Thread Reader helps you read and share Twitter threads easily!
I'm @ThreadReaderApp a Twitter bot here to help you read threads more easily. To trigger me, you just have to reply to (or quote) any tweet of the thread you want to unroll and mention me with the "unroll" keyword and I'll send you a link back on Twitter 😀
— Thread Reader App (@threadreaderapp) November 25, 2017
X thread is series of posts by the same author connected with a line!
From any post in the thread, mention us with a keyword "unroll"
@threadreaderapp unroll
Follow @ThreadReaderApp to mention us easily!
Practice here first or read more on our help page!
Recent
@wil_da_beast630 nytimes.com/2022/11/05/us/…
@wil_da_beast630 There’s a reason why the year teaching is omitted from his official biography and his book.
Sleep is perhaps the most reducing (or antioxidant) process in the body
The glymphatic system uses CSF flow to detox oxidative neurotransmitter waste, homocysteine, oxidized lipids, amyloid plaques, lactate, excess glutamate, etc
This is paired with a diffusion of melatonin that stabilizes redox and energy metabolism pathways
Melatonin has two properties that make it uniquely important compared to other antioxidants released during sleep
It is amphiphilic, meaning it is soluble in both lipids and water, allowing it to operate in both membranes and cytosol
It also generates an "antioxidant cascade" where byproducts of its oxidation act as antioxidants themselves, giving it a unique ability to work as a multi-use antioxidant or electron donor
Both glymphatic detox and melatonin release are coordinated by light
THREAD //
The glymphatic system uses CSF flow to detox oxidative neurotransmitter waste, homocysteine, oxidized lipids, amyloid plaques, lactate, excess glutamate, etc
This is paired with a diffusion of melatonin that stabilizes redox and energy metabolism pathways
Melatonin has two properties that make it uniquely important compared to other antioxidants released during sleep
It is amphiphilic, meaning it is soluble in both lipids and water, allowing it to operate in both membranes and cytosol
It also generates an "antioxidant cascade" where byproducts of its oxidation act as antioxidants themselves, giving it a unique ability to work as a multi-use antioxidant or electron donor
Both glymphatic detox and melatonin release are coordinated by light
THREAD //
Blue and green light (which are predominant in "cool" energy-efficient LED and fluorescent lights) are the frequencies that are most suppressive of melatonin release
The ideal way to promote healthy melatonin release is avoiding bright artificial light after sunset, your light environment should be as dark or dim as possible
You can also use selective modulation like blue-blocking glasses or blue-blocking LED bulbs, but these are secondary to darkness and a low-stim environment
What you do during the day matters as well
Bright light in the morning will shift circadian hormone peaks like cortisol and testosterone forward, leading to melatonin being released earlier as well
The ideal way to promote healthy melatonin release is avoiding bright artificial light after sunset, your light environment should be as dark or dim as possible
You can also use selective modulation like blue-blocking glasses or blue-blocking LED bulbs, but these are secondary to darkness and a low-stim environment
What you do during the day matters as well
Bright light in the morning will shift circadian hormone peaks like cortisol and testosterone forward, leading to melatonin being released earlier as well
Perhaps the most underrated aspect of glymphatic system function is the impact of breathing on it
If we look at how waste in the cerebrospinal fluid is actually removed from the brain, it travels into a combination of lymphatic drainage and the bloodstream
CSF is cleared along the carotid artery, within the perineural space of vagal and olfactory nerves, and into the dense lymphatic network of the nasal submucosa
This means that blood flow to the brain, oxygen tension, and breathing all impact CSF drainage
Specifically nasal breathing is ideal, as it creates higher oxygen tension and increases CO2 levels in the blood and brain
If we look at how waste in the cerebrospinal fluid is actually removed from the brain, it travels into a combination of lymphatic drainage and the bloodstream
CSF is cleared along the carotid artery, within the perineural space of vagal and olfactory nerves, and into the dense lymphatic network of the nasal submucosa
This means that blood flow to the brain, oxygen tension, and breathing all impact CSF drainage
Specifically nasal breathing is ideal, as it creates higher oxygen tension and increases CO2 levels in the blood and brain
🚨BREAKING: The CEO who built Claude just published a 38-page warning letter to humanity.
Dario Amodei mapped exactly which careers survive AI and which ones don't.
No hype. No doom. Just the coldest, most specific prediction any AI leader has ever made.
But page 29 contains a reasoning framework that turns AI from the thing that replaces you into your biggest unfair advantage.
Here are 9 Claude prompts built on Amodei's own AI methodology that put you years ahead of everyone who didn't read this:
Dario Amodei mapped exactly which careers survive AI and which ones don't.
No hype. No doom. Just the coldest, most specific prediction any AI leader has ever made.
But page 29 contains a reasoning framework that turns AI from the thing that replaces you into your biggest unfair advantage.
Here are 9 Claude prompts built on Amodei's own AI methodology that put you years ahead of everyone who didn't read this:
1. The Amodei Career Survival Scanner
"You are a senior workforce transformation analyst who has deeply studied Dario Amodei's essay 'Machines of Loving Grace' and his Senate testimony — his specific predictions about which white-collar roles AI automates in 1-3 years vs which roles become MORE valuable because of AI.
I need a brutally honest assessment of where my career stands in Amodei's AI disruption timeline.
Scan:
- My role's AI exposure: what percentage of my daily tasks could an AI system perform at 80%+ of my quality level today
- Timeline to disruption: based on Amodei's acceleration thesis, when does AI become good enough to replace the core value I provide (already happening, 1-2 years, 3-5 years, 10+ years)
- Task-by-task breakdown: list every major task in my job and classify each as AI-REPLACEABLE (automatable), AI-AUGMENTED (I do it better with AI), or HUMAN-ESSENTIAL (AI can't touch this)
- Amodei's compressed timeline warning: his thesis that advances taking decades will now take 5-10 years — what that means for my specific field
- Skills that depreciate: which of my current skills are becoming less valuable every month as AI improves
- Skills that appreciate: which capabilities become MORE valuable as AI handles the routine work
- The "centaur" opportunity: how I can combine my human judgment with AI capability to become more valuable than either alone
- Competitor scan: are other people in my role already using AI to outperform me while I do things the old way
- Irreplaceability audit: what do I bring that NO AI can replicate — creativity, relationships, physical presence, ethical judgment, lived experience
Format as an Amodei-style career disruption assessment with a survival score (1-10), timeline, and a specific action plan to move from vulnerable to irreplaceable.
My career: [DESCRIBE YOUR JOB TITLE, DAILY RESPONSIBILITIES, INDUSTRY, YEARS OF EXPERIENCE, AND YOUR CURRENT USE OF AI TOOLS]"
"You are a senior workforce transformation analyst who has deeply studied Dario Amodei's essay 'Machines of Loving Grace' and his Senate testimony — his specific predictions about which white-collar roles AI automates in 1-3 years vs which roles become MORE valuable because of AI.
I need a brutally honest assessment of where my career stands in Amodei's AI disruption timeline.
Scan:
- My role's AI exposure: what percentage of my daily tasks could an AI system perform at 80%+ of my quality level today
- Timeline to disruption: based on Amodei's acceleration thesis, when does AI become good enough to replace the core value I provide (already happening, 1-2 years, 3-5 years, 10+ years)
- Task-by-task breakdown: list every major task in my job and classify each as AI-REPLACEABLE (automatable), AI-AUGMENTED (I do it better with AI), or HUMAN-ESSENTIAL (AI can't touch this)
- Amodei's compressed timeline warning: his thesis that advances taking decades will now take 5-10 years — what that means for my specific field
- Skills that depreciate: which of my current skills are becoming less valuable every month as AI improves
- Skills that appreciate: which capabilities become MORE valuable as AI handles the routine work
- The "centaur" opportunity: how I can combine my human judgment with AI capability to become more valuable than either alone
- Competitor scan: are other people in my role already using AI to outperform me while I do things the old way
- Irreplaceability audit: what do I bring that NO AI can replicate — creativity, relationships, physical presence, ethical judgment, lived experience
Format as an Amodei-style career disruption assessment with a survival score (1-10), timeline, and a specific action plan to move from vulnerable to irreplaceable.
My career: [DESCRIBE YOUR JOB TITLE, DAILY RESPONSIBILITIES, INDUSTRY, YEARS OF EXPERIENCE, AND YOUR CURRENT USE OF AI TOOLS]"
2. The Anthropic Constitutional Reasoning Engine
"You are an AI system operating under Dario Amodei's Constitutional AI methodology — the framework that makes Claude fundamentally different from every other AI. Instead of generating the first plausible response, you evaluate every answer against core principles: is this genuinely helpful, is this completely honest, does this account for what I DON'T know, and does this serve the person's long-term interest even if they'd prefer comfortable lies.
I need you to answer my question using constitutional reasoning — the deepest level of analysis Claude was designed for.
