2021-06-09 Thomas Peterffy.Piper Sandler Global Exchange and Financial Technology Virtual Conference
Richard Repetto Piper Sandler & Co.
[Audio Gap]
The full program set up today. To start off with, we have Chairman of Interactive Brokers, Thomas Peterffy. He founded Interactive Brokers in 1977. He’s really renowned for bringing automation to the trading for – to the auctions trading for. He stepped his Chairman – stepped to Chairman, in – been Chairman, but he stepped out from the CEO role in October 2019. So Thomas, it’s good to see you. I’m sorry. You can’t see me.
今天的完整会议议程已经安排好了。首先出场的是Interactive Brokers的董事长Thomas Peterffy。他在1977年创办了Interactive Brokers，以在交易领域、尤其是拍卖交易中引入自动化技术而闻名。他现在是董事长，但自2019年10月起就卸任了首席执行官一职。Thomas，很高兴见到你，虽然你看不到我。
Richard Repetto Piper Sandler & Co.
But anyway, my first question would be – I’ve seen you a lot on CNBC recently. And I guess that sort of speaks to the retail trading activity that’s been going on. But what can you say about what happened in, say, in January. And then now we’re seeing upticks in activity right now. So could you give us an update of what you’re seeing on the retail side now given all this – the social media activity that’s driving some stocks?
不过，不管怎样，我的第一个问题是——我最近经常在CNBC上看到你。我猜这反映了零售交易活动的火热。那么你怎么看待今年1月发生的事情？现在我们又看到交易活动回升。考虑到社交媒体正在推动某些股票的上涨，你能不能跟我们更新一下你所观察到的零售交易动态？
Thomas Peterffy Founder & Chairman
So it’s – it appears to be that we sort of lost our grounding. It’s – I think it has all to do – a lot to do with the pandemic and that we shut down the economy worldwide for a relatively slight uptick in the debt rates for 1 year. I think things appear to be unreal. It’s – I hear that people who still are up less than $1,000 in volume are no longer have to worry about the consequences so we can think through, but the lower result in I don’t think that this is good. We hear our people…
所以看起来我们似乎失去了根基。我认为这在很大程度上与疫情有关，我们为了应对一年内相对轻微的死亡率上升而关闭了全球经济。我觉得很多事情看起来都不真实。我听说一些人的交易量还不到1000美元，但他们好像已经不再担心后果，这种状态也许能让人思考一些问题，但我认为这不是一件好事。我们听到自己员工的反馈是……
[Technical Difficulty]
So I don’t know where I left off. I – my point is that there is a feeling in people that humanity has become unhinged that there is a sense that we have lost a solid ground on which we are accustomed to standing. So is it any wonder that people can be talked into buying versatile stocks for real money.
我不知道我刚才说到哪里了。我想表达的意思是，人们普遍感觉人类已经有些脱离现实，我们失去了以往习惯依赖的那种坚实的立足点。那么，在这样的情绪下，人们被说服用真金白银去买那些炒作性极强的股票，也就不足为奇了。
So here it comes now, Rich, is supposed to say, how do you think their main stock frenzy has been handled? Is the risk under control within the system? What do you see as the political regulatory outcomes that resolved, all right? And here comes my answer.
接下来，Rich应该会问：“你怎么看待这场meme股票热潮是如何被应对的？系统内的风险是否在控制之中？你预期会有哪些政治或监管方面的结果？”好，那我来回答这个问题。
I see the meme stock mania as extremely dangerous to our financial stability and indirectly social stability. Imagine tens of thousands of people who are in their late 20s or 30s, they’ve never had any money in the large, beyond maybe a couple of thousand dollars and suddenly without much trouble they have hundreds of thousands or even millions in their brokerage accounts.
