Risk and Edge
The Coastline Paradox in Financial Markets
there's no single volatility, just as there's no single measure of coastline distance
Risk and Edge
there's no single volatility, just as there's no single measure of coastline distance
Options and Volatility
Selling puts in squeezes
Options Theory
Pricing American Style options
Options Theory
American options as "optimal stopping time" problems
How Markets Work
votes vs money-weighted votes
Options and Volatility
Last week, in part 1, we backfilled prerequisite knowledge: 1. Distance in return space: equal percentage moves aren’t equal in compounded or log space 2. Vol bonus vs vol tax: trend and chop change the distribution of a levered asset 3. Derivatives-on-derivatives: options on the underlying ETF are inputs
Options and Volatility
“They” say human labor will be irrelevant by 2027. By then, any business you can think will be solved by capital (electricity and tokens) before you brush your teeth in the morning. You either get rich in the next year or join the permanent underclass. So we aren’t shocked
Our thinking on options, trading, investing.
key differences between retail and institutional traders
the "system 2" reaction to a proposition
stubborn assumptions die hard
proving diversification is a free lunch
How parallel coordinates turn four volatility metrics into actionable trade structures
speedrunning feedback
Jeff Yass on prediction markets
funding edge cases
every industry has its challenges
law of one price in action
things to watch for in option chains
resources for beginners