Search results

I would agree with that. it was also his least controversial policy.

it was a pretty solid high school.

Des wasn't naive. He's one of the best calendar traders I've ever met. His understanding of vol surfaces (especially single stock surfaces) is really impressive. Index as well, but there are a lot of good index guys at the banks and big funds. Can't explain it without using the banned words or...

no one said it's impossible to make money when vols are falling. But you would rather have vols rise and gamma flat. That's the homerun. You can buy a stock for earnings and still make money if the earnings suck because the stock rallied. That doesn't make the ideal buying stocks where...

you don't appreciate the roar of the engine when you press the gas? it's not faster than a Model S plaid. And while a ferrari will corner better, we can only experience that on a track. There's something emotional about that sound.

Thank god. Fortunately Trump won't be able to wreck America from Rikers. He did so much damage after Obama's awesome 8 years.

"normal, non-autistic..." hmmm.... if vol goes down for tomorrow, a 1 day option will go down more than a 10 year option. does that make sense? you can quantify this but it requires the mathematical skills of an autist to do it (or at least a first year college student)? You need vol from the...

You are literally the first person to say i have a "quant, nerdy, Sheldon-like mind-set." When you get past this childish notion, we can have a real discussion. For what it's worth, i stopped trading calendars to cross earnings events long ago. I opted for a better structure - and it's not...

I’m not trying to impress anyone. if you don’t want to discuss root time vol then there’s no discussion about calendars. That’s like saying you want to discuss the weather but we can’t talk about the sun or the clouds.

Do the math, the surface has twisted in root time. Anyone whose trades anything ever knows that markets can reset in a few min including an entire vol surface. That doesn’t take reading a quant book to see that. Edit: are you saying you have the brain of a bumble bee? Because you are acting...

I got the sense the author of the review was a conservative who was criticizing his own movement. (as smug academics are wont to do)

in your example the vol surface has moved in root time flat (no twist). No net pnl in a 1:1 calendar as the front has less vega than the back. Des is right, because in this event of a root time move, if the realized vol is the same, you "get back" the loss on the front, but keep the gain on the...

It’s so complicated that des’s “naive and simplistic view” is correct.

I read it as part of my high school economics class.

sadly there’s someone whose actually doing that.

In two years will 100 dollars matter?

why does pnl matter? Do you solicit advice from lottery winners? Or people who inherited huge estates?

Look up the milgrim experiments, the wave (movie based on a true story), and the Stanford prison experiment. There are less psychological torturous ones where they will have subjects walk into an elevator which is full with people facing backwards. The vast majority of subjects will turn...

i appreciate that. Thank you for the compliment.

Agreed. A value investor who scaled his puts too big, probably because he thought he wanted the stock at 90; until it got there and then decided he no longer did. We've all done that. Some of us still do after 20 years.