On today's episode of how NOT to interact with management as an equity research analyst Maybe the spiciest back & forth I've ever seen in an earnings Q&Apic.twitter.com/3HbeWKc9g1
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I genuinely appreciate the feedback. My guess is the value of ST focus in Virtu’s case would be to figure out their “new normal” baseline of performance. Last few quarters have been v noisy with vol so its hard to get a “clean” view of their profitability until things die down.
Im doing my best to understand the good & the bad 
see belowhttps://frontmonth.substack.com/p/exchange-bears-are-people-too …
