I was going to write about how to measure implied skew. The post would also have been a nice demonstration of why I write about options stuff in the first place (hint: it’s not because I think you should be trading options). You would walk away from the post excited by a new insight but rattled because it would crack a door you’d definitely prefer to keep closed.
The anticipation is a tad cruel because I’m going to table that post for next time. I didn’t feel like breaking up today’s letter with nerd stuff.
Dazed and Confused transpires over the last day of school. Randy “Pink” Floyd ain’t doing homework in the moontower and I’m not gonna be the cruel teacher who’s gonna put your mind in problem set mode.
Instead, I give you one of my favorite videos. Watch it through to the end. It’s worth it.
As tensions go, it presents one of the most difficult tensions an intellectually honest person needs to contend with. I’ve come to the same conclusion its author does — the “Success Paradox” cannot be resolved without some controlled self-deception1.
You will recognize the same thinking in this 2-part series:
My Personal Trigger (5 min read)
Why ‘Deserve’ Makes My Skin Crawl (8 min read)
I’ve always been sensitive to the “success paradox”. It informs my politics. My worldview. It’s why I find Freddie deBoer’s views on education impossible to look away from. (I will be writing more about learning in the back half of this year. You can expect Money Angle to get some of that treatment in the context of investing as well.)
For now, watch the video. At worst, you are introduced to a beautiful YT channel.