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Buy and hold is not a process... Buy and hold is a recipe to give back half or more of what you have earned over the last 5-10 years. Have a process and understand risk. You can make back money but not time.
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Michael Lebowitz, CFA
36.8K posts
Michael Lebowitz, CFA
@michaellebowitz
https://t.co/EACe3xwbXw - https://t.co/u9XO4ltpTE - https://t.co/Yn86Xe0FLA
Washington DC area Katılım Temmuz 2011
1.1K Takip Edilen33.6K Takipçiler
Michael Lebowitz, CFA retweetledi
@jasongoepfert Can't recall when, on a day of new ATH, there were more 52-week lows than highs in the SPX, AND both SPX and NDX breadth was negative all on the same day with ATH.
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@chigrl Cut a sweet potato in half longways and put in a cast iron with butter and put in the oven 375 for 45mins or so.
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@michaellebowitz Gamma exposure has shifted from a dealer-hedging story to a flow story. 0DTE options now run roughly 50% of SPX option volume and dealer gamma flips can move the index 1% intraday off no news. The risk-management framing was right in the 90s; today the convexity is what is left.
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Options were traditionally used for risk management purposes. Yet their proliferation and widespread use by traders and gamblers have created a market structure that increasingly results in significant volatility and enormous price changes for entirely non-fundamental reasons. Thus, the risk management tool has become a market risk in and of itself.
realinvestmentadvice.com/resources/blog…
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Let's look beyond fundamentals and narratives to better understand how herding, momentum, and option delta and gamma can systematically drive prices higher and eventually lower. realinvestmentadvice.com/resources/blog…
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Many narratives make a lot of sense until you dig into them. It is in these faults that investors can gain a better grasp of the factors driving asset returns and, accordingly, avoid being surprised when the narrative fails them.
realinvestmentadvice.com/resources/blog…
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Michael Lebowitz, CFA retweetledi
Bull Bear Report: Week Of May 8, 2026
As the market pushed higher on the back of strong earnings, estimates are being ratcheted up even faster. We examine where the earnings are coming from, the risks it suggests, and tactics on navigating the markets next move.
open.substack.com/pub/lancerober…
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Many narratives make a lot of sense until you dig into them. It is in these faults that investors can gain a better grasp of the factors driving asset returns and, accordingly, avoid being surprised when the narrative fails them.
realinvestmentadvice.com/resources/blog…
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Michael Lebowitz, CFA retweetledi
Almost 60% of every S&P option yesterday was a call
zerohedge@zerohedge
Entire market is now one giant gamma squeeze: S&P traded $2.6 trillion notional of calls yesterday, all time high
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@derrick_dao True facts, but don't discount momentum chasing & hype. We have seen a series of rolling bubbles (SPAC, NFT, Crypto, Meme stocks, PMs), and now in semiconductors.
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The M2-and-inflation-causes-gold story always falls apart on the timing. M2 grew 25% in 2020-21 and gold went sideways for two years before breaking out. The actual gold trade since 2022 has been central bank buying — PBOC alone added 280+ tonnes in 2024 — plus a flight from Treasuries among reserve managers. Money supply lagged the move by 18 months.
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Many narratives make a lot of sense until you dig into them. It is in these faults that investors can gain a better grasp of the factors driving asset returns and, accordingly, avoid being surprised when the narrative fails them.
realinvestmentadvice.com/resources/blog…
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Michael Lebowitz, CFA retweetledi
Are investors witnessing the next great technology revolution, or the early stages of another market bubble?
Join @michaellebowitz and me as we investigate on #TheRealInvestmentShow, streaming-live at 6am CT on YouTube, Meta, LinkedIn, & X.
(Links are in the comments)
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Nicoletos: AI Makes A Case For Active Strategies
simplevisor.substack.com/p/b30c1bd9-a58…
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