The brokerage business for high-value assets is one of the most profitable, and also one of the best ways for individuals to accumulate wealth.


The essence of brokerage is matching trades, pricing the costs of trading frictions (i.e., liquidity).
Everything is a market maker.
Real estate brokers, art brokers, watch brokers, investment banks/financial advisors, securities market makers.
They do not hold inventory risk (not that they do not hold inventory, but that they do not hold inventory risk), earning liquidity premiums.
Scale effects are strong, and relationship networks or high-frequency pricing capabilities are moats.
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