.

[surrept33 + 609]

A lot of people know about Citadel, or other hedge funds (most of them have lost huge amounts of money since the last financial crisis as passive investment has taken off). It's nothing secret, though Citadel is pretty secretive about their algorithms (I'm guessing 50% of the trick is probably running whatever volatility modeling and making sure it's running near where the data centers are secaucus, nj, so they are colo'd near the exchanges, but my "info" is probably completely outdated=useless, it's just how things "used to work" circa 2010). Citadel makes you sign non-disclosure and non-compete agreements, maybe a good policy change should make those illegal. They are legally less enforceable in states like California (than in New York) ironically because of gold rush-era laws. That's why job hopping is more of innovation-diffusion mechanism in Silicon Valley than Wall Street.

It's not a "elite" vs "non-elite" thing at all. 

Actually, the most profitable hedge fund in the last 20 years is probably Renaissance. Jim Simons the founder funds a lot of math, physics, and computer science projects (and he's actually written a few famous papers on general relativity and loop quantum gravity, it does take a lot of international collaboration and huge amounts of money to try and experimentally confirm some of these theories, but it usually leads to more knowledge about nature, so I'm all for it personally). Other people might object to for example, using pulsed masers (real experiments in the '90s, but helped develop more efficient LIDAR/LADAR systems that won't make us go blind) to destroy "precious metals" like silver and gold, for example. How do you value knowledge? it probably depends on your natural philosophy.

Simons's former business partner, Robert Mercer and his daughter fund most of the lot of pretty fringe "right wing" stuff you see out there these days (Mercer himself got kicked out of Renaissance because Simmons mostly don't doesn't seem to like the attention. they are largely apolitical and care about finance more for the intellectual challenge). For example, the Mercers own the Parler board and just fired the CEO, who I feel bad for now:

https://www.foxbusiness.com/media/parler-ceo-john-matze-says-hes-been-terminated-by-board-i-did-not-participate-in-this-decision

We live in a world with finite time, and finite resources (but theoretically infinite amounts of what we call "money"). Money can be thought of a system to account for who gets to allocate resources (and think about risk in a response way such that leverage can stabilize inflation/deflation), nothing else. The answer is 42.

If you are truly innovative like Simmons was (and he took a long time to even get interested in finance, no get rich schemes: https://www.wsj.com/articles/the-making-of-the-worlds-greatest-investor-11572667202), I think using the resources society gives you wisely for the purposes of next generations is wise, not on stuff like divisive politics (but our supreme court has consistent glutted that idea). 

I'm hope people take their time to educate themselves about conspiracy theories, especially weaponization of conspiracy theories:

https://www.cisa.gov/sites/default/files/publications/cfi_real-fake_graphic-novel_508.pdf

^- from the department of homeland security. If you don't "believe" all of the disinformation campaigns  that just sow chaos and divide us from relative ideas about relative ideologies that aren't that "different" 

Which is the interpretations of Plato's allegory of the cave makes sense to you, in your sense of natural philosophy? 

https://www.google.com/search?q=plato+allegory&sxsrf=ALeKk028VgSzZahnyLie8BwYo7sgUC9Pdw:1612419351117&source=lnms&tbm=isch&sa=X&ved=2ahUKEwiXt5uVys_uAhXLB50JHcS9DNwQ_AUoAXoECBUQAw&biw=1792&bih=956

Edited February 4, 2021 by surrept33

[El Nikko + 2,145]

Rules for thee but not for me

https://www.telegraph.co.uk/technology/2021/02/04/us-investigates-whether-roaring-kitty-broke-rules-gamestop-trading/

[surrept33 + 609]

6 hours ago, El Nikko said:

Rules for thee but not for me

https://www.telegraph.co.uk/technology/2021/02/04/us-investigates-whether-roaring-kitty-broke-rules-gamestop-trading/

If he worked as a "financial wellness instructor" (imho, that profession is kind of a misnomer these days, in behavior finance, the standard is just "use nudge theory" to make sure the "defaults" fund benefits people and pool risk at the same time. this is like the difference between an annuity and a lottery), he should have known better about this type of securities fraud (which is more about marketing rather than "investing"). 

https://en.wikipedia.org/wiki/Pump_and_dump

Edited February 4, 2021 by surrept33

[Wombat + 1,028]

On 1/31/2021 at 12:12 PM, Jan van Eck said:

We don't tolerate it.  One one hand, a group will do the "Occupy Wall Street."  Another group will go file lawsuits.  A third group will attempt to mobilize the vote.  A fourth group attempted to storm the Capitol and kick the bums out.  

