ADV

xiongchiamiov

Incredibly. That's why there's such an anti-advisor sentiment in finance communities. Read through Form CRS and ADV part 2 and you'll find all sorts of details about how these firms are compensated in ways you didn't expect. If you're aware of this and want to find someone who doesn't do it, it's very difficult. But here are some places to look: * https://advice.xyplanningnetwork.com/ * https://directory.garrettplanningnetwork.com/ * https://www.napfa.org/find-an-advisor * https://www.feeonlynetwork.com/ * https://hellonectarine.com/

xiongchiamiov

You'll find many, many stories of folks being unhappy with Edward Jones across the investing forums, particularly the bogleheads areas. I don't think advisors are inherently problematic, but you should be aware of: 1. https://www.bogleheads.org/wiki/How_much_do_you_lose_to_annual_fees_after_many_years%3F 2. How most folks aren't "fee-only" and where all their compensation comes from (learn to read form CRS and ADV part 2)

DoinIt4DaShorteez

There's no secret fee. You have to sign a contract and the fee is negotiable. "You may elect to have the MAS Fee paid by debit from the MAS Account, debit from an alternate Merrill account, or through the payment of an invoice." "Deduction of Account Fees. As set forth in the Client Agreement, you may authorize us to deduct the MAS Fee from your Account. We also may, for your convenience and if so agreed between you and your Investment Manager, deduct from your Account the Investment Manager Fee" If you didn't pay it by check, there would be a line item(s) on your statement. https://mlaem.fs.ml.com/content/dam/ML/pdfs/MAS-ADV.PDF Starts on page 15.

Better-Ad-2118

Thanks for your thoughtful reply—and first off, respect for being “real hard” in. You clearly care enough to think critically, which I rate highly. Let’s unpack your points systematically, because they’re valid to raise—but I think there’s a stronger case than you might realise once we zoom in on the specifics. 1. “Retail hasn’t arrived” — Is that just narrative? This isn’t just a throwaway line—it’s based on hard signals in the data: • Daily volume averages ~100–200k shares—for a float of ~32.7M, that’s thin. • The price rarely holds >$4.50, which sits right beneath major call gamma clusters (especially for 5/17 and 6/21 expiries). • Reddit, StockTwits, and FinTwit coverage remains nearly non-existent relative to microcaps with similar setups. This is not a GME-style meme crowd yet. • No major breakout candle since late 2023. Price action still governed by low-liquidity grinding. That’s what “retail hasn’t arrived” means. It’s not about absolutes—it’s about relative awareness and inflow. This still trades like a stock no one is watching, despite the late-stage asset and real pipeline. 2. “Market makers are suppressing price” — or just natural price mechanics? Fair to question, and to be clear: we’re not alleging conspiracy. But there are signs of mechanical pinning behavior that often coincide with institutional accumulation phases. • Gamma exposure (GEX) has been persistently negative across key strikes ($4.00, $5.00, $7.50), indicating dealers are short gamma and need to sell into strength as price rises. • Call volume and OI in deep OTM strikes (5–10–15) have increased, with LEAPS disproportionately stacked. This asymmetry mechanically pressures price toward max pain until hedging dynamics flip. • Dark pool volume remains >50% most days, based on FINRA TRF and off-exchange prints. That suggests algo-mediated accumulation or suppression, not natural retail trading. These aren’t accusations—they’re structural facts of how illiquid options-driven stocks behave when institutions are building exposure and market makers are net short gamma. 3. “Gamma squeeze impact is overhyped in small biotechs” True if the float is large and options OI is low. But in this case: • Short interest is 12.23% of float, with ~10.7 days to cover . • Options OI at May/June 5, 7.5, 10 strikes is significant relative to ADV. • Gamma exposure flips around $5, which coincides with LEAP hedging thresholds and dark pool volume drops. When price starts moving with volume, dealers must delta hedge, which can mechanically escalate the move—even in small caps. See ARDS (2021), RLAY, and VSTM for examples of micro-cap biotechs with small floats that moved violently due to options-based dislocations. 4. “You glossed over the risks” Absolutely fair. Let’s confront them: a) Phase 3 failure risk Always real. But efzofitimod has: • Peer-reviewed Phase 1b/2a results: +180mL FVC (p=0.035), 85% relapse reduction • Clean safety, no deaths, and no withdrawals due to adverse events • A running Expanded Access Program (EAP) before readout—a rare vote of confidence from FDA and clinical partners • Mechanistic validation published in Science Translational Medicine: NRP2 binds inflammatory macrophages and reprograms them to pro-resolving states This isn’t a black-box biotech praying for a signal. It’s a de-risked candidate with multiple converging confidence signals. b) Funding / dilution ATYR has adequate runway through Phase 3 readout. Japan progress payments come into play too. More funding will come—but after the value-inflecting catalyst, not before. Also worth noting: insiders are buying. Director Jane Gross purchased 3,750 shares on March 17, 2025—bringing her total to 9,750. Not a large amount in dollars, but symbolically important during a pre-readout period . c) Adoption risk Pulmonary sarcoidosis is a high-unmet-need market. The standard of care is steroids, which are toxic and non-curative. There is no FDA-approved disease-modifying therapy. If efzofitimod gets approved with even modest payer support, uptake could be swift—especially since many patients are already on it via EAP or compassionate use channels. 5. So what’s the core disagreement? It comes down to how you weigh the coiled structure: • Float is small (~32.7M), with >12% short and heavy institutional ownership • Valuation is absurdly low ($300M) vs $500M–$700M rev potential in just sarcoidosis • Scientific, regulatory, and market signals are all aligning • Options chain and volume profile reflect a classic pre-breakout structure This isn’t hype—it’s an asymmetric setup where fundamentals, market structure, and psychology are beginning to converge. Happy to debate any of this, but I hope the added facts help clarify where I’m coming from. There’s a whole lot more that I could add. I respect skepticism—especially in biotech. But this setup is rare, and all the ingredients are in place. Let’s see what happens.

Environmental-Meal14

What about 78k ADV volume with insane debt looks tasty?

ratbearpig

"By imposing tariffs and additional fees—such as a reported one-million-USD fee for every Chinese ship docking at a US port, with the same fee applied to Chinese-origin vessels—America is making it costly for China to export." *- This is a double edged sword. The ships that deliver China's imports into the US also carries US exports around the world. That is, after dropping off China's imports, they load up on US goods to export.* "As a result, businesses are forced to use non-Chinese vessels, which are already boosting shipbuilding orders in countries like Japan and South Korea. Meanwhile, China’s ship orders have reportedly dropped to zero this month." *- Shipbuilding orders take time to materialize. It will be years before the Japanese/SK ships overtake the Chinese, especially when even at full capacity, their combined production is dwarfed by China. I would also like to see a source for "China's ship orders" dropping to zero.* "These measures create two major issues for China. First, they make it extremely difficult for Chinese businesses, including giants like Amazon’s Chinese suppliers, to operate profitably. Second, they’ve led to a surplus of unsold inventory, with factories shutting down or struggling to ship products." *The items that China sells and that are in demand by US consumers, is not manufactured at the same scale outside of China. This means that short term, US consumers will be faced with higher costs. Long term, the Chinese manufacturers can shift these products to other markets. This is the fundamental benefit of being a manufacturer - tariffs enacted in ONE market (the US), does not preclude Chinese manufacturers from selling to the rest of the world (which Trump has done a good job of alienating).* "Videos circulating online show Chinese factories facing these challenges, alongside reports of significant job losses—though much of this is being downplayed." "Historically, trade surpluses haven’t guaranteed immunity to trade wars." *- Which videos? Please don't cite ADV/Serpentza, China Uncensored, Epoch Times, New Tang  Dynasty and other Falun Gong associated media.* \- We are not discussing "immunity", rather, I'm interested in understanding why the surplus country is destined to lose a trade war.

