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I think you may be missing a big part of the back story on the VRX option. I'm guessing Bill didn't just wake up one morning, put a bid in for a flex option, and it was filled by a MM or random counterparty half a second later. The entire deal was probably brokered beforehand and just filled...

Again people, you can be productive without "working"! Good grief, we need to start a workaholic's anonymous chapter around here.

Which is somewhat impressive in its own right. If he can manage to go 0 for 5 or 0/10 he'll have something truly valuable! Unfortunately since he's just pulling things randomly out his behind I'm guessing we'll just end up with random results.

Why is work the only place one can find purpose and something to do! I personally know dozens of retired folks who have great purpose, are busier than when they were working, and are far more fulfilled. The really depressing concept to me is that you need to work for a living to find purpose in...

I don't, but I'll look him up, thanks. One of my thesis is to look for places where people lose money at a predictable rate rather than where they make money, since it's counterintuitive enough that most people overlook it. I haven't found the golden egg when it comes to a class of investors who...

Since every one of the components is traded and the index is simply the compilation of those trades, it is a something actually traded. Many futures strategies require taking into account the implied interest and dividends that the difference between the futures and spot represents. So while you...

But that's not what you said. They get all those things if they take the other side of the trade or not.

If "most lose" then aren't they gaining far better information from that amazing fact then they would taking the other side of their losing trades? I mean if you showed me a strategy that reliably picked the opposite direction that a currency or stock actually moved, I'd have a gold mine on my...

No one's saying he's not successful, I think he actually has a lot of good points and I read most of what he writes. That doesn't make is rock throwing and chest thumping any less childish, unnecessary, and tiresome. You also might want to adjust your definition of success, most people don't...

No, this is actually a crucial thing. The military brass doesn't decide how to interpret something like PC. Most decidedly, definitely not! The military is under civilian control, no ifs, ands, or buts about it. No-one in uniform makes interpretations on items like that. No flag officer or group...

Well at least we got past the domestic territory thing. It isn't the "military's point of view"; as you pointed out the military is under civilian control and all the restrictions and training on those restrictions comes from the civil law that governs the military's actions. We didn't do all...

Fair enough. On the sailing side, you might PM me and we could talk about that. I'm pretty big into sailing with an around the world trip on my bucket list as well, although not for a while. However it's easier than you might think to hook up with a boat as a crew member, so if you're interested...

We've devolved into an academic discussion here but it's fun so to continue... Navy ships carry Coast Guard law enforcement detachments whenever they're conducting law enforcement operations anywhere in the world specifically because Posse Comitatus prohibits Navy and Marine personnel from...

So taking classes, learning new fields/skills/languages, researching/pushing the boundaries of what we know, teaching, traveling, making the world a better place/volunteering...None of that does anything for you? I would think the world would seem a very bleak place with that perspective.

You didn't really mean that working for an income is the only constructive thing to do in life, did you?

And you are such an IB apologist that one thinks you must get paid by them for it. IB customer service sucks on every aspect, when I was with them it was neither timely, helpful, accurate, or friendly. One of several reasons why I left and continue to warn others against them. Bob said it best...

Of course VIX futures have to be financially settled though! I've read that it's still somewhat trivial to manipulate VIX values a small amount, I'll have to look that up now that you refreshed my interest.

You actually said "Markets exist for the benefits of hedgers / real-money players, and are arranged for their convenience.", that's pretty much saying markets are for "real hedgers", and semantics aside my point stands. If you change that to say you need a kernel of hedgers for a market for form...

Actually I reread it and see that I misread. I thought you were doing an awesome job of the backhanded compliment, i.e. my affectations and gimmicks are harmless where as Taleb's aren't. I think you were actually saying that I see them as harmless and you don't, which is a fair enough point...

It's just much easier to manipulate with cash settlement. For example, lets say you have a thinly traded security and you buy $100M in call options that are cash settled. You can then sink $10M into the underlying to drive up the price just before expiration. You could end up with many $100M in...