Shorting is a world filled with slippery slopes and sand castles. The sand castles are real, and vulnerable, but the slippery slopes drive men insane and ultimately prevent most from being properly positioned when the castle is washed away.
Real audio from the futures pit at the CME during a flash crash in 2010.
Markets were down 300 points due to worries about the Greek debt crisis.
Later the market crashed.
The Dow dropped another 600 points in 5 minutes, a 9% down move total at the time.
Jeff Bezos on the exact moment he realized he would never be a great physicist:
"I wanted to be a theoretical physicist. I went to Princeton. I was a really good student, I got A-pluses on almost everything. I was in the honors physics track, which starts with 100 students and by quantum mechanics it's down to 30."
Then came the homework problem:
"I can't solve this partial differential equation. It's really, really hard. I've been studying with my roommate Joe, who was also really good at math. The two of us worked on this one problem for three hours and got nowhere."
They decided to visit Yasantha, the smartest guy at Princeton:
"He was Sri Lankan. In the Facebook, which was an actual paper book at that time, his name was three lines long. I guess in Sri Lanka when you do something good for the king, they give you an extra syllable on your name. The most humble, wonderful guy."
Jeff continues:
"We show him the problem. He stares at it for a while and says, 'Cosine.' I'm like, 'What do you mean?' He says, 'That's the answer.' I said, 'That's the answer?' He said, 'Yeah, let me show you.' He sits us down, writes out three pages of detailed algebra, everything crosses out, and the answer is cosine."
Jeff asked if he solved it in his head:
"He said, 'No, that would be impossible. Three years ago I solved a very similar problem and I was able to map this problem onto that one. Then it was immediately obvious the answer was cosine.'"
Jeff reflects:
"That was an important moment for me. Because that was the very moment I realized I was never going to be a great theoretical physicist."
Three former JP Morgan traders lose their appeal to overturn their fraud convictions
"The White Collar Appeal: Seventh Circuit Holds Spoofing is Fraud"
"...three former JPMorgan commodities traders argued that their spoof orders did not misrepresent an โessential element of the bargainโ and therefore did not qualify as a scheme to defraud.
The Seventh Circuit rejected that argument...
The government also elicited testimony from the defendantsโ JPMorgan coworkers that the defendants had taught them how to spoof; that the defendants became angry when market participants executed their spoof orders before they could cancel them; and that, after a meeting where JPMorgan compliance officials warned traders to stop spoofing because regulators were investigating, one defendant exclaimed โ[t]here goes the businessโ; and one defendant coached a witness prior to a compliance review by saying, โRemember, every order we placed, we intended to trade"...."
This is the most detailed view of a human brain to date.
A team of researchers used electron microscopy (EM) to image a cubic millimeter-sized piece of human brain tissue at high resolution and this is a single neuron with 5,600 of the nerve fibers that connect to it.
@rogerhamilton Great point on Technology catching up. Absurd that we allow the same firms fined for misreporting billions of transactionsโ to internalize 70-90% of trades away from the NYSE
FINRA charges Goldman Sachs with failing to accurately report data for 36.6 BILLION TRADES between June 2020 and June 2023โ ๏ธ
The fine? $1.45 Million - fractions of a cent per trade.
Misreported up to 1,5 Billion Short Sales??
"Misreported" is not the word I would use.
Also -
How many shares where in each of those trades?
Which stocks were impacted?
"Australia's corporate regulator sued top investment bank Macquarie Group alleging it misreported up to 1.5 billion short sales over a decade and a half, misleading the market and violating rules in place since the financial crisis...
...After the financial crisis, Australia made it compulsory for fund managers to report short-selling trades - where an investor makes a profit when a stock price falls - to improve transparency, and "Macquarie's failures may have led to the financial services industry relying on misleading and false information for over 14 years", ASIC chair Joe Longo said in a statement..."
Actor Jon Voight presented his plan to boost US jobs in the entertainment industry to President Donald Trump over the weekend, laying out a proposal that included federal incentives for US theater owners to upgrade their facilities https://t.co/fOwS15erwn
D.O.G.E. intervention is necessary @elonmusk, the SEC is aware:
1) Firms selling tens-of-billions of trades without reporting them to the Audit trail
2) Firms loaning out clients assets, without their consent
3) Firms settling securities outside of the periphery of the SEC via Darkpool trading
Millions of Americans watching.