dbb69

It’s technically all OTC without an exchange in between so no public info visible! The price on screen is just the mid of a benchmark like CBBT, BVAL or whatever you’re using. Though, I thought the original discussion was more on block crossing networks than traditional darkpools. For orders <2% ADV we typically use algos and send it to a broker who can then use a dark pool to execute in. >5% and the blotter is scraped by block crossing networks, though depending on the trade we’d also use more voice trading and accept some impact.

That_Guy_Brody

With a portfolio that size, this guy is doing things I would avoid with my clients. Every communication with this guy is in writing now. The guy is likely obligated to pay for his screw ups like not executing a trade or doing a trade wrong. Did he send you a long legal packet explaining fees and conflicts of interest (look for the terms ADV and reg BI)? This guy is putting you in commission products which is not necessarily bad. The issue is, you would be better off in a managed account with tax management overlay. I have a lot to say about this but I’m typing with my thumbs. You can change advisors without paying that 5% fee. You’re stuck in those funds for a while, but not with that jerk. Find an actual advisor (has a 65 or equivalent) and they can move the entire portfolio over intact and charge for advice rather than products. I would shop around a few. I’m an advisor and some of the people in this business couldn’t steer a train, let alone a retirement plan.

Wide_Neighborhood_49

TSLA has already almost reached ADV. Institutions trying like hell to keep it above 220

Wide_Neighborhood_49

Any are people taking profit at $1.3 SOBR? Volume is already almost 4X ADV premarket. Hold for $2 people. Jesus Christ

SuiladRandir

Maybe the actual notifications went to my spam folder. The notification below was the only one that resembled the change. It doesn't state the allocation will change. I only have about $600 in this account so I'm not concerned about the change. If I have $600k in the account then I'll be making calls to SoFi. I'll revisit the prospectus and see if this change is in line with what's written. This account is a Taxable account, so there are capital gains consequences. ========================================= Starting on January 8th, we’ll begin transitioning your account to a new and improved robo advisor experience designed to better support your financial goals. No action is needed on your end and we'll automatically handle the transition for you. What’s new? Refreshed design: A more streamlined interface that makes it easier to manage your portfolio and understand your investments. More control: Adjust your goals, time horizon, and comfort with risk anytime, so your portfolio can evolve as your needs change. Expanded portfolio themes: With BlackRock’s guidance, we’re introducing three new themes to match your preferences: Classic: A balanced, low-cost mix of stock and bond ETFs Classic with Alternatives: Adds alternative assets like real estate and private markets to the Classic mix Sustainable investing: Invests in companies that prioritize environmental, social, and governance (ESG) practices New advisory fee: To support these improvements, we’re introducing a 0.25% annual advisory fee, billed monthly based on your average balance from the previous month. This helps us continue building value and delivering the tools that matter most to you. As part of these updates, we’ve also revised our Advisory Agreement, Customer Relationship Summary, Wrap Fee Program Brochure, and Form ADV Part 2A—please review them for details about the new experience. Why did we make these updates? We’re constantly iterating on ways to optimize and enhance our investment products. With guidance from BlackRock and our Investment Committee, these updates are designed to maximize risk-adjusted returns. What does this mean for you? We’ll update your portfolio to align with the new strategy by reinvesting in funds aimed at improving long-term, risk-adjusted returns. As with any portfolio rebalance in a taxable account, this may result in a one-time event, typically less than 0.70% of your total account value. If you do not want your robo account transitioned to the updated experience, you will need to transfer your investments to a SoFi self-directed individual account or to another firm by December 30th. To transfer to a SoFi self-directed account, please call us at (855) 525-7634. For all other transfers, contact the receiving firm to begin the process. Questions? Give us a call at the number above or chat with us in the app. To learn more about the transition to the new robo advisor experience, visit the FAQs. Thank you, The SoFi Invest Team

Heyhayheigh

I know what you meant my man. And I WISH you were correct. Sadly it appears not. I have seen AUM being charged on top of mutual funds I KNOW have fat trailers (easy claps for winning a new client). I think they get around it sometimes because the advisor is not directly given the 12b-1 (the broker he works for does). Technically you pay the AUM to broker, not the advisor directly. From GPT: Whether a financial advisor can charge both a fee for assets under management (AUM) and receive trailing commissions (also known as 12b-1 fees) on mutual funds in a client’s account depends on the regulations in their jurisdiction and the advisor’s registration status. Here’s a breakdown: United States (SEC and FINRA Regulations) 1. Fee-Only Advisors (Fiduciaries): • Registered Investment Advisors (RIAs) typically charge a fee for AUM and do not receive trailing commissions, as they operate under a fiduciary standard, requiring them to avoid conflicts of interest. Receiving commissions might conflict with this standard. 2. Hybrid Advisors: • Advisors who are dual-registered (both as RIAs and broker-dealer representatives) may legally charge AUM fees and also receive trailing commissions. However, they must disclose this dual compensation model clearly to clients. 3. Disclosure Requirements: • Advisors must fully disclose all compensation structures, including AUM fees and trailing commissions, in their Form ADV and other client agreements. Transparency is essential to avoid regulatory violations. \*\*I would be surprised if most advisors even know how this stuff works honestly. They only really care about their own comp, not the back of house stuff. Big sad.

DecisionNo1902

Apollo went in last night and hit 10% in the After market... buts its a quite an overlooked stock it with some upside still to go. With it now in the 500 every fund will now need to add it to their holdings so inevitably the ADV will increase, 9pm Monday will be the time to watch.

thegoodfool

100%. People are weighing too much into headlines without doing due diligence. Citron Capital is a nobody, how many comments did I read that actually looked up their SEC records? None. They had 21mil in 2019 as per: https://aum13f.com/firm/citron-capital-llc The data is from 2019 and archived from SEC before they were terminated as an IA (in 2019, related for fraud: https://www.sec.gov/files/litigation/admin/2024/ia-6622.pdf). On SEC website the available forms do not list the AUM, because some are archived now but AUM13F is legit. You can still cross-check what is available here, Item 1 Section F: https://reports.adviserinfo.sec.gov/reports/ADV/288001/PDF/288001.pdf that they did check the under 1 bil AUM box. Needless to say, who is Citron Capital? A bunch of nobodies, WSB wants to find a catalyst but doing extra due diligence, it is not from these guys at all. In addition, Citron is not getting "rekt" like WSB may believe. Reading the SEC case, they are clearly known to put misinformation, and unlike WSB , they do hedge better than the average here. Not saying this as an attack on anyone in this comment thread in particular. But to anyone reading this, I suggest tossing everything you see here out on Reddit with a grain of salt. There's a lot of misinformation and clearly the market is not as efficient if this level of information arbirtrage of pinning the catalyst to Citron exists (because they're a nobody). The reality is there when you take time to go through the filings and reports.

