Are you measuring what people have, how much they make, or what they get?
Paulson and Scion did great, but the most elegant, high-sharpe crisis bet was Magnetar's
Options, Commissions, P&L Splits, Clawbacks, Noncompetes, and More
Markets as a quest to move risk onto the right balance sheets and worry into the right brains
How do you enforce a cartel when everyone's trading electronically?
What can we learn from the USSR's brass-knuckled commodities trading coups?
Is it just another real estate deal?
How fast does the financial scenery change?
Imperfect efficiency from investor preferences and the cost of information aggregation
The biggest source of alpha is knowing when you're unlikely to have alpha