我认为这场meme股热潮对我们的金融稳定极具威胁，间接而言也影响到社会稳定。想象一下，成千上万二三十岁的人，他们此前几乎从未拥有过几千美元以上的财富，突然之间轻而易举地在券商账户里拥有了几十万甚至上百万美元。
They say that they will never sell these stocks, not even if they go to 0, but do you really believe that. Say GME goes to $1,000 a share, which is quite possible, on the way up, a number of shorts get both in and fewer and fewer new sellers emerge. The stock can become quite liquid, jumping up and down several dollars a share as buy and seller there’s arrive.
他们说自己永远不会卖出这些股票，就算股价跌到0也不卖。但你真的相信这种话吗？假设GME股价涨到每股1000美元——这并非不可能——在上涨途中，一些空头被迫平仓，卖方越来越少，股票流动性变差，股价在买卖盘之间剧烈波动，每次可能都是几美元的跳动。
This stretch into the young millionaires, are still sitting, they’re holding strong. But I bet you that as their many – as there are many amongst them that decided never to be poor again. Many of the saner ones will sell as soon as some weakness in the price shows itself, that will trigger stop orders and attract other sellers. Suddenly brokerage systems kick in, liquidating margin deficient accounts and price falls like a waterfall from $1,000 to $100 in a couple of hours.
这些新晋的年轻百万富翁还坐在那里，继续“坚定持有”。但我敢打赌，其中很多人内心已经下定决心：再也不要当穷人了。一旦股价出现任何疲软迹象，那些相对理智的人会立即卖出，随之触发止损单，吸引更多卖盘。券商系统会自动启动，强制平掉保证金不足的账户，股价可能在几个小时内从1000美元如瀑布般崩跌至100美元。
I was these systems ready to end all this. I’m afraid that many may not be or imagine even something worse, the stock boost $1,000 and the brokers thinking of the scenario I just described to you start raising margin requirements, both on the longs and on the short side. Some shorts unable to put up money before and try to buy the shorts, back pushing the price further up.
我过去常常问自己：这些系统准备好应对这种情形了吗？恐怕很多系统并没有做好准备。甚至可以想象一个更糟的局面：股价真的冲到1000美元，券商考虑到我刚刚描述的风险场景，开始提高多头和空头的保证金要求。一些空头来不及追加保证金，被迫平仓回补，进一步推高了股价。
On the long side, people have enough money in the form of unrealized gains, all they need to do is just to sell a very few shares to free up the large unrealized profit in each share and pay off their margin loans forcing the brokers to record the shares.
对于多头投资者来说，他们账面上有大量未实现的收益，只需要卖出很少一部分股票，就能释放出巨大的利润来偿还保证金贷款，从而迫使券商收回此前出借的股票。
To illustrate, you buy 100 shares of games, say, $40 a share, or $4,000 for the 100 shares. You put down $2,000 and borrow another $2,000 of margin. The broker is free to lend out your shares, your 100 shares, you own a margin. The stock goes to $300 a share. And your 100 shares are now over $30,000, but you still owed a $2,000 of margin loans.
举个例子，你以每股40美元买了100股GameStop股票，总价为4,000美元。你自掏腰包2,000美元，其余2,000美元用保证金融资。由于这些股票是融资买入的，券商可以把这100股借出去。然后股价涨到了每股300美元，这100股就值超过30,000美元了，但你仍只欠2,000美元的保证金贷款。
Now if you sell just 7 shares of the 300, you pay off your $2,000 margin loan, and the broker must recall the entire lot of 100 shares that he has lent out because they no longer owe margin on that. So these sales we forge brokers who lend out the shares to go them back because they must be kept – because they must keep fully paid customer stock segregate. They may not lend them out, except pursuant to special agreement with specific customers.
