| 排名 | 名字 | 身价(美元) | 身价变化 | 公司 | | --- | --- | --- | --- | --- | | | 埃隆·马斯克 | 3557亿 | + -78亿 -2.15% | | | 2 | 杰夫·贝佐斯 | 1861亿 | + -48亿 -2.52% | 亚马斯 | | | 马克·扎克伯格 | 1680亿 | + -57亿 -3.31% | Meta | | 4 | 沃伦·巴菲特 | 1581亿 | + -38亿 -2.34% | 伯克希尔哈撒韦 | | 5 | 拉里·埃里森 | - 1554亿 | + -68亿 -4.2% | 甲骨文 | | 6 | 贝尔纳·阿尔诺家族 | 1452亿 | + -940万 -0.01% | LVMH | | 7 | 拉里·佩奇 | 1241亿 | + - 27亿 - 2.14% | 谷歌 | | 8 | 阿曼西奥·奥尔特加 | 10.6 1221亿 | 0 0% | Inditex | | 9 | 谢尔盖·布林 | 1191亿 | + - 25亿 - 2.09% | 谷歌 | | 10 | Rob Walton & family | 1108亿 ...

Core Viewpoint - The current market environment poses challenges for both Interactive Brokers (IBKR) and BGC Group (BGC), with expectations of subdued trading activity impacting their income potential. However, BGC is positioned to deliver stronger growth and returns compared to IBKR, making it a more attractive investment option [2][3][29]. Group 1: Company Overview - Interactive Brokers is recognized for its advanced electronic trading platforms and global market access, while BGC Group specializes in a wide range of brokerage services, including fixed-income and derivatives trading [2][12]. - Both companies have seen increased trading activities due to market turmoil, but future trading activity is expected to weaken as market participants anticipate lasting economic damage from tariffs [2][3]. Group 2: Financial Performance - IBKR's stock has decreased by 9.7% this year, while BGC's shares have fallen by 6.6% [3]. - IBKR has maintained low compensation expenses relative to net revenues, achieving 14.8% in 2022, 12.1% in 2023, and 11.1% in 2024, with a further reduction to 9.3% in Q1 2025 [6]. - BGC Group's revenues have recorded a CAGR of 1.5% over the past five years, while IBKR's client accounts, total client Daily Average Revenue Trades (DARTs), and net revenues have seen CAGRs of 37%, 26%, and 22%, respectively, from 2019 to 2024 [10][15]. Group 3: Growth Initiatives - IBKR has expanded its global presence with initiatives such as launching a prediction markets hub in Canada and introducing IBKR GlobalTrader for mobile stock trading [7]. - BGC Group has focused on technology-driven services post its spin-off of Newmark, enhancing margins and reducing reliance on traditional models [13]. - BGC has made strategic acquisitions, including OTC Global Holdings for $325 million, which is expected to contribute over $450 million in annual revenues [14]. Group 4: Valuation and Comparisons - IBKR is trading at a 12-month trailing price-to-tangible book (P/TB) of 1.00X, while BGC is at 13.60X, with BGC's premium valuation justified by its superior growth trajectory [20][21]. - BGC's return on equity (ROE) stands at 47.55%, significantly higher than IBKR's 4.97% and the industry average of 11.95% [24]. - BGC's dividend yield is 0.95%, compared to IBKR's 0.63% [26]. Group 5: Future Outlook - The Zacks Consensus Estimate for IBKR's revenue growth is projected at 4.5% for 2025 and 6.1% for 2026, while BGC's revenue growth is expected to be 20.4% and 14% for the same years [18]. - Analysts are more optimistic about BGC's earnings, forecasting a 23.3% increase for 2025 and 18.4% for 2026, with estimates remaining unchanged [18].

