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HideNotSlide's profile
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Hide Not Slide
@HideNotSlide

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Hide Not Slide

@HideNotSlide

Helping investors become smarter & more informed about exchanges.

LOST IN THE CITADEL SECURITIES
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Joined December 2014

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    1. Frederik‏ @NeckarValue Apr 19

      Going to try something new today. Will do a Q&A with @HideNotSlide, an insider in the world of exchanges. It's like a short interview you can watch in real-time (inspired by @ShitFund and @SirBaby6) If you have any good questions you can DM me and I will add if there is time.

      1 reply 14 retweets 64 likes
      Show this thread
    2. Frederik‏ @NeckarValue Apr 19

      Without compromising your anonymity, what brought you into the exchange space and how do you think about it as an investor?

      1 reply 0 retweets 7 likes
      Show this thread
    3. Hide Not Slide‏ @HideNotSlide Apr 19
      Replying to @NeckarValue

      I spent a number of years on Wall Street in close proximity to exchanges, where I witnessed first hand how much power they control & how attractive they are as an asset class. Many are unaware how much of the financial system relies heavily on just a few exchange companies.

      1 reply 0 retweets 10 likes
    4. Hide Not Slide‏ @HideNotSlide Apr 19
      Replying to @HideNotSlide @NeckarValue

      As an investor I view exchanges as: A cheap call option on surprise volatility Counter-cyclical, asset-light financial toll-roads Clear winners of the global "analog-to-digital" transition I've been a happy owner of exchange stocks for many years now.

      1 reply 2 retweets 12 likes
    5. Frederik‏ @NeckarValue Apr 19
      Replying to @HideNotSlide

      In your substack (which we'll link later) you call exchanges the "new financial kings." What makes them great businesses? What are they key metrics to comp them?

      1 reply 0 retweets 2 likes
      Hide Not Slide‏ @HideNotSlide Apr 19
      Replying to @NeckarValue

      Exchanges are the new kings of finance bc they're picking up what banks dropped after GFC regs forced them to de-risk & surrender valuable business. For example, MarketAxess & Tradeweb both are taking the bond market away from bank dealers via electronic trading platforms.

      1:18 PM - 19 Apr 2021
      • 8 Likes
      • Crypto Amur Michael Fritzell (Asian Century Stocks) Ray Vic Midwestern Hedgie Luis Colunga
      1 reply 0 retweets 8 likes
        1. New conversation
        1. Hide Not Slide‏ @HideNotSlide Apr 19
          Replying to @HideNotSlide @NeckarValue

          A key metric to compare exchanges to each other is the size of their market data businesses. Exchange transaction revenue can be cyclical & volatile, but market data is a recurring, stable revenue stream that allows exchanges to put up consistent growth.

          1 reply 0 retweets 6 likes
        2. Hide Not Slide‏ @HideNotSlide Apr 19
          Replying to @HideNotSlide @NeckarValue

          Here's a table with all the exchanges & market data companies I follow:pic.twitter.com/9ir6EUPdk2

          1 reply 0 retweets 15 likes
        3. Show replies

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