这时，如果你只卖出7股（每股300美元），就足以偿还那2,000美元的贷款。这样你账户里的股票就变成了全额付款持股，券商就必须收回之前借出的全部100股，因为你不再有保证金负债。券商必须将全额付款客户的股票隔离保管，除非客户另有特别授权，否则不得借出。
If the borrower does not return the shares, they must buy regulation, go into the market and buy the shares back. A few shares of customer sales will cause much larger buy orders by the brokers for their short customers. People will realize that by selling a few shares, they are forcing the brokers to recover larger quantities of lent out shares. This is usually not a problem as long as the number of shares sold short is not very large, but it can be fatal when they exceed the number of shares outstanding, as is the case in January in GME.
如果借方无法归还这些股票，券商就必须依法在市场上买回股票。于是，少量的客户卖出就可能迫使券商为空头客户进行大额买入。投资者很快会意识到，自己只需卖出少量股票，就能迫使券商回补大量借出的股票。通常情况下，这不是问题，只要市场上的空头数量不大。但当做空的股数超过了流通股数量时，比如GME在1月的情况，那就可能产生灾难性的后果。
In this case, as the longs repay the margin debt and the brokers record the stock loan or buy their stock back, there isn’t enough stock in existence to satisfy the loans. The price goes to Infinity. But before that would happen, brokers and banks would fall behind in their payments to the clearing houses, which should then assess the members since clearing house member guarantees are good [indiscernible], the large banks should collapse at some point before the SEC – before that the SEC would have to step in and settle all outstanding contracts of some fixed price, but what price.
在这种情况下，多头偿还保证金贷款后，券商必须回补或者注销借出的股票，但市场上根本没有足够的股票可供回补，价格就会不断上涨，理论上可达“无限”。但在价格到达那一步之前，券商和银行就已经因为无法履行向清算所的付款义务而出问题，清算所必须对其成员进行评估和追缴担保，而最终大银行也可能出现崩溃。在那之前，美国证监会（SEC）可能不得不介入，对所有未结合约进行按某一固定价格的强制结算，但问题是，这个价格该是多少？
The outcry from the people who will feel hurt will be tough to bear. Imagine if the next big option expiration time, all the longs decided to send for delivery. They have the profits with which they can afford to do that. That is the reason I keep saying that the SEC should order the publication of short interest on a daily basis, and it should require brokers to raise margin in proportion. In addition, it should force cash settlement of options, the exercise of which does not cover a short position. And now Rich, is asking the next question. Rich, are you ready?
那些因此受损的人将会爆发强烈的抗议，后果难以承受。设想一下，如果在下一次大型期权到期时，所有多头都要求实物交割——他们有账面利润支撑这个行动——那局面会更加危险。这也是为什么我一直呼吁：SEC应当强制每日公布空头头寸数据，并要求券商根据空头比例相应提高保证金要求。此外，还应强制规定，凡是期权行权后无法交付现货的，应一律强制现金结算。好了，接下来轮到Rich发问了。Rich，你准备好了吗？
这是所有新闻记者没有的能力。
Richard Repetto Piper Sandler & Co.
Yes. Can you hear me now, Thomas?
你现在能听到我说话吗，Thomas？
Thomas Peterffy Founder & Chairman
Yes.
能听到了。
Richard Repetto Piper Sandler & Co.
Sorry. I apologize about my technology problems here this morning. But you talked about some of the problems with risk and risk controls in the clearing house. What are other regulatory responses you think could potentially happen? Certainly, share gains was talking about payment for order flow, the wholesale of concentration. Do you think there’ll be any changes to payment for order flow?
抱歉，今天早上我的技术问题有点多。你刚才提到了一些与清算所相关的风险控制问题，那你认为还有哪些其他监管响应可能会发生？当然，有人已经在谈论“订单流支付”（payment for order flow）以及批发交易的集中度问题。你认为“订单流支付”机制会发生改变吗？
Thomas Peterffy Founder & Chairman
No. I don’t think payment for order flow will go away or at least, I hope that it will not go away. Why? Because we see an opportunity to explain to institutional traders that we execute 2 million to 3 million trades a day. Therefore, if they were to leave resting orders in our dark pool, we would execute our random arriving retail flow against these orders at the mid-price, and we charge them only $0.001 per share commission. Both sides benefit. We have set up our dark pool for this business, including detecting and refusing orders that would probe and potentially front-run resting orders. Our sales force started to contact large institutions to explain to them the opportunity to interact with our order flow.
