How Markets Work
When it's normal to have no idea what your returns are
The lingua franca of asset management regardless of strategy is returns.
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Options and Volatility
Ratio’d
The follow up to Breakpoints
Options and Volatility
Narrating An Option Trade
Stepping thru my GME roll
Options and Volatility
Breakpoints
Gridpoints on the vol surface
Options and Volatility
Riffing on Paywalls, Trading & Options
GME trade and more
Options and Volatility
What Equity Option Traders Can Learn From Commodity Options
Lessons of markets that rhyme
Options and Volatility
Scatterplot Gallery
A tour of SPY skew in pictures
Risk and Edge
When it's normal to have no idea what your returns are
On thinking of performance in pure dollars
How Markets Work
When Car Leases Offer Options For Less Than Zero
Back out the option premium from a car lease
Options and Volatility
“Renting A Straddle”
When event pricing hides extremely cheap trading day volatility
Options and Volatility
A birdie asked how to model a 1-day option
Thoughts about pricing 0DTEs that respect how volatility unfolds
Options and Volatility
Using Options Better
A smattering of practical option tips
How Markets Work
Mermaids, Fireflies, and the Bid-Ask Spread
On ETF and option market-making
How Markets Work
Life Settlement Arbitrage
A guest post showing how “markets find a way”
Risk and Edge
Know Nothing Sizing
Vol is more stable than returns
How Markets Work
Growth rate = 70% * (doublings/years)
If you can count doublings then you can easily dazzle your friends with how fast you estimate a growth rate for any number of years.