Citadel Prints a Record $12 Billion and You Are Still Fighting the Spread
The house posted its best trading haul ever. The degens funded a measurable percentage of it. We checked. It was us.
Bloomberg reports Ken Griffin's Citadel posted a record $12 billion trading haul. We would like to take a moment to acknowledge our audience's contribution to this result. Every 0DTE lotto, every market order at the open, every panic close at the low: it all adds up, and it adds up in Miami.
This is not a complaint. Market makers provide liquidity and tight spreads, and the modern retail trader gets execution quality that institutions would have killed for twenty years ago. But there is a food chain, and it is worth knowing where you are on it. When the counterparty to your impulse has a record year every year, the lesson is not that markets are rigged. The lesson is that impulses are expensive and patience is the only edge that scales down to our size.
Anyway, we will all forget this by the next CPI print. See you at the casino.