Month: October 2020

Okta and Base Rates

Any student of psychology knows the famous “Librarian and the Farmer” question posed by Daniel Kahneman in Thinking Fast and Slow. “As you consider the next question, please assume that Steve was selected at random from a representative sample. An individual has been described by a neighbor as follows: ‘Steve is very shy and withdrawn, …

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Bond Markets and Electronic Trading [MKTX and TW]

“The Fox knows many things, but the Hedgehog knows one big thing.”  Greek poet Archilochus  A Market Stuck in the Past  This quote aptly describes the differing strategies of MarketAxess and TradeWeb, which IPO’d last year. TradeWeb is the fox and MarketAxess is the Hedgehog. At their core, these companies are trading platforms, much like MSCI and SPGI. …

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