Citadel Securities Jump Trading Susquehanna International Group Hudson River Trading Tower Research Capitalhttps://twitter.com/TheGarpInvestor/status/1450598644483244041 …
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another lens through which you might think about this is that of profits/employee, where HFT clearly excels e.g. citsec has a trailing 3y avg of ~$2.7B ebitda. Assuming 2k employees globally, that gives profits per employee of ~$1.35M/employee, more than 3x the best FAANGcopic.twitter.com/qiuLTEe2hv
basically what i'm trying to say is that these firms produce a lot of value using vanishingly little human capital relative to FAANG, the huge EBITDA margins (and the huge dividends that go with) are the reasons we would all take out debt to buy an equity stake if we could
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Meh depends on price I guess. Faang will 10x in size, these guys don’t have much pie left to eat
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i think maybe that is our fundamental disagreement, the growth of (1) crypto (2) ETFs and (3) increased retail stock and options participation all make me bullish on the industry's prospects. Jump and HRT both announced wholesaling businesses just this year!
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