Lots and lots of Americans are decent, moral people - perhaps to a fault.  It is the bums on Wall Street, the Jüde  (and their enablers inside law firms and lobby firms on K Street) that have no morals,  they are the real predator bums.  If you want a prediction from me, those bums will end up living inside gated communities with armed guards.  The mob will storm those places, kill them, and burn down the McMansions.  Then the decent people will start over. 

Getting rid of a parasite class is always difficult.  Just look at Venezuela; or Brasil; or Russia; or Iran; or your own beloved China, where a humongous parasite class puts millions in razor-wire concentration camps.  Ultimately, they all get the Sword  (which they deserve). 

I totally agree with the sentiment Jan, but if you look at Venezuela, Russia, Iran, or China, the "sheeple" are not allowed to even own a sword, and soon that will be the case in the USA too. I am afraid that with AI robot warriors, the nightmare scenarios of 90's sci-fi movies are already here. Tyranny is here to stay.

[Boat + 1,324]

On 1/29/2021 at 9:25 AM, Roch said:

The story starts with an online trading system "supposedly" for the little guy. It was called RobinHood. When you dig a little deeper you see that this startup was financed by a Hedge Fund called Citadel. 

Citadel frequently shorts stocks, bets that they go down.  The process is you borrow the stock from a broker dealer at say $20 and sell it.  The stock goes down and you buy it back for say $10 and pocket the $10.  The broker dealer makes interest on the loan and commission on sale and purchase of the shares. 

However, the Reddit crew together started buying the stock . They ran the stock up from $20 to $400 in a couple of months.  Hedge Fund Citadel has to buy the stock to settle their account with the Broker dealer at the current price that was up to $400.  That would be a loss of $380 a share.  

So the Robinhood online trading system (financed by Citadel) closed off any buying of GameStop.  THAT'S ILLEGAL.  The price dropped and Citadel was able to cover their short at half the price.

WALLSTREET (Investment Banks, Hedgefunds, Private Equity) OWNS THE BIDEN ADMINISTRATION.  

Wallstreet used the "Carried Interest" loophole to avoid paying no personal income taxes.  Senator Warren (D-MA) is submitting a bill to correct.  I agree with her on this one.

Previous post below that explains the WALLSTREET'S sacred tax loophole.  This is how they become millionaires and billionaires.  

This article stating that repealing the "Carried Interest" tax loophole will cost 24 million jobs is such a bunch of bull.  

Then it goes on to argue " What makes the war on private equity so dangerous at this point is that it is expected to play a crucial role in the economic recovery from the coronavirus pandemic, according to experts."

What a bunch of hooey.  

Hedge Funds just pay your fair share of income taxes.  Is that too much to ask. 

What Senator Warren doesn't understand is that Wallstreet and Hedge Funds have paid for protection by contributing over $100 million to Biden's campaign.

Schumer used "Carried Interest" against Mitt Romney when he ran for President.  Then when Schumer ran for reelection he was the largest recipient of Hedge Funds campaign contributions and quickly backed down. 

Hillary was a huge recipient of Hedge Fund contributions to her campaigns and the Clinton Foundation.  Barry Diller's Interactive Corp put Chelsea on the board while she was still in college , worth $10 million in shares.  Avenue Capital Hedge Fund gave Literature major Chelsea a job worth millions.  Black Rock's Larry Fink put Hillary's lawyer and Clinton Foundation lawyer on their Board of Directors to please her. 

Goldman Sachs held a dinner at the Waldorf honoring Hillary a few weeks before she announced running for President. 

Liz Warren doesn't understand that Wallstreet had to approve Biden's VP pick.  Liz never had a chance. 

I'm rooting for Liz on this one. 

