WEBB buys Caerus

Who is Webb ?

anybody knows what’s WEBB’s trading approach? what signals do they use and how much do they rely on latency?

Tibra and Optiver to merge next

tibra is also ran, last remains of the super bubble

what has tibra got that optiver ain’t got?

Who is Webb ?

http://www.webbtraders.nl/

‘Now they are taking over, when will be the next round of kicking out people’

there is no round of kicking out, its a difficult business and people are the biggest cost, whenever you can save the cost, nothing personal

‘Only two traders were fired as far as I know.’

how come they got fired, lost their modjo or didn’t want to put into parternship or clash of thoughts or tired already?

yes, cerus was looking for orc java developer, isn’t orc good for options while rts/tbricks good for delta one, where is the synergy?

rts, orc, tickts, tbricks and prop system

I am using it becasue gave ne some demo and you can program it with c# and the code of matlab. It is good system for prediction and for pairs like cointegration but not for pure arbitrage becasue the latency is not the best, then i would like to know if the only way to do latency arbitrage is doing your own fix engine in high computing way. I am really interested in latency arbitrage and if somebody can give me some tip or reference can be fantastic. It is possible the arbitrage in forex??
many thanks

“something in fpga and binay code”

definitely on your way to world domination

‘It is possible the arbitrage in forex??’

of course, what do you think trading firms and banks do in FX?

‘definitely on your way to world domination’

lol, throw in some more jargon, you would already be hitting it out of park

…erm, people like Marco and Thijs *were* the expensive staff!

‘people like Marco and Thijs *were* the expensive staff!’

how come these 2 clowns got to buy caerus, was caerus that desperate?

one person said to me that it is impossible to do arbitrage in forex like triangular arbitrage. What do you think it is the best way to do it? The main thing is to use a prime broker like ABN, but it is necessary to open another one with other prime broker with differents liquidity providers to do it? you can do arbitrage with ETF, futures and options or only with differents pairs? many thanks.

‘when you are a big bank and you rob your clients by 10 pips up to a big figure’

It’s trading and business, if the client is stupid, why wouldn’t the dealer take his/her money? Every business wants to do that

‘money for nothing’

You can say the same thing for brokers too. The issue is that there is great big infrastructure in running a trading book, you can’t just start a charity shop for clients when you have all the sales, mo, operations to feed

‘chicks for free’

how about you get a bit real and stop glamorizing it so much

“how about you get a bit real and stop glamorizing it so much”

how about you brush up on your knowledge of ’80s music instead of projecting your own fantasies!

That’s the problem with all those 22-year olds on trading desks. They take life too seriously and have never heard of the Dire Straits.

I’m pretty sure the same was said about you when you were 22 and the older guys made fun of you for not knowing Sinatra or Bing Crosby.

It took that long?

Depends on how it will be taxed.

any guess on the impact of such a tobin tax on high-frequency prop trading companies in the case of futures, options, and equities? It seems the idea is to differentiate between derivatives and non-derivatives.

Holland was smart enough to not underwrite this, so there should be no impact for dutch market makers

Question 1: This is the big unknown yet.

Probably: no tax on trades done on AEX/NL products. But Eurex for example will be taxed, also for Dutch marketmakers.
But who knows…maybe eurex moves completely to Switzerland.

Anyway, it would sound logical to exempt prop trading firms, since they did not cause the crisis and are not engaging in speculations which could potentially impact the economy. Prop trading firms will ever be bailed out with taxpayer money, so there is no point for them to pay a tax and give back to society.

The big banks, first of all Goldman Sachs, are doing this and should pay a transaction tax.

the problem were subprime mortages, higly illiquid and opaque products engineered by banks which gave the opportunity to everybody to own a house, regardless of the ability to pay back the debt

it this is true IMC can shut down their European ETF and Options market making divisions

‘it this is true IMC can shut down their European ETF and Options market making divisions’

ETF they’ll shut down anyway, as it is only losing money. For Options it would be a pity.

breakeven?? that sounds like a waste of energy and time.

Some prop shops were fine doing stat arb on liquid books, but find they can’t cover the increasing fixed costs in low vol-low volume environments. Firms like imc/optiver are no one-trick pony’s.

‘the problem were subprime mortages, higly illiquid and opaque products engineered by banks which gave the opportunity to everybody to own a house, regardless of the ability to pay back the debt’

never mind, you missed the entire set of underlying forces behind the Great Financial Crisis

‘For Options it would be a pity’

why?

