That will not be to everybody's taste... A study from the London School of Economics of 18 OECD countries over the last 50 years confirms that reducing taxes only impacts those directly touched by the tax, and has no benefit to anyone else. Tax cuts increase...
More about Robinhood and its history of regulatory problems... Massachusetts' Enforcement Division filed a complaint about the firm's aggressive growth tactics, its repeated outages and disruptions, which were well known and ignored while pushing growth, its...
Robinhood has just been fined $65m for overcharging its customers, despite trades being free of charge - the company sells its order flow, and the net result is that traders are overcharged $35m/y. The firm also mislead its clients in its advertising. But in the back...
Goodhart’s Law: When a measure becomes a target, it ceases to be a good measure. The Sharpe ratio has changed investor behavior. We chase the metric rather than the underlying quality it is trying to assess, and there are plenty of situations where the Sharpe is a...
Fridges are the new rocket science... IBM's target of a million-qubit requires the biggest and coolest fridge ever. The article is also a good overview of where quantum computers are, and where they will be. Quantum computers will be exponentially better at some...
If you are not in the RIA space, you may have missed a profound change in the area. Robo-advisors are taking a solid market share, and their AUMs are now in the multi-billions. The big boys (Fidelity, Vanguard...), were actually forced to create their own such...
Nope, portfolio managers shouldn't keep the best trades for themselves (at the expense of other investors). BlueCrest moved its best traders into a management-owned fund, and used AI to replicate their trades in the main fund. Unfortunately, the replication was poor,...
Isn't that weird that the large execution platforms insist on easiness and low costs of trading, rather than showing stats of profitable traders? That's because "maybe 0.5% of day-traders earned more than the initial salary of a bank teller". Personal...
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