Do prop firms help build your name?

If you can really thrash the indexes, multi millionaire status will be yours very quickly. Why do you need recognition?

 

Sheesh, I wish! This is probably going to be an eye opener for you. It's the USofA, aka "Land of the Free" [Enslaved], sent me two notices so far and of course, I already get notices where I live, Brazil. Yes, American Sheeple, when you say BYE to the US, they don't say BYE to you. When you live in a foreign country, you are expected/obligated to declare and pay there too, if owed. Risk of double taxation is very high. If you don't believe me, just google it. Very ironic cmb-- you tried to make a joke about 3rd world countries, and it's your own country! That was funny.

Where I live, taxes are higher, but it's easier to resolve the crap here because there's a local office and I go there, show them receipts and voila. I pay 2 different accountants here very well each year to do my taxes! The "Land of the Free" is tougher because I live some 10,000 miles away. All I can do is call them on the Skype and send them copies of documents.
I don't live there, but they expect me to waste my time and file their documents every year and pay there, if owed. No other country does this.

I came to this site (EliteTrader) HOPING AND PRAYING to find some sort of worthwhile trading job in the US so I could tell my wife WE HAVE TO to move to the US and I would be out of this reporting requirement in 2 different countries. It's hell. I have 2 choices: move back there and only work under their laws, or if I intend to live PERMANENTLY abroad, I will have to give up US Citizenship to only have to report where I live. It's a real nightmare. At least I tried to find stuff in the US, but it looks like the decent stuff (analyst or real trading jobs) are only for the well-connected.

At the minimum, I hope you derive from this that simply leaving the US isn't good enough. Tax reform, removing expats that don't live there anymore, from the loop couldn't come fast enough for me. I really don't want to hand in my passport. My parents are there. But I'm feeling the heat here and from there. I'm between two really strong rocks, literally.

 

If anyone is US by birth and has family there, but has no problem with the dual reporting requirement, ** AND IS PROFITABLE ** please let me know your story. Send me a PM, by all means. I thought the FATCA was going to kill me like the Americans in Switzerland, but I don't think Brazil is going to let the US dictate who they open bank accounts for and charge fees. I found some case law the other day that the "international standard" was based on residency, for both corporations and for individuals. It even sounded like the US was on board, contrary to what all of the official publications say. Tomorrow, I'm going through the history to find that!

One last one to everyone here: If anyone has any questions about Brazil, feel free to ask me. Don't ask losers on other Brazzzil forums 'cause I'll tell you, most of the people on those anonymous forums are losers that moved to Brazil and are teaching English because there're no jobs available and their Portuguese is probably way less than fluent. They are lucky to be making USD $1k/month, if that.

I've been here for 7 years. My wife doesn't want to leave. My entire background is business admin and economics. I don't consider myself to be the normal "gringo" (foreigner) because I know how to make money on the local economy as well with businesses. I speak Portuguese with an accent, but everyone says my Portuguese is fluent. I love speaking in front of Americans/Canadians 'cause their eyes grow to 6" in diameter each, when they hear me speaking. You're probably thinking, WTF, is this guy some hustler, pimp? Nope... I'm very simple and I'm not working especially hard to hide my real name or photo. Since I'm trying to build the name, I'm easy to find. Any questions, aside from stupid questions about Brazilian women, I'll entertain.

 

Haha sounds about right. I just came back from living the summer in argentina(argentina summer) ). I noticed that they are much more controled about the money there. I was making a joke about that, I figured from your username that u were Brazilian, had I known u had the us passport. It would not have surprised me that they track you down.
So much for the land of the free, they nail you down everywhere.


Don't you get a tax exemption up to 80k when u live outside of the US?

 

hehe I know exactly how you feel. Im also a expat, I lived 6 years in Paris. I speak solid french.

Why don't you trade out of a Paraguay or uruguay business? can you get around the Brazilian taxes that way? at least for trading... maybe not your real job

 

On Linkedin there are several trading jobs with hedge funds...

 

@dealmaker, you're turning out to be a golden can of WD-40!!! Where are those good jobs!!??? You seem quite adept to using this social media. I recently created an account on Linked In, but found no such job of that type. If you already know who I am (real photo), then at the least, friend me on Facebook or Twitter! Good job!

I'd lgadly accept a position of "you make 10%/month or you are fired," just to be able to give a good excuse to the wife on WHY we need to return to the US. Leaving here without a job is next-to-impossible. And 10% for me is easy. Marriage made in heaven!

@dealmaker, thanks! more tomorrow... past my bedtime. I have to wake up at zero-dark hours (in a few hours while it's still dark) -- I'm NOT looking forward to it.