Core Viewpoint - The stock of Interactive Brokers has declined by 33% from its recent all-time high, despite strong business performance and growth in trading volume, making it a potential buying opportunity during the current Nasdaq bear market [2][3]. Group 1: Company Performance - Interactive Brokers reported a record 3.52 million client accounts at the end of Q1 2025, representing a 32% increase year over year [4]. - Client equity increased by 23% year over year to reach $573.5 billion, which is crucial for the company's commission revenue [5]. - The company experienced significant increases in trading volume: stock trading volume rose by 47%, futures volume by 25%, and options volume by 16% [6]. Group 2: Financial Results - Total revenue for Q1 2025 was $1.4 billion, an 18.6% increase from the previous year, with commission revenue jumping by 35.6% [9]. - Net interest revenue increased by 3.1% to $770 million, while "other" income grew by 85.7% to $143 million [10]. - Earnings per share (EPS) for Q1 was $1.94, a 20.5% increase, with a trailing-12-month EPS of $7.39, resulting in a price-to-earnings ratio of 21.3, slightly below the S&P 500's P/E of 22.1 [11]. Group 3: Market Conditions and Future Outlook - The current quarter may see a dip in key metrics due to market volatility following tariff announcements, but increased trading volume could lead to higher commission revenue [7][8]. - Interest rates are expected to decline further throughout 2025, which may impact net interest revenue, but a steady decline could allow the company to adjust its cost structure [12]. - Historical trends suggest that lower interest rates can lead to increased market activity, potentially offsetting declines in net interest income with higher commission revenue [13]. - Interactive Brokers has demonstrated resilience in various market conditions, with its stock appreciating over 400% since its IPO in 2007, indicating it could be a strong buy on the dip [14].

Core Viewpoint - Interactive Brokers announced a 4-for-1 stock split effective June 18, 2025, following strong Q1 results, indicating management's confidence in the company's growth trajectory [1][3]. Financial Performance - The company's Q1 2025 revenue reached $1.43 billion, a 19% increase year over year, driven by a 50% rise in daily average revenue trades (DARTs) to 3.52 million [3]. - Customer accounts grew by 32% year over year to 3.62 million, while customer equity increased by 23% to $573.5 billion [3]. Market Sentiment - Despite strong fundamentals, Interactive Brokers' stock fell approximately 10% after the earnings report, attributed to adjusted earnings per share of $1.88, which was below analysts' expectations [5]. - Management noted a 10% to 12% decrease in customer margin loans due to market conditions, but expressed confidence in the long-term growth story [6]. Strategic Initiatives - The company declared a quarterly dividend of $0.32, marking a 28% increase, which positions the stock's yield near 1% [7]. - The stock split is seen as a strategic move to enhance accessibility for investors and reflects the company's commitment to growth [3][7]. Long-term Outlook - The post-earnings dip may present a buying opportunity for long-term investors, as the company is expected to maintain its growth trajectory [8].

Group 1 - Tomas Riba is an economist and former CFO who focuses on investing in high-quality companies that can compound cash flow over the long term [1] - His investment journey began in 2007, and he has a background in accounting and finance [1] - Riba has experience in various industries including pharma, medical devices, textiles, food, and real estate [1] - He currently teaches courses on "Derivatives for risk management" and "Investment analysis" at a Master's Degree program in Financial Management [1] - Riba's investment strategy emphasizes companies with strong competitive advantages, operating in growing industries, expanding margins, low debt, and aligned management [1]

Core Viewpoint - Interactive Brokers Group, Inc. reported a quarterly earnings miss primarily due to a decline in net interest income, which was affected by weaker securities lending revenue [1][2]. Financial Performance - The company reported quarterly earnings of $1.88 per share, missing the analyst consensus estimate of $1.92 [1]. - Net interest income increased by 3% to $770 million, driven by higher average customer margin loans and customer credit balances [2]. Adjustments and Dividends - Non-GAAP results excluded a $5 million loss from the currency diversification strategy and a $3 million mark-to-market adjustment on investments [3]. - The quarterly dividend was raised from 25 cents to 32 cents, and a 4-for-1 forward stock split was declared, effective June 16, 2025 [3]. Analyst Ratings and Price Forecasts - Keefe, Bruyette & Woods analyst Kyle Voigt maintained a Market Perform rating with a price forecast of $181 [1]. - BofA Securities analyst Craig Siegenthaler maintained a Buy rating but lowered the price forecast from $265 to $243 [4]. - IBKR stock has gained over 45% in the past year [4]. Stock Performance - As of the latest check, IBKR shares were trading lower by 9.94% at $156.19 [5].