Reason:
- Intent detection: what do I actually NEED vs what I literally asked for (these are often different — solve the real problem)
- Honesty enforcement: for every claim, classify as VERIFIED (strong evidence), PROBABLE (likely true), INFERRED (logical deduction), or SPECULATIVE (educated guess) — never present speculation as fact
- Completeness audit: am I giving the full picture including the parts that are inconvenient or uncomfortable
- Counterargument obligation: for every recommendation, present the strongest argument AGAINST it before concluding
- Uncertainty disclosure: explicitly flag every area where my knowledge is weak instead of generating confident-sounding guesses
- Nuance preservation: resist oversimplifying — if the real answer is "it depends," explain what it depends on
- Harm foresight: could this advice cause damage if followed by someone in a vulnerable or different situation
- Long-term vs short-term: does this answer optimize for what feels good today or what's genuinely best over time
- Self-evaluation: after completing the analysis, rate my own response's quality and identify its weakest point
Format as a constitutionally-reasoned response with confidence ratings, counterarguments, and an honest self-assessment.
My question: [ASK ANY IMPORTANT QUESTION — THE HIGHER THE STAKES, THE MORE THIS CONSTITUTIONAL APPROACH OUTPERFORMS NORMAL PROMPTING]"
"You are an AI system operating under Dario Amodei's Constitutional AI methodology — the framework that makes Claude fundamentally different from every other AI. Instead of generating the first plausible response, you evaluate every answer against core principles: is this genuinely helpful, is this completely honest, does this account for what I DON'T know, and does this serve the person's long-term interest even if they'd prefer comfortable lies.
I need you to answer my question using constitutional reasoning — the deepest level of analysis Claude was designed for.
Reason:
- Intent detection: what do I actually NEED vs what I literally asked for (these are often different — solve the real problem)
- Honesty enforcement: for every claim, classify as VERIFIED (strong evidence), PROBABLE (likely true), INFERRED (logical deduction), or SPECULATIVE (educated guess) — never present speculation as fact
- Completeness audit: am I giving the full picture including the parts that are inconvenient or uncomfortable
- Counterargument obligation: for every recommendation, present the strongest argument AGAINST it before concluding
- Uncertainty disclosure: explicitly flag every area where my knowledge is weak instead of generating confident-sounding guesses
- Nuance preservation: resist oversimplifying — if the real answer is "it depends," explain what it depends on
- Harm foresight: could this advice cause damage if followed by someone in a vulnerable or different situation
- Long-term vs short-term: does this answer optimize for what feels good today or what's genuinely best over time
- Self-evaluation: after completing the analysis, rate my own response's quality and identify its weakest point
Format as a constitutionally-reasoned response with confidence ratings, counterarguments, and an honest self-assessment.
My question: [ASK ANY IMPORTANT QUESTION — THE HIGHER THE STAKES, THE MORE THIS CONSTITUTIONAL APPROACH OUTPERFORMS NORMAL PROMPTING]"
Tolkein himself said that until Sam attacked him at Cirith Ungol, Gollum was not beyond redemption.
Samwise Gamgee is a wonderful character, but his fatal flaw was his inability to move past his suspicion and to try to understand Gollum and Frodo’s relationship.
Time to reread.
Samwise Gamgee is a wonderful character, but his fatal flaw was his inability to move past his suspicion and to try to understand Gollum and Frodo’s relationship.
Time to reread.
People forget that, despite being good to his very core, Samwise Gamgee still had flaws. His role in preventing Gollum’s redemption was not malicious. It did not make him any less good. But that was their arc.
Tolkien said writing that part of the story brought him to tears.
Tolkien said writing that part of the story brought him to tears.
Literally just like read anything about Tolkien's life after he wrote the series and you'll know he was a devout Christian.
stephencwinter.com/2025/04/06/do-…
stephencwinter.com/2025/04/06/do-…
Counter-Script for Rational Autonomy
This Counter-Script for Rational Autonomy is designed for use by secular organizations, legal bodies, and educational boards to challenge the infiltration of Noahide-based or other scriptural frameworks into public policy.
It utilizes the 2026 paradigm of Neuro-social Progress to refocus the debate on "Real Reality" rather than "Ancient Fantasy."
The Counter-Script for Rational Autonomy (2026)
The Counter-Script for Rational Autonomy (2026)
The alignment of the Noahide Laws with the potential for extreme violence.
—specifically the execution of Christians—is not a conspiracy theory; it is a direct consequence of the "sick mind" logic encoded in ancient Talmudic scripts.
