“Tortured Traders” And Uncertainty: One Trader Weighs In On Spooked Markets

“Tortured Traders” And Uncertainty: One Trader Weighs In On Spooked Markets

I've talked  exhaustively about how markets aren't really good at what they're supposed to be good at. That is, markets are supposed to be discounting mechanisms, but in reality, that's a misnomer. You can't price in the sh*t that actually matters. How do you, for instance, "price in" a tail event? You can't. That's why it's a tail event. Markets always misprice risk. It's just a matter of finding the markets that have mispriced it the most and staying well away. For instance, I've noted t
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