Company Overview - Interactive Brokers has been in operation for nearly 50 years, providing electronic trading services across various asset classes including stocks, options, futures, currencies, bonds, gold, and cryptocurrencies [3] - The company executes over 3.6 million trades per day, with 84% of its customers located outside the U.S., indicating strong potential for international growth [3] Stock Performance - The stock has shown impressive annual gains, averaging over 50% in the past three years, 33.56% over five years, 24.17% over ten years, and 20.71% over fifteen years [1] - As of the current year, the stock is up approximately 11% [1] Financial Metrics - The current market capitalization of Interactive Brokers is $35 billion [5] - The stock's price-to-earnings (P/E) ratio is 30, significantly higher than its five-year average of 20, and the price-to-sales ratio is 3.1, compared to a five-year average of 1.9 [7] - The company maintains a gross margin of 95.97% and a dividend yield of 0.39% [5] Business Model - Unlike many brokerages with physical locations, Interactive Brokers primarily operates electronically, which helps reduce costs and allows for competitive pricing while maintaining high profit margins [5] Market Risks - The company faces potential risks from macroeconomic factors, including interest rate fluctuations and economic slowdowns, which could impact trading activity and revenue [8] - There are concerns regarding the company's valuation, which may deter some investors from purchasing shares at current levels [7]