{"id":54790,"date":"2020-08-03T12:16:00","date_gmt":"2020-08-03T16:16:00","guid":{"rendered":"https:\/\/ibkrcampus.com\/?p=54790"},"modified":"2023-03-14T09:55:14","modified_gmt":"2023-03-14T13:55:14","slug":"apple-the-dow-and-a-stock-split-only-one-of-these-should-be-relevant","status":"publish","type":"post","link":"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/securities\/stocks\/apple-the-dow-and-a-stock-split-only-one-of-these-should-be-relevant\/","title":{"rendered":"Apple, the Dow, and a Stock Split \u2013 Only One of These Should be Relevant"},"content":{"rendered":"\n<p>Two of the three items mentioned in the above headline should be irrelevant, but for historical reasons they are not.&nbsp; It\u2019s definitely not Apple, but its actions have thrust the other two topics to the fore.<\/p>\n\n\n\n<p>It is clear that Apple (AAPL) remains crucially relevant for markets, investors, and millions of customers.&nbsp; A company with over $40 billion in yearly profits and over 100,000 employees is undoubtedly important. With a market capitalization of over $1.8 trillion, AAPL has the highest weight in major indices like the S&amp;P 500 (SPX) and NASDAQ 100 (NDX).&nbsp; At index weights of nearly 6.5% of SPX and 13% of NDX, any movement in AAPL has an outsize effect on bellwether indices.&nbsp; Its stock price has offered outsize returns to long and short-term holders, rising about 130% in one year\u2019s time.&nbsp; During that time period, rolling four quarter earnings have increased 12%.&nbsp; The market\u2019s rise has been propelled by the outsized performance and P\/E multiple expansion of AAPL and other market leaders like Microsoft (MSFT), Amazon (AMZN), Alphabet (GOOG, GOOGL) and Facebook (FB), and broad indices will remain inextricably tied to these mega-cap companies for as long as their market capitalizations remain dominant.&nbsp;<\/p>\n\n\n\n<p>Apple also has the highest weight in another important index, of course, and that is the Dow Jones Industrial Index (INDU).\u00a0 That index is price weighted, as opposed to market capitalization weighted, and the $400+ price of AAPL gives it the highest weight in INDU as well.\u00a0 I have opined on various occasions that while INDU is the most commonly reported market measure in many media outlets, it is a relic that owes its status only to its historical significance.\u00a0 It was the first reasonably accurate measure of stock market performance, though it was better suited to an era when calculations were done with a pencil and paper.\u00a0 It was relatively easy to sum a handful of stock prices and divide them by 20 (the original number of stocks in INDU).\u00a0 The 30 components of INDU are not nearly as representative of the US economy as SPX, and only a relative pittance of investment dollars are indexed to INDU in comparison to SPX.\u00a0<\/p>\n\n\n\n<p>When AAPL splits 4:1, its stock price will drop to \u00bc of its prior amount, though its market capitalization will be unchanged.&nbsp; As a result, Apple\u2019s weight in SPX and NDX will remain unchanged \u2013 but its weight in INDU will be roughly \u00bc what it was only a day earlier.&nbsp; AAPL will immediately drop from the highest index weight to somewhere in the middle of the pack.&nbsp; The ability of INDU to track the movement of the stock market will change meaningfully simply because the board of AAPL decided to issue 3 new shares to every existing holder.&nbsp; The susceptibility of INDU to relatively arbitrary moves in stock prices helps explain why so little money is indexed to INDU compared to its market capitalization weighted counterparts.<\/p>\n\n\n\n<p>While we see that INDU is unduly susceptible to stock splits, it is also time to question the relevance of stock splits in the current investment environment.&nbsp; At one time, they were viewed as making high-priced stocks more accessible to investors.&nbsp; I recently shared a link to the commission schedule of a discount broker from decades ago (<a href=\"https:\/\/www.linkedin.com\/posts\/steve-sosnick-2b570a8b_workfromhome-brokerage-investments-activity-6694948122050756608-DE8z\">see here<\/a>).&nbsp; It was less expensive to buy lower priced shares than higher priced shares.&nbsp; Also, buying odd-lots of less than 100 shares was cumbersome and often discouraged.&nbsp; An investor with $5,000 in available funds would have valid reasons to prefer buying 100 shares of a $50 stock than 50 shares of a $100 stock.&nbsp; Yet we now invest in an era when there is little if any distinction between round and odd lots, since stock orders of all sizes are routinely sliced into increments as small as 1 share.&nbsp; Furthermore, fractional shares are available through a wide range of brokerage firms (including IBKR), making stocks of all prices available to even the smallest investors.