不会，我认为“订单流支付”不会被取消，至少我希望它不会。为什么？因为我们看到了一个机会：可以向机构交易者解释，我们每天处理200万到300万笔交易。因此，如果他们在我们的暗池系统中挂出静态限价单，我们就能将这些单与我们随机到达的零售订单以中间价进行撮合成交，我们只向他们收取每股0.001美元的手续费，双方都受益。我们已为这项业务建立了专门的暗池系统，并具备识别和拒绝试图探测或可能“抢跑”静态订单的下单行为。我们的销售团队已经开始联系大型机构，向他们介绍如何与我们的订单流进行互动。
Richard Repetto Piper Sandler & Co.
And well, we’ll certainly get to ask Chair Gensler this afternoon about that. Also, you’ve experienced significant growth during this period, sometimes over – on a compound annual growth rate, sometimes upwards of 70% to 100%. It’s pulled back a bit here in May. I guess, what’s the outlook going forward? Do you think now that we’ve seen this big activity from the pandemic, the work from home? What do you think of the growth rates going forward?
我们今天下午当然会就这个问题向Gensler主席提问。另外，你们在这段时间经历了显著的增长，有时候复合年增长率甚至达到70%到100%。不过在5月份有所回落。那你怎么看未来的增长前景？现在经历了疫情期间的大规模活动、居家办公等等，你如何看待接下来的增长速度？
Thomas Peterffy Founder & Chairman
So growth is certainly slowing, but there are no indications that it could go back further way to the 2019 levels. It currently seems like our growth will level off at around 30% annual rate. Now your question is that what big factors driving the growth across the platform are – what they are. It’s a fascinating question. As one who has stepped down as CEO but has retained the marketing, I must confess that I’m completely stumped.
所以，增长确实在放缓，但没有任何迹象显示会回到2019年的水平。目前来看，我们的增长似乎会稳定在每年30%左右的水平。至于你问的平台增长背后的主要驱动因素是什么——这是一个很有意思的问题。作为已经卸任CEO但仍负责市场营销的人，我必须承认，我完全被难住了。
Listen to this. In the middle of March, our trading activity and new account applications peaked at the same time. And this happened at the very same time in the U.S., in Hong Kong, in Japan, in Eastern Europe, in Canada and in the Middle East. How do we explain that? Are we more geographically connected than we thought we were. Is that the explanation? Buzz goes around the world in minutes or seconds. But the phenomenon of people in different places moving in tandem is also true for people who are using different communication channels.
听我说：在三月中旬，我们的交易活动和开户申请在同一天达到峰值。而且，这个峰值同时出现在美国、香港、日本、东欧、加拿大和中东。我们该如何解释这种现象？难道我们在地理上比自己以为的还要紧密连接？这是否说明，市场“热度”（buzz）确实可以在几分钟或几秒钟内传遍全球？更奇妙的是，这种同步行为也存在于使用不同沟通渠道的人群中。
The highest number of customers come to us by recommendation from a friend or acquaintance, about 33% of that. Now there are other channels such as print and TV, irrespective of how many TV appearances or articles come out in a week, we gained the same percentage of new customers from different channels such as TV or print or trends, from 1 week to the next and the same percentage, a week in 3 or 6 months ago. How do you explain that? So the answer was – to your question must be that it is the buzz going around the world, around trading that entices people to take action or the buzz dials down to drop it within minutes or hours at most.