BiggoNibbo

ADV has 17% short interest float. The time has come

greytoc

>RIA can’t even place trades for a client That's not true. The bulk of RIA accounts are discretionary as u/aesthetics4ever stated. " ..almost all assets managed by RIAs (over 90% in 2022) have been held on a discretionary basis, meaning that the RIA decides which securities to purchase and sell for a client or which other investment advisers to retain on behalf of the client." - page 5. Source - US treasury IA report - [https://home.treasury.gov/system/files/136/US-Sectoral-Illicit-Finance-Risk-Assessment-Investment-Advisers.pdf](https://home.treasury.gov/system/files/136/US-Sectoral-Illicit-Finance-Risk-Assessment-Investment-Advisers.pdf) This data point is pretty well-known because it's required on an IA's Form ADV. Even if an RIA has a client in a model-only program - the rebalancing activities requires discretionary authorization. And the RIA is the one that decides on the rebalancing cadence. And if the RIA uses a TAMP - the TAMP gets the trade authorization from the RIA.

BadgersHoneyPot

I’ll add that $1B divided into the S&P isn’t as much as folks think as far as ETF volumes are concerned. 3% of ADV.

Broad_Worldliness_19

AI google search: Zero-days-to-expiration (0DTE) options have seen a dramatic increase in volume in recent years, and now make up a significant portion of the total options trading volume:   * S&P 500In the first half of 2023, 1.19 million of the 2.76 million average daily volume (ADV) of SPX options were 0DTE options. This is a significant increase from 2021 levels, and now accounts for over 43% of the total daily option volume.   * Retail investors may make up at least 30% of the volume in contracts tied to the S&P 500 that expire within 24 hours.   0DTE options are options that only exist for a single trading session. They can be less expensive to trade short-term volatility, but they can also come with risks due to potential intraday volatility and limited time to expiration.  Some popular approaches to 0DTE trading include: * Selling call vertical and/or put vertical spreads * Selling vertical spreads on both sides of the market * Iron condor trades * Single-leg put or call options  

the_ancient_ways

How do you determine what is considered a small vs. medium vs. large order? The purpose is to keep order sizes small and minimize market impact. Please correct me if anything I say is wrong. Even though my numbers below are estimates coming from trial and error, I am not very confident. Right now I'm calculating order size based on the ADV of the underlying with cutoff points at 0-2%, 2-5%, 5%+, and adjusting for delta. For example, the ADV on AUR is ~8M. The Jan17'25 5C has a .45 delta. So the max contract size for a small order would be: * (8M * .02) * /100 /.45 delta ~ 3555 contracts. A lot of the time, I can also take a percent of the total OI to get a similar number, such as a maximum 1% of total OI @400k for small orders. ~4k. But when I look into AUR options, the total OI is way lower than I expected @ 99k and the display size is higher than expected. It got me thinking if there's a better way to classify order size.

skyshadex

Generally you don't want to be 10% ADV (or even 1% for that matter lol). With ATM 0dte dollar volumes sitting at roughly $9m/$5m put/calls... You're definitely over lol. You can certainly spread yourself out in the chain, but I imagine at that size you're not going to be hiding very well. Once you're at capacity and moving the market. You won't be able to get in and out of positions as fast as you'd like. Other players will take notice of your size and act against you. In most cases, this alone would destroy whatever edge you had, as now the market is playing around you.

Few_Evidence_3945

Sure there are still market makers but only a fraction compared to 20 years ago except for the SPX and VIX. Its just that 95% of equity market makers are all upstairs making markets electronically. There are still around 3-6 market makers in each of the equity option pits (each pit has around 20 companies and they are basically just there to try to get a small piece of big institutional trades being crossed. The exceptions are the SPX and VIX, they are completely packed with hundreds of good traders, especially the SPX. The scenario you talked about depends on the underlying’s float, ADV and the size of the trade and also how many different different exchanges it’s listed on and even the time of day. If the market is .05-.30 and you come in with a .20 bid on 1-10 contracts maybe it gets filled, maybe it doesn’t. A .20 bId is .025 above mid market, put in a .25 bid on less than a 50 lot and you’ll probably get filled. Also if the market is .05-.30 there is no market maker on earth that would be forced to sell a .20 bid, they would however be obligated to sell some at .30 or buy some for .05. MAQ

PmMeYourAdhd

GDHG up 50% this morning and Robinhood showing 10x ADV already at 7AM. WTF is going on there?!?!?

bimi210

*(there aren't, trust me bro, don't look at swap mechanics and how counterparties abuse T+35 settlement to hedge with naked shorts) Rough rule of thumb, 12 is more than 5% of 100. Also, DFV isnt the only person with ITM calls interested in exercising (I'm at least one other interested party). And we're just gonna glance past ADV being half the float, we all know how apes love day trading and would never diamond hand shares

WeAllPayTheta

I mean, if there are fake shares (there aren’t) then 100mm of them trading is still a ton of liquidity to get position squared up. Rough rule of thumb you can trade 5%of ADV without making much price impact. You’ll never guess how I know that.

ExistingBathroom9742

He’s probably just going to buy himself a yacht or something. I doubt 600,000 shares is a very large % of his total holdings. It’s not even a big % of the ADV.

greytoc

Scroll up and look at the Getting Started link. Fwiw - your comment doesn't really make sense. According to their Form ADV - Evolution Global Advisors is a tiny insignificant advisor with only 5 clients with AUM of only $2.5mm. Also - 2-5% is way higher than the industry average for an advisor. Whatever you are looking at is probably fake or you are misunderstanding what you saw.

throwingitanyway

I have no idea what liquidity or ADV looked like at what prices back then. I never said that a reduced supply has zero effect. I said right now at these prices with the trading volume we're seeing, it has a NEGLIGIBLE effect relative to inflows created due to narratives.

Investitude

114% of ADV today. Yet another good sign.

sofa-king-today

To add a little more info: brokercheck shows Finra registered reps, which will be great for verifying authenticity of a financial advisor and view complaints, employment history, etc. you'll mostly have a judge on the credibility of the firm and the advisor from here. if they're also -- or only, if you search for someone on brokercheck and it says go to sec site- - an IA theyll be on the sec site where you can view the ADV filings of the firm. The ADV will have $AUM, #accounts, disc/non-disc breakdown, officer information, and a lot more details

sergeantturnip

Tradeweb TW is so slept on. Top pick for 2024 and just released blowout ADV numbers for Q4. Long TW short MKTX free alpha

Sweet_Sharist

3x -5X ADV in first half hour on the shitcos. Gonna be an interesting day.

kurzalevski

Not really, it was pretty slow with lots of time to react. I think it might not be a bad idea to buy SPACS with low ADV close to NAV.

logicallyillogical

Tradeweb reported total trading volume for September 2023 of US$31.8 trillion. Average daily volume (ADV) for the month was a reported record US$1.57 trillion. &#x200B; Yeah...no one is trading these dirty bonds

PilgrimOz

Can’t back em. Look up “Tofu dregg” and watch a few mins (all it takes really) of ADV China on YT. Building that bad the rain destroys them b4 anyone moves in, the owners can’t afford to move (or cant) leading to ghost cities, mortagages/rent ratio is dying and locals know the property market is a sham now. Nothing to take over and more to come down. They also build and new project and bail on maintenance. It’s a hot mess.

