How Markets Work
Distributional Edge vs Carry
The problem with buying "low" and selling "high"
How Markets Work
How Markets Work
A Former Market Maker’s Perception of PFOF
Payment for order flow, market segmentation, and returns to scale
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
How Markets Work
Snowflakes vs Lemmings
First principles or fast-follow?
How Markets Work
Making Property Taxes Apples to Apples
Different state tax regimes make home price comparison difficult.
How Markets Work
DCF As A Lower Bound
DCF valuations underestimate the value of an asset will trade for.
How Markets Work
You Don’t See The Whole Picture
Syngerstic bids look expensive to those without the same diversification advantages
How Markets Work
The “No Easy Trades” Principle
The moontower version of the "efficient markets hypothesis"
How Markets Work
Why You Don’t Get Paid For Diversifiable Risks
Examples of a counterintuitive aspect of portfolio theory
How Markets Work
Negative Prices Make Sense
How oil tested assumptions that hold most of the time
How Markets Work
Dinosaur Markets
Markets are not democracies
How Markets Work
For Fun, My Career Origin Story
The start of an option career in 2000
How Markets Work
Do Professional Investors Understand Fees?
Non-obvious relationships between volatility and management fees
How Markets Work
Lessons From Susquehanna
Portable lessons from my SIG days
How Markets Work
Market Mutations
An example of the biological nature of markets