The Money Angle

deworsification?

Let's start here... Essential Wisdom from Twenty Personal Investing Classics (6 min read) Elm Wealth distills investing lessons from 20 classics,…

5 months ago

why poker is used to train traders

This video is the best articulation of why poker is used to train traders. https://youtu.be/uFyoIeBElQc From the description: Jerrod Ankenman,…

5 months ago

the messiness of options in the real-world

Recently, I’ve been writing a lot about option funding — implied rates, reversal/conversions, and financing stock positions, and even a…

5 months ago

VIX futures vs VIX synthetic futures

Here’s an FYI that reinforces a lot of moontower 2025 writing on option synthetic futures. This is from my IBKR…

5 months ago

vol trading is easier than directional trading

I want to clarify a statement from my chat with John from Risk of Ruin. I said “vol trading is easier than…

5 months ago

what hides in the option chain

We’ve been talking about option funding stuff recently in the paid Thursday issues. Recently, I had a trader ask for…

5 months ago

so you’re interested in trading…

Friends, This is a follow-up letter I wrote to someone who called me interested in learning to trade. Look, trading…

5 months ago

implying the cost of carry in options

This is the follow-up to last week’s the easiest win in options is for stock traders. In that post, we started…

6 months ago

how overconfidence and confirmation bias create reinforcing loops

Below is an excerpt from the presentation I did at McCombs Business School at UT Austin. It’s more hands-on to…

6 months ago

my read on the market from the option lens

SP500 is up about ~33% since the April low. To choose a different reference point, since the Feb high water…

6 months ago