Felix Salmon

Column - Data crashes: inevitable and mostly harmless

Aug 22 2013

When you look up the price of a stock on the Nasdaq stock exchange, you're not really looking up the price at which it's trading on that exchange. All of the Nasdaq stocks trade on dozens of exchanges, all of which have the right to trade in those stocks. That right is known in the market as unlisted trading privileges, or UTP. The job of the Nasdaq is to serve as the securities information processor, or SIP, for all those different exchanges: the exchanges report to the Nasdaq all of the information they have on bids and offers and trades, and then the Nasdaq aggregates all that information and presents it in one place. Most importantly, it shows the most recent price at which any given stock traded, on any exchange. That's the price you're looking at.

Content economics, part 3: costs

Aug 19 2013

When I wrote last week about Jeff Bezos and his journalists, I said that "the Boston Globe was sold for essentially a negative sum, once pension obligations are taken into account, while the Washington Post was sold for the price of a nice Cézanne." It turns out that I was comparing apples with oranges: the Washington Post, just as much as the Boston Globe, was sold for less than the value of its pension obligations. Bezos might have paid $250 million for the paper, but he was also given $333 million to help him meet its pension obligations.

The silly trial of Fabrice Tourre

Jul 17 2013

There's a huge amount of legal firepower on display in lower Manhattan right now, all centered on a University of Chicago grad student named Fabrice Tourre.

Why Yahoo-Tumblr makes sense

May 20 2013

Amidst all the positivity coming out of Yahoo and Tumblr, any self-respecting pundit is going to want to pour cold water on the whole deal. Especially since billion-dollar mergers almost never work out very well. But here's the weird thing: the more I look at this tie-up, the more it makes sense to me.

Column: The tragedy of long term unemployment

Apr 25 2013

Paul Krugman and Megan McArdle both point to this chart today:

Column: Apple's new pitch to investors

Apr 25 2013

Today's earnings report marks the point at which Apple is officially no longer a high-growth tech stock, valued on its monster potential. Instead, it has become a cash cow, valued on its ability to pump hundreds of billions of dollars into its shareholders' pockets.

Column: The invidious "down payment requirement" meme

Apr 25 2013

I feared this would happen. Peter Eavis has a column today about what his headline calls "Down Payment Rules". Here's his lede:


Mar 25 2013



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Feb 21 2013


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