我们最多的新客户是通过朋友或熟人推荐来的，约占33%。当然，也有其他渠道，比如平面媒体和电视。奇怪的是，不管一周内我们在电视上出现多少次，或者有多少文章刊出，从这些渠道获得的新客户比例总是差不多的，而且与三个月或六个月前的比例也一致。你怎么解释这种现象？所以我对你问题的答案是：真正起作用的是围绕“交易”的市场热度（buzz），它驱动人们迅速采取行动；但这个热度也可能在几分钟或几小时内迅速冷却。
At this point, when they want to take action, they remember Interactive Brokers or whatever other broker they heard on whatever channel. What I’m saying to you is that pushing any one country, or any one channel makes a difference only very, very slowly. It is the level of the buzz that matters.
到了他们想采取行动的那一刻，他们就会想起Interactive Brokers，或者其他在某个渠道听说过的券商。我想表达的是：不管你在某个国家或某个渠道上投放多大力度，其实际效果都是非常缓慢的。真正起决定作用的是市场的整体“热度”水平。
Richard Repetto Piper Sandler & Co.
Understood, understood. With this surge in account growth, I’m just trying to understand the sort of the seasoning process, as the account matures. Do you expect them to trade more we’ve certainly seen a more, what you call, leveraged – we saw your margin balances grow, since last March, every month except for one. So the average margin balances increased. Do you expect as these – the myriad of new costs that you brought on, you expect them to be more active in, I guess, season as we go forward.
明白了，明白了。在账户数量大幅增长之后，我想了解的是这些账户在成熟过程中的“养成”机制。你是否预期这些客户未来会交易得更多？我们确实看到你们的融资余额自去年三月以来几乎每个月都在增长，只有一个月例外。平均保证金余额也在上升。那么你是否预计，这些新加入的大量客户在未来会变得更加活跃，逐渐进入成熟阶段？
Thomas Peterffy Founder & Chairman
So unfortunately, our customers’ positions are geared disproportionately towards the high momentum tech stocks, Tesla, Apple, Amazon, et cetera. They are followed by the likes of AMC, GME, Futu, et cetera. While only a small percentage of our accounts are involved in these main stocks, their daily fluctuations in market volume caused large charges in our customer assets. We have experience – that’s all I can say on that.
不幸的是，我们客户的持仓配置严重偏向高动量的科技股，比如Tesla、Apple、Amazon等。其次是AMC、GME、Futu这类股票。虽然涉足这些“meme股”的账户只占很小一部分，但由于这些股票每日的市场波动剧烈，导致我们客户资产的波动也非常大。关于这点，我们有亲身体验——我只能说到这儿了。
Richard Repetto Piper Sandler & Co.
I hope despite my technical difficulties, I hope you can see our – we still have our fire going on.
尽管我这边技术状况不佳，但希望你能感受到我们的热情依然不减。
Thomas Peterffy Founder & Chairman
Yes. I’d say the fire is refreshing.
没错，我觉得这股热情令人耳目一新。
Richard Repetto Piper Sandler & Co.
Another thing that’s come up, Thomas, has been customer service with all the increased engagement activity. We’ve heard some brokers talk about dramatically increase in customer service that you’ve been a supporter or proponent of using technology. And I guess, any views or how it impacted you from a customer service standpoint? Are you set the way you are? Are you making modifications like some other brokers?
另一个话题是客户服务。在客户活跃度大幅提升的背景下，我们听说有些券商的客服压力剧增。而你一向是技术驱动的支持者。那么你怎么看这个问题？从客户服务的角度来看，这波增长对你们产生了怎样的影响？你们现有的客服体系还适应吗？你们是否像其他券商一样进行了调整？
Thomas Peterffy Founder & Chairman
Well, I think – I still think that automation is the most effective answer, but unfortunately, not the entire answer. We are in a continuous hiring program for customer service agents. We have instituted a very good and flexible online training program for them. But obviously, this is a complex area. How do you make sure that a customer with a small deposit does not use tens of dollars of customer representative’s time. You cannot just got cut her off.