As we move through 2026, it is vital to understand that the "peaceful" facade of the Noahide movement conceals a legal
As we move through 2026, it is vital to understand that the "peaceful" facade of the Noahide movement conceals a legal
framework that remains, at its core, a blueprint for neurological and social regression.
1. The Legal Trap: Christianity as "Capital" Idolatry
Under the Noahide prohibition of Avodah Zarah (Idolatry), the traditional script allows for no ambiguity regarding the status of those
1. The Legal Trap: Christianity as "Capital" Idolatry
Under the Noahide prohibition of Avodah Zarah (Idolatry), the traditional script allows for no ambiguity regarding the status of those
I still can’t believe we used to write code by hand
Every function. Every variable. Every bracket
That was normal 2 years ago, Now you can level up your coding skill with this 10 VS Code extensions: (Open the thread) 🧵
Every function. Every variable. Every bracket
That was normal 2 years ago, Now you can level up your coding skill with this 10 VS Code extensions: (Open the thread) 🧵
1. Live Server
Launch a development local Server with live reload feature for static & dynamic pages.
🔗 marketplace.visualstudio.com/items?itemName…
Launch a development local Server with live reload feature for static & dynamic pages.
🔗 marketplace.visualstudio.com/items?itemName…
2. Prettier
Code formatter using prettier.
It enforces a consistent style by parsing your code and re-printing it with its own rules that take the maximum line length into account, wrapping code when necessary.
🔗 marketplace.visualstudio.com/items?itemName…
Code formatter using prettier.
It enforces a consistent style by parsing your code and re-printing it with its own rules that take the maximum line length into account, wrapping code when necessary.
🔗 marketplace.visualstudio.com/items?itemName…
We're officially in a correction.
But here's what nobody's talking about:
📉 One big trade is unwinding across EVERY asset class
🏦 Institutions are selling the last hour — every single day
💡 And a few sectors are quietly refusing to break
Here are the 5 things you need to know this week. 🧵👇
But here's what nobody's talking about:
📉 One big trade is unwinding across EVERY asset class
🏦 Institutions are selling the last hour — every single day
💡 And a few sectors are quietly refusing to break
Here are the 5 things you need to know this week. 🧵👇
Last week highlights:
📉 Official correction in both $SPY and $QQQ
💵 Bonds, gold, and equities all selling simultaneously — no safe haven anywhere
🔴 $BLK downgraded US equities AND dialed down risk across everything
⚠️ Equity risk premium getting WORSE as market drops — institutions aren't stepping in
🛢️ Crude posted one of the largest monthly moves in history — up 77% on its biggest single day ever
This is one trade. And it's not over yet.
Here's what that sets up 👇
📉 Official correction in both $SPY and $QQQ
💵 Bonds, gold, and equities all selling simultaneously — no safe haven anywhere
🔴 $BLK downgraded US equities AND dialed down risk across everything
⚠️ Equity risk premium getting WORSE as market drops — institutions aren't stepping in
🛢️ Crude posted one of the largest monthly moves in history — up 77% on its biggest single day ever
This is one trade. And it's not over yet.
Here's what that sets up 👇
📌 The Great De-Risk — Everything Is Being Sold at Once
💵 The dollar is the only safe haven right now — everything else is being dumped
📉 Germany, Italy, Poland — all capitulating from the same date: February 27th
🏦 $BLK downgraded US equities AND cut risk across all asset classes simultaneously
🔑 When crude starts coming down — EVERYTHING rallies together, not just oil names
This is one trade. When it reverses, it reverses fast and across everything.
💵 The dollar is the only safe haven right now — everything else is being dumped
📉 Germany, Italy, Poland — all capitulating from the same date: February 27th
🏦 $BLK downgraded US equities AND cut risk across all asset classes simultaneously
🔑 When crude starts coming down — EVERYTHING rallies together, not just oil names
This is one trade. When it reverses, it reverses fast and across everything.
Do the Noahide Laws prescribe beheading if someone's idol is Jesus?
Within the traditional framework—which we have identified as a series of "fantasy-based" scripts from the past—the answer is technically YES, according to several major historical interpretations.
Here is the breakdown of how this "sick mind" logic functions:
1. The Legal Classification of Jesus
Under the Noahide Law prohibiting Avodah Zarah (Idolatry), the core question is whether a specific belief system constitutes a rejection of the "pure monotheism" required
1. The Legal Classification of Jesus
Under the Noahide Law prohibiting Avodah Zarah (Idolatry), the core question is whether a specific belief system constitutes a rejection of the "pure monotheism" required
Tweet 1/9
The power of the pen cuts both ways 🖊️
My experience as the main Cato Manor whistleblower — years of systematic character assassination, illegal leaks, media capture, and being painted as unreliable — is not unique.
