🔗The Meta Of Market Efficiency

Select posts:

• Understanding Edge
• The “No Easy Trades” Principle
• Measurement Not Prediction
• Investing Is Biology Not Physics
• Dinosaur Markets
• The Juicy Stuff Doesn’t Hit The Pit
• The Paradox Of Provable Alpha
• The Creep of Arbitrage Means Investing Is Mostly A Faith Exercise
• Nah...you just ain't seein' the ball
• Mermaids, Fireflies, and the Bid-Ask Spread
• The progression of investment skill

🔗The Risk and Math of Returns

Select posts:

• The Volatility Drain
• Path: How Compounding Alters Return Distributions
• Where Does Convexity Come From?
• Why Volatility Still Matters To Buy-And-Hold Investors
• Solving A Compounding Riddle With Black-Scholes
• From CAPM To Hedging
• If You Make Money Every Day, You’re Not Maximizing
• Is There Actually An Equity Premium Puzzle?
• Examples Of Comparing Interest Rates With Different Compounding Intervals
• Well What Did You “Expect”?
• Geometric vs Arithmetic Mean In The Wild
• Understanding Log Returns
• The difficulty with shorting and inverse positions
• Intraday Breakout Riddle
• I Felt Bad For Picking My 3rd Grader Off
• A Simple Demonstration of Return Vs Volatility
• Thinking In N not T
• Getting Comfortable With Log Charts
• The 80/20 hack for risk-adjusting a return
• Vol drag is misunderstood…until now
• how I explained vol drag to a 12-year-old

🔗Portfolio Theory Is Not Intuitive

Select posts:

• Your Portfolio Intuition Is Poor
• Bet sizing Is Not Intuitive
• Why You Don’t Get Paid For Diversifiable Risks
• You Don’t See The Whole Picture
• Getting Paid To Flip Million Dollar Coins
• My grandma is $24.05 bid, stop embarrassing yourself
• *the arbitrage reflex is more profitable than the opinion reflex*

🔗Options and Volatility

Select posts:

• Straddles, Volatilities, and Win Rates
• How Options Confuse Directional Traders
• Structuring Directional Option Trades
• Using The TSLA Price Endgame To Understand Options
• On Delta Hedging
• Understanding Implied Forwards
• A Socratic Dissection Of An Option Trade
• Well What Did You “Expect”?
• Using Log Returns And Volatility To Normalize Strike Distances
• Practice Pricing Options By Hand
• The Snake Eyes Option
• Insights From The Warrant Puzzle via Financial Hacking
• Financial Hacking: ETF vs Negative Oil Futures
• Understanding Variance Time
• What We Can Learn From Vertical Spreads
• Covered Calls Are Still Just A Vol Trade
• Short Where She Lands, Long Where She Ain’t
• Understanding Risk Neutral Probability
• The Intuition Behind The Black Scholes Equation
• The MAD Straddle
• Bridge of Asses
• “Renting A Straddle”
• a birdie asked how to model a 1-day option
• Breakpoints
• Ratio’d
• building an option chain in your head (part 1)
• Options Riddle
• arbitrage is a hall of mirrors

🔗Option Greeks

Select posts:

• Lessons From The .50 Delta Option
• Why Option Traders Focus On Vega
• Finding Vol Convexity
• Understanding Vega Risk
• Moontower On Gamma
• A Visual Appreciation For Black-Scholes Delta