Persistent rumours that Tibra is down $50 million
in the last year. Redundancies are accelerating, and
things have reached that tipping point where the best
people are fleeing while the dregs are hanging on.

The debacle of a case against Optiver continues to entertain.
With more and more evidence pointing to the fact that people
not only stole Optiver code but benefited hugely from the
exercise, things are beginning to look grim. It appears Tibra
is attempting to cut the throat of one of the developers
involved in an attempt to limit their liability in case of
an adverse outcome.

The management abilities of the founders who still
cling to upper management positions are of course hilarious.
Those original shareholders who left or were pushed early
are desperate to get their money out before it all goes down
the plug hole: desperate enough to sue the Tibra board for
mismanagement. When company founders need to be escorted
of the premises you know things are getting interesting!

All in all, Tibra is continuing to be an entertaining, if
not at all profitable, place to work! I look forward to many
more long days!

xxx FTDi.

‘who the fuck are these top guns and where are they from?’

http://online.wsj.com/article/BT-CO-20121108-713791.html

“desperate enough to sue the Tibra board for mismanagement”

Which court is this in? I can’t find it on the Commonwealth Courts Portal.

Tbricks is the new good thing for options market making.

@11.01 Without claiming any extra knowledge: I would assume that all the profit (and a bit more) would have been made in the latter half of 2011. That’s when volumes and volatility were high and all market makers were doing well.
If Tibra managed to make only 9 mln (before write-down) between July 2011 and June 2012 I think it’s a fair assumption they have been running at a loss in the first half of 2012.

There is therefore no reason to assume that the loss of 50 mln would have occured between June and October, as you do. More likely they have been bleeding consistently during the year, with the bleeding speeding up towards the end (even lower volumes and volatilities).

I tend to disagree with your comment about companies buying back shares only in good times. Have you never followed the stock market? Ever heard of KPN?

‘That figure includes a writedown on the value of intellectual property to the tune of $4.589m AUD’

is that IP the stolen code form Optiver which has finally run out its natural life

‘I would consider an alleged $50m AUD loss between then and 15th October as having a “significant effect”’

you are taking the rumors off this blog far too seriously

‘It must be said that companies tend to buy back their own shares when they are in a strong financial position and have surplus cash.’

Enron and Lehman brought back its shares, sometimes management does that to support pubilc share price to give an impression of strong position. Being a private company, buying shares does of course sound strong financial position

‘It is embarrassing that an actual outsider has better information than someone that claims to be an insider.’

he ain’t got any better information, its just stupid rumour mongering.

‘If Tibra managed to make only 9 mln (before write-down) between July 2011 and June 2012 I think it’s a fair assumption they have been running at a loss in the first half of 2012.’

Nice comeback

“The debacle of a case against Optiver continues to entertain.
With more and more evidence pointing to the fact that people
not only stole Optiver code but benefited hugely from the
exercise, things are beginning to look grim. It appears Tibra
is attempting to cut the throat of one of the developers
involved in an attempt to limit their liability in case of
an adverse outcome.”

Way too funny. Please tell us more, FTD Insider. Particularly about this “more and more evidence”.

I’m an FTD Insider as well, and I’ve got no idea what you’re saying when you talk about “cutting the throat” of one of the developers. I assume you are referring to Muirhead or Tydeman but don’t know what it is in reference to. Please tell us more, oh great one.

you don’t have to rest anything you dumb ass, there is a bloody difference between a public company supporting its stock price on an exchange vs a private company using cash stock pile to affect ownership percentage

“what about these two, did they join with danny from optiver to start tibra?”

You call yourself an insider, but don’t know who these two are?

@1.52 I don’t see that commenter making any claim that he’s an insider.

@ 2.15 The website of the chamber of commerce (kamer van koophandel) http://www.kvk.nl

“you don’t have to rest anything you dumb ass, there is a bloody difference between a public company supporting its stock price on an exchange vs a private company using cash stock pile to affect ownership percentage”

unless someone cashed out

andrew king

Tim Berry is the man…

Title of the book: ‘Copy-Paste’

Is he their market data guy ?

“any details on this Brenton guy?”

Nothing on LinkedIn. Nothing on Facebook. Nothing on Google generally.

Is he a ghost?

Big step up from market data guy to janitor. Folding money, and some pull with the ladies. Good times.