Jakeeggs

I choose to ignore that second part. I have read that while it looks fantastic, the nineT has a goofy seating position and is the kind of bike you love in spite of how it rides. If retro is your thing, the z900rs/cafe are fantastic. Really well-balanced as far as power, comfort, and performance imho. If big naked bikes are your jam, I think the refreshed Katana gets overlooked too often, mostly because the tank range is only like 100 miles. You could always go older (FZ1, Bandit) for a lot less money. You could buy two bikes and have enough for really nice gear with that one play. I'm excited for the ADV/touring market to cool off a little, kind of want to try one of those. The only problem is like, not real having money for a third motorcycle right now.

Extension-Sky-9187

You will likely underperform if you invest into the big companies only going forward in my opinion small caps have a lot of value it will drive much of the returns but good job on outperforming, one year however does not mean anything! You also need an investing theme not just random stocks, I feel like you are just picking completely randomly selected stock! I would focus on ROCE HIGH FCF PER SHARE GROWTH AND SUSTAINABLE COMP ADV COMPANIES. One book i would recommend is terry smith investing for growth

_highly_regarded_

You're saying and typing ADD, but I see ADV on your screen in the video. I'm confused.

probablywrongbutmeh

Maybe you have a spelling or grammatical mistake in your comment? Planners are often fiduciaries. Shit, on the loaded topic of "fiduciaries", advisors are often fiduciaries. Insurance sales agents can be fiduciaries. Being a fiduciary is as easy as putting together a 60 page ADV the client will never read telling the client how bad they will get screwed. "Disclosure" and lack of willful negligence is all that matters in that case. More importantly, look at the background of the fiduciary. If they are Series 7 or FINRA licensed, check their Brokercheck. If they have their Series 63, 65, 66, check their SEC IAR repository for info. Read their ADVs for the firm and advisor. Search them on criminal databases in your state or LinkedIn, ask them for references. Understand how they are paid, what they are paid for, and why. Those are key aspects of finding a fiduciary. Tangent and long diatribe over.

ESTTX7

TSLA has had 60% of is ADV already and nothing's happened. 

Tr0janSword

I admire this subreddit’s commitment to buying Tesla. 80% of the ADV must be from WSB.

Opeth4Lyfe

You forget the power of algorithms and herd mentality. Bezos has a billion shares to his name. Probably options too. Amazons Daily volume is about 60m shares on average. That’s one buyer to one seller. So he would have to be selling its entire daily average volume of 60m shares a day for ~16 trading days straight assuming he was the only one selling…which he won’t be because markets. And of course you have to have a buyer on the other side. But the thing is algorithms will react to this selling pressure and see this change in volume and adjust accordingly…aka start to sell too, trend is your friend right? This could cause a snowball effect and more downward pressure on the stock if there are not enough buyers and spreads will widen, the stock will go down. Why do you think when big investors buy into a position (especially the multi billion dollar positions) they take quite a few weeks to do so? They’re not the only buyers. Their buys can move the markets somewhat or at least trigger moves in the market because of algorithms and affect prices. This is conversely true for selling. Took Buffett months to dump WFC probably only selling a fraction of its ADV so he gets the best price he can while the stock was selling off without adding too much to that downward pressure and killing his profits on the sale. Bezos would be selling a stock that’s tied to his own net worth…he’s has no choice but to sell very slowly otherwise he will lower his own net worth if he sells too fast causing a market move.

mungd

Find a fee-only, fiduciary, INDEPENDENT Registered Investment Advisor. Advisors that: 1. Don't use proprietary strategies 2. Don't receive commission for any securities they recommend 3. Are fiduciaries (not a broker) 4. If you want to work with someone who has demonstrated their expertise in the field: google a CFA charterholder. (much different than a CFP) Ask to see their ADV for an explanation of their business model.https://www.investopedia.com/terms/f/form_adv.asp Look them up on Finra BrokerCheck. https://brokercheck.finra.org/ Comments on active vs. passive: Index funds are a pretty good solution if you have a relatively small amount (e.g., less than somewhere around $1m). Caution: active vs. passive (index fund vs. managed/active funds) fund academic studies are focused in the most liquid/largest cap markets. The same conclusion is nowhere near as strong in less efficient markets. Most studies on active versus passive assume zero investor skill in picking managers. Further, most studies are in equities only, whereas in fixed income active has outperformed pretty consistently. Good luck!

greytoc

Never heard of him but that doesn't mean anything since he appears to be an investment adviser. Bahnsen is a former Morgan Stanley and UBS investment adviser who appears to have gone independent about 8 years ago. The Bahnsen Group is one of the 139 different investment advisers that is part of Hightower Advisors. According to the Hightower Advisors ADV - The Bahnsen Group appears to be registered in CA, MN, and NY. Form ADV for Hightower Advisers - [https://adviserinfo.sec.gov/firm/summary/145323](https://adviserinfo.sec.gov/firm/summary/145323) They seem like just another RIA and investment adviser firm to me.

VisualMod

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VisualMod

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pugs2424

ADV forming a double bottom, and a bull wedge longer term

DN-BBY

Yeah of course. Not even 4/1 yet. If Mudrick does 5% of ADV in past week he's down to less than 2m shares or 800k notional. If I'm in a trade for almost 4 months now I'm looking for more than 10% return lol

pugs2424

I expect ADV to do well today

pugs2424

ADV as well

vishtratwork

Look at A&M advisors as an example. I see 3-4b in aum on this sheet split between their funds. Their website says they manage 4b in total. This list is probably total assets of funds that bank with SVB who listed SVB on their ADV, not assets at SVB. Time period is also uncertain, as when you look at the ADV for A&M, numbers don't align.

tragicallyawesome

This list only contains the names of funds and advisors as it's extracted from ADV filings. It doesn't include start-ups and other listed companies like Roku

FahkDizchit

Not legal advice. PM is usually a fiduciary to the fund it manages. Duty of loyalty requires PM not to put interests of others *before* the interests of the fund. But everyone manages multiple accounts they owe simultaneous duties to. In their ADV, they disclose the risks of this (see side by side management) and their policy for allocating limited trade opportunities across multiple accounts (pro rata, rotation, etc.) to both ensure you as an LP are aware you could get fucked but also to make sure the allocation is done in a fair, often mechanical way so that while you might get fucked, sometimes it’s the other account getting fucked. Since investing is always a guess and there are rarely “sure things,” there’s always going to be some wiggle room about a breach of fiduciary duty so long as it isn’t an egregious violation of the trade allocation policy. Of course, egregiously violating the trade allocation policy by allocating all of an IPO to the PM’s personal account and none to the fund would likely be a violation of both fiduciary duty and disclosures in ADV. Whether or not you as an LP in the hedge fund have a private right of action to sue the PM is anyone’s fucking guess, but my sense is probably since often it’s a “partnership” and there isn’t a separate board overseeing the fund to pursue the action on the fund’s behalf.

