Comments for SOG's ETF Report http://sogsetfreport.wordpress.com My view of what's new and important in the ETF world Sun, 30 Aug 2009 02:23:25 +0000 http://wordpress.com/ hourly 1 Comment on Last Chance by Raymond Taylor http://sogsetfreport.wordpress.com/2006/12/02/last-chance/#comment-3673 Raymond Taylor Sun, 30 Aug 2009 02:23:25 +0000 http://sogsetfreport.wordpress.com/2006/12/02/last-chance/#comment-3673 I was in Korea , 1968-69 rotated from the 44 eng to someplace up north can't remember where aprx 2 hours from where train stopped. I was crane operators, played a lot of hearts during the time in crane. there was a compound on the Right side of street we where on the left in a 1/2 Qawaski hut. that was all that was left . No Guards there was a crane and aflat bed truck was all we had. we went once a week to bridge, no town new bridge built around 1966 or 67, If you can help me with name of camp or Bridge thank you, Trying to get Disability Agent Orange I was also rotated after 1 day from down south by the 44 engineers and have no earthly idea what I was doing up there. Ray Taylor I was in Korea , 1968-69 rotated from the 44 eng
to someplace up north can’t remember where
aprx 2 hours from where train stopped.
I was crane operators, played a lot of hearts during the time in crane. there was a compound on the Right side of street
we where on the left in a 1/2 Qawaski hut. that was all that was left . No Guards there was a crane and aflat bed truck was all we had. we went once a week to bridge, no town new bridge built around 1966 or 67,
If you can help me with name of camp or Bridge
thank you, Trying to get Disability Agent Orange
I was also rotated after 1 day from down south by the 44 engineers and have no earthly idea what I was doing up there.

Ray Taylor

]]> Comment on Municipal ETFs by jose http://sogsetfreport.wordpress.com/2008/01/08/municipal-etfs-2/#comment-3668 jose Sat, 21 Jun 2008 12:49:52 +0000 http://sogsetfreport.wordpress.com/2008/01/08/municipal-etfs-2/#comment-3668 this is one of the best blogs i have seen. keep up the good work this is one of the best blogs i have seen. keep up the good work

]]> Comment on Last Chance by Eliyahu http://sogsetfreport.wordpress.com/2006/12/02/last-chance/#comment-3667 Eliyahu Wed, 18 Jun 2008 17:09:58 +0000 http://sogsetfreport.wordpress.com/2006/12/02/last-chance/#comment-3667 If you want to experience a sort of "let down", check out BLV on Google Earth. Almost all the buildings are gone, and it's mostly overgrown with brush now. Grid coordinates are 37-55'01.39"N, 126-51'38.56"E . The parade fields is still there, though. If you want to experience a sort of “let down”, check out BLV on Google Earth. Almost all the buildings are gone, and it’s mostly overgrown with brush now. Grid coordinates are 37-55′01.39″N, 126-51′38.56″E . The parade fields is still there, though.

]]> Comment on ETF Snapshot/ Tuesday Nov 27. by Richard http://sogsetfreport.wordpress.com/2006/11/29/etf-snapshot-tuesday-nov-27/#comment-3666 Richard Mon, 19 May 2008 01:15:02 +0000 http://sogsetfreport.wordpress.com/2006/11/29/etf-snapshot-tuesday-nov-27/#comment-3666 http://www.certmag.com/forums/member.php?u=6160 http://www.certmag.com/forums/member.php?u=6160

]]> Comment on Municipal ETFs by Mitch http://sogsetfreport.wordpress.com/2007/12/13/municipal-etfs/#comment-3661 Mitch Wed, 09 Jan 2008 04:49:07 +0000 http://sogsetfreport.wordpress.com/2007/12/13/municipal-etfs/#comment-3661 SOG, you seem to be showing restraint and political correctness in your recent posts. Just let it rip and let us know the situation at the front! Don't repeat Bloomberg factoids! Here's my take: Except for MUB, all the other muni products have been disappointing. Asset gathering pace has been pathetic, and trading volume has been comatose, especially for the state specific funds. Muni's are done. What's it like on the floor? What's the next BIG thing(s) coming along? SOG, you seem to be showing restraint and political correctness in your recent posts. Just let it rip and let us know the situation at the front! Don’t repeat Bloomberg factoids!

Here’s my take: Except for MUB, all the other muni products have been disappointing. Asset gathering pace has been pathetic, and trading volume has been comatose, especially for the state specific funds.

Muni’s are done. What’s it like on the floor? What’s the next BIG thing(s) coming along?

]]> Comment on Municipal ETFs by jean taylor http://sogsetfreport.wordpress.com/2007/12/13/municipal-etfs/#comment-3649 jean taylor Fri, 28 Dec 2007 04:18:48 +0000 http://sogsetfreport.wordpress.com/2007/12/13/municipal-etfs/#comment-3649 Is that boy butter in your hair? Is that boy butter in your hair?

]]> Comment on Sub Prime Anecdotal by Army Men Sarges War » Sub Prime Anecdotal http://sogsetfreport.wordpress.com/2007/10/17/sub-prime-anecdotal/#comment-3621 Army Men Sarges War » Sub Prime Anecdotal Wed, 14 Nov 2007 15:09:33 +0000 http://sogsetfreport.wordpress.com/2007/10/17/sub-prime-anecdotal/#comment-3621 [...] Caleb wrote an engrossing place today onHere’s a hurried excerptBy datum over a margin I observed that the game were substance loans at a discount-second mortgages or whatever-the fact that grouping were datum them carefully brought bag meet how unfathomable the difficulty belike is. Anecdotal I undergo … [...] [...] Caleb wrote an engrossing place today onHere’s a hurried excerptBy datum over a margin I observed that the game were substance loans at a discount-second mortgages or whatever-the fact that grouping were datum them carefully brought bag meet how unfathomable the difficulty belike is. Anecdotal I undergo … [...]

