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It is just wealth re-allocation. A lot of the investors did not even touch them. I did not. Not even a single share. During the dot.com bubble #1, Yahoo bulletin boards were very famous. All the dot.com hot stock had its own stock board. The same at that time. So I did not see anything...

Most of the fund managers started with institutions, like Goldman, Morgan Stanley etc. Then they make to the "star" status and get to enjoy like $10MM annual compensation. After some years, they get enough "savings" and enough "fame", so they wanted to start their own. So they get to keep...

That is the fallacy to believe that diversification is more important than total return. So a 5% return on gold is better than 35% return on S&P 500? I do not think so.

The justification for those large retirement and endowment funds is mainly the diversification. On other commodity and/or other strategy. But those are at huge cost in terms of fees. The other is their belief that HF managers are "smarter" and can generate even higher returns than market...

It is not arbitrary. And it is not MY horizon. Pershing Square historical performance from 2014 is the official record. I did not add or cut anything. Again, I have no time to spend more time to analyze different time horizon. Just a valid point that Pershing Square has not added any value...

Do not know why index fund gets MORE tax liability. Should be just the opposite. Pershing Square official track record is from 2014. I think that is far enough. People do not get to choose the start. Hedge fund industry as a whole underperform general stock market. I think they did much...

The other question to ask yourself is that, if you get the track record and believe you are good, then why not just trade your own? If I get 29.8% YTD 2022 and 232% 2021-2022, then I get keep all the profit and do not have to worry about anything else. It is more fun than trading other...

I just did some numbers of Bill Ackman Pershing Square historical performance. Not impressed. Pershing Square Holdings Year YTD Return NAV $10,000 2014 40.40% $26.37 $14,040 2015 -20.50% $20.96 $11,162 2016 -13.50% $18.14 $9,655 2017 -4.00% $17.41 $9,269 2018 -0.70% $17.30 $9,204 2019 58.10%...

It is not just a track record, it is the publicity or celebrity status. Look at the track record of Bill Ackman Pershing Square historical performance. If I invested $10,000 with Pershing Square, I'll have about $27,091 now, compared with S&P 500 total return of to $28,011. If I take out S&P...

It is based on the setup and agreement. For small FO or HF, they can structure either way, employee or independent contractor. Some proprietary house can just hire you as a trader and you get paid trading their capital. The main difference is how the firm treats you, if you are a team...

This is nothing new here. If you work for a FO, CTA, then you are just an independent contractor. The same working for hedge fund, or some proprietary group. You are paid based on the formula of your contract. Then you get 1099 form to report your tax. Not sure what you are asking with...

In general that is correct. But most of the current computers use NVME SSD drive, not the traditional rotational mechanical hard drives. Its speed is not close to the DDR RAM speed, but to most people, it is hard to tell the difference. For most people, 16GB RAM is enough, unless you run 3...

Here are some daily P/L records for one month many years ago. Main Book: P&L Com/Fee $115,910 ($8,525) $3,202 ($8,607) ($109,984) ($13,536) $47,565 ($11,977) $24,776 ($9,015) $170,320 ($19,565) ($74,069) ($9,203) $109,444 ($10,426) ($11,338) ($18,583) ($76,249) ($10,849) $132,671 ($30,227)...

Traders make trading profit from market volatility. If traders avoid front months and avoid any market moves, I'm not sure where the trading profit comes from. Even a U/V NG spread is a directional play. Say noting about H/J NG spread. Traders have to have view on how the spread is going to...

True. But it is a nightmare to reconcile the 50 trades and that is just one. I have several that day. Get something to do over the weekend.

I used to trade NYMEX spreads for living. But got tired of it. The justifications for trading spreads are the lower risks and the commodity fundamentals from those spreads. The margins for spreads are really tiny. But to trade spreads, we have to compensate with the high volumes. The normal...

I gained $3.50/share....

Smart money trades outright, options too. Spread is not the only game smart money trades. But one thing spread trading is bad is the huge trading commissions traders have to pay brokers. This is why brokers like traders to trade spreads. All those $5 commissions eat into any trading profit...

Actually I do not think I hold any position for two years. I was just thinking about the other post about buying 200 INTC shares for long haul..... :D I may just sell it at certain profit....

Just to make it clear, I do not like anyone who speak foul language. I'll fight back when I see it. Sry it is just my way of doing it. ET has a bad reputation for that.