Deeply-sourced writing on options, risk, and the measurement of performance — grounded in the primary literature, with every chart labeled for what it is. The same standard we hold our own track record to.
The most consistent finding in behavioral finance is that humans are the weakest link in their own trading. Rules executed by a machine fix the part that forecasting never could.
Test enough strategies and one will look brilliant by pure chance. Separating skill from luck is a statistics problem with known — and unforgiving — answers.
Backtests are easy to make beautiful and easy to make meaningless. Here is why most published results overstate reality — and what an honest track record requires.
Delta, gamma, theta, vega — not jargon to memorize, but the control surface of an options position. Treat them as a live dashboard of risks to manage, and options stop being a mystery.
A century of finance research points to an uncomfortable conclusion: surviving drawdowns matters more than forecasting returns. The math of ruin explains why.
Two of the most documented anomalies in finance point in opposite directions — and both are real. Knowing which regime you are in is the difference between an edge and a trap.
Same-day options went from a niche to the majority of index options volume in a few years. Here is what changed, and why intraday risk control is no longer optional.
Crypto never closes, its volatility dwarfs equities, and its derivatives are young. The opportunity is real — but only for those who bring the same discipline that governs any serious options book.
In distributed systems, doing something exactly once is famously hard. In trading, getting it wrong means a duplicate order in a live market. Correct execution is an architecture, not an afterthought.
Gross returns are a fantasy. Spreads, slippage, and market impact quietly convert winning backtests into losing accounts. Costs are not a footnote to the test — they are the test.
Markets are not normal — their returns have fat tails, and the rare event dominates the long-run record. That single fact is the most powerful argument ever made for never holding undefined risk.
Black–Scholes assumes a single volatility. Markets quote a different one for every strike and every expiry. The shape of that surface is information — if you can read it.
Across decades of data, options have tended to be priced richer than the moves that follow. That persistent gap — the volatility risk premium — is one of the most studied edges in finance.