Risk and Edge
The "most important" gambling topic and a riddle
Non-self-weighting strategy
Kris Abdelmessih
Risk and Edge
the investment industry is a placebo
Uselessly long feedback loops mean investing is an act of faith
Netting risk, “The Hopeless”, John Arnold and more
a wide smattering of finance nerdom
The variable that balances the buy/rent equation
You’ve solved one equation with one unknown a million times. For example: $20 - 2 * $8.99 = X where: X = how much change you are owed after handing over an Andrew Jackson for 2 hot dogs at Wrigley Field. In finance, this uneventful operation is dressed up with the
two vol trader interview questions
practice with volatility time
How Markets Work
how I sold cotton at an all-time high
The cotton market as a unique example of when derivatives become the underlying
Options and Volatility
Our big TSLA covered call study
Selling covered calls in TSLA for the past 6 years
Options Theory
Options as LEGOs
How to explain options and put-call parity to absolute beginners
Options and Volatility
shortcuts to get implied vol from a straddle
more option math tricks
Options and Volatility
what the vol spread hides
how charts oversimplify
Risk and Edge
the 2 vectors of volatility scaling
the foundation of portfolio construction
Risk and Edge
another example of vol goggles
Delta bid or vol bid?
Options and Volatility
shorter VRP lookbacks
VRP failure mode: a stale denominator
How Markets Work
etf fair value
etf NAV and BTC
How Markets Work
If they ban short-selling derivatives become the underlying
A reminder in the spirit of being attuned to seemingly far-fetched risks: If short selling were restricted in any way, the value of puts relative to calls on the same strike increases in a put-call parity framework. Another way to say this is being long stock is more valuable since
Options and Volatility
the inverted term structure trap
vol term structure backwardation