If You Make Money Every Day, You’re Not Maximizing
A treatise on hedging
From CAPM To Hedging
CAPM can help us compute hedge ratios and estimate "idio" risk
Solving A Compounding Riddle With Black-Scholes
A puzzle that demonstrates why option models assume lognormal distributions
I Felt Bad For Picking My 3rd Grader Off
On quarantining risk by reducing dependencies
What The Widowmaker Can Teach Us About Trade Prospecting And Fool’s Gold
How an option market decomposes probability from expectancy
A Cleaner Dashboard: Z-Scores Instead Of Price Changes
Use volatility-aware price changes for more context in your dashboards
Talking To The Diamond Hands
Understanding the psychology of concentrated risk-taking
Shorting In The Time Of ShitCos
A qualitative appreciation for the asymmetry of shorting
Understanding Edge
The foundation of all trading
On Delta Hedging
The broad trade-offs when trying to isolate volatility bets
Measurement Not Prediction
Seeing the present clearly
The ‘Volatility Is A Risk’ Strawman
Risk is more than a single measure
How Much Extra Return Should You Demand For Illiquidity?
A market-based thought exercise for pricing the value of liquidity
Path: How Compounding Alters Return Distributions
See how the path of returns can alter the distribution of p/l independently of expectancy.
Lessons From The Layup – Corner 3 Spread
Practice relative value thinking
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