@8:10 Tibra doesn’t realign incentives, they just promise too… unless perhaps it’s the incentive to not get fired

@4.50 “Tim Berry is the man”

I heard Berry was moving to Bouvet Island to run the company from there?

any chance that Rob Kalmaris could come in as a hired gun CEO at Tibra, or is there too much bad blood there from the Optiver days?

perhaps Tibra may dangle a nice carrot in front of Paul Hilgers to entice him to jump ship. anyone got a market on the next Tibra CEO – expressed in deltas?

35/40 on rob kalmaris

5 bid on Randal

at 20 on nick begg

isn’t there somebody from tibra board who can give their clueless opinion to the above moronic mix

What is the current status of the beloved former CEO of optiver Randal Meijer? is he flogging gold to the public at rip off rates like his protege

@10:35

Batman and Rob

any chance of a return from vloerhandel?

Yeah, he has built a new tool that will hammer all competitors in the Kospi

hes probably trying to hammer his tool in different places than the kospi i guess, probably somewhere on a boat

from sources. dowson has been kept under wraps at australia for strategic reasons.

Hoe loopt ‘t bij hen met posities in SNS aandelen en/of opties? De Ondernemingskamer zal vermoedelijk op z’n vroegst pas over 2 jaar kunnen oordelen welke prijs betaald moet worden voor de onteigende stukken (als het al niet 0 is). Ondertussen kun je deep ITMs niet uitoefenen en sowieso geen stukken leveren.

En wie is de liquidity provider in SNS opties? Laat me gokken: All Options en Allard verdient er 50 miljoen mee. Wat een poppenkast.

from sources. IMC’s recruiters are the hottest

How is it with them with SNS positions in shares and / or options? The Enterprise is expected at the earliest until about two years to decide what price to be paid for the expropriated pieces (if not 0). Meanwhile, you can not exercise and deep iTMS anyway no documents delivered.And who is the liquidity provider in SNS options? Let me gambling: All Options and Allard earns 50 million note. What a charade.

‘from sources. IMC’s recruiters are the hottest’

your source has hadn’t had sex in a while, ask him to get laid and then re-visit this topic

‘ have they been actually interviewing for this position, until somebody comes forward, pls keep your mouth shut’

+1

For all you know, the job posting might just be a decoy to fool the market.

February 2nd, 2013 at 2:47 pm:

Fool the marke from what? Aren’t they out of the positions already? Brokers are saying business as usual at Eclipse as well.

For a market maker trading listed products there is really only one party that needs to think they’re healthy, and that’s the clearing. And for them there’s no keeping up appearances, since they know exactly how Eclipse is doing. The lessons from ’08 apply more to banks.

Is this still the Caerus Channel ??

‘There are no outside investors’

They are lining up potential outside investors aren’t they?

‘the partners and employees are also internal parties that all know quite well what the situation is like’

The partners might be a different story, but what do you think average employee knows about what partners are upto in the meeting room?

‘These people are not fooled by a job ad online.’

The management is still hoping they might be, and they very well might be given their intelligence level

‘For brokers there’s little risk’

There is no risk, but wasted energy in getting involved with a dead mm

‘If you still think that a market maker and a big bank are the same, then you haven’t learned much from the financial crisis.’

you are as buttheaded as you hard headed, which part of ‘the lessons apply to all financial market participants as most parties in the business are the rats on a ship who would jump off at first sign of trouble’ says that two time mm is same as tbtf bank. it implies the lessons of confidence game applies to all financial markets, giving healthy importance is paramount, you can argue on the levels of importance based on firm’s nature of business, but the lesson stands, looking strong is no fucking brainer

Where did you find this case? It doesn’t show up at http://searchcourtlists.lawlink.nsw.gov.au/scm/search

I’ll download the ASIC documents for Tanamerah Estates and see who it is.

Tanamerah Estates Pty Ltd belongs to James Scott Tydeman, from Wentworth Falls in NSW.

Why is he suing Tibra?

get a life, its not even a whole buck

if you can, finish the article

http://www.reuters.com/article/2013/01/22/us-asia-hedgefunds-idUSBRE90L00420130122

That page also says: “It deals with the most serious criminal matters, including murder and treason.”
Maybe it’s not a money matter, but someone feels like there’s a traitor in their midst…

Hey JT, how’d the opening day go?

As one of the earliest developer, James Tydeman falling out with Tibra can’t be a good thing for Tibra in their case against Optiver.

