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Non-Tech : Interactive Brokers / Timberhill
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To: sams291 who wrote (7362)5/2/2007 12:02:05 PM
From: Carl Worth  Read Replies (1) of 9012
 
i don't consider a 2% variance in margins to be significant for a company like this...it's akin to me throwing out my trading plan simply because i underperform for a quarter...anyone who is a trader or investor for very long is going to find out that sometimes they outperform, sometimes they underperform...the long term results are what matter

M&A has been going on for years, so it appears to be a case of a bad position or two in Q1, rather than an ongoing problem that has been or will be a persistent drag on performance...it's likely that IB takes the other side in a fair amount of long option buys by their customers since most investors lose money on buying options...perhaps in Q1, enough customers got a few of these buys right that it affected IB's results, but like the casinos, IB will most likely be right more often than not over time

meanwhile they still put up a very solid quarter, and they have the potential to attract tens of thousands of new customers as their visibility increases through the IPO...most investors i talk to have never even heard of IB before, and some don't seem to even believe that $1 commissions exist

it's certainly no slam dunk, but i think the picture is brighter than what has been portrayed here, thus my comments
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