Outrageous-Weight-62

You dont even need the ADV. You can simply go to [brokercheck.com](https://brokercheck.com) and look up anyone with a licenses and complaints/settlements against them.

FromBayToBurg

> registered fiduciary. This sub loves the word "fiduciary" but if you google Registered Fiduciary you're going to get a link to a designation of the same name. That designation means absolutely nothing. Just look for a CFP. The CFP Board does require all advisors acting in an advisory capacity to have a fiduciary duty to clients. However, not all CFPs are the same, and not every advisor is going to be acting as the same fiduciary. So while it is good to seek out someone who "intends to work in your best interest", any advisor is going to tell you that. If someone wants to approach an advisor and knows nothing their business, ask (or better go to IAPD and search) for their brochure and ADV. At the very least you will then find out if they have any immediate conflicts of interest (e.g. they work closely with an insurance company or bank or other financial services firm and might be inclined to sell you a product), and you will find out how they charge for services. The CFP Board has an advisor search on their website. NAPFA (National Association of Personal Financial Advisors) requires any advisor obtaining membership to be fee-only. IAPD is also your friend as you can look up any advisor to see if they've ever been reprimanded by FINRA, or if their firm has ever been reprimanded by FINRA.

gaurav0792

Excerpt from tradeweb report. U.S. ETF ADV was down 26.0% YoY to $7.1bn and European ETF ADV was down 22.7% to $2.9bn. Record U.S. institutional ETF activity, driven by further adoption of Tradeweb’s RFQ protocol, was more than offset by declining wholesale volumes. European ETF volumes reflected declining overall market volumes. Also, intuitively, institutions set targets of approximately 450ish for SPY. That's a 12% return. Risk free rate is 4.5. inflation Is almost 6% If they don't make at least 1.5x that, why would anyone invest with them ? Do you think institutions missed a 15% rally in Jan?  

Soggy-Job4187

Tearlach (TSX.V: TEA OTC: TELHF) ($170M MC) has built up an impressive lithium package in the prolific Northwestern Ontario district - Margot & Pakwan (adjacent to Frontier Lithium) Wesley & Harth, and Ferland (adjacent to Green Technology). In this region, companies have made significant lithium discovery including: Frontier Lithium (TSX.V: FL OTC: LITOF ) ($460M MC) Pak & Spark Deposit has delineated two premium spodumene bearing lithium deposits on the property, located 2.3 km apart. Recently, Frontier Lithium confirmed the presence of spodumene with the Bolt pegmatite, between PAK and Spark deposits and the Pennock pegmatite occurrence a further 30 km along the Project. Green Technology (ASX: GT1) ($191M MC) currently holds an 80% interest in the Ontario Lithium Projects (Seymour, Root and Wisa) under a joint venture with Ardiden Limited (ASX: ADV). Tearlach is fresh off a $7.5M financing and has appointed an experienced mining engineer as CEO - Morgan Lekstrom, who has build a career building mines across the globe; Freeport McMoran’s Grasberg site in Indonesia and Rio Tinto’s Oyu Tolgoi Project in Mongolia, and he co-led the design, construction and commissioning of a new steel grinding media plant for Arrium (Moly-cop) in Canada and Peru LCE prices are hovering at US$75K/ton, and looks to hold as demand for the key battery ingredient continues to rise as car manufactures transition from gas powered cars to EV vehicles.

silas_p_silas

GPRO was a gem today in what was largely a stale day for the market. Nice to see it move when it actually paced it’s ADV. Optimistic we can see it break the 5.7 ceiling in the coming weeks 🤞

Shrugging_Atlas1

R/ADV China

silas_p_silas

This is the most irrational the market has acted in a hot minute. MA crosses, VIX in decline, ADV low as fuck - but literally nothing is moving like it normally would. Flabbergasted over here

sparkit420

ZIM shipping company actually makes 6.2B on 13.75B sales yet 20% si . I bought a little today @ 24.60 and taking profits if up and buying long dated calls if down. 2.8B market cap . 80M float with 43% institutional ownership . Gets no volume though 5M ADV. Small divi . All in all a lot to like for me . DID I MENTION 20% SHORT. Take a look https://finviz.com/quote.ashx?t=ZIM&p=d

rhyno0485

I'm on the gulf coast an we only have one (independent) Napa store in my area. We have all the usual parts stores AZ, ORLY, ADV which suppy most shops around here. The Napa here seems to focus more on HD truck & industrial parts. I think Napa's corporate stores are greater concentrated in other parts of the country, not so much down my way.

Desert_0wl

So FTX “took a 30% stake in sky Bridge capital” in October. You can find the Form ADV for sky Bridge Capital on the SEC’s website. Pretty large hedge fund.. the amount FTX paid for the stake is unknown… I wonder what Scaramucci will try to buy it back for.. hopefully the funds raised will be used to enable customer withdrawals

greytoc

FA's are not in FINRA brokercheck. Brokercheck contains broker registration information. FA's are investment advisers and registered with the SEC. The SEC IAPD is where FA's and RIA's should be checked - [https://adviserinfo.sec.gov/](https://adviserinfo.sec.gov/) Fwiw - If you look up Bernie Madoff you will see that he is barred so his record is removed from the IAPD. But the previous Form-ADV is here if you are curious - [https://reports.adviserinfo.sec.gov/reports/ADV/2625/PDF/2625.pdf](https://reports.adviserinfo.sec.gov/reports/ADV/2625/PDF/2625.pdf)

InvestMTS

Anyone know ADV on Nasdaq? Do you have any recommendations or something I missed for not investing on it?

Charming_Rice

Depends on the size of the trade in notional terms. If it's 10% ADV because it's some microcap pos, then it doesn't really matter. If it really a big dollar amount, just call up your broker before open and tell them to dump it for you. They might charge you a bit more for telephone orders but it should be worth it.

