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This is a pretty classic principal-agent issue. Bondholders protect themselves with certain covenants. If a company can issue debt (to pay dividends) while staying within these covenants--good for them. Also remember that the CEO reports to the board and I typically the board would have the...

Because it's one the cheapest/easiest ways for Canadians to physically convert USD/CAD. I'd be happy to hear alternatives.

What restrictions? The only restriction I'm aware of for Canadians is no access to portfolio margin.

The brokerages at BMO and RY are the easiest platforms to use for Norbert's Gambit. Purchase the interlisted security in CAD (USD) and sell it immediately in USD (CAD). This will get you inventory of your desired currency. For the others, namely TD, CM and BNS it's a little more tedious...

I tend not to give a lot of consideration to insider sales. Insiders are very long their own stock all the time and when stock grants vest, it's typically good practice to reduce exposure to the company you run and sell when you can. However, when an executive purchases its own stock with...

Sold October 205 straddle @$22.70. IV up 10% over the past week.

95% of my calendars are with non-index underlyings. I constantly monitor the term structure of a number of underlyings. Eg. AAPL is set up for a calendar as I type which isn't helping my current position :)

To clarify on my vega, my portfolio vega is flattened by my long vega calendars. Re: the rest of your post above--I hear what you're saying. I personally am not blindly selling premium, however I don't think blindly selling premium is terrible either. My short vega positions are as low as...

I agree with all except B. Like I said a few posts up, one can't protect against everything. But for B, how is my calendar vega flat? It's not a ratio. The calendars are just playing the low realized/high implied volatility game.

Premium sellers also understand the relationship between their deltas and vegas which is why many of them are delta negative. However, I don't consider myself a vol seller--more of a theta collector. My vegas are generally flat because I have a number of long calendars. I can't comment on...

This past November to February was great.

Why? He's negative delta. If the SPY grinded lower, he would have outperformed the index. One can't outperform a benchmark in all scenarios. One has to make a choice. One of those choices is to decide which risk(s) to leave oneself exposed to.

I've been in a similar boat. My main position is short ES and short ATM puts in a 2-to-3 ratio--so a synthetic ratio straddle. Still profitable since Brexit. The key for me is duration to help manage gamma. If I have any doubts, I'll roll the puts out. I like my overall theta to be 0.3-0.4%...

I'm currently long a 105 calendar with the short side expiring this Friday (long Oct 21). I'm liking the downtrend over the past week along with the slight bump in vol. I'll be out of this trade if AAPL tags the strike at any time this week.

Perhaps I should redo my quantum mechanics courses and should have stayed in the world of atom transfer radical polymerization instead of finance. I think we can certainly disagree on our views of historical volatility.

Please point out the misinformation.

Built into price--not IV. Expanding on my 50 delta option example, an actual 50 delta option has a range of possible values at expiry between 0 and lots. Its value is highly dependent on IV. A close approximation to a binary trade would be a vertical spread with the underlying splitting the two...

There's also a difference between short /VX and selling premium. It's a chicken an egg thing. Does IV drive option pricing or does option pricing drive IV?

But if you add them all up...

This is already built in. If only probability of the outlier were considered (while ignoring the impact of realizing the outlier outcome), a 50 delta option would be completely binary.