About the Author

Tom Pierce, CFA®

Head of Fixed Income Search and Strategy

Tom is the Head of Fixed Income Manager Research at Wilmington Trust Investment Advisors and is a member of the WTIA Investment Committee responsible for deriving the firms strategic and tactical asset allocation positioning. Mr. Pierce is a co-portfolio manager of the Multi-Strategy Income Solution and a consultant for the bank’s bank owned life insurance (BOLI) portfolio. Tom has over 30 years of investment industry experience encompassing multiple asset classes. Tom holds the Chartered Financial Analyst designation, has a B.A. in Economics from Washington University and an M.B.A. from the University of Chicago.

By the Author

Markets Can Be Very Wrong in the Short Run

Tom Pierce, CFA® |
Wilmington Wire

June 27, 2017—Seasoned investors are well aware that market prices are set at the margin, or alternatively, it is price and not quantity that matters for small flows. Sometimes the small percentage (or “flow”) of transactions occurring is representative of where a much larger “stock” or percentage of the market would trade; and other times,