After digging through MarketAxess's results, my takeaways:
① The business is on
by all measures - COVID-19 has accelerated electronic bond trading & client demand has surged.
② @ ~75x earnings, the good times are priced in imo but no reason for that not expanding further
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Interesting comments on Fed intervention in the corporate bond markets - they're present, but not an elephant by any means:pic.twitter.com/pMxscHhZdO
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