Quote of the Day
Advertising is a racket, like the movies and the brokerage business. You cannot be honest without admitting that its constructive contribution to humanity is exactly minus zero.
F. Scott Fitzgerald
The CIA is made up of boys whose families sent them to Princeton but wouldn't let them into the family brokerage business.
Lyndon B. Johnson
At nineteen I was pretty sure I was going to be a professional soccer player. At that time I played for one of the Norwegian premier leagues. But I tore ligaments in both knees, so I started studying business administration and economics and became a financial analyst, and I worked at a brokerage firm as a stockbroker.
Once the brokerage house, rather than the bank, became the locus for American savings, that money would find its way into the stock market, because the broker was someone with a much higher tolerance for risk than the banker.
There are no absolutes in this world, and there will always be mistakes that are made within brokerage firms; there will always be people who set out to deceive the regulators and even deceive their own senior management.
The lower spreads mean lower costs for investors, because Nasdaq investors generally do not trade directly with one another. Instead, they usually buy and sell from market-makers, brokerage firms that flip shares between buyers and sellers and keep the spread for themselves.
In the 1970s we saw a massive shift of household savings from the banks to the brokerage firms.
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