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  1. M

    Renaissance Technologies’ Return, AUM, and Holdings

    Too bad it's not possible to see Medallion's holdings.
  2. M

    Buying call options ahead of earnings has been profitable

    What matters is how the market performed during earnings season (or more specifically five days before earnings of the components to one day after), not what the market did the entire year. The market could be down for the year and still up during earnings season.
  3. M

    Massive S&P 500 buyback index outperformance of 25 years?

    The index was launched November 29, 2012. The annualized return since then has been 15.58% versus 13.37% for the S&P 500 TR index = 2.21 percentage points outperformance.
  4. M

    Massive S&P 500 buyback index outperformance of 25 years?

    I realize this will hurt my credibility. However, I just checked again and now Bloomberg returns 13.67% annualized return for the S&P 500 buyback TR index from 01/31/94 - 01/31/19 versus 9.26% annualized return for the S&P 500 TR index over the same period = 4.41% annualized outperformance.
  5. M

    Massive S&P 500 buyback index outperformance of 25 years?

    I agree that it looks like the index has a high beta and during a continuous long bull market it is fair to assume this will lead to outperformance. However, going back 25 years including to major crises, if I had assembled an equal-weighted index of the 100 highest beta stocks in the S&P 500...
  6. M

    Massive S&P 500 buyback index outperformance of 25 years?

    The S&P 500 buyback index was launched November 29, 2012 and has not outperformed the S&P 500 TR index over the last 5 years. If you use Bloomberg's Total Return Analysis (TRA) function, you can see the return of the index back tested since January 31, 1994. Accordingly the index should have...
  7. M

    Creating a commercial account for your LLC type trading vehicle

    You have to provide your job description when you open an account. Up until now you could choose "home trader" and pay non-pro market data. Hopefully that will not change.
  8. M

    Corporate account – personal liability?

    Exactly, it seems to work very well for the large banks.
  9. M

    Corporate account – personal liability?

    When opening a corporate account, do online brokers normally require that the owner(-s) will be personally liable, if the account end up below zero?
  10. M

    Does Anyone Have Experience with the E-Trade API

    Why do you want to change from IB to E-Trade?
  11. M

    Time priority of limit orders

    You post a limit order on ISLAND. After a while you post another limit order on IEX at the same limit price. The time priority of the first limit order only applies to ISLAND and the time priority of the second limit order only applies to IEX. In other words, the IEX limit order can execute...
  12. M

    Capital gain tax in UK

    With regards to your second question. Tax regulation is complex and I have no definite answer. However, it is my impression that in most countries the distinction between capital gains tax and being taxed as a business does not depend primarily on whether you have a job or not. Usually factors...
  13. M

    Is IB's Hidden orders type "real" (or simulated)? Can a hidden Buy hit a hidden Offer?

    A true native hidden order is only active on the exchange where it is active, so other market participants can trade through your bid on other exchanges. I also believe a hidden order is assigned lower priority at the same limit price compared to a lit order.
  14. M

    Low commission brokers around the globe

    Not that I am aware of. I have not suggested that they do or mentioned the word swap. Anyway, which broker/brokers in Scandinavia charges 1 bp or slightly less?
  15. M

    Best Country for Trading (Tax efficiency)

    I specifically quoted "to make compound interest work" and repeated it in the first line to underscore that it is mainly an option for investors. However not for the reasons you mention. It is absolutely wrong that you have to pay regular income tax if you trade on the account. You can trade...
  16. M

    Best Country for Trading (Tax efficiency)

    I can't find this 186 days rule? If you spend 165 days in Monaco, 100 days in Italy and 100 days in Spain, why would that be a problem?
  17. M

    Best Country for Trading (Tax efficiency)

    If the aim is compound interest, I would highlight Sweden once again: - 0.5% tax on capital invested. If your long-term return is 12%, 0.5% of capital corresponds to an effective tax rate of 4%. You do not even have to file a tax return. - You don’t have to stay in Sweden 186 days. You can...
  18. M

    Low commission brokers around the globe

    Is Interactive Brokers not a traditional broker?
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