]]> Comment on Sub Prime Anecdotal by Mitch http://sogsetfreport.wordpress.com/2007/10/17/sub-prime-anecdotal/#comment-3585 Mitch Thu, 18 Oct 2007 00:58:40 +0000 http://sogsetfreport.wordpress.com/2007/10/17/sub-prime-anecdotal/#comment-3585 Hi SOG, First of all, thank you for a magnificent blog. It is refreshing to hear from someone well-entrenched at the front, rather than the 'objective' analysis by peripheral participants. As such, I'll be direct as well. Although I found your anecdote regarding 2nd mortgage peddlers insightful, incisive, and interesting, I was surprised you didn't mention the spike in volume on CXA (SPDR Lehman California Municipal ETF) today, given your recent focus on Muni Bond ETFs. The 55,400 shares of CXA that traded today would seem to me statiscally significant, notwithstanding the short history of the product. I am of course comparing it to the other recent/year-to-date volumes of trading in the first week of launch. Of course, nothing can compare to the 55K / 112K volume of RWX... However, unlike RWX, which saw a huge number of small odd-lots indicating stick assets, I could not deduce whether the volume in CXA was sticky assets or market makers. Once again, the limited trading history of the ETF and yesterday's 'strange' trades make it hard to compare, but nevertheless it's an interesting drama in the muni world. Wouldn't you agree? Hi SOG,

First of all, thank you for a magnificent blog. It is refreshing to hear from someone well-entrenched at the front, rather than the ‘objective’ analysis by peripheral participants.

As such, I’ll be direct as well. Although I found your anecdote regarding 2nd mortgage peddlers insightful, incisive, and interesting, I was surprised you didn’t mention the spike in volume on CXA (SPDR Lehman California Municipal ETF) today, given your recent focus on Muni Bond ETFs.

The 55,400 shares of CXA that traded today would seem to me statiscally significant, notwithstanding the short history of the product. I am of course comparing it to the other recent/year-to-date volumes of trading in the first week of launch. Of course, nothing can compare to the 55K / 112K volume of RWX…

However, unlike RWX, which saw a huge number of small odd-lots indicating stick assets, I could not deduce whether the volume in CXA was sticky assets or market makers. Once again, the limited trading history of the ETF and yesterday’s ’strange’ trades make it hard to compare, but nevertheless it’s an interesting drama in the muni world. Wouldn’t you agree?

]]> Comment on Municipal Bond ETFs by Robert Ludke http://sogsetfreport.wordpress.com/2007/09/02/municipal-bond-etfs/#comment-3562 Robert Ludke Tue, 04 Sep 2007 19:28:23 +0000 http://sogsetfreport.wordpress.com/2007/09/02/municipal-bond-etfs/#comment-3562 Steve - is there any connection between the apparent glut of new ETFs on the market and the issue about wide trading spreads facing some lesser known ETFs that was raised in today's WSJ? Steve – is there any connection between the apparent glut of new ETFs on the market and the issue about wide trading spreads facing some lesser known ETFs that was raised in today’s WSJ?

]]> Comment on ARCA/Barclays by sogsr http://sogsetfreport.wordpress.com/2007/05/07/arcabarclays/#comment-3556 sogsr Sat, 01 Sep 2007 22:32:59 +0000 http://sogsetfreport.wordpress.com/2007/05/07/arcabarclays/#comment-3556 Investing in ETFs in a time of market instability is really no different than investing in Mutual Funds during a period of instability. I personally prefer instability as it creates opportunities that do not occur during periods of stability/low volatility. Do ETFs encourage market instability because they allow trading of large blocks during the trading day? Not hardly. A Specialist or market maker normally sells an ETF to an investor and quickly buys he underlying basket of stocks to be hedged. If the Specialist/market maker buys an ETF from a seller, they normally sell the underlying basket of stocks. This actually can be stabilizing. The second part of the equation is that with ETFs like Spiders, the underlying basket is the S&P 500. These stocks have large volume with or without the ETF volume. With smaller ETFs, the percentage of each ETF made up of any one stock is small. As a consequence the ETF related underlying volume does not normally affect the volatilty. Possible exceptions are commodity based ETFs. The gold ETFs have certainly had an effect on the price of bullion in that as they have grown they have cause gold to be acculmulated in the ETF thereby effecting the supply side. Any commodity with limited supply can be affected. Looking back to potato contracts some years ago, ETFs could have had a dramatic effect. Investing in ETFs in a time of market instability is really no different than investing in Mutual Funds during a period of instability. I personally prefer instability as it creates opportunities that do not occur during periods of stability/low volatility.
Do ETFs encourage market instability because they allow trading of large blocks during the trading day? Not hardly. A Specialist or market maker normally sells an ETF to an investor and quickly buys he underlying basket of stocks to be hedged. If the Specialist/market maker buys an ETF from a seller, they normally sell the underlying basket of stocks. This actually can be stabilizing. The second part of the equation is that with ETFs like Spiders, the underlying basket is the S&P 500. These stocks have large volume with or without the ETF volume. With smaller ETFs, the percentage of each ETF made up of any one stock is small. As a consequence the ETF related underlying volume does not normally affect the volatilty.
Possible exceptions are commodity based ETFs. The gold ETFs have certainly had an effect on the price of bullion in that as they have grown they have cause gold to be acculmulated in the ETF thereby effecting the supply side. Any commodity with limited supply can be affected. Looking back to potato contracts some years ago, ETFs could have had a dramatic effect.

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