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Non-Tech : AMERITRADE HLD A (NASDAQ:AMTD)
AMTD 1.010+1.0%Feb 10 3:59 PM EST
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To: esecurities(tm) who wrote ()1/22/1998 11:09:00 AM
From: V Lakshman  Read Replies (3) of 1848
 
Just got the annual report in the mail. My first reaction was horror -- how could they spend so much money reprinting the bloody ads?
The actual report with all the numbers mollified me somewhat.
The report divides the revenue stream in several confusing ways:
commission, interest, clearing and says clearing includes both
commission and interest. Hello? Anyway, interesting thing was that
the average revenue per trade is $47, with $35 of that coming from
interest, probably from margin accounts. Looking at the cost of
the margin money (interest paid), the profit margin on the money is 50%. The average $12 commission per trade goes directly into expenses.
Not much margin there. So, the idea is to get customers who trade
heavily and trade on margin. good strategy, just wish the annual
report was less ostentatious and written more clearly.

lakshman
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