errata and addenda

I have a couple of what should be edits to previous posts, but I've had issues with blogspot editing in the past, so I'm going to record them here and hope that's adequate.

• About 7 weeks ago I wrote about the foreign exchange market; apparently the market has become less decentralized than I had realized.  The CME group ("Chicago Mercantile Exchange") owns a platform called EBS, and Refinitiv has a platform called Matching; these account for something like 30% of foreign exchange trading.  There are other smaller exchanges, and Cboe Global Markets ("Chicago Board Options Exchange") is launching a new market called Cboe FX Central.
  
• About 3.5 weeks ago I wrote a post with the term "Fair Value" in the title.  I sort of regret calling it that, because it's not the "Fair Value" that Warren Buffett and Benjamin Graham are talking about, even if that's what I meant to invoke.  The measure I described will have a bit of a "Fair Value" feel to a CFO, in that it calculates a value for the company independent of any price data from securities markets, and recommends that the company buy its stock if it's cheaper than that and sell if it's more expensive.  If companies reported such a thing, they really shouldn't call it "fair value", and if I'm going to allude to the term, I should give more emphasis than I did to the last two sentences of that post, which basically describe how it differs from the investor's notion of "fair value".  It's a summary statistic about internal investment opportunities that leaves to the shareholders the decision as to whether (or how much) internal investment is actually attractive; whether the stock is actually worth that amount is up to the shareholders to decide.