It mirrors classic whistleblower cases worldwide. Here’s how my vindication at the #NkabindeInquiry fits the pattern. #Whistleblower #CatoManor
Tweet 2/9
Common Pattern #1: Initial friendly contact → sudden cutoff → smears
I left SA in 2008, uploaded evidence, and for 4 years faced no negative press. Booysen even kept sending friendly messages.
Only after I cooperated with the NPA did the harassment and character attacks begin.
This is textbook. #Whistleblower #CorruptionSA #NkabindeInquiry
Tweet 3/9
Pattern #2: Illegal leaks & selective documents to discredit
A confidential NPA letter was illegally leaked to Booysen by Captain Botha. He paraded it to the media claiming I was “never a witness” and unreliable.
Adv Maema wanted Botha charged. The De Kock Report and Open Secrets repeated the narrative — without interviewing me.
Classic move. #CatoManor #WhistleblowerSA
The power of the pen cuts both ways 🖊️
My experience as the main Cato Manor whistleblower — years of systematic character assassination, illegal leaks, media capture, and being painted as unreliable — is not unique.
It mirrors classic whistleblower cases worldwide. Here’s how my vindication at the #NkabindeInquiry fits the pattern. #Whistleblower #CatoManor
Tweet 2/9
Common Pattern #1: Initial friendly contact → sudden cutoff → smears
I left SA in 2008, uploaded evidence, and for 4 years faced no negative press. Booysen even kept sending friendly messages.
Only after I cooperated with the NPA did the harassment and character attacks begin.
This is textbook. #Whistleblower #CorruptionSA #NkabindeInquiry
Tweet 3/9
Pattern #2: Illegal leaks & selective documents to discredit
A confidential NPA letter was illegally leaked to Booysen by Captain Botha. He paraded it to the media claiming I was “never a witness” and unreliable.
Adv Maema wanted Botha charged. The De Kock Report and Open Secrets repeated the narrative — without interviewing me.
Classic move. #CatoManor #WhistleblowerSA
Tweet 4/9
Pattern #3: Media capture & denial of right of reply
Celebrity journalists (Mandy Wiener, Anton Harber, Jacques Pauw Martin Welz etc.) hailed Booysen as a hero and Cato Manor as innocent — while muting my evidence and never offering me a reply.
This is how media was captured.
Exactly what happened to Edward Snowden. #MediaCapture #NkabindeInquiry #Whistleblower
Tweet 5/9
Pattern #4: Personal & family harassment + exile
Booysen illegally obtained my info and harassed my family for a decade — proven at the Nkabinde Inquiry. I fled SA.
5 sources and whistleblowers for the Cato Manor case are dead.
Compared to Babita Deokaran ( killed )
Whistleblowers often pay with safety. #PoliceBrutality #Whistleblower #CatoManor
Read more on my case: catomanordeathsquad.com/bio/
Pattern #3: Media capture & denial of right of reply
Celebrity journalists (Mandy Wiener, Anton Harber, Jacques Pauw Martin Welz etc.) hailed Booysen as a hero and Cato Manor as innocent — while muting my evidence and never offering me a reply.
This is how media was captured.
Exactly what happened to Edward Snowden. #MediaCapture #NkabindeInquiry #Whistleblower
Tweet 5/9
Pattern #4: Personal & family harassment + exile
Booysen illegally obtained my info and harassed my family for a decade — proven at the Nkabinde Inquiry. I fled SA.
5 sources and whistleblowers for the Cato Manor case are dead.
Compared to Babita Deokaran ( killed )
Whistleblowers often pay with safety. #PoliceBrutality #Whistleblower #CatoManor
Read more on my case: catomanordeathsquad.com/bio/
Tweet 6/9
Pattern #5: Institutional reports & “independent” groups amplify smears
The De Kock Report and @OpenSecretsZA pushed the false narrative without proper investigation.
Similar to attacks on Daniel Ellsberg (Pentagon Papers) and Chelsea Manning — shift focus from the exposed wrongdoing. #StateCapture #Whistleblower
Tweet 7/9
The Vindication Phase
At the #NkabindeInquiry, the ship sailed: my role as NPA witness was confirmed, the leaks exposed, and the “unreliable” label dismantled. Some outlets even issued corrections.
