no capitulation

[no capitulation @NoCapitulation]

@CryptoHayes @CrashiusClay69 STFU Scammer

[no capitulation @NoCapitulation]

@QwQiao @mert Nah a total scam project

[no capitulation @NoCapitulation]

@nickkokonas Rookie numbers. Most up 100%+ in last 2 months

[no capitulation @NoCapitulation]

@amitisinvesting If they didn’t jail Ansem for his pumping then I’m not sure

[no capitulation @NoCapitulation]

@Ksidiii @EQDerivatives Is it just the market maker that wins a Buffered ETFs WEX auction that is monetizing their growth through spread? Or are you referring to monetization of cheap calls that are influenced by the call selling of those funds?

[Daniel Romero @HyperTechInvest]

Leopold lost his aura

That’s my honest opinion

Got Iran-pilled and loaded up on semi puts before one of the biggest rallies in history

Exited his huge $INTC call position at $44 before the $100+ rally

- > Sold $HUT before it went up 105%

- > Sold $COHR before it went up 52%

- > Sold $CIFR before it went up 49%

- > Sold $TSEM before it went up 41%

- > Sold $LITE before it went up 35%

- > Trimmed 40% of $BE before it went up 90%

- > Trimmed $CORZ before it went up 59%

- > Trimmed $SEI before it went up 40%

Exited calls and missed a ton of upside

Portfolio getting lower quality, in my opinion, and messier

[Trading Volatility @TradeVolatility]

As a former PM who ran a long/short vol strategy, I’ll say the quiet part out loud so that aspiring PMs out there know:

Long Vol / hedging funds are doomed to fail because you are asking allocators to pay a visible, recurring insurance premium for an invisible benefit.

Long-vol funds sell convexity, but allocators judge linearly

The experience is down month,
down month,
down month,
down quarter,
down year,
hey we're up some,
down month,
down month,
down month,
wait why are you pulling money there is a vol spike coming.

The better structure is a balanced portfolio with a clearly defined vol / convexity sleeve.

Let the core portfolio compound.

Let the convexity sleeve protect the left tail, create liquidity in stress, and fund rebalancing when assets get cheap.

Standalone hedging is psychologically hard to own.

Embedded convexity is much easier to underwrite.

[no capitulation @NoCapitulation]

@business ICE and CME are very nervous their market share will shrink. Some are saying Hyperliquid is the number one threat to their business models

[no capitulation @NoCapitulation]

@choffstein @bennpeifert Benn believed in nonsense fairytales and couldn’t handle any criticism. He blocked me for pointing out that taking an experimental vaccine was an unknown tail risk and worse than the known tail risk of Covid for healthy young people. Complete buffoon

[no capitulation @NoCapitulation]

@EricBalchunas @BullandBaird Benn down bad

[no capitulation @NoCapitulation]

@Jimmyjude13 @bennpeifert Nah fck that guy. He was throwing stones at glass houses. What go around comes around

[Forge Physique @ForgePhysique]

THIS ROUTINE IS WORTH A MILLION DOLLARS

[no capitulation @NoCapitulation]

@shortsqueeznews Rob is a grade A grifter. @LincolnInt knows the private credit valuation work they’ve done is a house of cards

[Antonio García Martínez (agm.eth) @antoniogm]

Old age is when memories and regrets start to outnumber dreams and ambitions.

[no capitulation @NoCapitulation]

@HayekAndKeynes @POTUS Donnie fakked up

[no capitulation @NoCapitulation]

@MebFaber 20% annualized return over past decade. Returns don’t lie

[Heisenberg @Mr_Derivatives]

The $QQQ has not made a new ATH in 5 months now.

Longest drought since 2023.

[no capitulation @NoCapitulation]

@NickNemo17 How do I short Cliffwater. What a dumpster fire

[no capitulation @NoCapitulation]

Upon further internal discussion, we cannot make any such promises

[no capitulation @NoCapitulation]

Dear $AAOI “investors,” it’s me JaneStreet. Please continue to buy the 140% implied vol calls. We took on 5% ownership and promise not to harvest vol premium and delta hedge to pin the price to no higher than $125. We swear we won’t hurt you this time