Peter Homer

@finn_hulse @BrianInCrypto @mcagney Wrong. Auctions have to take place inside of the NBBO which means price improvement

@BrianInCrypto @mcagney they do get certain liberties that they can exploit for edge as an example, it costs money for other participants to "break" an auction that citadel puts up for the pfof orders they wish to trade against this lets citadel systematically charge that much more w/o competition

Citadel makes a lot of money paying for order flow. They pay over $1B a year for flow, so you can bet they made a lot more than that (they aren't in the business of losing money). The problem (for Citadel) with a blockchain native equity market is that those markets trade bilaterally, with atomic settlement. I put a bid out - you put an offer out. If you lift my offer (say through a market order), that's the price we both get. There is no way to intermediate between buyer and seller as a market maker. That's bad for Citadel. So it's not surprising they don't seem to be fans of putting equity native on blockchain where it can bilaterally. Market makers aren't the only ones who don't like this. Introducing brokers, prime brokers, DTCC - none of them benefit. But I bet you can guess who does benefit... Public equity native to public blockchain, trading on self custody, self settle marketplaces. Accessing DeFi for borrow and lend. Cross collateralizing to other digital assets. This is the way. And it's coming.

@TomLoughrey_LFE What about super low cost guys like EOG

So let's say someone drills at these levels, let's fast forward 4 years and see what return is associated with those wells. Here the Bakken would now need a $30 higher oil price to hit 10-15%, but more like $120 WTI to generate shareholder returns. This whole concept is ridiculous

Since, it's going around, Bloomberg, "Majority of US Shale Profitable at $50 Oil" - note the 15% half cycle cutoff. (10% for the Bakken). Profitable? no 15% half cycle IRRs aren't profitable. 1/n

@Copernicus2013 @Pablo_1791 US GDP is almost 28 trillion now. The Marshall Plan “cost” was nothing compared to the return on investment we reaped as the dominant global power for decades

@Pablo_1791 Let’s focus on NATO-led post-WW2 world order

Just a reminder that the US was the only NATO member that invoked article 5, that Europeans spent close to $100bn on participating in American wars in Afghanistan and Iraq and that 1/3 of the coalition military casualties in Afghanistan ( 1,296 KIA ) were non-Americans

@moreproteinbars @OneHotCode1 Then it gets really fun when you start to explore non linear decay intraday for different markets

2 things. 1) some markets go by calendar days and some by trading days. The markets that go by trading days, the straddle does not decay by 3 days instead of 1 day from Friday to Monday. 2) market makers always run a lower vol for weekend days into their variance calculations. So from Friday to Monday there are two effects for calender day markets . A) the theta will come out for 3 days but B) the lower vol days of the weekend that is in the variance calcs come out, the IV is Higher.

The weekend effect in vol space is probably one of the most important topics that are less discussed on this platform The basic idea behind that effect is that not all days are made the same and that in options space the market trades in virtual time rather than calendar days

@Delta horrific customer experience. Never booking again

@Delta absolutely horrific experience with customer service. 0/10. Never booking again

@KrisAbdelmessih 😂 2020

(I once inherited a short call position in SCO colleague who left...guess what year that was)

Now consider why options on a levered ETF have even more path dependence than vanillas Nitroglycerin blog.moontower.ai/path-how-compo…

@KrisAbdelmessih @sean91237 @gabagenius @Alpha_Ex_LLC The risk here is that depending on how fast we go down, there’s a lot of levered fund unwinds to be weary of…need to be sure your gamma pnl doesn’t overwhelm Vega on a massive drop

@sean91237 @gabagenius @Alpha_Ex_LLC I think it's the right instinct

$MSTR TLDR...Ultimately, the stock will fall (by a fair amount) and implied vol will go down, not up in the process. A classic episode of "SUVU" ...stock up, vol up which features the 5 following characteristics--> 1. inverted termstructure 2. upward tilting call skew 3. premium of up realized vol to down realized vol 4. positive correlation of spot to vol and 5. massive call volumes. A couple of conclusions are in order. First, in the words of Soros, "when I see a bubble forming, I rush in to buy, adding fuel to the fire." Forget valuation, there's a freight train you simply cannot afford to get in front of. Capital that might lean short is dissuaded from doing so as it is simply too risky. These prices can take on a life of their own. Buyer beware gets flipped to seller beware. Second, we have seen the 5-part act previously described several times before. This sequence is the same playbook from the Meme period--> a self-reinforcing spiral of price and vol. Other examples include the original internet bubble, crude in 2008, gold in 2011, Bitcoin in 2017, TSLA in 2020, SLV in 2021. No analogue is perfect, but there are some very consistent outcomes, most all of which simply "undo" the 5 parts above. That is, the termstructure and skew disinvert. The premium of up to down vol goes away as the upshocks become less frequent and the weak hands that got long take the money and run, causing large realized vol on down moves. Even as the underlying asset price falls, the vol falls too. The premium is simply unsustainably high once the underlying asset can no longer maintain its violent move higher. Thus, the positive correlation between price and vol retreats, very possibly turning negative. And lastly, the craze will always dissipate with a normalization of option volume and put/call ratios.

@KrisAbdelmessih Anything CCR gives same vibes. Gimme shelter maybe the most iconic

Hey Hey What can I do came on while driving to basketball practice and my son's friend goes this sounds like the music you hear in a movie when soldiers come back from a war on a chopper

@DeepDishEnjoyer 🔥 SpongeBob posts are back!!

@TansuYegen I’ll raise you this one m.youtube.com/watch?v=kWf93n…

If soccer is art, this kick is the "Mona Lisa" painting⚽️

@3PickupMusicMan What do we think about this thing? Kinda Jaguar esque with some great tele and strat sounds

Non-bot followers wanted. If you play guitar, sell gear or have a passion for rock and blues, please give me a follow . Also provide suggestions for people I should follow.

@buccocapital 🤣 imagine being afraid to buy concert tickets because of your existential anxiety about how the world has “decayed” away from a time when women couldn’t open a bank account and black people couldn’t vote

One of the sad parts about the internet: It convinces you the world is BAD and GETTING WORSE when if you zoom out even a little it's AWESOME and GETTING BETTER - We're less violent than ever - Billions of people lifted out of extreme poverty - We've eradicated terrible diseases

@isaachasson This is 10/10 cooking advice.

For those who are intimidated by cooking: use my abuela’s rule: however much garlic the recipe calls for, you need to double it.

@YellowLabLife Barcelona should drop Spotify for UNICEF and then they’ll magically dominate again

@YellowLabLife lol why does the logo have anything to do with the team focusing on winning

Would literally apply for season tickets again Because the team would be focused again on winning and creating a great atmosphere with multiple generations of families fans and culture So many formative memories both good and sad in that god foresaken cursed stadium But singing HTTR when we crushed Dallas on the miracle Novak field goal post block, or the insane 42-7, or the rg3 “for the division” Sunday night game where I cried as a teenager and I saw grown men cry… Snyder deserves blame but football whether college or nfl is about family community and tradition and it’s weird to incinerate 75 years like it was

@DeepDishEnjoyer Welcome to the club. Get the max size tums and then go ham on the Alegrias platter

>foodie >live in chicago >tummy issues it's over

@itsmarkmoran Instead of a short, the optimal solution is probably to actually replicate their corniness/grift using your platform because it’s an unbounded payoff to the upside. You already have the platform…the only cost is your dignity

@DeepDishEnjoyer @arcsolana It’s my neighbor 🤣

@arcsolana This was in bucktown so not really tbh

the advanced metal alloy shields the passenger from oncoming cars and also protects their virginity