The retrospective self cringe is so on-point: Heres one: In the 90’s I taught English in China for 2 years and prided myself on learning the language well and living and traveling with the locals. I was deep in Sichaun province when a horse-drawn cart driver told me while disembarking the price was 2 yuan (25 cents). I had previously inquired about the going price from bystanders before getting on board, which was 1 yuan for the 20 minute ride. When I heard he was double-charging me I blew up in a tirade of indignant Mandarin, describing how my ass was the same size as a Chinese person’s ass, and therefore the price should be the same. I told him his mother would be ashamed at his behavior and self-righteously threw the 1 yuan in his direction and stormed off. I was so proud at the time. Sigh.
So embarrassing.
Glad we can learn from each other and folks like you sharing their wisdom. Great post.
“ If a widow getting paid is deemed a self-congratulatory act of corporate benevolence then Warren Buffett is the priest of puts, a hokey paragon of virtue, backstopping markets with the heart of a patriot. Ok. “ - 😂😂😂💯
Appreciate the critical view of QYLD, which seems to have many evangelists these days. Given that QYLD has a worse CAGR, Sharpe ratio, and risk-adjusted return over time than QQQ, is a plausible strategy* to take the opposite strategy and buy the monthly ATM calls? QYLD has a lower volatility than QQQ, so clearly (and intuitively) this would be higher vol, but perhaps that could be balanced with a cash reserve via Kelly Criterion. Too lazy to pull out the spreadsheets and prove it...
*For retail investor, not an actual market maker. I'm sure the math is even more favorable cutting out the price spread. When does QYLD schedule their writes...?
This was fantastic. Thank you.
The retrospective self cringe is so on-point: Heres one: In the 90’s I taught English in China for 2 years and prided myself on learning the language well and living and traveling with the locals. I was deep in Sichaun province when a horse-drawn cart driver told me while disembarking the price was 2 yuan (25 cents). I had previously inquired about the going price from bystanders before getting on board, which was 1 yuan for the 20 minute ride. When I heard he was double-charging me I blew up in a tirade of indignant Mandarin, describing how my ass was the same size as a Chinese person’s ass, and therefore the price should be the same. I told him his mother would be ashamed at his behavior and self-righteously threw the 1 yuan in his direction and stormed off. I was so proud at the time. Sigh.
So embarrassing.
Glad we can learn from each other and folks like you sharing their wisdom. Great post.
Your posts are awesome and highly relevant to me as an ES put writer. I’m way too cheap to do a meeting with you, but keep writing please!
“ If a widow getting paid is deemed a self-congratulatory act of corporate benevolence then Warren Buffett is the priest of puts, a hokey paragon of virtue, backstopping markets with the heart of a patriot. Ok. “ - 😂😂😂💯
Appreciate the critical view of QYLD, which seems to have many evangelists these days. Given that QYLD has a worse CAGR, Sharpe ratio, and risk-adjusted return over time than QQQ, is a plausible strategy* to take the opposite strategy and buy the monthly ATM calls? QYLD has a lower volatility than QQQ, so clearly (and intuitively) this would be higher vol, but perhaps that could be balanced with a cash reserve via Kelly Criterion. Too lazy to pull out the spreadsheets and prove it...
*For retail investor, not an actual market maker. I'm sure the math is even more favorable cutting out the price spread. When does QYLD schedule their writes...?