Errata, Errata, Errata

Actually in the illustration in the prior blog $27.35 is the commissionless "breakeven", so the shares have to get above that price to win in a no-commissions world.

As noted, and as bears repeating, in the real world the effect of commissions will be to increase the breakeven price.

Presumably, hedge funds that do a lot of business with a broker (often called a "prime broker") get better commissions than John Q. Public. I would not be shocked to hear that they get better execution as well.