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Just out of curiosity, what school (or at least a tier) did you go to? The next question is "why?" obviously...

Well, the returns of Point72 have been rather nice. That's his personal money, too.

Actually, if he is starting a fund, the expectation is that at least 50% of his net worth would be invested in the fund. So he will be trading his own money.

Don't we both :)

Talking of clip size, this came up in anther thread - there used to be a vol-arb guy at PIMCO that would trade second month strangles in 10 year notes or bonds (25sh delta on the legs) in clips of 10k. No algo, no tricks - he'd come in, quote 5-6 floor guys and hit them all at once. He'd rotate...

You do realize that there is a whole class of hedge funds called "volatility arbitrage funds", right? :) There used to be a guy at PIMCO who would sell 10y note strangles in clips of 10k. That's true retail size.

Nope. In negotiated market, you get much tighter in SPX then in SPYs. SPYs dominate the screens but in terms of total vega/rtVega traded, SPX is higher. AMM guys don't like executing tied, it's not their business model and they are not keen to get involved. Fucking retail flow on delta is way...

Something like this: https://sixfigureinvesting.com/2013/09/daily-scaling-sharpe-sortino-excel/

In general, these sorts of things involve either very niche markets or serious infrastructure investments. I have a strategy that has been posting 75-80% ROC with good Sharpe. Very capacity constrained. So no, I would never share anything about it. PS. Last I checked, you can't eat %s, so...

With all due respect, it's a policy influence paper, so there is very little "proof" or any kind of science in it. Most the income phenomena they have described have brewing since the 60s. NBRA put out a very thorough panel study in April that was going over the income dynamics over the last 50...

Strange day, i seem to be posting 606 disclosures all the time: http://www.eoption.com/wp-content/uploads/applications_and_forms/other/2017_01_SEC-Rule-606-Report.pdf

The letter is a month code and number is the year. After that, there is an additional number to give you the week number if it is a weekly futures contract. The liquid ones are monthly, e.g. May is VXK17

LOL. They are transparent all right :) of course, on the web site they never mention it outright: https://support.robinhood.com/hc/en-us/articles/202853769-How-Robinhood-Makes-Money

I'll take the other side, sir :) PS. let's make it a proper bet - I'll take a dinner at Hangawi or Kajitsu, you can pick your venue should you win (Bobby Vance has a T-bone special on Labor Days, I hear).

Margin and other stuff is nice, but not enough. What really makes the mint is that HFT firms pay them to route their orders to them (aka as "pay for flow"). Here is their SEC Rule 606 Report Disclosure, last page has the details of how much they get paid for orders...

Well, the money comes in payments for flow, obviously. In the more volatile markets that flow will be worth even more.

There are plenty of HFT futures groups that produce 100%+ ROC and high single/low double digit Sharpe ratios.

I don't see retail taking bitcoin now and i doubt they ever will. Unless some country adopts bitcoin as their currency it's destined to stay online and in the current state. However, should bitcoin become the main currency of all illicit trade and criminal activity, that would be enough for me...

Yeah and they have been trying to outlaw file sharing for how long now? This is from the same universe...

Yeah, the gonna send Bambi and his posse to hunt 'em down!