On June 2nd I tweeted: June expiry in USO vol change on the 3% rally... OPEC agreed over the weekend to hike production...but you saw the Ukraine-Russia developments. Competing bullish/bearish effects Vol is lower today if you look at the June surface. But it's probably up
Risk and Edge
Non-self-weighting strategy
Risk and Edge
Uselessly long feedback loops mean investing is an act of faith
a wide smattering of finance nerdom
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
practice with volatility time
How Markets Work
The cotton market as a unique example of when derivatives become the underlying
Options and Volatility
Selling covered calls in TSLA for the past 6 years
Options Theory
How to explain options and put-call parity to absolute beginners
Options and Volatility
more option math tricks
Options and Volatility
how charts oversimplify
Risk and Edge
the foundation of portfolio construction
Risk and Edge
Delta bid or vol bid?
Options and Volatility
VRP failure mode: a stale denominator
How Markets Work
etf NAV and BTC
How Markets Work
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