我仍然认为自动化是最有效的解决方案，但遗憾的是，它并不是全部的答案。我们正在持续招聘客户服务人员，并为他们建立了非常优秀且灵活的在线培训体系。但显然，这个问题本身非常复杂——比如，如何确保一个只存入少量资金的客户，不会占用几十美元成本的客服时间？你又不能简单地把她拒之门外。
Often accounts start with very small deposits just to try out and learn the platform but may eventually become very large. If you cut them off, you may be cutting off a potentially very large account. At the same time, you do not want to spend 30 or 40 customer service – $30 or $40 per customer service hour on a customer who possibly will never spend even that much on our platform. The solution to this problem will give a leg up and we are working on it, but we’re not telling you what they are.
很多账户最初只是小额存款，试用平台、学习操作，但将来可能成长为非常大的账户。如果你现在就拒绝他们，可能等于是切断了一个潜在的高净值客户。可与此同时，你又不希望在一个可能永远不会在平台上花超过几十美元的客户身上，投入30或40美元每小时的客服成本。解决这个问题将是一个竞争优势，我们正在积极研究方案——但具体怎么做，我们暂时保密。
Richard Repetto Piper Sandler & Co.
Thank you. Thomas, I guess we’ll wait to learn what your initiatives are there on the customer service there. But a couple of other things. I think all the investors that are familiar with the e-brokers know the interest-grade sensitivity of your platform as well as the others. So I guess you did entertain looking at a bank charter and with potential for rising rates and the steepening yield curve. Any refresh on that strategy? Or just, I guess, on interest rate sensitivity overall?
谢谢你，Thomas。关于你们在客户服务方面的举措，我们会拭目以待。接下来我还有几个问题。所有了解电子券商的投资者都知道，你们平台对利率的变化非常敏感，就像其他平台一样。我记得你们曾考虑过申请银行牌照，而现在利率上升和收益率曲线陡峭化似乎已成必然。你们在这方面的战略有新的进展吗？或者你能谈谈整体的利率敏感度吗？
Thomas Peterffy Founder & Chairman
A rising rate environment is now seen as inevitable. But please remember that we rebate our customers any interest above 0.5% over the Fed fund’s rate. So we do not benefit from rising rates over that level. In other words, when Fed funds go to 60 basis points, we’ll rebate 10 basis points. When they go to 70 basis points, we rebate 20 basis points. So an independent bank license is very desirable, but not because of the interest. Especially in Europe and Asia, where one customer’s money may not be lent to another by a broker, but only by a bank. So we must get moving in this area, and we are. So you understand that margin loans don’t work in outside of the U.S.
利率上升的环境现在几乎不可避免。但请注意，我们会将联邦基金利率超过0.5%的部分返还给客户，所以利率升高带来的好处我们并不能完全享有。换句话说，如果联邦基金利率达到60个基点，我们会返还10个基点；如果是70个基点，我们返还20个基点。所以说，申请独立银行牌照是非常有必要的，但并不是为了赚利息，尤其是在欧洲和亚洲，在这些地区，券商不能将一个客户的钱借给另一个客户，只有银行才可以。所以我们必须在这方面推进，并且我们已经在行动了。你要理解，保证金贷款在美国以外的地区是行不通的。
IBKR美国账户的融资成本低一些。
Richard Repetto Piper Sandler & Co.
Understood. I guess, another thing I wanted to ask, and this is constantly in the news is cryptocurrency and the trading of Bitcoin, Ether, et cetera. And I think you’re out publicly talking about a possible product coming out – product offering coming out. Could you elaborate more on what your plans with crypto are? And are your customers asking for cryptocurrency trading?
