You're really starting to sound ridiculous at this point, so don't waste your breath. I bet you're just grumpy that you missed this latest rally in US equities.
I'm not going to spend even 15 seconds looking, so no, I can't. However, I'll put money on the line that I can find a pink sheet company or two that has a safe harbor statement issued by a non-Big 4 accounting firm. Oh wait, pink sheets don't have to report. Such a Safe Harbor statement would mean nothing too. Caveat emptor to the world.
Not that hard? Those that show >100% returns a month I can discard, what about those that show 15-20% a year, like Madoff? Next time can I send those to you and you take a look for me? I am not lazy, have been backtesting like mad lately, on many schemes discussed here on ET and some are very time consuming to backtest.
Maybe a small fry Trader couldn't' provide the financial incentive for a Top Tier Firm to sign off on a fraudulent Audit, but geez, they aren't beacons of honesty or necessary. @destriero (and SML) waiting on your PWC, EY, Deloitte, KPMG audited PnL please
You guys are a bit too gullible. Yes there are plenty of ways to make money investing and trading. However, there's a distinction between luck and skill. To know whether someone is skillful, you would need to not just audit their performance but also conduct an attribution analysis. This is a widely followed process in the institutional space (you don't think sovereign wealth funds, family offices, and other institutional investors are looking for pnl?!). Let me explain why this is important. If I take 10k and buy some calls on a basket of 10 stocks, I may "get lucky" with 1 stock that takes my 10k to Xmm+. Skill means having a process that is repeatable and can be used to find opportunities. I have no doubt that the traders named previously have made money. Where I am skeptical is in whether they are actually skillful (as opposed to lucky). If they are lucky, then they are not a good source to learn from. If they are skillful, then they are. Evidence of skill would be: hit rate above 50-55%, attribution of pnl coming from lots of sources (and not just a small handful of mega trades), proof in the performance of some underlying factor. Another illustration to evidence skill vs. luck -- how applicable are the skills they teach vs. hedge fund jobs? Wouldn't a successful retail trader be able to "grow" into a hedge fund role? Yes if they are skillful, no if they are lucky (because you can see right through the luck vs. skill argument based upon attribution details). For you retail traders -- keep up the hope and learn to build a style that suits you.
"Audit quality and ethics A 2019 analysis by Public Company Accounting Oversight Board (PCAOB) in the United States observed that the big four accounting firms bungled almost 31% of their audits since 2009. In another project study on government oversight, it was seen that while the auditors colluded to present audit reports that pleased their clients, the times they did not resulted in a loss of business. ." "Tax avoidance According to Australian taxation expert George Rozvany, the Big Four are "the masterminds of multinational tax avoidance and the architects of tax schemes which cost governments and their taxpayers an estimated US$1 trillion a year". At the same time they are advising governments on tax reforms, they are advising their multinational clients on how to avoid taxes.[33][34] The PwC tax scandal is one example where PwC sold advice to clients on tax avoidance, and did so using information derived from the company's government consulting arm." https://en.m.wikipedia.org/wiki/Big_Four_accounting_firms
This is a very tough business with a low barrier to entry.There are no stipulated minimum requirements,which affords one to take shortcuts.. By not hard,all I meant was putting in the time and doing as much prep work as possible..What else can we do??
Yeah the Swedish government made him pay 30 million dollars in taxes in 2021 for his SIM account. SMDH. 30mm in taxes would mean he made about 75mm in 2021 ALONE.Go research the guy yourself,I'm not going to lift a finger to show you "proof".