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You think the whole thing is a lie but yet you spend so many words responding to him.

PLus theta.

That’s so absurd. I thought you heard. In case you don’t know, bird is the word.

I think a practical solution is to ban ar15s. Yes, old ones will remain in the public, but it will start to reduce the supply overtime. Guns do get destroyed and damaged. It will on the margin get tougher for the wrong people to get guns. Enact tougher laws about gun ownership. If a gun is...

If you can't solve a problem 100%, you shouldn't do anything at all.

This is one of the best journals this site has ever had.

For a particular trade what is the capital that you employ? Margin or dollar amount if you were exercised or something else?

Capital can be levered (or margin) or notional. Suppose you sell a 95 strike put (100 stock price) for 1 dollar. Margin is 20 dollars and notional is 100 dollars. Is return 5percent or 1percent?

Returns on margin or notional or some kind of drop loss?

He made like 140k. One trade was 392. The article mentioned the one trade to elicit a reaction. VP is a staff level. The third out of 5 levels and virtually automatic if you survive for 5 years out of undergrad.

I think the rationale is that interest rate gets cut and cad offers less opportunity on the forward and the spot comes down. But I don't understand fx all that well.

You should teach your 5 year old to trade. Not because she will retain anything or because she will become the next Paul Tudor Jones. But only because it gives you an excuse to spend time with her. If ops daughter is anything like mine, she will want to spend time with him regardless what the...

So you are saying that because ESL would benefit from selling CDS, they should not be allowed to recapitalize the underlying company (of which they are a major shareholder)? If so, why not? Does that mean that Warren Buffet can't announce he owns stock in a company because he knows it will burn...

So you are saying this transaction reduces the integrity of the credit markets? How? Cds holders should have realized that the company can recapitalize. Would have been less wrong if sears got a loan from government of Singapore investment Corp or Ontario teachers pension fund? Finance at the...

For a guy who uses this site to solicit business, I’m surprised you are willing to share so much vitriol publicly.

First ESL doesn’t create the cds market. The banks do as they make the markets and are the counter parties. Second all this talk about using your own money to be allowed to get the glory reeks of moralism. Everyone in the market isn’t entitled to an equal chance at making money. The purpose...

Studies I have seen and I have conducted do not support this conclusion.

Yes it is. Clearly all 1bn people in India work for shady call centers. Just like all the Russians are working for troll farms manipulating Facebook, all Muslims work for ISIS, and all Americans are fat racists.

If those shareholders were short those cds’s they would profit directly. The other shareholders are certainly no worse off and likely better off because sears received better funding which makes the odds of bankruptcy are that much less. But that’s not your real gripe. Your gripe is that it...

Further to my point a company has only two obligations: the stock holders and the bond holders. Credit derivatives are side bets; the company owes them nothing. It’s completely rational for a compsny to roll its weakest bonds into higher quality financing; whatever the effects are to...