 

More difficult to get your HF open today 2013

IF SETTING up a hedge fund were easy, more people would do it: bar inheritance or winning the lottery, there are few swifter paths to immense riches. Sadly for aspiring plutocrats, it is getting ever harder to launch a fund. Swaggering financiers once joked that launching with less than $1 billion of outside money to invest was hardly worth their time. Debuts that splashy are now notable only for their scarcity. A new fund typically opens with $50m-100m in assets under management. Even so, and despite buoyant stockmarkets, the number of launches is declining (see chart).

Punier funds make for a less attractive business model. A $50m pile might once have been enough to sustain a small firm. Creaming off 2% of assets and 20% of profits—the standard hedge-fund fee formula—could generate around $2m a year given decent performance. No longer. Declining fees and low industry-wide returns have halved that amount.

 

Expenses have risen, too. Thanks to the Bernie Madoff swindle, investors want to see sturdier back-offices staffed by compliance types. Gone are the days when two traders with a Bloomberg terminal and some banking contacts could brand themselves as a hedge fund and attract outside money, says Kent Clark of Goldman Sachs Asset Management, the bank’s investment arm. Paying for all this box-ticking requires more like $100m in assets
The industry’s investor base has also changed, which makes it hard for those firms that do get off the ground to soar. Hedge funds used to get most of their money from rich people; nowadays, institutions such as pension funds are the dominant investors. They are often more risk-averse, preferring to invest bigger sums in fewer, large managers with a longer record. Although over half of hedge funds manage less than $100m, they represent only 1.4% of the industry’s $2 trillion or so in assets, according to Hedge Fund Research, a data provider.
The ranks of potential hedge-fund managers have also thinned. Post-crisis rules banning banks from wagering their own money prompted many of their star traders to leave and set up their own funds. That exodus is pretty much over; many of these new funds have already shut up shop after delivering underwhelming performance. The most favoured potential managers of new hedge funds these days are the key lieutenants at existing large funds, says Dominic Freemantle of Morgan Stanley.
Enough new funds are still launching to raise a question: why would any investor prefer managers at an established firm to set up their own shop? Data are patchy but suggest that start-ups do deliver better results. This may be down to newcomers being smaller and nimbler, or hungrier for the returns that will earn them mega-bucks. And many of the most sought-after funds are closed to new money, points out Ted Seides of Protégé Partners, a hedge-fund investor. Backing their most promising offshoots is the next best thing.
Indeed, a handful of specialist investors are looking to back new hedge funds in the same way that venture capitalists back start-ups. Blackstone, Goldman Sachs and others have pots of money dedicated to “seeding” new managers, entrusting them with $20m-100m of funds to invest in return for a share of revenue, typically 20%. Such seed funds had $5 billion to invest last year, estimates Acceleration Capital Group, an advisory firm. But even they have struggled to deploy money profitably. Many suggest that bright traders make lousy entrepreneurs. “Often they have a long track record but haven’t run their own business before,” says Lisa Fridman of Paamco, a fund investor.


HERE YOU GO right here !!!!!!!!!!!

Running a successful hedge fund is still fabulously lucrative, however. The top 25 managers globally last year took home a combined $14 billion in pay and profits, according to Institutional Investor’s Alpha —and that was the worst year since 2008. Nine made over $500m. Even if the going is tougher, aspiring managers will keep trying their luck.

 

you know, years ago, I lost boatloads with stocks. Remember "Buy, Hold, and Lose it All!!!" I lost tons of money on stocks and and I'm still "recouping" that money. I'm not keen on paying Brazilian tax something that is technically recouping my money from losses from years ago in the US. These international tax issues are a real nightmare. I hope FATCA gets struck down. Try being an American, not living there, and get told "Sorry, we can't open an account for you. Americans are complicated" That sucks.

Do you happen to know of any good international banks that will open an account for Americans? I would love to get the rest of what I still have out of there, but the FATCA threw a wrench into those plans. If I can get the little I have left there out, then I would feel much more at ease. It's very scary to get a withholding letter from the US. When I did my taxes, guess what... nothing owed. The profit from stock trades was very low. What were they going to take from me? Phantom gains?

I actually considered Paraguay. No kidding. I even went on some expat Paraguay boards to get some info. I also discovered Paraguay introduced an income tax a few years back. The problem is the wife. She isn't moving, at least while her parents are still alive.

In my case, it's not really an issue of not-wanting to pay taxes when taxes are due. It's about not having to deal with the headaches and paperwork when you owe nothing.