There is only one side of the market and it is not the bull side or the bear side, but the right side.
November 22, 2017
It was roughly 27 years ago when I became convinced that the brokerage industry business model was irrevocably broken. It was too conflicted. Customers were taken advantage of by hidden commissions. However, it continued right up to the moment two Bear Sterns managers couldn’t sell bonds they held in a hedge fund. It started the debt...