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American bourses officially open between 9.30am and 4pm in New York, yet weirdly most of the gains actually accrue in the sparser, more informal after-market trading that happens on various electronic exchanges, according to a study by the New York Federal Reserve. Early morning returns, on the other hand, tend to be negative. The phenomenon has long puzzled many analysts.
Over the years he tried to convince some journalists to write about his paper and when they mostly declined he started publishing his anonymised correspondence with them (including me) in a paper he titled “They Chose to Not Tell You”. Earlier this month he published a sequel catchily called “They Still Haven’t Told You”, again excoriating hapless regulators and journalists. “Their callously self-interested, intellectually dishonest and cowardly contribution continues,” he wrote.
https://www.ft.com/content/1cc17824-3077-4e39-9a99-cbccc83a2251
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