InvestorCoast

$IHS Towers... I'm posting about it again to see if it will gain a little visibility... **IHS popped on my radar a couple of weeks ago when I clicked on a article highlighting 2 of JP Morgan's top picks. ** When i realized it was the leading Tower company for Emerging Markets, I was glad i took the time to read a description of the ticker i had never heard of.... because I wish I had gotten in $AMT (leading us Tower company) early in its growth cycle (bc the $AMT... along with $CCI & $SBA ... have pretty much perfect historical charts). So I couldn't figure out why despite have 33K towers (and on track to be the 3rd largest International Tower co by EOY), the price had continue to steady decline since going public the end if 2021- even when the rest of the market rebounded mid year.... Despite all Buy ratings, and even as Price Targets continue to rise. (Its currently $6.50 ... Average PT is $18, and most recent PT two weeks ago was Cowen raising its target to $27). After a day or two of watching some of the trades go through- it was quickly evident that a small HF was manipulating it down on extremely low volume (ADV is 150,000). The HF is basically churning the same 50k-75k shares each day ... as far as i can tell). Regardless of the tactic- It gets under my skin to see a HF manipulate a growing healthy company- simply because they can. **With just a small amount of increased visibility- (volume prob over 500K) The price would quickly get to the PT range- and the HF would be kicked out id continue manipulation!** So put it on your radar- and read a few articles, etc. Its severely undervalued and oversold. And will be big for many years to come. **Basic info**: IHS is in development and expansion of wireless communications network towers. It is the leading tower operator and provider in Sub-Saharan Africa, the Middle East, and Latin America. It is the 4th largest international Tower company- and will move to 3rd before EOY. Overall, IHS has 33,000 - 39,000 towers in its property portfolio, across 11 countries (Brazil & Nigeria account for the majority of its towers). Int'l Cell Tower Leaders: $AMT : $122B ...195K Towers $CCI : $75B ...40K Towers $SBAC : $36B ...33K Towers $IHS : $2B ...33K Towers Current P/S ratio is 1.2 (Price/Book ratio is also 1.2). Market cap is $2B (an accurate current MC is a minimum of $6-$8B). IHS also has an experienced, solid management Team and Board of Director. 2 notable Board members are... 1) Ursula Barns (Former CEO of Xerox, and Board member Exxon and Uber. Also- President Obama appointed Burns to lead the White House national program on Science, Technology, Engineering and Math (STEM) from 2009 - 2016 and she served as Chair of the President’s Export Council from 2015 - 2016.... and 2) Jeb Bush.

Notyouraveragebull71

I’d suggest looking at some deep value plays. I went through all of Klarman, Burry, Einhorn, Abrams, Towle, Contrarius, and Icahn’s deep value holdings and picked my favourite deep value stocks. • ⁠XRX • ⁠SPWH • ⁠CWH • ⁠KD • ⁠TUP • ⁠CPS • ⁠CNDT • ⁠MTW • ⁠ADV • ⁠HOFT The other good one they own is banned from this sub, but I’m sure you can figure it out. These are the holdings these guys have that have the biggest upside imo.

jbmessiah

“Worst year to invest since 1793” Haha, I’d like some of what this guy is on (Great Depression was late 1920’s). This year has been pretty mild historically in we’re calling this a legit bear. I do appreciate the DALBAR study plug. Good behavioral counseling is how good advisors earn their fee in my opinion. Great explanation on fee structure as well and how to cut through the sales bull thrown at you by actually reading the ADV-2. Paying ~1% for this is worth I think. Best mode would be to leverage low cost ETFs or Index funds or stocks (if you believe in a long term active approach), and have an advisor help keep you invested when it is hard to. Good post all around! Thank you.

FromBayToBurg

>My suggestion to you is before you hire a financial advisor and they are only going to recommend mutual funds, ask them if they offer A share if you have $1 million or more, and consider C shares if your timeframe indicates that it would be more prudent. ???? Man if you have $1,000,000 and your advisor is pitching A or C shares still you should just leave. Even American Funds has low cost advisor only F shares. Edward Jones is an absolute bottom of the barrel advisory firm. They accept anyone, so statistically a handful of the advisors that work there are great, but if you meet the minimum AUM for most independent RIAs, just go that route. https://www.letsmakeaplan.org/?gclsrc=ds https://www.napfa.org/find-an-advisor You really want to know how you're going to be charged without ever stepping foot into a building? Go here: https://adviserinfo.sec.gov/ Step 2: Search for the firm. I don't live in Nebraska so I'm just going to search in Omaha for a random firm. BrookStone Capital Management is the first INVESTMENT ADVISOR, not BROKER, I find. Step 3: Read their PART 2 BROCHURE (which is just part 2a of the ADV). Anyway, they this firm has 2 fee schedules, one of which is a Wrap Fee Program. Step 4: Navigate to Fee Schedules. Turns out it's not straightforward with BCM but they could charge up to 2.5% on investment management. There's also a section about variable annuity fees. That's it. I don't like the fee schedule or annuity sales so I'm out on BCM. Just for fun I found Callahan Financial Planning and their investment fee schedule is laid out very nice and clear: https://files.adviserinfo.sec.gov/IAPD/Content/Common/crd_iapd_Brochure.aspx?BRCHR_VRSN_ID=763474 Looks like they bundle financial planning and investment management into one fee schedule with two different tiers of service. Maybe that's more appealing. Any advisor worth their salt is going to be clear about the fees they charge and certainly won't be hiding from you during downturns. But also advisors should know that talking about their series licenses is also meaningless as they're some of the easiest financial exams you'll ever take. Anyway, I also have those licenses plus a degree in financial planning, plus the CFP and CPWA. I assume there are plenty of advisors wandering around this subreddit as well.

wolfiasty

Hmmm 3rd one today. 3452% of ADV for DAs.

polloponzi

Ionic Capital Management is based out of New York. Ionic Capital Management is a hedge fund with 13 clients and discretionary assets under management (AUM) of $3,486,251,328 (Form ADV from 2022-04-01). Their last reported 13F filing for Q1 2022 included $877,846,000 in managed 13F securities and a top 10 holdings concentration of 29.41%. Ionic Capital Management's largest holding is Occidental Petroleum Corp. Warrants (03/08/2027) with shares held of 2,961,371. [https://whalewisdom.com/filer/ionic-capital-management-llc](https://whalewisdom.com/filer/ionic-capital-management-llc)

bearhunter429

>Cboe Global Markets (CBOE) average daily trading volume ("ADV") in multiply-listed options fell 4.1% to 10.3M contracts in June vs. May. People are buying fewer options due to inflation.

QuiverStrategiesBot

**WHALE MOVES** |Fund|Date Filed|Change in Shares|% Change| |:-|:-|:-|:- |Kalos Management, Inc.|06/21|-249|-43.01%| |Livforsakringsbolaget Skandia, Omsesidigt|06/21|1,150|+4.34%| |OLIVER LAGORE VANVALIN INVESTMENT GROUP|06/17|175|New| |ROVIN CAPITAL /UT/ /ADV|06/13|0|0.0%| |CONTINENTAL INVESTORS SERVICES, INC.|06/13|44|+0.9%| **INSIDER MOVES** |Insider|Filed|Change in Shares|% Change| |:-|:-|:-|:- |Baglino Andrew D|12/30|-3,500|-15.39| |Musk Elon|12/29|-923,435|-88.25| |Musk Elon|12/29|-10,655|-1.69| |Kirkhorn Zachary|06/08|-2,538|-3.91| |Taneja Vaibhav|06/08|-1,518|-5.43| |Baglino Andrew D|06/08|-433|-2.06| **APP RATINGS** |App|Date|New Ratings|Avg. New Rating| |:-|:-|:-|:- |Tesla|06/21|0|N/A| |Inside Tesla|06/21|0|N/A| |Tesla|06/20|7|3.86| |Inside Tesla|06/20|0|N/A| |Tesla|06/19|4|6.0| |Inside Tesla|06/19|0|N/A| **TWITTER FOLLOWERS** |Date|Followers Gained| |:-|:- |06/22|15306| |06/21|12436| |06/20|13796| **OFF-EXCHANGE TRADING** |Date|Volume|% Short| |:-|:-|:- |06/17|13,120,773|47.13| |06/16|16,560,403|48.38| **Data taken from Quiver**