JT jumped ship? More like got run out of the company for not actually doing anything useful for his last two years there – tried to ensure every decision affecting development had to go through him, then never actually made decisions. This is probably over his being forced to sell his shares on ceasing to be an employed by Tibra while others (e.g. Bhandari and Maddock) weren’t forced to sell theirs when they left. Not that Tibra shares are worth anything these days, company’s just throwing good money after bad.

Tydeman can choose to testify either for or against Tibra irrespective of whether they did in fact steal the code or not.

If Tibra did not actually steal the code, but he testifies that they did, then he is at risk of perjuring himself. (There was a former judge that went to jail for two years over something as insignificant as a $75 speeding fine!) And what could he possibly say without implicating himself anyway? “Everyone except me copied the code”? A judge won’t buy that, especially coming from a disgruntled employee that tried to sue the company for bucketloads of cash and failed.

What was the share price that he received for his 231830 shares?

No the funniest part was he brought his mum along and she helped him take notes…

At the hearing of the notices of motion, at Mr Tydeman’s request, and without objection from counsel for Tibra, I permitted his mother, Catherine Tydeman (“Ms Tydeman”), who is also a director of Tanamerah, to sit with him at the bar table and act as a “McKenzie friend” (see, McKenzie v McKenzie [1971] P 33). Thereafter, she sat at the bar table, with Mr Tydeman, taking notes, quietly making suggestions to him, guiding him, generally, in relation to the conduct of the proceedings and providing other assistance. She did not seek to address the court, or otherwise take an active part in the proceedings. (There was no suggestion that she was qualified as a solicitor.)

After reading the almost 200 paragraphs that constitute the judgement, it’s sad to see that the actual complaint was never even addressed. The whole thing can be summarised as, “JT has no understanding of the legal system and no idea how to present his case, so he wasted a lot of money by bringing something to the supreme court in the wrong way.”

Hearing rumours that IMC is putting together a proposal to buy Tibra

…and the source code to Optiver

IMC does not have the money to buy Tibra

“But aren’t you assuming that the stock was being bought and sold at book value?”

I’m not assuming anything about what he paid for the shares. If he thinks now that he paid too much, then that is his problem. No one had a gun to his head. Imagine a market where hindsight allowed you to cancel trades you did a few years ago.

If Tibra’s bid uses a Net Asset Value methodology then that’s all he gets.

IMC are trying to get into the hedge fund business and are trying to raise assets. Unfortunately investors see that they have a conflict of interests with the prop business next to a hedge fund business.

“Yeah I think he didn’t read the fine print. Seems pretty clear.”

Can you post a copy of the share sale agreement?

“No…. I am just going by “Net Asset Value” in the judgement.”

I cant see anywhere where in the judgement saying Tydeman has failed. I think if he gets a solicitor he can keep going.

Haha this is all so funny.

Tibra are not strangers to the courts!!

Nothing to do with office politics. The shareholders agreement lists the conditions you need to satisfy to retain your shares. JT knew when he left that he didn’t satisfy those conditions so he had to sell. Bhandari continues to satisfy those conditions and still holds shares. Maddock chose to sell because he failed to satisfy the ongoing conditions of being a shareholder.

same thing happened with gs, the prop trading was overwhelming, but the gs brand is so strong that despite the below average performance, gsam has got market leading aum

the condition is a 3 yr vesting period (or similar) and also an obligation not to compete. the original sa makes it sound like you won’t be forced to sell shares below the level where new people can buy in. this was also the way the shares were marketed internally.

when the first peeps left, somebody went through the SA with a comb and managed to construct a fuck you provision: by combining a few different clauses they claimed that if no-one bid, they could force a sale at net asset value – wiping about half the share value.

there is a reasonable argument that this was never the intention of the SA, and that coming up with this interpretation is misleading. obviously not clear cut one way or the other, that’s why it’ll be a ‘complex’ case that’ll go to court if JTs mum ever gets her law degree.

originally when this issue came up, most bigwigs were saying they’d fix it, amend the agreement to remove the technical fuckyou, and make the SA match the original intent. this dragged for about a year, but because it needed 95% or whatever to change the SA or maybe cos they never intended to fix it, it never got fixed.

the funniest thing is they fucked themselves so hard cos the share price halved overnight – no-one would buy something with the risk of getting fired tomorrow and forced to sell unders. so all that brw rich list bs is based on shares marked at the offer in a market wider than clerks arsehole. no market, so no shareholders had a chance of getting out at the high, they get to hold that shit and watch it bleed every day.

so now you know

“the funniest thing is they fucked themselves”

You forgot to to mention that this was the catalyst for a raft of European guys quitting to setup Maven (who now employ heaps ex-tibra guys).