But the truth is it will all be for naught.  The Democrat Elites will find a way to kill it.  Just like Obama did when House Rep Levin introduced a bill when the Democrats last had the White House, Senate and House of Reps in 2009.  Hedge Funds rewarded Obama by contributing in 2012 and filled the coffers of his Obama Foundation which he started before he even left office.

 

Elizabeth Warren's War on Private Equity Could Cost 24 Million Jobs

---

 

Progressives won't back down from their efforts to raise taxes and create stricter oversight on private equity firms now that Democrats control Congress — moves that financial experts say could cripple the industry that employs millions of Americans and invests trillions into businesses. Massachusetts Sen. Elizabeth Warren is leading liberals' charge against private equity, which could lead to the loss of up to 24.3 million jobs.

What makes the war on private equity so dangerous at this point is that it is expected to play a crucial role in the economic recovery from the coronavirus pandemic, according to experts.

Available Historical Data Fiscal Year End
2020	$522,767,299,265.34
2019	$574,587,783,463.63
2018	$523,017,301,446.12
2017	$458,542,287,311.80
2016	$432,649,652,901.12
2015	$402,435,356,075.49
2014	$430,812,121,372.05
2013	$415,688,781,248.40
2012	$359,796,008,919.49
2011	$454,393,280,417.03
2010	$413,954,825,362.17
2009	$383,071,060,815.42
2008	$451,154,049,950.63
2007	$429,977,998,108.20
2006	$405,872,109,315.83
2005	$352,350,252,507.90
2004	$321,566,323,971.29
2003	$318,148,529,151.51
2002	$332,536,958,599.42
2001	$359,507,635,242.41
2000	$361,997,734,302.36
1999	$353,511,471,722.87
1998	$363,823,722,920.26
1997	$355,795,834,214.66
1996	$343,955,076,695.15
1995	$332,413,555,030.62
1994	$296,277,764,246.26
1993	$292,502,219,484.25
1992	$292,361,073,070.74
1991	$286,021,921,181.04
1990	$264,852,544,615.90
1989	$240,863,231,535.71
1988	$214,145,028,847.73

[–]  Text Size  [+]

• Average Interest Rates on Treasury Securities
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This data is moving to FiscalData.Treasury.govwhere it is available for download in multiple machine-readable formats with complete metadata!

Interest on the Federal debt. I’m not worried, let’s cut taxes.

 

 

[surrept33 + 609]

Private equity has quietly bought *everything* up the last 12 years (mostly because of low interest rates). I think business tax reforms are overdue. But there has to be other reforms for job creation as well, it's a tough set of tradeoffs. 

[El Nikko + 2,145]

3 hours ago, surrept33 said:

Private equity has quietly bought *everything* up the last 12 years (mostly because of low interest rates). I think business tax reforms are overdue. But there has to be other reforms for job creation as well, it's a tough set of tradeoffs. 

You talk but say nothing again and again.

Oh and you (and your other accounts) ruin threads where ever you go because people aren't interested in engaging with a fake.

Congrats.

 

[surrept33 + 609]

1 hour ago, El Nikko said:

You talk but say nothing again and again.

Oh and you (and your other accounts) ruin threads where ever you go because people aren't interested in engaging with a fake.

Congrats.

 

I don't have any other accounts. 

What I said is "well known news", but it depends on what news you pay attention to?: https://www.bloomberg.com/news/features/2019-10-03/how-private-equity-works-and-took-over-everything

You can "trust" (but verify) bloomberg (in financial news) because they literally produce the terminal services the entire financial services industry pays for (for information aggregation). That or Thomson/Reuters (well I guess they just sold Refinitiv, but whateva). 

Have you heard of yellow journalism or the buzzfeed effect? I see most of the "alt"-media rags as aliasing of what was tried like 10 or 20 years ago in internet-based clickbait (which = $, ask yourself why someone would "curate" controversial content? it gets hits which becomes a "like war" that is financially incentivized (which I personally dislike a lot). people in certain publishing industries regularly use stuff like conjoint analysis to "test" what "works", but usually it turns into garbage after a while after people discover the non-truthyness of it). 

Edited February 5, 2021 by surrept33