Core Viewpoint - Interactive Brokers Group (IBKR) experienced a 9.9% decline in after-market hours due to lower-than-expected quarterly results, with adjusted earnings per share of $1.88 falling short of the Zacks Consensus Estimate of $1.92, despite a 14.6% increase from the prior-year quarter [1][2] Financial Performance - The first-quarter 2025 total GAAP net revenues reached $1.43 billion, marking an 18.6% year-over-year increase, while adjusted net revenues were $1.4 billion, up 14.8% [4] - Net income available to common shareholders on a GAAP basis was $213 million or $1.94 per share, an increase from $175 million or $1.61 in the prior-year quarter [2] - Comprehensive income available to common shareholders was $241 million or $2.19 per share, compared to $149 million or $1.37 in the prior-year quarter [3] Expense Analysis - Total non-interest expenses rose by 10.4% year over year to $372 million, driven by execution, clearing and distribution fees, employee compensation, and general administrative expenses [5] - Income before income taxes increased by 21.8% to $1.06 billion, with an adjusted pre-tax profit margin of 73%, up from 72% a year ago [5] Customer Metrics - Daily average revenue trades (DARTs) surged by 49.7% year over year to 3.52 million, exceeding the estimate of 3.44 million [6] - Customer accounts grew by 31.7% from the previous year to 3,616,000, although below the prediction of 3,836,000 [6] Capital Position - As of March 31, 2025, cash and cash equivalents totaled $72.1 billion, up from $68.1 billion as of December 31, 2024 [7] - Total assets increased to $157.7 billion from $150.1 billion, and total equity rose to $17.5 billion from $16.6 billion [7] Corporate Actions - IBKR declared a quarterly cash dividend of 32 cents per share, a 28% increase from the previous payout, to be paid on June 13 to shareholders of record as of May 30 [8] - The company announced a four-for-one forward stock split, with additional shares distributed after market close on June 17, 2025, and trading expected to commence on a split-adjusted basis on June 18, 2025 [9] Future Outlook - The company is expected to benefit from proprietary software development and an increase in emerging market customers, with higher interest rates likely aiding revenue growth in the near term [11]

Core Insights - Interactive Brokers (NASDAQ: IBKR) reported a mixed Q1 performance with revenue reaching $1.43 billion, slightly exceeding analyst estimates by 1.42% [1] - The adjusted EPS for the quarter was $1.88, which fell short of street expectations by 2.66% [1] - Following the earnings report, the stock experienced a decline of approximately 3% in post-market trading [1]