QuiverStrategiesBot

**WHALE MOVES** |Fund|Date Filed|Change in Shares|% Change| |:-|:-|:-|:- |Kalos Management, Inc.|06/21|-249|-43.01%| |Livforsakringsbolaget Skandia, Omsesidigt|06/21|1,150|+4.34%| |OLIVER LAGORE VANVALIN INVESTMENT GROUP|06/17|175|New| |ROVIN CAPITAL /UT/ /ADV|06/13|0|0.0%| |CONTINENTAL INVESTORS SERVICES, INC.|06/13|44|+0.9%| **INSIDER MOVES** |Insider|Filed|Change in Shares|% Change| |:-|:-|:-|:- |Baglino Andrew D|12/30|-3,500|-15.39| |Musk Elon|12/29|-923,435|-88.25| |Musk Elon|12/29|-10,655|-1.69| |Kirkhorn Zachary|06/08|-2,538|-3.91| |Taneja Vaibhav|06/08|-1,518|-5.43| |Baglino Andrew D|06/08|-433|-2.06| **APP RATINGS** |App|Date|New Ratings|Avg. New Rating| |:-|:-|:-|:- |Tesla|06/21|0|N/A| |Inside Tesla|06/21|0|N/A| |Tesla|06/20|7|3.86| |Inside Tesla|06/20|0|N/A| |Tesla|06/19|4|6.0| |Inside Tesla|06/19|0|N/A| **TWITTER FOLLOWERS** |Date|Followers Gained| |:-|:- |06/22|15306| |06/21|12436| |06/20|13796| **OFF-EXCHANGE TRADING** |Date|Volume|% Short| |:-|:-|:- |06/17|13,120,773|47.13| |06/16|16,560,403|48.38| **Data taken from Quiver**

iwl-5ccdc

Kenneth Cordelle Griffin of Citadel Advisors LLC, Citadel Enterprise LLC and Citadel Securities LLC, who provides Robinhood and many other non commission trading brokerages monetary Payments For Order Flow (PFOF). A market maker who routes up to 40+% of retail orders in one business and front run’s those orders in the other business. His business’s are located in Chicago less than a mile away from the CBOE futures exchange. His multinational conglomerate has subsidiaries in just about every major global financial hub. Citadel Advisors LLC form ADV filed with the SEC for fiscal year 2021 is 261 pages. Know your enemy!

FRICK_CCIV

BOWL and CVT are up on tiny volume, but EQRX is actually on pace for above ADV today... There's zero retail interest in EQRX right now, they had back-to-back "catalysts" this week w/ a Goldman Sachs $8 PT (lol) and then a super weak PR about acceptance of Marketing Authorization Application in the UK. Both seem strategically timed to match up w/ insider unlock as well. Hmmm...

QuiverStrategiesBot

**WHALE MOVES** |Fund|Date Filed|Change in Shares|% Change| |:-|:-|:-|:- |ROVIN CAPITAL /UT/ /ADV|06/13|-346|-8.94%| |CONTINENTAL INVESTORS SERVICES, INC.|06/13|42|+1.7%| |IMA Wealth, Inc.|06/13|220|+1.06%| |American Trust|06/08|11,060|+28.88%| |Presidio Capital Management, LLC|06/08|126|+7.83%| **INSIDER MOVES** |Insider|Filed|Change in Shares|% Change| |:-|:-|:-|:- |Nadella Satya|03/02|-7,931|-0.97| |SMITH BRADFORD L|02/09|-27,860|-4.28| |Walmsley Emma N|02/01|3,300|54.14| **APP RATINGS** |App|Date|New Ratings|Avg. New Rating| |:-|:-|:-|:- |Microsoft Authenticator|06/14|0|N/A| |Microsoft OneDrive|06/14|171|4.75| |Microsoft Office|06/14|463|4.69| |Microsoft Outlook|06/14|2275|4.76| |Microsoft Word|06/14|863|4.74| |Microsoft Teams|06/14|0|N/A| |Microsoft OneDrive|06/13|238|4.69| |Microsoft Authenticator|06/13|272|4.83| |Microsoft Teams|06/13|2162|4.86| |Microsoft Office|06/13|826|4.75| |Microsoft Outlook|06/13|4310|4.81| |Microsoft Word|06/13|1502|4.72| |Microsoft Office|06/12|0|N/A| |Microsoft Excel|06/12|0|N/A| |Microsoft Authenticator|06/12|0|N/A| |Microsoft Outlook|06/12|0|N/A| |Microsoft Word|06/12|0|N/A| |Microsoft Teams|06/12|0|N/A| |Microsoft OneDrive|06/12|0|N/A| **TWITTER FOLLOWERS** |Date|Followers Gained| |:-|:- |06/14|5364| |06/13|5170| |06/12|4787| **OFF-EXCHANGE TRADING** |Date|Volume|% Short| |:-|:-|:- |06/10|8,502,661|53.83| |06/09|6,956,534|56.43| |06/08|5,491,324|52.61| **Data taken from Quiver**

sleeptrain123

You’re just throwing terms around that don’t make sense. What do you mean Tiger was ‘pushing’ caravana, and how is a stock with an ADV around 9m (about 11% of float) ‘illiquid’? Your first paragraph is just gibberish. The term hedge fund has been around for a long time (the 20, Alfred Winslow Jones), based on the idea that a private investment vehicle could maintain both long and short positions. There are now literally thousands of hedge funds that run a lot of different strategies. The idea that ‘hedge funds are just a hedge’ and should ‘make Insane gains based on once in a blue moon events’ is nonsense. There are hedge funds that run that kind of contrarian tail risk strategy, but that’s just one strategy among many. The whole point of a hedge fund is to be a ‘market beating investment vehicle’ for investors willing and able to live with the extra risk. You’re correct that a number of high profile equity focused hedge funds have been wildly concentrated in tech and forayed into private equity/VC, but again, you’re talking about those that are making headlines for that reason. You’re conflating ‘the hedge fund industry’ with ‘the small number of hedge funds that you’ve read about in the news’.

GrotiusGallows

Today will go down as the day SPY ripped 2% on 30% ADV as banks scrambled to dump $2 Trillion in reverse repo. In other words: the day retail got completely suckered in.

e30jawn

Nice bike! I'm honestly looking into super motos now. The riding positions just seems so nice. It's a shame they all sound like farm equipment. ADV bikes check the box but they all look so dorky. I'm 6'2 and my legs just cramp so hard now.

nomoneyjesse

You have to review your states guidelines on how to register as an IA and IAR. The biggest time sink would be getting all the initial paperwork done like your Form ADV and required financial disclosures from the state. I'm not sure if Accredited Investors have exceptions or not but you can always check your State Securities Administrator website for guidelines. A lot of this stuff ironically you'll learn while you study for the test. You'll know the regulations for IA and IAR registrations like the back of your hand by the time you pass the test.

maximalsimplicity

Thank you! I don’t know if you had a listen of the earnings call today, but the ADV (average daily volume) is down compared to last year. What are your views on that? Of course, it’s a tough comparison to last year with the fact that many regions were in lockdown.

