Getting Less Screwed On Compensation
Trading risk reversals on your bonus
Education
Moontower Blog
Our thinking on options, trading, investing.
How I Misapplied My Trader Mindset To Investing
On overlearning lessons
Talking To The Diamond Hands
Understanding the psychology of concentrated risk-taking
Why Investing Feels Like Astrology
Textbooks are far behind the market meta-game
Bubbles: Knowing You’re In One Is Not Even Half The Battle
Knowing something is a bubble doesn't prescribe an easy action
Understanding Vega Risk
Learn how option prices depend on changes in implied volatility
Berkson’s Paradox
Why correlations breakdown in the presence of "range restriction"
Shorting In The Time Of ShitCos
A qualitative appreciation for the asymmetry of shorting
Understanding Edge
The foundation of all trading
Twitter Reminds Me Of The Trading Pits
Information games
Interview Questions A Market Maker Gave Me in 1999
A focus on basic probability
On Delta Hedging
The broad trade-offs when trying to isolate volatility bets
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?"
Distributional Edge vs Carry
The problem with buying "low" and selling "high"
A Former Market Maker’s Perception of PFOF
Payment for order flow, market segmentation, and returns to scale
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Options, volatility, and risk — written by traders, delivered when we publish.