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Financial Geekery Mini-linkfest

Monday, October 6, 2008

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When the market is frustrating or weird or mostly untouchable, we find that’s usually the best time to geek out. The research linked below has, beyond its immediate educational value, the hidden benefit of also being difficult and long enough to keep you from overtrading and/or obsessing about day-to-day nonsense. Emanuel Derman on models. More on volatility as an asset class. We expressed our doubts about pursuing this notion qua retail traders here. Obviously, there are variance and volatility swaps for those…

Playing Defense First

Friday, June 6, 2008

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As you probably saw, the markets staged a broad-based rally yesterday on reasonable volume. The rally kind of came out of left field, as there is still a major divergence across the market indexes, and getting long here seems like a rather risky move. For that reason, we do not plan to adjust our June positions at this time. There’s an old saying that “markets tend to crash down, not up.” But bromides aside, as we have written elsewhere, iron condors…