After the 9/11 attacks, airlines and public buildings adopted a flurry of "security" measures, like taking away pen-knives from fliers or requiring visitors to office buildings to be photographed or present a driver's license.

1/

The US election news has largely overshadowed a seismic moment in global finance: Ant, a fintech company that spun out of Alibaba/Alipay, was scheduled to have the world's largest IPO, topping even Aramco, the Saudi sovereign wealth fund.

Then Chinese regulators canceled it.

1/

As @yvessmith writes in her excellent @nakedcapitalism breakdown, the consensus narrative on this is capricious Chinese regulators changed their minds and jerked the rug out from under Ali's billionaire owner Jack Ma.

The reality is a lot

To understand it, you need to understand the difference between the Chinese and American "money story." In the US, there is widespread, unquestioning faith in the fairytale that money predates the state and is separate from it.

3/

In this story, people come together to trade but are plagued by disparate goods: if I want to pay for your chickens with a cow, how do you make change? They spontaneously decide that something (gold?) is money and price their cows and chicks in it.

4/

Then, governments come along tax our gold away, and then to add insult to injury, governments abandon gold and insist that paper is as good as gold, print too much of it and crash the economy!

This probably sounds familiar to you, but it's just not true.

5/

Despite the massive triumphs of the world's largest corporations and most rapacious billionaires during the covid crisis, neoliberalism is in ideological retreat: more people are more critical of the idea that "free markets" can solve big problems than at any time in my life.

1/

The Democratic nomination race was a fight between the neoliberal wing of the party and the Democratic Socialists, with the candidates representing a spectrum between those two sides (and the odd outlier on either side).

2/

Supposedly, the party grandees brokered peace between the two main factions, but the left is rightfully suspicious about whether Biden - and Republicans-who-sit-as-Dems like Joe Manchin - will deliver anything beyond symbolic gestures.

3/

One bright spot: Bernie Sanders is finally chairing the Senate Budget Committee, giving him enormous power over muscular covid relief packages, Medicare expansion, and rolling back Trump and Bush tax-cuts on the

This is where Sanders' long experience in the Senate, and his virtuoso work using its procedures to advance his position, will serve him well. As we saw with McConnell, the ability to wield procedure is a powerful asset in getting stuff done.

5/

When a new president is sworn in, they gets told a lot of secret stuff - launch codes, backup plans, etc. But one of the best-kept presidential secrets is the "Enemies Briefcase," a collection of "presidential emergency action documents" (PEADs).

https://t.co/A6Jh3Gkip7

1/

These aren't just revelations about the fallback plans for things like a nuclear strike - they are a meticulously maintained collection of emergency authorities that the administrative branch claims it is entitled to.

2/

These authorities are analyzed in legal memos that give the president to unilaterally declare an emergency "imposing martial law, suspending habeas corpus, seizing control of the internet, imposing censorship, and incarcerating so-called subversives."

3/

The PEADs were incredibly well-kept secrets, known only through fragmentary redaction failures, appropriaions and declassifications...Until Trump starting bragging on 'em:

"I have the right to do a lot of things that people don’t even know about." -Donald J Trump

4/

PEADs are particularly ominous given how many non-secret emergency powers the president has - more than 100 powers granted by Congress and never rescinded, dating back to the Civil War, from freezing bank accounts to deploying troops domestically.

5/

The remix culture of the early 2000s left an indelible impression on me, an enduring delight in the power of whimsy, juxtaposition, virtuosity and ingenuity - and the ability of strangers all over the world to collaborate without any explicit coordination.

1/

The recent Bernie-mittens meme was a sterling example of this, tickling me right to my core, and I just happened on an especially delightful apex example of the form: @ToastedShoes's video of Sanders incorporated into eight AAA

Toasted Shoes got @JoeMashups to create a 3D model of Sanders, then tapped a bunch of different mashup artists to turn the Sanders sprite into playable characters in the games, showing them off in a narrated video.

3/

I'm not much of a fan of video-game streamers' narration, and I confess that I found the video more entertaining without the narration, but to each their own - Shoes was clearly enjoying himself, as were the commenters on the video.

4/

They had a lot to be pleased by.

Sanders as a Sith Lord in Star Wars Battlefront 2:

5/

THREAD ON IRONFLY

These days the most preferred strategy for option sellers due to improved margins is IRONFLY. It's essentially a short straddle with long strangle. Long strangle acting as 'WINGS', which help in capping the unlimited risk associated with a short straddle.(1/n)

You can also view the position as a combination of Cal & Put credit spreads, if that makes it more easy for you.

There are 3 important things to understand while trading this strategy:

1) Initial size of the Wings
2) Risk Management
3) Adjustments

(2/n)

Since we are selling an ATM straddle, the 1st question is how far our wings should be? Ideally i sell .50 delta straddle & buy .20 or .10 OTM strangle, depending on my view on volatility. So the distance of wings depends on the IV setup. Higher the IVs, greater the distance.(3/n)

If you don't understand greeks, then ideally with 30 days to expiry (dte), wings should be around 300pts either side. If your trading in weekly then it should be not more than 200pts. Higher the premiums, higher the distance as we have more cushion of theta. (4/n)

It is important to understand that we need to reduce the distance of wings with time so as to manage our RISK in gap openings or sudden volatile move. So for eg. if you started with 300pt wings with 30dte, the wings wouldn't give the same protection when there is 7dte. (5/n)

So, here's my contrarian take on Why Trunk-Based Development Is Great But Probably Won't Work For You. Buckle up, it's a long one.

From time to time I talk about, or boost someone else's discussion of, "classical" continuous integration/trunk-based development/push-to-master/whatever. I do this because I've personally worked like this and I genuinely think it's a marvelous way to write software.

I've also, at this point in my career, failed—a bunch of times!—to bring this technique into practical use on the teams and organizations I've worked with. As a result, while I still do it myself, I don't focus as much on encouraging it in others.

The technoculture that's presently in vogue is what I think of as async/individual—optimize for the individual, performance-manage the individual, decouple the individual from others so they can be their best, most productive, most heroic selves.

This is in contrast to what I think of as sync/team—a culture that leans into interdependence and collaboration. If you've never worked on a team that collaborates very closely every day for months or years on end (and likes it) you've likely not experienced a team like this.

There's a particular kind of romantic partnership, with a certain sort of person, that I've wanted since I became a self-aware, directed agent at around age 15.

Empirically, this kind of relationship has been hard to achieve. It hasn't worked out yet, at least.

And this sometimes leaves me wondering if my standards are unreasonable.

In years past that desire was often very alive.

These days, I'm rarely directly or viscerally in contact with it.

I sometimes contemplate aiming for some other kind of romantic and/or sexual relationship instead. In part because I might be more effective if I...I don't know, got laid more? But that's not really the thing. More like, if I had someone around whom I could regularly relax.

But mostly, I don't pursue those alternative relationship-setups out of a sense of something like loyalty to myself + a vague sense of wrongness and/or sadness about it. It often feels like giving up or giving in.

[I might elaborate on the wrongness sometime.]

Daily Bookmarks to GAVNet 02/16/2021