jm + stock + trading   1

SEC vs April Fool's Day
I think that materiality means what it says, and if people or algorithms do dumb things with trivial information that's their problem. But markets are a lot faster and more literal than they were when the materiality standard was created, and I wonder whether regulators or courts will one day decide that materiality is too reasonable a standard for modern markets. The materiality standard depends on the reasonable investor, and in many important contexts the reasonable investor has been replaced by a computer. 
algorithms  trading  stock  stock-market  sec  materiality  april-fools-day  tesla  investing  jokes 
april 2015 by jm

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