How Markets Work
Why Investing Feels Like Astrology
Textbooks are far behind the market meta-game
Kris Abdelmessih
How Markets Work
Bubbles: Knowing You’re In One Is Not Even Half The Battle
Knowing something is a bubble doesn't prescribe an easy action
Options Theory
Understanding Vega Risk
Learn how option prices depend on changes in implied volatility
Options Theory
Berkson’s Paradox
Why correlations breakdown in the presence of "range restriction"
How Markets Work
Shorting In The Time Of ShitCos
A qualitative appreciation for the asymmetry of shorting
How Markets Work
Understanding Edge
The foundation of all trading
How Markets Work
Twitter Reminds Me Of The Trading Pits
Information games
Options Theory
Interview Questions A Market Maker Gave Me in 1999
A focus on basic probability
Options Theory
On Delta Hedging
The broad trade-offs when trying to isolate volatility bets
Options Theory
Structuring Directional Option Trades
Options allow us to express bets on the distribution of the underlying instead of just "will the stock go up or down?"
How Markets Work
Distributional Edge vs Carry
The problem with buying "low" and selling "high"
How Markets Work
A Former Market Maker’s Perception of PFOF
Payment for order flow, market segmentation, and returns to scale
Options and Volatility
How Options Confuse Directional Traders
How you can be right on direction and still wrong
How Markets Work
Prices Are More Than Expectations
The difficulty of extracting what markets imply
Risk and Edge
Measurement Not Prediction
Seeing the present clearly
Risk and Edge
The ‘Volatility Is A Risk’ Strawman
Risk is more than a single measure