Worldco Llc - Walter Bruan Scott Comes Out Of Hiding..

[Rearden Metal]

Back in the Golden Age (1998-2000), We'd make more money on OTC stocks than listed. That's why I'm saying that a change from 64ths to pennys barely matters.

As for NYSE trading, yes. the impact of decimalization was far greater there.

Quote from Hamlet:

reardon,
I respectfully disagree with your statement that penny spreads have nothing to do with the more difficult trading environment now. You sound like an intelligent and experienced trader (as I consider myself), but my perspective, based on my own evidence and experience, is that there is no way that the smaller spread could NOT have led to a more efficient market.

The ripple effects of pennying, more hyper scalping, more hyper scalping boxes, less liquidity in the quote, 100 price points vs. 16, much smaller minimum tick, etc., all has an effect on efficiency, opportunities and profit potential to the individual trader. Most good traders that I talk to who have been around a while tend to agree that penny spreads was one of the major factors which have impacted trading. I do believe however, that the penny spreads have been a good thing for system traders.

 

[Hamlet]

Quote from Rearden Metal:

Back in the Golden Age (1998-2000), We'd make more money on OTC stocks than listed. That's why I'm saying that a change from 64ths to pennys barely matters.

As for NYSE trading, yes. the impact of decimalization was far greater there.

For sure there was more money in nasd stocks in those years you mentioned, because the ranges were incredible. Stocks had 20-30 point ranges as you said, but the fact that traders had the ability to put limits in at 1/64 increments didn't mean much because of the huge ranges, high volatility, momo, low float, etc., which were overriding characteristics. Those were good times for both markets.

 

[TheConMan]

Your disdain for the government is ill placed. The disdain is better placed on the average voter who is dumber than a box of bricks.

Quote from Rearden Metal:

I heard about Trout's (rumored) new hobby from a friend with many high level contacts in the industry. BTW, why did you ask me about Trout? Because of my Objectivist name? Not surprising if he's now a tax fugitive. When the government's main function has become taking away our money by force, and then using it to take away our drugs and freedoms by force- they deserve to be fought.

As for Vic N., I've done alot more than read his book. I'm one of his many friends. He throws lavish parties at his mansion every summer, and I've attended a few.

 

[Hamlet]

Quote from TheConMan:

Your disdain for the government is ill placed. The disdain is better placed on the average voter who is dumber than a box of bricks.

How can you blame the voter for the re-distribution of wealth?

 

[megadon]

whats george soros doing actually these days.........exactly.........m

 

[Magna]

Guys,

We're drifting... drifting.... Let's get back to the topic of the thread unless no one has anything else to say about WorldCo etc. and then we'll close this up. Thanks.

 

[Copernicus]

Quote from Rearden Metal:

Back in the Golden Age (1998-2000), We'd make more money on OTC stocks than listed. That's why I'm saying that a change from 64ths to pennys barely matters.

As for NYSE trading, yes. the impact of decimalization was far greater there.

what was the deal with Worldco never really allowing to trade NAZ? granted i had redi for it but paid twice as much commission.

were they afraid of the volatility? or just clearing problems?

walter can you put some light on this subject?

 

[I Missed Boat]

Quote from megadon:

911 also hah a huge effect on the firm...........m

Apparently a positive one. There was big money made when the markets opened back up after 9/11, and the Worldco hit its peak (with # of traders and floors offices leased) in 2002.

 

[TheStudent]

Quote from Hamlet:

What really killed trading was decimilation, the proliferation of boxes, and NX, which made the art of tape-reading much harder.

Pardon my ignorance, but what is NX?

 

[zdreg]

question #1 is walter doing a trading business in thailand now?
question#2 what sank worldco. it was not the leases on wall street because most likely they had sublease clauses.