“Do you think Tibra is obliged to pay any more than Net Asset Value?”

depends on the sa and who is holding the dildo.

anybody know what optiver and Imc net asset value is ?

“so basically the orignal peeps who cashed out got paid at the high, and then the SA was reconstructed ?”

No. Tibra has never paid any more than Net Asset Value for its own shares. That has been in the SA since the start and has not changed.

“Do you think Tibra is obliged to pay any more than Net Asset Value?”

If the intention is to pay a fair value for the fraction of the business owned by the departing employee, then NAV has nothing to do with it.

A price you pay for the business as a going concern depends on your view of its future earnings at that point in time, which was 2 years ago in this case.

A bank like BAC is trading less than book because the market is discounting the possibility of further litigation and writedowns from subprime. Wells steered clear of the mess and is trading at above book. What does the value of common equity has to do with valuation? It’s a reference point for sure. If two years ago Tibra was doing well then paying them just NAV they got ripped off. Valuation would have been higher.

I’d say the intention of the shareholder agreement is to rip off smaller investors.

‘A bank like BAC is trading less than book because the market is discounting the possibility of further litigation and writedowns from subprime’

market knows no bloody discounting mate, is the stupid discount curve as volatile as the boa’s stock price?

‘Wells steered clear of the mess and is trading at above book’

Wells got lucky mate, it didn’t know its head from ass, but it has got the biggest mortgage business in us whereas boa is winding down its countrywide, wait for bryan mohinan to make boa more wells than wells itself once boa builds their own mortgage business with fannie and freddie’s life coming to end

‘If two years ago Tibra was doing well then paying them just NAV they got ripped off. Valuation would have been higher’

you like stating the obvious multiple times?

“and that coming up with this interpretation is misleading. obviously not clear cut one way or the other”

You are a retard of the highest order if you sign a document that says to “complete the buy back by the Company of the Sale Shares on a Net Asset Value basis” and then call it is misleading. One thing is clear cut: you are a fucking idiot.

Most reasonably it has always been the intention of that section to ensure that a bad leaver will depart with the absolute minimum. It is pretty naive to suggest otherwise…

‘You are a retard of the highest order if you sign a document that says to “complete the buy back by the Company of the Sale Shares on a Net Asset Value basis” and then call it is misleading’

is that what has happened, what’s the confusion and court case about then ?

‘Nothing to do with good leavers or bad leavers’

do you know your head from arse?

‘I don’t know if you know this, but companies don’t have to have buy back provisions if they don’t want to’

of course companies don’t have to even pay salaries, but thank god they do, to help pay for the bills

‘Tibra chose to give shareholders a way out if they want to sell, and that price is Net Asset Value’

reminds you of IMC style management, U, the door, F U, haha

‘Wouldn’t it be nice if a company was obliged to buy your shares at a higher price than you paid for them. Risk free cash!’

It’s called incentive comp mate, do you work in finance department? handling all the cash flow but no freaking idea why?

“I don’t know if you know this, but companies don’t have to have buy back provisions if they don’t want to. Tibra chose to give shareholders a way out if they want to sell, and that price is Net Asset Value.”

Hahaha. This is not about WANTING to sell. This is about being FORCED to sell. I’m sure every one would have been happy to leave and KEEP the shares until they found a bid they were happy with.

Are people really this moronically stupid, or is the the Tibra dept. of brand mgmt and damage control trying to sing a little Muddy Waters?

@6:55 In fact towards the end of Darwins life he refined his comments proposing that its not the survival of the fittest rather the survival of the strongest communities that prevails. We advance ourselves by building mutually supportive communities.

‘Go and read paragraph 21 of the judgement again. The primary allegation is that Tibra breached the terms of the agreement. All the other allegations don’t amount to much if this primary allegation is false’

again, if the case has no merit, what’s the confusion and court case about then?

‘I’m sure Tibra would also be happy to have employees leave, start working for a competitor, but have no way of removing them from the share register. Idiot.’

it ain’t idotic my friend, if i left goldman to work for jp morgan, why can’t i continue to hold gs shares?

@1:05 Internet = Community(s) = Information = Power

“it ain’t idotic my friend, if i left goldman to work for jp morgan, why can’t i continue to hold gs shares?”

Because they are publicly listed. Being a shareholder in a private company tends to allow you access to more information than the general public. Idiot.