<\/p>\n\n\n\n<p>I don\u2019t question that the board of AAPL has valid reasons for splitting its stock.&nbsp; It certainly won\u2019t make the stock less investable, and could help it.&nbsp; It may reduce the amount of fractional share grants that the company will issue to employees, which could reduce costs.&nbsp; But it is likely to provide anything other than a psychological boost to a wide range of investors.<\/p>\n\n\n\n<p>Both the Dow Jones Industrial Average and stock splits have long and meaningful places in investment history.&nbsp; One must now consider the degree to whether either or both are simply charming anachronisms in the current investment landscape.<\/p>\n\n\n\n<p>Read Steve\u2019s Referenced Post Here:<\/p>\n\n\n\n<p><strong><a href=\"\/campus\/traders-insight\/securities\/stocks\/can-we-please-finally-retire-the-dow-2nd-try\/\">Can We Please, Finally, Retire the Dow (2nd try)?<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Both the Dow Jones Industrial Average and stock splits have long and meaningful places in investment history. In the current investment landscape, there can be important details investors must understand.<\/p>\n","protected":false},"author":4,"featured_media":36355,"comment_status":"closed","ping_status":"open","sticky":true,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[14700,6,8,9,22,26,3],"tags":[264,3047,8146],"contributors-categories":[13576],"class_list":{"0":"post-54790","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-ibkr-market-insights","8":"category-north-america","9":"category-region","10":"category-securities","11":"category-stocks","12":"category-text-articles","13":"category-traders-insight","14":"tag-apple","15":"tag-dow-jones-industrial-average","16":"tag-stock-splits","17":"contributors-categories-interactive-brokers"},"pp_statuses_selecting_workflow":false,"pp_workflow_action":"current","pp_status_selection":"publish","acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.9 (Yoast SEO v27.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Apple, the Dow, and a Stock Split \u2013 Only One of These Should be Relevant<\/title>\n<meta name=\"description\" content=\"Both the Dow Jones Industrial Average and stock splits have long and meaningful places in investment history.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.interactivebrokers.com\/campus\/wp-json\/wp\/v2\/posts\/54790\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Apple, the Dow, and a Stock Split \u2013 Only One of These Should be Relevant | IBKR Campus US\" \/>\n<meta property=\"og:description\" content=\"Both the Dow Jones Industrial Average and stock splits have long and meaningful places in investment history.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/apple-the-dow-and-a-stock-split-only-one-of-these-should-be-relevant\/\" \/>\n<meta property=\"og:site_name\" content=\"IBKR Campus US\" \/>\n<meta property=\"article:published_time\" content=\"2020-08-03T16:16:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-03-14T13:55:14+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2020\/02\/stock-charts-broker.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"900\" \/>\n\t<meta property=\"og:image:height\" content=\"540\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Steve Sosnick\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Steve Sosnick\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\n\t    \"@context\": \"https:\\\/\\\/schema.org\",\n\t    \"@graph\": [\n\t        {\n\t            \"@type\": \"NewsArticle\",\n\t            \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/traders-insight\\\/apple-the-dow-and-a-stock-split-only-one-of-these-should-be-relevant\\\/#article\",\n\t            \"isPartOf\": {\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/traders-insight\\\/apple-the-dow-and-a-stock-split-only-one-of-these-should-be-relevant\\\/\"\n\t            },\n\t            \"author\": {\n\t                \"name\": \"Steve Sosnick\",\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#\\\/schema\\\/person\\\/31988d9596575a63ddc53e92049a2549\"\n\t            },\n\t            \"headline\": \"Apple, the Dow, and a Stock Split \u2013 Only One of These Should be Relevant\",\n\t            \"datePublished\": \"2020-08-03T16:16:00+00:00\",\n\t            \"dateModified\": \"2023-03-14T13:55:14+00:00\",\n\t            \"mainEntityOfPage\": {\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/traders-insight\\\/apple-the-dow-and-a-stock-split-only-one-of-these-should-be-relevant\\\/\"\n\t            },\n\t            \"wordCount\": 797,\n\t            \"publisher\": {\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#organization\"\n\t            },\n\t            \"image\": {\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/traders-insight\\\/apple-the-dow-and-a-stock-split-only-one-of-these-should-be-relevant\\\/#primaryimage\"\n\t            },\n\t            \"thumbnailUrl\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2020\\\/02\\\/stock-charts-broker.jpg\",\n\t            \"keywords\": [\n\t                \"Apple\",\n\t                \"Dow Jones Industrial Average\",\n\t                \"stock splits\"\n\t            ],\n\t            \"articleSection\": [\n\t                \"IBKR Insights\",\n\t                \"North America\",\n\t                \"Region\",\n\t                \"Securities\",\n\t                \"Stocks\",\n\t                \"Text Articles\",\n\t                \"Traders' Insight\"\n\t            ],\n\t            \"inLanguage\": \"en-US\"\n\t        },\n\t        {\n\t            \"@type\": \"WebPage\",\n\t            \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/traders-insight\\\/apple-the-dow-and-a-stock-split-only-one-of-these-should-be-relevant\\\/\",\n\t            \"url\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/traders-insight\\\/apple-the-dow-and-a-stock-split-only-one-of-these-should-be-relevant\\\/\",\n\t            \"name\": \"Apple, the Dow, and a Stock Split \u2013 Only One of These Should be Relevant | IBKR Campus US\",\n\t            \"isPartOf\": {\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#website\"\n\t            },\n\t            \"primaryImageOfPage\": {\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/traders-insight\\\/apple-the-dow-and-a-stock-split-only-one-of-these-should-be-relevant\\\/#primaryimage\"\n\t            },\n\t            \"image\": {\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/traders-insight\\\/apple-the-dow-and-a-stock-split-only-one-of-these-should-be-relevant\\\/#primaryimage\"\n\t            },\n\t            \"thumbnailUrl\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2020\\\/02\\\/stock-charts-broker.jpg\",\n\t            \"datePublished\": \"2020-08-03T16:16:00+00:00\",\n\t            \"dateModified\": \"2023-03-14T13:55:14+00:00\",\n\t            \"description\": \"Both the Dow Jones Industrial Average and stock splits have long and meaningful places in investment history.\",\n\t            \"inLanguage\": \"en-US\",\n\t            \"potentialAction\": [\n\t                {\n\t                    \"@type\": \"ReadAction\",\n\t                    \"target\": [\n\t                        \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/traders-insight\\\/apple-the-dow-and-a-stock-split-only-one-of-these-should-be-relevant\\\/\"\n\t                    ]\n\t                }\n\t            ]\n\t        },\n\t        {\n\t            \"@type\": \"ImageObject\",\n\t            \"inLanguage\": \"en-US\",\n\t            \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/traders-insight\\\/apple-the-dow-and-a-stock-split-only-one-of-these-should-be-relevant\\\/#primaryimage\",\n\t            \"url\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2020\\\/02\\\/stock-charts-broker.jpg\",\n\t            \"contentUrl\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2020\\\/02\\\/stock-charts-broker.jpg\",\n\t            \"width\": 900,\n\t            \"height\": 540,\n\t            \"caption\": \"When \\\"Buy the Dip\\\" Doesn't Work\"\n\t        },\n\t        {\n\t            \"@type\": \"WebSite\",\n\t            \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#website\",\n\t            \"url\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/\",\n\t            \"name\": \"IBKR Campus US\",\n\t            \"description\": \"Financial Education from Interactive Brokers\",\n\t            \"publisher\": {\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#organization\"\n\t            },\n\t            \"potentialAction\": [\n\t                {\n\t                    \"@type\": \"SearchAction\",\n\t                    \"target\": {\n\t                        \"@type\": \"EntryPoint\",\n\t                        \"urlTemplate\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/?s={search_term_string}\"\n\t                    },\n\t                    \"query-input\": {\n\t                        \"@type\": \"PropertyValueSpecification\",\n\t                        \"valueRequired\": true,\n\t                        \"valueName\": \"search_term_string\"\n\t                    }\n\t                }\n\t            ],\n\t            \"inLanguage\": \"en-US\"\n\t        },\n\t        {\n\t            \"@type\": \"Organization\",\n\t            \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#organization\",\n\t            \"name\": \"Interactive Brokers\",\n\t            \"alternateName\": \"IBKR\",\n\t            \"url\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/\",\n\t            \"logo\": {\n\t                \"@type\": \"ImageObject\",\n\t                \"inLanguage\": \"en-US\",\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#\\\/schema\\\/logo\\\/image\\\/\",\n\t                \"url\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2024\\\/05\\\/ibkr-campus-logo.jpg\",\n\t                \"contentUrl\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2024\\\/05\\\/ibkr-campus-logo.jpg\",\n\t                \"width\": 669,\n\t                \"height\": 669,\n\t                \"caption\": \"Interactive Brokers\"\n\t            },\n\t            \"image\": {\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#\\\/schema\\\/logo\\\/image\\\/\"\n\t            },\n\t            \"publishingPrinciples\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/about-ibkr-campus\\\/\",\n\t            \"ethicsPolicy\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/cyber-security-notice\\\/\"\n\t        },\n\t        {\n\t            \"@type\": \"Person\",\n\t            \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#\\\/schema\\\/person\\\/31988d9596575a63ddc53e92049a2549\",\n\t            \"name\": \"Steve Sosnick\",\n\t            \"description\": \"Steve is the Chief Strategist at Interactive Brokers. He has held numerous roles in the organization since joining Timber Hill, IBKR\u2019s predecessor, in 1995 as Equity Risk Manager and an options market maker. He developed and implemented automated trading strategies for stocks and options before moving into his current role. Steve has guest authored several columns in Barron\u2019s and made numerous live on Bloomberg TV and Radio, CNBC, Yahoo Finance, Fox Business, and several other media outlets several media outlets in North America, Asia, Australia, and the Middle East in addition to being quoted frequently in print and electronic media. Prior to joining Interactive Brokers, Sosnick held senior trading roles at Morgan Stanley, Lehman Brothers, and Salomon Brothers, where he completed the firm\u2019s famed training program.\",\n\t            \"sameAs\": [\n\t                \"https:\\\/\\\/ibkr.com\"\n\t            ],\n\t            \"url\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/author\\\/steve-sosnick\\\/\"\n\t        }\n\t    ]\n\t}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Apple, the Dow, and a Stock Split \u2013 Only One of These Should be Relevant","description":"Both the Dow Jones Industrial Average and stock splits have long and meaningful places in investment history.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.interactivebrokers.com\/campus\/wp-json\/wp\/v2\/posts\/54790\/","og_locale":"en_US","og_type":"article","og_title":"Apple, the Dow, and a Stock Split \u2013 Only One of These Should be Relevant | IBKR Campus US","og_description":"Both the Dow Jones Industrial Average and stock splits have long and meaningful places in investment history.","og_url":"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/apple-the-dow-and-a-stock-split-only-one-of-these-should-be-relevant\/","og_site_name":"IBKR Campus US","article_published_time":"2020-08-03T16:16:00+00:00","article_modified_time":"2023-03-14T13:55:14+00:00","og_image":[{"width":900,"height":540,"url":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2020\/02\/stock-charts-broker.jpg","type":"image\/jpeg"}],"author":"Steve Sosnick","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Steve Sosnick","Est. reading time":"4 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"NewsArticle","@id":"https:\/\/ibkrcampus.com\/campus\/traders-insight\/apple-the-dow-and-a-stock-split-only-one-of-these-should-be-relevant\/#article","isPartOf":{"@id":"https:\/\/ibkrcampus.com\/campus\/traders-insight\/apple-the-dow-and-a-stock-split-only-one-of-these-should-be-relevant\/"},"author":{"name":"Steve Sosnick","@id":"https:\/\/ibkrcampus.com\/campus\/#\/schema\/person\/31988d9596575a63ddc53e92049a2549"},"headline":"Apple, the Dow, and a Stock Split \u2013 Only One of These Should be Relevant","datePublished":"2020-08-03T16:16:00+00:00","dateModified":"2023-03-14T13:55:14+00:00","mainEntityOfPage":{"@id":"https:\/\/ibkrcampus.com\/campus\/traders-insight\/apple-the-dow-and-a-stock-split-only-one-of-these-should-be-relevant\/"},"wordCount":797,"publisher":{"@id":"https:\/\/ibkrcampus.com\/campus\/#organization"},"image":{"@id":"https:\/\/ibkrcampus.com\/campus\/traders-insight\/apple-the-dow-and-a-stock-split-only-one-of-these-should-be-relevant\/#primaryimage"},"thumbnailUrl":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2020\/02\/stock-charts-broker.jpg","keywords":["Apple","Dow Jones Industrial Average","stock splits"],"articleSection":["IBKR Insights","North America","Region","Securities","Stocks","Text