Roommate starting a trading fund
My roommate has been a pretty good investor wether it's stocks or real estate. He is starting a fund to trade and I'm considering investing something with him. I want to know if this is legal for him to do? He doesn't have any type of Series 7, 56, or any of it.
Probably not. Maybe if you are related.
are we talking throwing him some $$ in an e*trade account and splitting profits?
If so, you're probably okay. Just make sure you (highly, highly, highly, highly) trust this dude though (highly).
He is trying to manage funds, along the lines of starting a hedge fund. I trust him with the amount he is being given.
just use IB and call it a day
I wouldn't. Reward = Very doubtfully a higher reward than investing with professionals + incremental friendship that comes from him making you $ (seems minimal since you're obviously already good friends if you are considering giving him $ to invest). Risk =Big because he is inexperienced + additional risk of living with a guy who might loose you $ and hurt a friendship / living arrangement
that wasn't as eloquent or concise as I'd like it to have been, but hopefully you get what I'm saying.
This all looks legit and neither of you sounded retarded in any way, shape, or form. Your roommate is going to make a killing collecting 2/20 on $5k of AUM (that $100 that your grandma gave you for your birthday last year and his barmitzvah money he stashed away).
I only invest what I can stand to completely lose anyways. If he loses it from not stealing it, I really would care less. I'm willing to take the shot on someone that has proven returns that I know. People outside of FF have already invested money for him to trade. Before I get involved, I wanted to know if it is legal for him to except investor dollars to trade with?
It's "accept" not "except". You should probably learn how to read and write before you start throwing money at shit you can't completely understand.
You missed a comma, and the period of your first sentence should be placed within the quotation marks.
That said, OP is a moron.
This is just a mess. The idea and this thread.
Who the hell are you?
Great Idea!
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