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Hk has one of the widest wealth gaps in the world. Further the prosperity in HK comes from the fact that it's essentially a city through where all the money in Asia flows. It's closer to New York than to the US as a model.

I take it you like the Trump tax proposal? That would put you in the minority on this board. FWIW, I like it too.

You should recommend that Trump change his tax plan to increase the tax of billionaires.

I'm surprised you are doing better under the tax plan. Max rate is down nominally but your state deductions are capped and your apt is less mortgagable.

Btw - as a retail trader, I have no problem with PFOF. Commissions are hard money, quality fills are soft money.

It's not about exploiting bad fills. It's about paying 32 cents for an option worth 35 cents (when the bid/offer is 30 at 40) instead of paying 34 cents. And having the opportunity to even consider paying 34 cents in first place - because there is a seller in the market.

I wouldn't do that either. I would do the collar if you can support the liquidity mismatch or I would just liquidate the annuities if the fees and tax implications aren't too bad.

maybe the kospi or Nikkei... but that will create all sorts of basis risk for you.

SPX is probably unique because it has to cross on the CBOE and so there might not be a lot of opportunity on exchange fees, etc. A firm like Robinhood may have to eat those losses as a cost of doing business.

I ran a single name market maker book in the mid 2000's. I don't think Robinhood customers are going to get hurt with this service. The way internalization worked back then was that the order would come to you and you would send the customer order along with your contra order to the exchange...

Because capital costs 3.5percent. What is the 15year swap rate? What is your credit spread to that?

From the way collars price you will give up more upside gains than you will get in downside protection.

You think google gave you search for free because you were their customer?

From what you have said throughout this thread, I get the sense that you want to protect the downside and are willing to sacrifice the upside. Then the collar is fine. It's a common structure for people to hedge illiquid positions (like Marc Cuban's famous Broadcast.com/Yahoo! hedge).

The carriers have little incentive to upgrade their facilities because they are granted natural monopolies.

Don't worry about vols. You are short delta and will lose money proportionally when the market rallies. How you respond to that is a another decision you will have to make, but by then you will have lost money on the collar and made it on the annuity.

You think the stock market rally over the last 12 months was because Trump was going to build a wall? He has already repealed clean water regulations and is providing bailouts to coal companies and I suspect it's just the beginning.

You mean like Russia and China?

A collar is appropriate but you will lose money on the collar in a rally. So you have to be okay with funding those liquid losses while your illiquid annuity earns.

Here's hoping....