper Van Beethoven on twitter's profits (or lack thereof)

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Spoofing and and herd behavior

John Cochrane (of U. Chicago) has an enlightening post about the practice of spoofing (creating fake orders to lure other traders to do stupid things).   Suffice to say, Cochrane isn't a big fan of regulation that prevents traders from being dumb.   He's probably right.
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Indexing Pension Funds

This is a bit of a repost - but is relevant as we talk about fees. Back in February I wrote a white paper that was a back of the envelope analysis of the fees paid buy the pension fund, including some hidden fees such as trading costs.   You can read the paper here .    It was referenced in this article on Forbes  that talks about indexing pension funds.
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