Very interesting piece from Dan Rasmussen last week about the price of borrow. They find that Interactive Brokers borrow rates tend to be slightly lower (or at least competitive with) big-bank prime brokers. That is amazing for retail investors and smaller funds. UI/UX aside, $IBKR is a

One possible explanation is that inefficiency is driven by the constraints faced by market participants in the aggregate. And for the most part, you’re probably facing the exact same constraints.

Nothing is passive

Edge=Temperament+Process+time

This is an incredible anecdote.

This is what was top of my mind when I was reading Eagle Point Capital's piece on Pershing Square: eaglepointcapital.substack.com/p/pershing-squ…

This is an incredible story.