‘Being a shareholder in a private company tends to allow you access to more information than the general public’

‘tends’ is a very strong assumption, one which can very easily be taken care of? Idiot?

“‘tends’ is a very strong assumption, one which can very easily be taken care of? Idiot?”

Is that a rhetorical question or not? You need to communicate more clearly.

No, it’s not a strong assumption. Public companies have no real control over information once it has been given to shareholders. Anyone can become a shareholder, so the information is effectively public.

Private companies can enact rules to control who can and cannot become (or continue to be) a shareholder. The upside for the shareholder is that they can be allowed access to information that is not generally available to the public.

How did you intend to easily take care of this very strong assumption?

“JT is free to continue if he gets a lawyer.”

Of course he is. But you have to ask why he doesn’t already have a lawyer. He admits that will not face financial hardship by doing so. He blames a “general distrust of lawyers”. If I was deluded, that’s what I would say too if lawyers kept telling me that the case had no merit.

‘Because they are publicly listed. Being a shareholder in a private company tends to allow you access to more information than the general public. Idiot.’

Lots of Optiver shareholders don’t work for Optiver anymore. As far as I know, Optiver is not a public company. Idiot.

this is funny stuff. I’m hearing very bad things from people who’ve recently left Tibra as well as from people who are still there. No one except the principals are or ever were happy with the SA.

LOL. A real nest of vipers, all turning on one another!

Thought they both hate Tibra

i love the hammer, happy valentines day

St Valentine happened

Emir started the IMC Chicago office and headed it for many many years. I guess Rob wanted the office to be run by the Dutch.

Rumors are that Emir’s job was too much overlapping with the new CEO in Chicago, so Hartog fired him to still have something to do in the office. An example that not always cheaper people replace more expensive people at IMC

you don’t have to worry about getting off topic, plenty of topics can be discussed all at the same time, you just need relevant participants and comments

anyone know if JT found a lawyer?

Everyone’s mum is busy with their kid’s lawsuit already.

Looks like JT got a lawyer:

http://searchcourtlists.lawlink.nsw.gov.au/scm/search

1st March, 9:00.

he’s just signed up to lose even more money unfortunately…. but optiver and tibra signed up to losing a lerger amount of money to lawyers with their ongoing court case. How much have they spent on lawyers each?

Yes. Tibra. Somehow they always ended up as the defendant with someone.

I hear rumours that Tibra are suing Maven now.

tibra suing maven? surely not. if they do then the principals must be the most hypocritical clowns going around. surely, surely they won’t.

‘Looks like JT got a lawyer:

http://searchcourtlists.lawlink.nsw.gov.au/scm/search‘

the link is just a search portal, what do i look for, your mum?

‘Optiver doesn’t mind losing money on the Tibra case. It’s just a deterrent for other entrepeneurial optiver traders and developers that are thinking of setting up their own shop with borrowed code’

how easy is it to borrow code? would the borrowed code actually make any difference given the environment? is anybody actually thinking of pulling off something like this anymore? it’s just a stupid distraction, but i guess that’s what management needs, enough distraction for the worker bees

‘Suing Maven for what?’

non-compete?

so optiver is suing maven now?

don’t change the subject

>‘Looks like JT got a lawyer:
http://searchcourtlists.lawlink.nsw.gov.au/scm/search‘
>the link is just a search portal, what do i look for, your mum?

Search for tanamerah

It’s 9am tomorrow in Court 1A Queens Square Sydney. Bring popcorn.

who cares, old disgruntled leavers always dream about suing their employers, what’s the point in watching one play out in real life?

“who cares, old disgruntled leavers always dream about suing their employers, what’s the point in watching one play out in real life?”

Because there are half a dozen past and present employees who are either also in the process of suing Tibra or will be. They want to know how this case pans out.

“even fewer bring their mum with them to the supreme court. This is JT – it’s bound to be entertaining one way or another.”

Didn’t he buy into Tibra shares with his mum’s self-managed super fund? Poor JT must feel pretty bad losing his mum’s life savings to a bunch of crooks.

The only ones who can do a great job are the traders, Tim Berry, like the other managers at Tibra are just overhead.

‘The only ones who can do a great job are the traders, Tim Berry, like the other managers at Tibra are just overhead.’

so why are they not hiring more of those great traders and fire some of the overhead managers?

‘so why are they not hiring more of those great traders and fire some of the overhead managers?’

how can management fire itself?

‘how can management fire itself?’

sr mgmt can fire jr mgmt? are you mgmt?

which comment is from tim, and how is he being precious?