Core Viewpoint - Interactive Brokers Group reported solid revenue growth in Q1 2025, although earnings per share slightly missed market expectations, indicating strong operational performance despite challenges [1][2]. Financial Performance - Earnings per share (EPS) for Q1 2025 was $1.88, below the forecast of $1.92, but an increase from $1.64 in the previous year, reflecting a year-over-year growth of 14.6% [2][3]. - Non-GAAP revenue grew by 14.8% year-over-year to $1,396 million, although it fell short of the expected $1,408 million [2][3]. - Net income (GAAP) reached $964 million, up 21.3% from $795 million in Q1 2024 [3]. - The pretax profit margin (Non-GAAP) improved to 73%, up from 72% in Q1 2024 [3]. Business Overview - Interactive Brokers Group is a global electronic brokerage firm that provides trading and investment services across various asset classes, leveraging proprietary technology for efficiency [4]. - The firm offers access to over 160 electronic exchanges and markets in 36 countries, catering to a worldwide clientele [4]. Operational Highlights - Trading volumes increased significantly in Q1 2025, with customer activity rising across stocks (47%), options (25%), and futures (16%) [6]. - Commission revenue surged by 36% to $514 million, driven by increased customer trading volumes [6]. - The number of customer accounts grew by 32% to 3.62 million, indicating robust client acquisition [6]. - Customer equity rose by 23% to $573.5 billion, reflecting investor confidence [6]. Strategic Initiatives - The company has focused on expanding its technology and enhancing client trading experiences, maintaining low-cost structures and competitive pricing [5]. - A four-for-one stock split is planned to increase stock liquidity starting June 18 [8]. - The company is set to launch cryptocurrency trading services for European Union customers, indicating a strategic expansion into new markets [9]. Future Outlook - The company's outlook remains positive, supported by proprietary innovations and expanding product diversity [11][12]. - Management's focus on maintaining a low-cost structure and high operational efficiency is expected to sustain its competitive advantage [11].

Financial Data and Key Metrics Changes - The company reported record net revenues and pre-tax income, with commissions rising 36% year-on-year, reaching over $500 million for the first time [28][12] - Net interest income increased by 3% year-on-year to $770 million, driven by higher balances, partially offset by lower benchmark interest rates [29][38] - Client credit balances rose 19% to a record $125.2 billion, while client equity increased by 23% to $573.5 billion [12][35] - The adjusted pre-tax profit margin was 74%, marking the eighth time it reached 70% or more [13][34] Business Line Data and Key Metrics Changes - Options contract volumes increased by 25%, futures volumes rose by 16%, and stock share volumes surged by 47% [10][28] - The company added 279,000 new accounts in Q1 2025, a record surpassing previous highs [12][11] - The average commission per cleared commissionable order decreased to $2.76 due to smaller average order sizes and higher rebates [37] Market Data and Key Metrics Changes - The S&P 500 ended the quarter down 5%, with a notable decline of 9% from its February peak [8] - Despite market declines, customer trading activity remained robust, with 22 out of the 25 most active names seeing net buying activity [9][10] Company Strategy and Development Direction - The company plans to continue automating its brokerage business and expanding its product offerings while minimizing costs [25][49] - A stock split of four-for-one was announced to enhance liquidity and affordability for shareholders [14] - The company is actively looking for M&A opportunities but has faced challenges in finding suitable targets at reasonable prices [15][16] Management's Comments on Operating Environment and Future Outlook - Management noted that the long-term trend towards global investing remains strong, despite short-term market fluctuations [25] - The company is well-positioned to handle market volatility, allowing clients to trade across various asset classes seamlessly [66] - There is ongoing confidence in the appetite for US investments from non-US clients, despite recent tariff discussions [58][59] Other Important Information - The company introduced several new products, including additional cryptocurrencies and trading options, to enhance its offerings [20][81] - The SEC's reduction of its fee rate to zero is expected to benefit execution and clearing costs in upcoming quarters [31] Q&A Session Summary Question: Impact of retail pressure on equity market levels - Management observed significant trading volumes during market fluctuations, with a slight decrease in margin loans by 10-12% as clients adjusted their risk posture [55] Question: Appetite for US stocks amid tariff news - There has been no noticeable decrease in non-US clients' appetite for US markets, with continued account openings and trading activity [58][59] Question: Client activity tracking in April - There was a 12% drop in margin loans, but overall trading activity returned to normal levels [71] Question: Expansion of crypto offerings - The decision to expand the crypto offering was driven by regulatory changes and increased appetite for the crypto space, although growth has not met expectations [78][81] Question: Changes in risk exposure fees - Risk exposure fees fluctuate more than margin balances, reflecting clients' quick adjustments to market conditions [121]