{"id":4607,"date":"2024-03-21T18:39:52","date_gmt":"2024-03-21T17:39:52","guid":{"rendered":"https:\/\/monocle.lu\/?p=4607"},"modified":"2024-04-02T11:59:19","modified_gmt":"2024-04-02T09:59:19","slug":"les-volumes-sont-faux","status":"publish","type":"post","link":"https:\/\/monocle.lu\/en\/2024\/03\/21\/les-volumes-sont-faux\/","title":{"rendered":"The volumes are wrong!"},"content":{"rendered":"

Below is a chart of Berkshire's A-share - the world's largest share at $600,000 a piece.<\/p>\n

Volume figures in blue. In red, the volume multiplied by the price, i.e. the $ value of the flow, per quarter.<\/p>\n

BERKSHIRE A SHARES<\/strong><\/p>\n

\"Volumes<\/p>\n

Source : Reuters<\/em><\/p>\n

$5bn per quarter in 2019, then $50bn in 2021, then $500bn now... Where's the mistake?<\/p>\n

 <\/p>\n

The mistake lies in this rule issued by FINRA, the US market regulator, on fractional share trading:<\/p>\n

 <\/p>\n

FINRA – Market Transparency Reporting – Article 101.14\u00a0<\/u><\/p>\n

\"When reporting a transaction involving a fractional number of shares, traders must delete the fraction and report the whole number, unless the whole number equals 0 (zero). If the whole number is 0, traders must round it up to 1.\"<\/p>\n

 <\/p>\n

Fractional share trading has been popularised by Robinhood: before you had to buy a round number of shares, now you can buy for a fraction of a share. \"You can start as low as $1,\" says Robinhood on its website.<\/p>\n

 <\/p>\n

So this new rule means that if someone buys $1 worth of Berkshire A shares, the trader 'rounds up' to one share, or $600,000. Hence these incredible volumes.<\/p>\n

 <\/p>\n

The phenomenon is most visible here, but is also present everywhere. Below are the graphs for APPLE, MICROSOFT and TESLA.<\/p>\n

APPLE<\/strong><\/p>\n

\"Volumes<\/p>\n

Source : Reuters<\/em><\/p>\n

MICROSOFT<\/strong><\/p>\n

\"Volumes<\/p>\n

Source : Reuters<\/em><\/p>\n

TESLA<\/strong><\/p>\n

\"Volumes<\/p>\n

Source : Reuters<\/em><\/p>\n

And to compare with a market where there is no fractional trading, the same charts for LVMH and TOTAL.<\/p>\n

LVMH<\/strong><\/p>\n

\"Volumes<\/p>\n

Source : Reuters<\/em><\/p>\n

TOTAL<\/strong><\/p>\n

\"Volumes<\/p>\n

Source : Reuters<\/em><\/p>\n

Conclusion: the volumes that we all follow on US equities are wrong, and the reality is much lower than the figures shown. This means that it is yet another indicator that is disappearing as a means of tracking market trends.<\/p>\n

 <\/p>\n

Market and portfolio focus<\/strong><\/p>\n

Behaviour:<\/strong><\/p>\n

From 08\/03 to 15\/03, the fund gained 1.0%, while the CAC 40 gained 1.7% and the S&P 500 lost 0.1%. The main contributors were Futu Holdings (+0.5%), Tidewater (+0.4%) and Alphabet (+0.3%).<\/p>\n

Lines:<\/strong><\/p>\n

This week, we introduced a new line into the portfolio with Unilever (4% of the fund). A good dividend player with a yield of 3.8% on our entry price.<\/p>\n

 <\/p>\n

Have a good week,<\/p>\n

Charles<\/p>","protected":false},"excerpt":{"rendered":"

Les volumes que nous suivons tous sur les actions US sont faux, et la r\u00e9alit\u00e9 est nettement inf\u00e9rieure aux chiffres affich\u00e9s. Cela veut dire que c’est un indicateur de plus qui dispara\u00eet pour suivre l’\u00e9volution des march\u00e9s. \u00a0<\/p>","protected":false},"author":8,"featured_media":4614,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-4607","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-le-billet-de-monocle"],"acf":[],"yoast_head":"\nMonocle - Les volumes sont faux !<\/title>\n<meta name=\"description\" content=\"Les volumes que nous suivons tous sur les actions US sont faux, et la r\u00e9alit\u00e9 est nettement inf\u00e9rieure aux chiffres affich\u00e9s.\" \/>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Monocle - Les volumes sont faux !\" \/>\n<meta property=\"og:description\" content=\"Les volumes que nous suivons tous sur les actions US sont faux, et la r\u00e9alit\u00e9 est nettement inf\u00e9rieure aux chiffres affich\u00e9s.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/monocle.lu\/en\/2024\/03\/21\/les-volumes-sont-faux\/\" \/>\n<meta property=\"og:site_name\" content=\"Monocle\" \/>\n<meta property=\"article:published_time\" content=\"2024-03-21T17:39:52+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-04-02T09:59:19+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/monocle.lu\/wp-content\/uploads\/2024\/04\/iceberg.png\" \/>\n\t<meta property=\"og:image:width\" content=\"599\" \/>\n\t<meta property=\"og:image:height\" content=\"641\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"L'\u00e9quipe Monocle\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"L'\u00e9quipe Monocle\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimated reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/monocle.lu\/2024\/03\/21\/les-volumes-sont-faux\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/monocle.lu\/2024\/03\/21\/les-volumes-sont-faux\/\"},\"author\":{\"name\":\"L'\u00e9quipe Monocle\",\"@id\":\"https:\/\/monocle.lu\/#\/schema\/person\/f095305e6c0f0cb67a0905de33670595\"},\"headline\":\"Les volumes sont faux !\",\"datePublished\":\"2024-03-21T17:39:52+00:00\",\"dateModified\":\"2024-04-02T09:59:19+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/monocle.lu\/2024\/03\/21\/les-volumes-sont-faux\/\"},\"wordCount\":393,\"publisher\":{\"@id\":\"https:\/\/monocle.lu\/#organization\"},\"image\":{\"@id\":\"https:\/\/monocle.lu\/2024\/03\/21\/les-volumes-sont-faux\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/monocle.lu\/wp-content\/uploads\/2024\/04\/iceberg.png\",\"articleSection\":[\"Les Billets de Monocle\"],\"inLanguage\":\"en-GB\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/monocle.lu\/2024\/03\/21\/les-volumes-sont-faux\/\",\"url\":\"https:\/\/monocle.lu\/2024\/03\/21\/les-volumes-sont-faux\/\",\"name\":\"Monocle - 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