night sky

Market observer and participant 📰 Relative Value 🏔 Liquidity above all else 🌊 #volatilityisopportunity

[night sky @AlphaClarity]

@PatriottusX Ok suppose they did… how do you know this? Are you just assuming?

[night sky @AlphaClarity]

Did Pentwater and SRS really not sell a single share into this $CAR squeeze these last few weeks? Baffling. Especially considering SRS held their entire position through the last squeeze in 2021 as well

[night sky @AlphaClarity]

@1769_alex As of 4:15ET 4/24, there is no evidence (no filings) that the two funds sold any shares into the squeeze. Don’t assume things and present them as facts

[Julian Klymochko @JulianKlymochko]

Largest merger arbitrage books (by 13-F*)

Pentwater: $10.6 billion
HBK: $8.1 billion
Millennium: $7.8 billion
Balyasny: $5.3 billion
Fidelity: $4.4 billion
Citadel: $2.9 billion
Qube: $2.7 billion
AQR: $2.4 billion
Glazer: $2.3 billion
Magnetar: $2.1 billion

h/t Cantor

[night sky @AlphaClarity]

@CryptoMon98 @4Wahoo98242 @UltraDane @grok The woman in the beginning is AI rage baiting. The rest is taken for separate incidents on different states, not the story presented here. Yea I’d say this post is bullshit

[night sky @AlphaClarity]

@4Wahoo98242 @UltraDane @grok THIS IS AI BULLSHIT. People please fact check before reacting for god sakes

[night sky @AlphaClarity]

@BMNRBullz Are you new here or are just proposely spreading misinformation to lead retail to the slaughter? I assure you Jane street does not make directional plays in BMNR, they make a market in the options. The only thing they are directional on is short gamma

[night sky @AlphaClarity]

@realwolfofdubai @BitMNR @fundstrat 0% objective analysis, 100% hopium. There is NO tangible reason BMNR will ever trade at a significant mNAV premium again. They’re a company with no business, but with salaries and operating expenses. Just buy ETH if you’re bullish on ethereum

[Brett Caughran @FundamentEdge]

I went through this exact journey myself.

After 13 years climbing the ladder at hedge funds in NYC and ultimately reaching my goal of becoming a portfolio manager, I had a major internal crisis. I had the analytical capabilities to do the job, but my nervous system wasn't wired in a way that aligned with navigating the volatility of the marketplace (and workforce) while also finding internal peace & joy. I worked with a coach, and he asked me "is this what you want to be doing at 50?". I was burned out and no longer found meaning in seeking to generate 300bps of alpha for institutional LPs - the answer was obvious. I knew I needed a change.

I decided to move my family from NYC to Scottsdale, and downshift & reorient my career, while also meaningfully restructuring my personal cost structure.

I thought the peace and joy would flow immediately upon the move...remove the stressor and joy arrives, right? Right?!

WELL, for really the first time in my life, this gray feeling of depression crept in, and it surprised me.

In NYC I was special. I had status, I had an identify. The first thing people ask at a cocktail party in Tribeca is "what do you do?". With pride, I responded "I'm a PM at Citadel". Brokers rolled out the red carpet and "friends" emerged given your perch and your ability to help them. I was infected with mimetic desire and I moved into a beautiful apartment building and was neighbors with Leonardo DiCaprio and Tyra Banks. And it was fun, it was thrilling.

Then, all of a sudden I didn't have that. I was a failed "semi-retired" PM. I looked around me, and I didn't feel special...I felt, for the first time in my life, average. I lived in an average house, drove an average car, and lived an average lifestyle. And it hit me harder than I thought it would.

And I went through it. I struggled for a solid 18 months. I went through the letting go of my ego, the letting go of the identity that I had been so carefully crafting for nearly 20 years.

What did I learn along the way?

I learned that depression is a feature, not a bug. A period of depression, when associated with the letting go of identity, is actually a well-established threshold in the archetypal evolution of male spirituality.

The journey for me kicked off a transition towards a much deeper exploration of the true meaning of life, which I believe is a deeply personal question. For me, this transition point marked a transition towards inner growth as a primary metric of success. Who I can become.

In exploration, I learned that what I was going through was far from unique, but was actually a well-established transition point in a well-lived life.

I stumbled upon Richard Rohr's wonderful book, Falling Upward, and it seemed to explain this journey in wonderful precision.

How the loss of attachment to status and identity is actually a wonderful gift!

I have established this framework as a core part of my personal philosophy of life. And, with some distance from the gray, now look at that period of my life as a wonderful gift. A necessary letting go and reorientation towards more true and more enduring sources of peace, joy & meaning.

So, if you are feeling depressed at the loss of identity. Keep going. It's a sign you are on the right track.

[night sky @AlphaClarity]

@LosGatosTrader @FL0WG0D Yep. That’s a great take, and very possible here. I’ve seen this countless times in my career, mostly around broken merger arb situations where the call IV was suspiciously low (arb fund selling calls ahead of unwinding large long position)

[night sky @AlphaClarity]

@L1amBellamy @BeWeezie @OpulentVocation The number 1 priority of wealthy people (hf investors) is capital preservation, not capital appreciation. They are gladly willing to forgo the “outperformance” in a massive bull market to eliminate or decrease the drawdowns in a bear market. You’d do the same if you could

[night sky @AlphaClarity]

@amitisinvesting It’s not $70 just for the shares alone. It’s for 5.2m shares AND 10.4m warrants exercisable by Mar ‘27 at $87.5. If we look at the closest option comp, the Jan ‘27 90 calls are $25, so the investors actually got a huge discount. Stop with the 14% premium misinformation

[night sky @AlphaClarity]

@KerrisdaleCap Long or short, from the replies it’s abundantly clear the short side of this trade is far more informed on the company than longs, who’s DD can be summarized with “get wrekd” and tweeting the stock price. GL to those clueless longs who will indeed get wrekd in the next sell off

[night sky @AlphaClarity]

@DarioCpx What WSJ bombshell?

[night sky @AlphaClarity]

@vixologist Long UVXY/long 17 puts. Total risk appr. 1%

[night sky @AlphaClarity]

@vixologist 0DTE calls seem underpriced here. Long vol here offers very favorable r/r

[night sky @AlphaClarity]

@RepMTG Peace is the answer. But you’re so dumb that you don’t even know what that looks like

[night sky @AlphaClarity]

@VolatilityVIX Could you help explain the popular (mis?)conception that an upward sloping vix curve creates a roll drag on the popular vol etfs? Specifically is it the forward month roll or the convergence to (lower) spot that has more impact? Thanks

[night sky @AlphaClarity]

@007ofWallSt @TheTranscript_ Congrats. You’ve perfected the art of talking without saying anything meaningful. Also, what fed tightening??

[night sky @AlphaClarity]

@Xenos_on_ice @Ronxyz00 @realDonaldTrump 1 million people dead and injured THAT PUTIN IS RESPONSIBLE FOR. Trump just wants to brush that little inconvenience aside to start building more hotels in Moscow. Putin should be a pariah, instead he’s just gonna rejoin the roundtable like business as usual