value and opportunity

Interactive Brokers:

As mentioned in the comments on the previous post, I sold my Interactive Broker stocks.  Why ? Mainly because of the following reasons:

• although I still think that it is a very good company, I reconsidered some of my assumptions after reading the “Chuck” Schwab autobiography
• Despite the fact that the  Covid-19 crisis seems to have driven an increase in new accounts and trading commissions, the long term effects of lower interest rates (and margins) will be significant as interest margins are the main driver of profitability in the mid- to long term. My current scenario is that interest rates will remain very low even in the US for a very long time.

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