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BTW, here's the NY Fed weighing in on the issue: http://libertystreeteconomics.newyorkfed.org/2017/11/the-low-volatility-puzzle-are-investors-complacent.html

It all looked like some sort of a risk-parity puke...

There's a fair bit of data-mining happening here, methinks...

Same here... I always look for these. Part of the problem is that, if you get too clever, you can never know with certainty if your concoction is actually long vol in a blowup scenario or it blows you up instead.

Did this happen before or after the unfortunate demise of Gotham Partners?

It's not a bad write-up and it's very hard to disagree with the author's underlying premise. However, as I mentioned before, the whole "volatility is an instrument of truth" thing is a bit over the top.

The base interest rate differential is "embedded" in the differential between the rate at which you've borrowed yen (0.5%) and lent dollars (15%). 1) All else being equal, yes... 2) While you're correct in being somewhat puzzled by this effect, you need to consider that a carry trade you've...

Yep... Finally, flavor with access to pretty monumental leverage, stir well and enjoy!

Indeed... Trades don't kill traders; traders kill traders.

Sometimes he also does some ginormous seagulls, just for sh*ts and giggles, it seems... I think Matt Levine wrote a good post about this. While Ackman's record as an activist is also mixed, you could maybe argue that he's good at it. Somewhat predictably and ironically, the things that he has...

7. Ultra US bond futures 8. German bobl futures 9. 10y Aussie govt bond futures 10. JGB futures There are a couple of others mentioned already... On Eurex, there are also Italian and French bond futures, as well as the long-dated German buxl.

He's all set for girls, don't worry...

My point had been that the UK stamp duty is irrelevant to this discussion. The FTT that has been mentioned in the original post is a very different idea and is what the UK has been fighting. And no, stock stamp duty doesn't matter and doesn't apply to me.

I think this tax cut experiment will be really quite something. And Trump is going to own it...

Apart from it being only on stock transactions, intermediaries are exempt. Therefore, "over 70% of transactions are exempt from tax". In contrast, the European proposals were looking to tax transactions in all instruments performed by all participants.

Yes, I am familiar with the various behaviourist explanations and theories for momentum effects. I am just curious that you're comfortable with an investment thesis which, essentially, explicitly relies on other investors in the market being "stupid".

Well, this is my point... How do you explain the presence of momentum premium without incorporating various behavioural biases? If you can't, then your investment thesis, by construction, is of the "greater fool" variety, no?

Again, the stamp duty in the UK has a limited scope. The European FTT proposals sought to impose a much wider FTT which would apply to all transactions (attempted in Sweden previously). The UK opposed that.

No diapers for me tonite, thank god!! Yes, it's FTT for equities and some equity derivatives, just to make sure that people don't exploit loopholes. France and Italy also have something in place to tax HFT. The much broader FTT which the Europeans have been sorta contemplating since the...

France and Italy's versions of FTT were mostly limited and specific (akin to stamp duty that has been in place in the UK for 200+ years). I don't really understand what this has to do with withholding taxes and I don't see a good reason why the article mixes them up.