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I agree with the first 3 lines. I strongly disagree with your conclusion. 10% for the vast majority is an excellent return at the lowest possible risk. Some people refer to compound interest as the "eighth wonder of the world." This term highlights the incredible power of compound interest...

IB Ireland was late to recognize that Ireland charges withholding tax on interest income. Consequently, withholding tax was charged retroactively. Clients were asked to obtain a tax exemption certificate from the tax authorities and forward it to IB and then IB going forward would not charge...

I describe my impression of how the brokerage industry works. Not what is fair or logic.

No, it depends. If you have a margin account, most often the positions will be held in the name of the broker. In a cash account it is generally held in the name of the account holder.

Those who can, do; those who can’t, teach.

That is exactly my point. If we look at big succesful investors after they have become big and renowned, the extraordinary returns turn into ordinary returns.

Ackman and Icahn are indeed partly activist investors. But I still believe it is valid and meaningful to compare their returns with that of the market. By the look of it the volatility of their partly activist investment style seems much higher than the market, and their returns judging from...

Icahn is one of the most succesful investors in history with a net worth of USD 18 billion. Based on the publicly available information over the 36 years available returns of his publicly available vehicle, you as an investor would not have fared better than the market even with this extremely...

I give you point for trying ;-) However, the 10% is pretty much in line with the long term average performance of the S&P 500.

Yes, if you are a fund of funds pension fund manager, you cannot just argue to park the equity investment in SPY. That would ultimately cost you the job, because there is no need for you. That is the basis for "The Emperor's New Clothes" in the world of investment.

No, but I believe Ackman has around 6 (13F) positions. I believe he has typically had very few positions, so likely Sharpe ratio would make the performance worse.

My hope was that for a very few select individuals, past performance would be at the margin slightly indicative of their ability to beat S&P 500 going forward. I have no other variable that I would trust besides long term past outperformance. Buffet, Icahn and Ackman have all beaten the S&P 500...

If I pay someone to manage my money, it matters to me what return he delivers. It may sound crazy, but yes that is how I look at investments.

Annualised returns including dividends 02/10/2015 (starting point on Bloomberg) - 04/06/2023: Pershing Square Holdings (PSHZF): 4.32% SPY: 10.76% Why would I try to copy that.

07/23/1987 - 04/06/2023 Total annualised return including dividends according to Bloomberg. Icahn Enterprises L.P. (IEP): 9.98% S&P 500 index: 9.87% However, I assume also in this publicly traded vehicle, Icahn charges management fees, so Icahn I assume has made a fortune managing money in...

I assume the management fee is the same in Pershing square holdings? I can see it is listed in London and Amsterdam, but not in the US? Do you know if Carl Icahn charges the same management fee in his publicly traded vehicle IEP as in his hedge fund? I assume he does. It would not make much...

I agree in general. However, I will credit Bill Ackman for not doing that.

From ChatGPT 4: "Historically, Pershing Square has charged a 20% performance fee, which is a common rate among hedge funds. This performance fee is applied to any profits the fund generates above a certain threshold or high-water mark, ensuring that investors only pay for positive performance...

Subject: To identify all public companies with primary focus on AI and/or robotics. Please focus on this subject and leave anything else related to other threads. AI APPN ATS CN AUTO NO AVAV BGRY CGCBV FH CGNX CRNC DT FARO HLX IRBT ISRG JBT MAXR CN MTRN IT NVDA OMCL PATH PEGA PRCT PRO RSW LN...

"If we go ahead on this everyone will die, including children who did not choose this and did not do anything wrong." https://time.com/6266923/ai-eliezer-yudkowsky-open-letter-not-enough/ The market will likely perceive this as highly bullish.