Rama Nambimadom

@VolatilityVIX @D2_Finance I don’t think fixed income under performing in 2022 should have been at all surprising. Valuation does not always drives results, but valuation affecting results should not be seen as a surprise.

@D2_Finance It was the worst environment in many decades mostly because the "safety" assets performed just as bad if not worse than stocks did. There was nowhere to hide Using a 50/30/20 as a general proxy, 2022 was FAR worse than 2008, not even close

Final thoughts on QVR There's definitely a healthy amount of dunking on Benn Eifert for losing his fund, and no doubt a lot of it from people who don't manage capital and wouldn't be able to build a fund that size. Twitter naturally brings out haters Having said that, I do think there may be a lesson in all this hate we are seeing come out, seemingly quite suddenly... Personally I feel for the guy, and full disclosure, I've had a 29% drawdown myself (granted, it was in 2022 which was one of the most difficult environments ever) but it happens... If you trade long enough, even the best strategies will encounter a market environment that humbles it But the main reason people out there are dunking on him isn't the performance this year or the fund itself It's that he was well known for aggressively attacking people / blocking who disagreed with him. I always had good encounters with him, but I get a lot of people ask me about him and a lot of those questions are, why does he have to be so rude? There's a lesson in there! Education is great, and NO DOUBT Benn Eifert was one of the better sources on Twitter for that. He helped a lot of people and put out content that got people excited to learn about Vol trading. In that respect, you simply can't deny his importance to the industry. For years his name has basically been synonymous with "Volatility expert" But.... at the same time, you don't have to be a dick when educating people I've done over 1000 articles, 500 videos, 100's of hours of open livestreams with no moderators, no blocking, no arguments. Just me, open invite to anybody, I answer everything respectfully It is possible to be a top educator and also understand that everybody starts at a different point Some people know quite a bit, some people don't know anything, everybody is at a different stage of their journey A good educator knows there are no dumb questions, and EVERYBODY is entitled to their opinion. If some of those opinions happen to go contrary to one of your own, so be it, that's life The best educators are the ones that can explain complicated subjects to an uninformed audience, and get them excited to keep learning Benn was / is a great trader and he will no doubt land on his feet with a new fund, my guess is quite soon And mark my words, it will be popular when he does, and investors will buy into it Stories of his downfall are greatly exaggerated, he will be stronger for this going forward But let's just hope he can have a little more humility in his genius the next time around. He's as smart as they come, but a little kindness and patience goes a long way in this world

@VolatilityVIX I don’t recall him being unkind to someone purely because they were a lower level of understanding. He was kind of hard on people whose business model was selling providing low/no value stuff that was essentially exploiting the un/under educated. Sometimes the 2 sets intersected.

@dampedspring But see the top back then was when Druck got sucked back in.

Do you know where I sat in 1999? My literal chair on the trading floor was on the index trading desk with my back 4 feet away from the single options trading desk. The entire hedge fund sales team was facing these poor souls. Cramer, SAC, Pequot, Galleon, Omega, Soros, Andor, Bass, Tiger, Tiger cubs, Tudor, Moore, Appaloosa, Och Ziff. All trading on momentum and the next hot stocks. And every single one of them knew it was a bubble. At the same time slower money was quite aware it was a bubble and just feeding the ducks (or drucks) Don't tell me about sentiment in 1999. Everyone knew it was a bubble and was either riding the wave or watching from the sidelines. The longs knew it was a musical chairs game. The single stock options desk was literal ground zero for sentiment The only argument is whether sentiment is like that now. Twitter sentiment is identical. Reply guys, beta bros and momo jockeys set up for a doubling and a bunch of skeptics on the sidelines. Same o same o. But my seat isn't front and center anymore. My hedge fund and pod shop clients are from the top 20 macro and biggest 6 pod shops and I have some vision on their thinking. But maybe they are just about to go all in bullish.

@goodalexander Here I am selling 25 strike puts on skm

Imagine buying an Anthropic 3rd layer SPV thinking you escaped the permanent underclass and BOOM voided straight to the cobalt mine

@johnarnold I live in city with same democratic socialist mayor for third of last 40 years. It’s been planned/developed in large part by one of the most influential real estate companies in the country. Safe (tops fbi list), top schools, property values ⬆️ Partnership works

So funny that for California governor, the Democratic Socialists of America endorsed billionaire Tom Steyer, whose resume includes Stanford MBA, Morgan Stanley, Goldman, private-equity, and hedge-fund founder whose firm invested in private prisons and coal.

@j_g_allen @lostinacanyon @CoronaHeadsUp Sloppy

@lostinacanyon @CoronaHeadsUp Sorry - intensive care

Earlier today I spoke with the doctor on the ship and he confirmed something. CDC messaging continues to say "prolonged, close contact" but that contradicts: 1) what's in the literature, and 2) what's happening on this ship. --> the doc told me a few who got infected/died DID have direct contact w/ very sick patient while treating them, but 3 who tested positive did NOT have direct physical or close contact - only shared time in a few spaces on the ship where people congregate (dining, lecture area)

@Merridew__ If it’s just 2 competitors. I am sure they can collude to charge premium prices. They do not have to violate law. There are enough game theory profs who would teach them how to signal effectively to produce a collusion type outcome.

@tolstoybb Did Hungarians go crazy during covid ? supposed to be in budapest in a few weeks

Oh okay

@dampedspring @Merridew__ I made a bunch of money doing stupid things in dotcom. What kept me from losing my shirt was every day opening Galbraith’s “Great Crash of 1929” to a random point and reading a few pages. I 35x-ed my initial (meager) investment; lost more than half of that and cashed out at 15x

@Merridew__ Thanks

I was a fly on the wall when Noel Chriss first described this problem to Rob Almgren. I was an intern at Morgan Stanley (in Chicago) working for Niel. he would periodically come down to meet with us & took us along in his meetings with other UChicago faculty/PhD types.

@kkmaway This is youtu.be/4lE4fOLkh-Y?si…

Ok. 2000 may be a stretch. But can we say that it is looking like 2021?

@johnarnold You mean 72% cocoa or 72% sugar (hello)

The best chocolate is indisputably 72%.

@Merridew__ If it isn’t, 20 million will be even more not enough.

@Merridew__ I was sending 1999 videos

@EconstratPB Get KF. You know it’s over when it’s at a premium.

EWY?

@copesint What do you think about

@kkmaway Have you heard about securities called bonds ?

@grok @RuralCatDef @Polymarket As I understand Andes strain is person to person transmissible ?

The monitoring involves ~7 US passengers from the MV Hondius cruise ship (which had a confirmed hantavirus outbreak). They disembarked early at St. Helena and returned home to states including Arizona, California, Georgia, Texas, and Virginia. It's precautionary CDC/state tracking only—no community spread or new US cases. Hantavirus is rodent-borne (via urine/droppings/saliva aerosols, not person-to-person in most cases). Likely ship exposure during the South Atlantic/Antarctica itinerary.

JUST IN: People in at least three U.S. states are reportedly being monitored for possible hantavirus exposure.

@Merridew__ youtube.com/watch?v=rblt2E…

@flukigero @sdav1986 Alphonso is da king

@sdav1986 Let me add best mangos too;)

All the best things in life happen via Pakistan