What we talk about when we talk about correlation

“Correlation” has to be one of the most commonly used terms in the business and finance world. It facilitates the communication of ideas and gives the speaker just enough to sound sophisticated but

How is VWAP calculated?

When equity brokers pitch their share repurchase capabilities to corporations, they never fail to mention their ability to outperform VWAP. When asked how they outperform so consistently, the answers tend to be non-answers: