Ann: Letter to Shareholders, page-36

"For you and others criticising, if you think the business decisions are poor then it's probably up to you to make the case on what they should be doing differently and how you think it might impact their trajectory/metrics."


The following figures are taken from in the latest SWF quarterly published on 12 April.
traders: 123,523 (YOY change - plus 46%)
trades: 380,029 (YOY change - minus 26%)

Averages out at 3.08 trades per trader over three months, and decreasing (traders increasing substantially but trades decreasing substantially). Currently, an average trader at SWF does approx one trade per month.



From these figures, there are three very obvious simple generalised conclusions, without going into time-wasting details (I'm too busy trading).

Conclusion #1: SWF has few frequent traders, despite having low fees in comparison with other more expensive brokers that undoubtedly have many frequent traders.

Conclusion #2 : SWF's user interface is clearly not suitable for frequent traders, otherwise SWF with its low fees would be attracting heaps of frequent traders.

Conclusion $3: To become a profit-making machine, SWF needs to spend money on attracting frequent traders by radically improving its user interface to make it suitable for them, and stop wasting money advertising for more traders who average only one trade per month.



Unfortunately, there is a 4th conclusion that is based on my opinions of SWF's track record and on its user interface and on many apparently delusional comments made in SWF's recent letter to shareholders.

Conclusion #4: It is doubtful if SWF has the ability to carry out conclusion #3.