Drip

Posted on Sunday, October 29th, 2023

“I suspect that this most sudden and even violent lurch higher in interest rates is going to test financial structures that came into being during the period of very low nominal interest rates.” -Jim Grant Those financial structures are being tested. On Friday, financials were down 1.8%, while regional banks were down over 2% and… read more.

Bolt

Posted on Sunday, October 22nd, 2023

We find ourselves once again in the realm of negative gamma, a phenomenon we’ve delved into previously. It’s worth noting that during most extended market selloffs, the majority of trading days exhibit this characteristic. But what exactly is negative gamma? Think of it as the moment when the market is most sensitive to external news… read more.

Heroes

Posted on Sunday, October 15th, 2023

When I was a boy, I had the opportunity to meet one of my heroes, Willie Mays, the legendary baseball player. At that time, I was just 8 years old, full of excitement, and I eagerly ran up to him to ask for his autograph. To my surprise, he let the door slam right in… read more.