According to PwC, which commissioned the analysis, a “swallow” trader typically spends a significant amount of time in markets, especially in financial markets like US and UK equity markets, the benchmark by market capitalisation, for long periods of time.
“There is a certain amount of information that can’t be accessed from all exchanges, and people like this are interested in making the best use of that information,” says Gopaul.
For the analysis, PwC looked at the performance of some high net worth individuals in the US and UK markets.
It was then compared with the performance of their peers from across the financial markets, across different jurisdictions and in different currencies.
“As it has become more and more difficult and expensive for ordinary people to get to trading for long periods of time, you will get greater and greater numbers of people who are seeking their trading knowledge in different ways, from trading small markets by themselves to trading large, regulated equity markets with large trading firms,” says Gopaul.
He adds that “swell traders” are a term commonly used by traders but a technical term for them.
PwC’s report also points out that “there continues to be a high proportion of high net worth individuals who are not active in their trading.”
For the analysis, PwC’s chief asset manager, John Burt, calculated the differences in total returns, adjusted to their respective asset classes.
He also took the average performance gap, which is the difference between high net worth individual’s returns and the performance of all their peers.
“These were just average results from a small group of individuals, and we did it on the basis of a relatively small number of individual results, rather than the totality of their work,” says Burt.
While some of these differences could help traders, say traders, there are also other factors that should be considered.
“A lot of the differences are about expectations and expectations are changing as a result of the technology and the speed and technology,” says Gopaul.
These differences were found to be important in determining whether someone should be considered a swing trader.
“As individuals get more and more sophisticated, their expectations are changing, so is their performance,” says Gopaul.
In the report, PwC also notes that the use of information provided by traders could make things less volatile and more predictable.
“Information is so cheap these days,
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