Articles","Traders' Insight"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/ibkrcampus.com\/campus\/traders-insight\/apple-the-dow-and-a-stock-split-only-one-of-these-should-be-relevant\/","url":"https:\/\/ibkrcampus.com\/campus\/traders-insight\/apple-the-dow-and-a-stock-split-only-one-of-these-should-be-relevant\/","name":"Apple, the Dow, and a Stock Split \u2013 Only One of These Should be Relevant | IBKR Campus US","isPartOf":{"@id":"https:\/\/ibkrcampus.com\/campus\/#website"},"primaryImageOfPage":{"@id":"https:\/\/ibkrcampus.com\/campus\/traders-insight\/apple-the-dow-and-a-stock-split-only-one-of-these-should-be-relevant\/#primaryimage"},"image":{"@id":"https:\/\/ibkrcampus.com\/campus\/traders-insight\/apple-the-dow-and-a-stock-split-only-one-of-these-should-be-relevant\/#primaryimage"},"thumbnailUrl":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2020\/02\/stock-charts-broker.jpg","datePublished":"2020-08-03T16:16:00+00:00","dateModified":"2023-03-14T13:55:14+00:00","description":"Both the Dow Jones Industrial Average and stock splits have long and meaningful places in investment history.","inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/ibkrcampus.com\/campus\/traders-insight\/apple-the-dow-and-a-stock-split-only-one-of-these-should-be-relevant\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/ibkrcampus.com\/campus\/traders-insight\/apple-the-dow-and-a-stock-split-only-one-of-these-should-be-relevant\/#primaryimage","url":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2020\/02\/stock-charts-broker.jpg","contentUrl":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2020\/02\/stock-charts-broker.jpg","width":900,"height":540,"caption":"When \"Buy the Dip\" Doesn't Work"},{"@type":"WebSite","@id":"https:\/\/ibkrcampus.com\/campus\/#website","url":"https:\/\/ibkrcampus.com\/campus\/","name":"IBKR Campus US","description":"Financial Education from Interactive Brokers","publisher":{"@id":"https:\/\/ibkrcampus.com\/campus\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/ibkrcampus.com\/campus\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/ibkrcampus.com\/campus\/#organization","name":"Interactive Brokers","alternateName":"IBKR","url":"https:\/\/ibkrcampus.com\/campus\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/ibkrcampus.com\/campus\/#\/schema\/logo\/image\/","url":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/05\/ibkr-campus-logo.jpg","contentUrl":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/05\/ibkr-campus-logo.jpg","width":669,"height":669,"caption":"Interactive Brokers"},"image":{"@id":"https:\/\/ibkrcampus.com\/campus\/#\/schema\/logo\/image\/"},"publishingPrinciples":"https:\/\/www.interactivebrokers.com\/campus\/about-ibkr-campus\/","ethicsPolicy":"https:\/\/www.interactivebrokers.com\/campus\/cyber-security-notice\/"},{"@type":"Person","@id":"https:\/\/ibkrcampus.com\/campus\/#\/schema\/person\/31988d9596575a63ddc53e92049a2549","name":"Steve Sosnick","description":"Steve is the Chief Strategist at Interactive Brokers. He has held numerous roles in the organization since joining Timber Hill, IBKR\u2019s predecessor, in 1995 as Equity Risk Manager and an options market maker. He developed and implemented automated trading strategies for stocks and options before moving into his current role. Steve has guest authored several columns in Barron\u2019s and made numerous live on Bloomberg TV and Radio, CNBC, Yahoo Finance, Fox Business, and several other media outlets several media outlets in North America, Asia, Australia, and the Middle East in addition to being quoted frequently in print and electronic media. Prior to joining Interactive Brokers, Sosnick held senior trading roles at Morgan Stanley, Lehman Brothers, and Salomon Brothers, where he completed the firm\u2019s famed training program.","sameAs":["https:\/\/ibkr.com"],"url":"https:\/\/www.interactivebrokers.com\/campus\/author\/steve-sosnick\/"}]}},"jetpack_featured_media_url":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2020\/02\/stock-charts-broker.jpg","_links":{"self":[{"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/posts\/54790","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/comments?post=54790"}],"version-history":[{"count":0,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/posts\/54790\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/media\/36355"}],"wp:attachment":[{"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/media?parent=54790"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/categories?post=54790"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/tags?post=54790"},{"taxonomy":"contributors-categories","embeddable":true,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/contributors-categories?post=54790"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}