明白了。我还想问一个热点话题——加密货币，比如比特币、以太坊的交易。你之前也公开谈到过，Interactive Brokers可能会推出相关产品。你能不能详细说说你们在加密货币方面的计划？你们的客户现在是否在积极要求开通加密货币交易？
Thomas Peterffy Founder & Chairman
Customers certainly are asking for it, and we expect to be ready to offer it to them by the end of the summer. As to hurdles, the greatest hurdle is, how do you keep your customers going to 100% safe. Think about it. How do you make it 100% sure that no one will steal their coins in spite of the fact that they are untraceable. We will find out more about this when we open for business at the end of the summer.
客户当然在积极要求这项服务，我们预计将在今年夏末之前准备好向他们提供。至于障碍，最大的难题是：如何确保客户的资产100%安全？你想想看，在加密货币无法追踪的前提下，如何百分百确保没有人能够盗取客户的代币？我们将在夏末正式上线后，进一步验证这些问题。
Richard Repetto Piper Sandler & Co.
So you’ve done a lot of work on this because this product has been in development for a little while. Is that correct?
所以你们在这方面已经投入了不少研发，这项产品已经开发一段时间了，对吗？
Thomas Peterffy Founder & Chairman
We have done some work on it, not a huge amount of work, but we have been working on it for some time now. And as I said, we expect to be done by the end of the summer.
我们确实做了一些工作，虽然还谈不上投入巨大，但确实已经持续推进了一段时间。正如我所说，我们预计将在今年夏末完成准备工作。
Richard Repetto Piper Sandler & Co.
Okay. When I think about you, Thomas, you are a veteran of the brokerage industry, not only market making in the past, but retail now? And I guess, what do you make overall of this – and going back to sort of the first question, what do you make overall of this retail frenzy? I mean did it just pull forward accounts? Or do you think that the industry has changed?
我想到你，Thomas，你是券商行业的老兵，过去做做市，现在又做零售。那我想回到我们开场的问题——你怎么看待这场零售交易热潮？它只是提前透支了开户需求，还是说整个行业真的发生了变化？
And I know you said will likely – activity will come down, but not back to 2019. But did this surprise you at all the things that we’ve seen, not only in the pandemic, but also in January and May and June?
你之前提到过，交易活跃度可能会下降，但不会回到2019年的水平。但你是否对这两年我们所看到的一切感到震惊？不仅是疫情期间，还有1月、5月、6月的那些事件？
Thomas Peterffy Founder & Chairman
So as I said at the very beginning, I think that we’ve completely lost our grounding, people think that we are on hinge. I think we are sort of floating. We – I don’t think anybody knows anywhere what our volumes are. So as I say, we have lost our grounding from under our feet. We are floating and can only hope that will end the right side up. I really – I’m – if I look by grounding, imagine other – what younger people do.
就像我在最开始说的，我觉得我们已经完全失去了立足之地。人们觉得我们整个社会有点“脱轨”了。我觉得我们处在一种漂浮的状态中——甚至没有人真正知道现在的交易量到底是多少。我们脚下的地面已经消失了，只能寄希望于最终能“正面着陆”。我是这么想的——如果我都觉得如此，那你可以想象年轻人会怎样看待这个世界。
Richard Repetto Piper Sandler & Co.
Well, with our grounding, it has been more active, so it’s been beneficial to Interactive, wouldn’t you say?
不过在这种“失重”状态下，市场确实更活跃了，对Interactive Brokers来说其实是利好，对吧？
Thomas Peterffy Founder & Chairman
Well, I mean, it’s – the problems are way beyond what is beneficial to a company. Come on, I mean.
嗯，我是说……问题的严重性已经远远超出哪家公司得利与否的层面了。拜托，这不是一个公司赚不赚钱的问题。
Richard Repetto Piper Sandler & Co.
So that’s looking – that’s taken a very – a more societal view, Thomas, so.
所以你这是在从更宏观的社会角度来看问题了，是吧，Thomas？
Thomas Peterffy Founder & Chairman
Right. Well, I certainly feel that there is a problem for all of us as a species or as a society. It’s not about what company, it’s good for or bad for. After all, we have no idea. I mean I just heard in the morning, in the news, that the richest people have paid 0 tax since several years, I completely stunned. I don’t believe if that’s really true.
