Winterspeak is back online! I am back from vacation, which I hope to write up and put online somewhere. So, winterspeak should be back online, and again I will aim for about five blogs a week.

Let's start this year with inefficiency at the Nasdaq The SEC recently released a study that said trading on the Nasdaq is more expensive than trading on the New York Stock Exchange. This is not because of price collusion, unlike the SEC's rather scathing report in 1994 where price collusion between Nasdaq traders kept spreads artificially high. It's just interesting to see inefficiency in the infrastructure of a system that helps drive inefficiency out.