chronic640201

> Does the book cover anything about how the fund actually works?

Basically, no.

> So taking all the profit and attributing it to capital returns tends to give you weird numbers.

Why does it matter? Returns are returns. Money in, money out.

After all, people compare HYSA bank interest with TreasuryDirect bond returns with equity ETFs like VTI and QQQ. Each with vastly different capital mechanics.

Old age

But probably smoking

Mathematics can only take you so far. At the end of the day, people run the exchanges. Not math.

The returns of modern HFT market makers are even higher. With their unfair “business” advantages such as PFOF, privileged dark pool and block trade access, and military internet infrastructure.

Think 60%+, per year, at least. Over 10-20 years, of course.