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Yup, if you take the five-six thousand people that work in direct revenue producing roles or in senior management, these numbers do make sense. This, however, is very much like saying "look at the top actors income" when looking at the entertainment industry.

One thing that people seem to ignore with respect to Wall Street employment is the volatility of income and uncertainty of employment. E.g. a NYC police officer has to work for 20 years to be guaranteed a nice pension. For a beat cop it's 58k a year, for a detective 60k a year. Now, that's...

Something is wrong with these numbers. An average employee of a Wall Street firm (be it a fund or a bank) did not bring home $600k in total compensation even in the best of times (2006-2007). I think average wall street income is more like $350k and I am not even sure where Miller-Samuel takes...

One thisng that I have discovered is that options are like sex - it is much easier to understand pictures then words. So, I kept drawing various explanatory figures for my junior traders and over the years it all compiled into a pretty thick album. It has a lot of stuff , from intuitive...

filthy's books is the way to go. hull + dynamic hedging by NT is optional but helpful

It depends. What do you want to do with your knowledge?

Funny, I love python as an infrastructure/glue language but I did not like pandas at all. It just felt like an attempt to fit a square peg (vectorized logic) into a round hole (a regular OO language that Python is). My main gripe with R (ability to seamlessly interact with larger-then-memory...

Yup, I remember that one too. I meant the whole débâcle with the convertible bonds.

Sorry, I meant "trading day" and for some reason wrote "expiration day". PS. with the increase in street-wide S&P variance positions, the wild-card optionality is worth more, but OEX does not trade much nowdays. PPS. another aspect of American optionality is when the funding on the...

There is a wildcard option at the end of the expiration day.

I did mean "Highlights". The paper is: Improved methods for PCA-based reconstructions: case study using the Steig et al. (2009) Antarctic temperature reconstruction (PDF) (Journal of Climate, Volume 24, Issue 8, pp. 2099-2115, April 2011) - Ryan O’Donnell, Nicholas Lewis, Steve McIntyre...

Funny. So I clicked on the first paper in "featured" section that caught my eye, simply because they use PCA which I happen to use too as an analysis tool. The paper actually thoroughly presents the data and the improved methodology, as a good science paper should. However, their conclusions...

If you go and look at historical temperature sets from the universities outside of the sphere of the US influence (e.g. Moscow State University), you will find a similar trend. The upward trend in the global temperature are very hard to deny (and the intelligent critics do not go there) and the...

I did not grow up in the US so I can't comment. As for the current climate change rhetoric, most of it is bullshit but it's hard to tell which part is bullshit coming from the academic community (grants are an important incentive) and which part is coming from the "fossil fuel" business...

Maybe I was not clear. Do you have any references from any peer reviewed publications that (a) denies increase of the mean temperatures and (b) proves an alternative hypothesis to human industrial/agricultural activity being a major contributor to this increase? Not investors.com nor forbes.com...

Could you please re-iterate the "read science" that you have shown? So far, there is not a single citation from a scientific journal in the whole thread. Forbes magazine, with all due respect, is barely a step away from New York Post. Lets start at the stage zero - is there or is there not any...

Out of curiosity, what is the base-line front month ATMF implied volatility and it's 1 standard deviation? I would be curious to see what vol-of-vol are we talking about. For comparison, front month ATM vol in SPX is about 12-15 on average, 2008 had brought it up as high as 85. Go away, please.

"In options, it's either a slow bleed or a bullet to the head. Or, sometimes, it's both"

Ok, just for entertainment. Let argue... buying call options on levered inverse ETFs is not such a bad idea - levels of the borrow makes them nice and cheap and if there is a large correlated drop, they would do very well.

I have always thought firearms are a quintessential part of the American culture. Are you implying that I should not mention my passion for assault weapons during my citizenship interview?