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Forever Stamps are like long dated call options. If we assume that they are always sold at a premium to spot, say 110% x 1st class postage spot price, then we can assume people only use the Forever Stamps when today's 1st class postage spot exceeds the price on the Forever Stamp they own...

If you don't have the right schools and you don't have the right connections, - never underestimate the ability to tell a good story. If you can tell a good story, especially if it involves some well known Wall Streeter and crack people up - you'll be surprised how easily they'll warm to you...

I just bought some 1923 German marks .... quite inexpensive.

Rogers used to say if you could change gold to lead you should because industrial commodities were going to outperform. I guess he's changed his thesis.

These pictures are cool - I would love to have a few extinct currency notes in the library.

if you open an account with Tradestation you get historical data.

I was trying to work this out too. I assume each USO is 1 barrel of oil, so at about 1.2mm shares traded daily, that's about 1.2mm barrels of extra front month liquidity, or approximately equal to 1,200 CL contracts. That's a little under 10% of the daily volume in the CL market, so it's...

From what I can see, it's a really clever scheme to cap pollution. I've only done some cursory reading though. Also, if set up right, the price should, in theory at least, reflect the average cost of reducing pollution. If you can buy polluting plants with lots of credits, take cheap steps...

Best discussed with a competent 33/34 act lawyer .... but my layman's understanding is that in general securities cannot be offered to the public unless they comply with the 33/34 act, which is essentially an agreement to provide current and sufficient disclosure. Under exceptions, such Rule...

My impression is that Sharpe Ratios are a cousin of standard null hypothesis testing, the boring kind you learn in Statistics class and you find in most academic papers. The central limit thereom tells us that no matter what the underlying distribution, the distribution of sums of repeated...

instruments : US equity index futures style : quantitative assets : personal platform : retail broker : rj obrien

FWIW, I've had dinner with LW. I've attended his seminar. I think he is 100% genuine and also a genuinely nice guy.

Well, they say the price of time is also a component in the steepness of the yield curve. The more impatient we are, the less we want to defer consumption and so the higher our personal discount rate on future consumption. If a society was collectively more impatient, one can make the...

There are always a few prints greater than 1000 ES in the day and quite a few just a few hundreds below that. The capacity of the ES to absorb volume without flinching never ceases to amaze. I would think though that with so many people trawling over time and sales reports, any system that...

Pardon my ignorance, but what is NX?

JackByrd sounds like .... the long lost Prince Philip

I'm guessing this is Interactive Broker's play for a big beach head in the institutional business. Not sure how much business IB does with the bigger hedge funds and CTAs, but Refco certainly has been one of the FCMs of choice in that world. It would seem to me that IB would be a better...

Great summary Rufus.

http://msnbc.msn.com/id/9743438/ Don't know if anyone here is following the Bush tax reform proposals, but one of them is to eliminate corporate income tax on overseas income. If this passes, it might be an unexpected gift for most traders.

A paper that surveys performance measures.