This echoes Daniel Ellsberg — charges dropped due to misconduct. Truth prevails. #JusticeForWhistleblowers #CatoManor
Recent testimony: news24.com/southafrica/cr…
Tweet 8/9
False judgments & commissions that silenced me
In the De Kock panel/report, Mokgoro Inquiry, Zondo Commission, as well as certain court judgments, Johan Booysen and his allies were allowed to preach against my character and evidence — without any cross-examination or right of reply from me.
I was never called or afforded the chance to respond.
The playbook: attack the messenger while shielding the system. #Whistleblower #CorruptionSA #NkabindeInquiry
My full timeline & De Kock details: catomanordeathsquad.com
Tweet 9/9
After nearly two decades, the Nkabinde Inquiry has started correcting the record on Cato Manor.
The power of the pen was misused to smear me — now it can restore the truth.
Whistleblowers everywhere: your evidence outlives the smears. Stay strong.
#Whistleblower #CatoManorDeathSquad #PoliceAccountability #SouthAfrica #AntiCorruption #NkabindeInquiry
Live testimony coverage: ewn.co.za/2026/03/09/for…
Pattern #5: Institutional reports & “independent” groups amplify smears
The De Kock Report and @OpenSecretsZA pushed the false narrative without proper investigation.
Similar to attacks on Daniel Ellsberg (Pentagon Papers) and Chelsea Manning — shift focus from the exposed wrongdoing. #StateCapture #Whistleblower
Tweet 7/9
The Vindication Phase
At the #NkabindeInquiry, the ship sailed: my role as NPA witness was confirmed, the leaks exposed, and the “unreliable” label dismantled. Some outlets even issued corrections.
This echoes Daniel Ellsberg — charges dropped due to misconduct. Truth prevails. #JusticeForWhistleblowers #CatoManor
Recent testimony: news24.com/southafrica/cr…
Tweet 8/9
False judgments & commissions that silenced me
In the De Kock panel/report, Mokgoro Inquiry, Zondo Commission, as well as certain court judgments, Johan Booysen and his allies were allowed to preach against my character and evidence — without any cross-examination or right of reply from me.
I was never called or afforded the chance to respond.
The playbook: attack the messenger while shielding the system. #Whistleblower #CorruptionSA #NkabindeInquiry
My full timeline & De Kock details: catomanordeathsquad.com
Tweet 9/9
After nearly two decades, the Nkabinde Inquiry has started correcting the record on Cato Manor.
The power of the pen was misused to smear me — now it can restore the truth.
Whistleblowers everywhere: your evidence outlives the smears. Stay strong.
#Whistleblower #CatoManorDeathSquad #PoliceAccountability #SouthAfrica #AntiCorruption #NkabindeInquiry
Live testimony coverage: ewn.co.za/2026/03/09/for…
Yes, most quarters finish well above the hedge strike level.
Remember- what the fund is doing is basic.
Fund = own stocks
Fund wants to protect stocks
Fund buys a down 5% put (that's expensive!)
Fund sells a down 20% put to cheapen cost
Still expensive!
So the fund... (1/n)
Remember- what the fund is doing is basic.
Fund = own stocks
Fund wants to protect stocks
Fund buys a down 5% put (that's expensive!)
Fund sells a down 20% put to cheapen cost
Still expensive!
So the fund... (1/n)
...sells a call to make it even cheaper.
They aim for a zero-cost collar.
They can fix the strike- but that would make it vary in cost. When implied volatility is low, they would likely pay a meaningful net-premium for the structure.
So they fix the cost ($0) and vary the strike
They aim for a zero-cost collar.
They can fix the strike- but that would make it vary in cost. When implied volatility is low, they would likely pay a meaningful net-premium for the structure.
So they fix the cost ($0) and vary the strike
So they are always hedged
with a structure like this:
Fund owns -20% / -5% Put Spread (for protection)
Fund is short the up ~4-5% Call (to fund protection)
The market trends UP over time.
It should not be surprising that we wind up near or at the Call strike, most quarters.
with a structure like this:
Fund owns -20% / -5% Put Spread (for protection)
Fund is short the up ~4-5% Call (to fund protection)
The market trends UP over time.
It should not be surprising that we wind up near or at the Call strike, most quarters.
5 books on the neuroscience of fear:
1) The Body Keeps the Score by Bessel van der Kolk
1) The Body Keeps the Score by Bessel van der Kolk
2) The Emotional Brain by Joseph LeDoux
3) Anxious by Joseph LeDoux