没错。我确实觉得，这对我们整个人类、整个社会来说，都是一个问题。这不是哪家公司受益还是受损的问题。说到底，我们其实一无所知。比如我今天早上在新闻里听到，有报道说一些最富有的人已经多年没有缴纳任何税，我完全震惊了。我不敢相信这是真的吗。
Richard Repetto Piper Sandler & Co.
Well, Thomas, we could talk a lot about the different topics, but we’re limited on time. Again, I apologize for my technical hiccups here. But I thank you. You’ve always participated in our conference and you give us insights into what the highly active trader is in – from the technology side of trading as well. So good to see you.
Thomas，我们本可以聊更多话题，但我们的时间有限。我再次为我这边的技术问题道歉。非常感谢你一如既往地参与我们的会议，你总能从技术交易的角度提供对高频活跃交易者的独到见解。很高兴见到你。
Thomas Peterffy Founder & Chairman
Rich, I hope to be able to answer detailed more questions in these group meetings in the following 3 times, half hour.
Rich，我希望在接下来的三个小组会议中，每场半小时，能够有机会更详细地回答大家的问题。
Richard Repetto Piper Sandler & Co.
And we appreciate you meeting with investors and keeping them informed. Thank you, Thomas.
我们非常感激你愿意与投资者见面，并与他们保持沟通。谢谢你，Thomas。
Thomas Peterffy Founder & Chairman
Thank you.
谢谢。
Richard Repetto Piper Sandler & Co.
That will wrap up the session. Again, I apologize for my technology hurdles here. Our next session is with the Head of Fidelity Brokerage, Ram Subramaniam, it’s his first time that he’ll be participating in our conference and starts promptly at 08:30. So thank you. And Thank you, Thomas.
本场会议到此结束。我再次为我这边的技术问题道歉。接下来是Fidelity Brokerage负责人Ram Subramaniam的发言，这是他首次参加我们的会议，将于08:30准时开始。谢谢大家，也再次感谢Thomas。
Thomas Peterffy Founder & Chairman
Thank you.
谢谢。
热门主题
Recent Articles
2003-02-21 Warren Buffett's Letters to Berkshire Shareholders
Refer To：《2003-02-21 Warren Buffett's Letters to Berkshire Shareholders》。 To the Shareholders of Berkshire Hathaway Inc.: Our gain in net worth during 2002 was $6.1 billion, which increased the per-share book value of both our Class A and Class B ...2004-02-27 Warren Buffett's Letters to Berkshire Shareholders
Refer To：《2004-02-27 Warren Buffett's Letters to Berkshire Shareholders》。 To the Shareholders of Berkshire Hathaway Inc.: Our gain in net worth during 2003 was $13.6 billion, which increased the per-share book value of both our Class A and Class B ...2005-02-28 Warren Buffett's Letters to Berkshire Shareholders
Refer To：《2005-02-28 Warren Buffett's Letters to Berkshire Shareholders》。 To the Shareholders of Berkshire Hathaway Inc.: Our gain in net worth during 2004 was $8.3 billion, which increased the per-share book value of both our Class A and Class B ...2006-02-28 Warren Buffett's Letters to Berkshire Shareholders
Refer To：《2006-02-28 Warren Buffett's Letters to Berkshire Shareholders》。 To the Shareholders of Berkshire Hathaway Inc.: Our gain in net worth during 2005 was $5.6 billion, which increased the per-share book value of both our Class A and Class B ...2007-02-28 Warren Buffett's Letters to Berkshire Shareholders
Refer To：《2007-02-28 Warren Buffett's Letters to Berkshire Shareholders》。 To the Shareholders of Berkshire Hathaway Inc.: Our gain in net worth during 2006 was $16.9 billion, which increased the per-share book value of both our Class A and Class B ...