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This is the reason China is the future, and always will be:

Another example of a closed end fund owning itself is Dan Loeb's Third Point Public, TPOU in London and TPNTF on the pink sheets. The funds owns 11% of its own shares, 5M of 45M shares. The NAV is currently $15.41 (fund price $13.20), so if we figure the shares were cancelled, then NAV would be...

Based on reading some of his biographies, I would say there are two things about Buffett that are distinctive, and related: a) very deep sense of justice. He believes that justice will be rewarded, eventually. The stock market to him a justice machine that rewards the righteous. As long as...

Maybe the four of five occasional web surfers who reach this thread by accident might be interested in this, if they happen to be searching for something about Warren Buffett. One thing to keep in mind about Buffett (and I've read many of the biographies and most of his annual reports, etc)...

I don't . . . even . . .

That's an interesting theory, if I can understand you. It's kind of a sleepy stock at this point. Getting over the IPO price will be tough, path of least resistance may be south. Not much short interest. You might be able to buy it below $10 if sentiment switches.

Znga had this to say on their conf call: "We’ve all seen the cost of customer acquisition on a per installed basis on mobile build up substantially in the last year and I think analyst project that they’ll continue to go up, and so the value of that distribution and those efficiencies I...

Support and connections? FB isn't looking for a job, it needs profits and revenues. No position either way, just remarking on the fact that I see lots of interest from casual investors. For a $63B website, plenty of air below.

It can be difficult to buy and sell positions when the bid and ask are 100 shares and, like me, you have no idea where bid and offers are (I suppose I should pay for that data, but I don't). And the computers always drop the big or raise the ask if I put out an order. So I certainly get chiseled...

A cult stock is one that has a large following and perennially disappoints its cult followers. I wouldn't define say NFLX as a cult stock, because there are two sides to NFLX and AMZN and so on. Cult stocks are obscure stocks with fans and really no detractors, and the cult followers believe...

Trade Implications – Our retail sentiment data shows that the number of orders short the SPX500 contract has surged 41 percent since last week, while long orders have fallen by a similar 32 percent. Indeed, our sample shows that there are currently 5.8 traders short the SPX500 for every long...

In practive, I would guess most value managers are probably practicing "relative value," given the imperative to be fully invested. But is that a strategy? I would think any strategy is also an "absolute return" strategy. Maybe "directional" is better than absolute because "absolute" already...

At a first stab, I'd say all strategies can be grouped into neutral (arbitrage) and absolute, and within absolute there is fundamental and technical, and within technical there is reversion to mean and momentum.

I don't imagine anybody wants to hear about successful positions, so I'll go over a really bad position from the last week. http://stockcharts.com/h-sc/ui?s=pcmi weekly http://stockcharts.com/h-sc/ui?s=PCMI&p=W&b=5&g=0&id=p56811207767 PCMI is a stock I had held recently for a gain...

After IBKR, curious how it compares to other banks. Here is MS. http://finance.yahoo.com/news/morgan-stanley-reports-first-quarter-111500438.html Tje ROE at MS is 7.5%. That includes the wealth management, asset management, and advisory (m&a and equity underwriting, etc) businesses, which...

Looks like some of the retail commodity traders got closed out for being long gold. Should have been reading my journal! "Secondarily, are you seeing any particular stress with some of your commodities focused traders, and then if there is fallout from this down draft, what might be some...

Market maker made $31mm on $2.7B. So annualized, that's 124/2.7=4.6% return on capital. That's pretty bad. Back in the day IBKR earned as much as $1.2B in a year. Assuming the same capital, that's close to 45%. Petterfy actually answers a question during the q&a about shutting down the MM, he...

IBKR recently released results, here is what Petterfy had to say about market making: Market Making continues to underperform. Besides the usual complaints about low volatility with an average VIX of 13.5 and a low actual versus implied volatility ratio and tight competitions in bid offer...

If this market is a megaphone top, ie lower lows and higher highs, then I could see the SPY go to 2000 like a rocket and then collapse just as hard back to the 1600 base. That would certainly inflict maximum pain, which is why markets were invented.

Full PTJ Trader doc. http://vimeo.com/60623056