Arne Alsin is the founder of Worm Capital, an investment management firm based in La Jolla, California. Before he founded Worm Capital, he was a co-manager of portfolios, primarily investing in turnarounds and special situations. Alsin received his law degree from the University of Oregon School of Law in 1984. He worked as an Accountant for the international accounting firm KPMG Peat Marwick.
TheStreet, 26 April 2006
In a fair market, the property of investors is secure and protected, the playing field is level, and rules are uniformly enforced.
Unfortunately for investors, that does not describe the current condition of the stock market. The current stock market is patently unfair.
Bud Burrell, Arne Alsin
RealMoney cited by Sanity Check via Wayback, 17 April 2006
There is a systemic problem in the equity market, but the magnitude of the problem is impossible to gauge because the parties involved refuse to answer a simple question: Why?
My mutual fund purchased five blocks of stock in Overstock (OSTK:Nasdaq) during the first quarter. There was a failure to deliver shares in four out of the five purchases, with delays for delivery lasting as long as three weeks. Nobody can tell me why shares were not delivered within the requisite three-day settlement period — the so-called T+3 requirement.