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