When alpha gets commoditized, you have to get good at plumbing
You're making more choices than buy-and-hold
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?
