Rob Emrich III

1/2 Why we hedge left tail: “But in all my experience, I have never been in any accident...of any sort worth speaking about. I have seen but one vessel in distress in all my years at sea...

@SchnapsideeG @choffstein This is the way!

@therobemrich @choffstein My mentor when I started out as an RIA said that I should do my clients' taxes as part of my service. I told him that taxes are really boring. He said that you learn how to do tax planning by doing clients' taxes. He was right.

Invited an advisor to a local event we are hosting. He said, "Leverage? Derivatives? An opaque Cayman blocker? Red flags." He signed off, "Madoff-esque?" I mean, a simple "no" would've sufficed... But if you're going to cast aspersions, I'm gonna have to reply...

@Stealx The heaviest weight is the gym door

Things keeping me from the gym in 2026: - Claude Cowork That's the whole list Every time I'm about to head to the gym, I think of one more thing to build and try

In an alternate universe, Saudi Arabia backs a new open-wheel series with Max Verstappen owning 25%; built on 2004 F1 specs. Engines: Naturally aspirated 3.0L V10s revving to ~19,000 RPM No hybrid systems → zero energy recovery complexity Relatively low weight vs later cars Massive downforce, but not yet overly constrained by modern aero rules

F1 needs 'more than a tickle' to the rules, says Verstappen

@formularacers_ Wait until he sees the 2027 car.

🚨 | Lance Stroll on the state of F1: "We're miles off from where we should be... "I tested some Formula 3 cars, and it's like 1000 times more fun to drive."

@TheSpeculator0 @AlucardTrades Yep. It helps to have access to massive retail order flow, firms like Citadel spend hundreds of millions to internalize it.

@AlucardTrades Because these jobs pay mid 6 figures and making that much money yourself with no infra is actually very very hard

If you can get a job at Citadel why dont you built your own systems and look for funding? Why you need that job?

iPhone needs a “grandma mode” that keeps menus, submenus, and layouts consistent, so they don’t have to relearn everything after every update.

@FiSurgi $$

Why

I like Ed Tom's work at @Cboe; his VIX decomposition is useful.

Noel’s approach to identifying when to sell vol is one of the better frameworks I’ve come across. We’ve had the opportunity to review his data month-to-month over 10 years and the consistency of the results is very impressive.

@sdav1986 Bro, welcome to my world, the things I see. ‘We sell static delta…’ blah blah. No volatility regime awareness, no liquidity providers pinged, and even less understanding of how their own execution moves the market.

About 30 minutes ago, a wealth manager on Bloomberg TV was saying they like covered calls for clients 😫 Reasoning? The usual storytelling bullshit: “lots of risks out there, so why not earn some income.” What’s completely missing is the only thing that actually matters for that trade: the price you’re selling volatility at, not your gut feeling, not your geopolitical takes, not your narrative of the week. Covered calls aren’t some yield magic box. You’re systematically selling upside convexity. You really want to get paid properly for that as the recent strong rally shows. It’s frustrating to watch client money get managed like this.

@RampCapitalLLC Yeah, set a buy stop market one tick above the high for entry

I’m waiting until the market hits new all time highs before getting back in. That way I know it’s safe.

@leadlagreport Looking good. Add a mustache.

Early 40s. Nearly 3 years of fasting and consistent exercise. No shortcuts. No magic pills. Just discipline. The best investment you’ll ever make is in yourself. Do not relent. Do not fucking relent.

My pleasure speaking with @jschultzf3 about options, my first time on @tastyliveshow

@choffstein Lol

so blackrock is making a strong push that the new 60/40 is actually 60% stocks / 20% bonds / 20% alternatives. and how does blackrock want to benchmark it? 60% stocks / 20% bonds / 20% cash. convenient way to generate "alpha" when your alts should do cash + 300bp over time.

@therobotjames 🙏

yo I just spent the night in ER cos they thought I had a stroke (i hadn’t.) what I learned from this was absolutely nothing. just try to be as kind to each other as you can.

@sdav1986 Some energy/power trading firms spend $100M+ annually just on data. That’s the playing field.

keep it real folks, energy traders are incredibly smart (cannot believe I need to admit to this) and have huge incentives to get it right. You write substack for dollars, stfu

A man at the doctor’s office chuckled about them still using fax machines. The receptionist shot back: “Fax offers air‑gapped transmission without internet risks. No hacks, no phishing, no server breaches. That’s why healthcare and utilities still use it” Now I’m building an AI agent to convert my email to faxes…

@salr_nyc They don’t live long enough. 😢

Across millennia, some things never change.

@bennpeifert @DonaldJEifert ❤️

Dad ⁦@DonaldJEifert⁩ spinning the turntables on Friday afternoon