Any-Speed-4068

I have one share of ADV and it’s down from 10 dollars to 5 dollars. Should I post my loss porn? Can I say positions or ban now?

qwertyWarrior77

Less is less. The perception of a companies sales are what drive price for the most part. So if I have 100% of my client base (duh) and announce a new product or partnership that will create new business that would result in upward momentum. You’re telling me that “X” percent of my clients will stay as a justification that it’s okay that “Y” percent leave. But 100% of my clients minus “Y” percent is less than 100% so that would result in downward momentum. Obviously there’s is more to it but look at the market ADV (Advantage) is a multibillion dollar company that operates in the marketing industry and they are down over 50% from 11 months ago. Google for example makes money from advertising EXCLUSIVELY everything else they do is a pet project funded 100% by ad revenue so what does it say when the companies that facilitate that revenue are down ?

lizardsnots

I thinks it’s common knowledge that a high day to cover ratio is key in a short squeeze. For example if 10m shares are shorted and the ADV is 100m, a short squeeze can’t really happen whilst all other variable remain equal

Superpro210

context: Secure Document Storage facility fire in Bartlet, Illinois (suburb of Chicago). I was searching the address string of the warehouse that you mentioned - the one that is currently on fire - and it turns out that there are some SEC reports that list the warehouse address as the home of the files of one "JMG FINANCIAL GROUP LTD": (Look under the section that reads "SECTION 1.L. Location of Books and Records" ) https://reports.adviserinfo.sec.gov/reports/ADV/110302/PDF/110302.pdf TDAmeritrade's records are there as well: https://reports.adviserinfo.sec.gov/reports/ADV/7870/PDF/7870.pdf original post here's a video also news reports https://duckduckgo.com/?q=bartlett+fire+storage&iar=news Access provides a full suite of document management solutions specifically designed to meet the needs of forward thinking financial institutions seeking a partner with earned experience specific to their industry and proven global expertise. Our solutions are uniquely suited to handle a wide variety of document storage needs. Here are some of the financial documents we can assist with storing and managing: Customer records, statements, and personal information Invoices, bills, and receipts Loans and mortgage documents Internal accounting and tax records Special media types including tape and physical drives https://www.accesscorp.com/industries/finance/ https://www.accesscorp.com/location/illinois/bartlett/

SirBeaverton

Posted this for everyone’s general interest and awareness. Considering the recent stats on margin expansion and options contracts as drivers of the market, I thought this article is particularly salient. FYI: I am in no way affiliated with the website, owners, or content creators or the website. It’s particularly interesting. Bottom line: expect a lot of volatility both ways (up and down) this week and god speed. There’s a video on YouTube (5 mins) that goes into the technicals of the above and an excel which lists options expressed as ADV%.

mollila

>hedge funds are barely involved at this point As we know, Melvin was bailed out in January by Citadel and Point 72. There was a Delaware corporation founded with name: CITADEL KW **MELVIN*" HOLDINGS II LLC With $1.2 billion assets in management. Source, page 151: https://reports.adviserinfo.sec.gov/reports/ADV/148826/PDF/148826.pdf Someone on the HODLing sub paid $20 to get more information about that company. It was incorporated on January 25th 2021, had a name amendment on 28th, then another name amendment on 29th to: CITADEL KENSINGTON MELVIN HOLDINGS LLC It's just my personal guess, that there be some heavy bags held in there. Not sure if I'm allowed to cross post to that other sub, so I don't.

digi-transformation

Oh ya and Nomura securities is fucked because they don't even have $1B in assets (unless they lied, which could be the case) https://reports.adviserinfo.sec.gov/reports/ADV/4297/PDF/4297.pdf

digi-transformation

I’m actually researching this data as it just came out. Fuck this post is ahead of the times, here are the quick dirty numbers: 13 Repo participants taking each over $100B in total during Q4 2019, this summed up to $3.995T during that time. This was a mix of 1-14 day repos but each participant looks like they were just reupping the repos daily. Seeing each counter-party charted individually is jaw dropping. Nomura Securities: $791.7B Deutsche Bank: $509.5B JP Morgan: $491.5B Citigroup: $466.4B Barclays: $339.6B BNP Paribas: $251.5B NatWest Martket Securities: $225.3B Bank of Nova Scotia: $209.1B RBC capital: $188.9B Societe Generale, NY branch: $154.2B UBS securities: $130.7B Daiwa capital: $118.6B Credit Suisse: $117.8B And Nomuras latest Form ADV update on 11/9/2021 has them answering “No” to the question “Did you have $1 billion or more in assets on the last day of your most recent fiscal year?” Sooooo what???

Laguna_seals

Well if you were a hedge fund, you wouldn't convert now except for a very small amount given the VERY HIGH risk level for them and low ADV. And yes, if you read the terms of the agreement, that is the interest payable if they don't convert (welcome to the world of speculative high yield debt!). Realistically, yes, it would stop a medium term run, but it's not in Mudrick's interest to convert unless it runs over $14-15 on high volume over multiple days. Mudrick has a lot to "lose" if they convert say 1M commons and if the stock crashes from $12 to $9.

Laguna_seals

The conversion price is $11, and Mudrick has to give up 2 years worth of interest for them to convert. So effectively by doing the conversion, they are buying commons at $12.5+, AND they have to wait two business days for the conversion to settle. Highly doubt they will even attempt to convert unless the commons trade at $14+ with millions of ADV for an extended period of time.

Quarantinus

DTC is a completely shitty metric, actually completely useless in short squeeze scenarios. It represents the short interest divided by the average daily volume. It's an attempt to provide an answer to the question: *If all shorts started covering today, how many days would it take them to close all their open short positions?* Of course that the answer to this question depends on the daily trading volume (low volume each day -> a lot of days; high volume -> pretty quickly). So, in an attempt to provide some sort of answer, the DTC metric assumes that, during each such covering day, the daily trading volume would be the same as the past average daily volume (computed using data from the past months). This is an okay assumption in mild scenarios, when a stock is not particularly shorted and there is no rush to close short positions. On the other hand, during a period of frenetic trading (say, during a short squeeze), the assumption is completely inaccurate. We've seen stocks with an average daily volume of around a few hundred thousand, or even less than that, all of a sudden having a trading volume in the millions, tens of millions or even hundred of millions in a single day. So, going back to it, if DTC is high (and since DTC = SI / ADV), then that either means that the SI is high or that the past average daily volume is low (or both). If you're looking for an indication that the stock is highly shorted, why not look at the SI instead?

MLXIII

K yolo into ADV tomorrow!

VIX_420C

That's how investopedia has it, but at work I've always seen it written as ADV since avg daily value isn't used as much

Yosaerys

>ADV Did you mean Average Daily Trading Volume - ADTV?

VIX_420C

Average Daily Volume. Investopedia has it as ADTV for some reason but I've always seen it written as ADV in practice: https://www.investopedia.com/terms/a/averagedailytradingvolume.asp VWAP is another common related stat: https://www.investopedia.com/terms/v/vwap.asp

MyKoalas

What does ADV stand for in this case?

VIX_420C

Most brokerage interfaces let you set alerts by formulas of the underlying's stats, and the most basic industry norm for "unusual activity" is setting thresholds of % ADV

VIX_420C

Setting thresholds by % ADV (average daily volume) is the most simple industry norm