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E*TRADE’s futures infrastructure isn’t very good.

he's referring to the gamification of trading, not the improved access to investing (which is what the old firms like Schwab and Etrade tout and is beneficial to his pnl because that raises multiples). "I just leveled up to Options."

investors strengthen the economy, traders do not. If investors don’t make money, they will not invest and the economy and society suffers. Traders are irrelevant.

ive not read any stories of him cheating or trading on inside information. He’s cut some pretty sweet deals for himself (like the Goldman one in 2008) but that was him selling his reputation for equity. Nothing dishonorable about that. I am a fan of warren buffet. He is the case study in how...

how was lose to mtm of portfolio vs operating pnl? he’s never been a fan of investment banks. If you’ve ever worked with one, you would understand. On the other side, he would rather not have a bank on the other side of a deal because they will squeeze him for more.

perhaps it’s that we cannot differentiate the difference in talent at the highest levels, but they can. (There’s a line in goodwill hunting about this when Will burns the math proof)

I think you mean buffet is insider information. He creates it by his actions (the way Elon musk creates it for Tesla and now Twitter stock).

But make it sound like it predicted the future flawlessly.

sharing your profitability and making claims of others profitability are two different things.

same thing. I remember it as feb because that’s when I made a ton trading the vol (with certainty that it was overpriced :))

best post of the week.

I think you are focusing on the meme stocks in feb 2021. I’m focusing on the summer and fall of 2020.

Apparently it’s not worth trading unless you can predict with 100percent accuracy but no one can; unless they can then they can make lots of money with options.

sucks to lose. if you are going to post winning and losing days, why not post your track record?

retail traders were buying options because they couldn’t afford to buy the individual shares at hundreds of dollars. You could see it in the implied vols and the skew. They overpaid for vol and the direction couldn’t overcome it.

an exit out of all equities because a recession hurts almost everyone (except Repo men), just some less than others. Further rising interest rates in the short term cause your discount factor to increase when valuing stocks so all stocks should trade lower, again some more than others.

he already violated the purchase agreement by insulting the Twitter general counsel on Twitter.

I’m surprised he still has a hundred million.

so the lesson is to buy everything that’s a penny just in case it becomes worth millions… :)

I didn’t mean that someone had to predict volatility with 100percent accuracy. In colloquial trading parlance, “predicting” means “taking a view.” Perhaps I should have been clearer.