Nov

17

it is good to realize that just as destructive to the speculator is establishing a position that will not be able to withstand a reasonable fluctuation. take crude down 4.00 to a new 60-day low today. it was a boon to those who don't have to worry about margin. not being able to withstand such a move, which creates tremendous vig for the Bigs, is just as significant a source of loss in magnitude and frequency as the HFT front-running and the big losses with bad fills on the open.

while everyone was watching the finagling in FTX, the infrastructure took the occasion to decimate the longs in crude and S&P with a heads up and minor forced liquidation of the grains.

shades of Alfred Cowles: a reasonably big reversal 4 days in a row with the last down 20 in S&P. the Kona smells so good but just as Sogi brings it to the lips, a ripple knocks it out - temporarily. Sogi's reflexes and surfing is very good since he was an amateur champion and a sports adventurer - so he catches it before it spills into the Pacific.

It is interesting how the two major financial publication don't even mention that SBF was the second major contributor to the D's after Palindrome in their entirely empathetic articles about him. If he hadn't promised a billion more to the D's or if the Good one Forbid he contributed 98% to the Outs instead of 98% to the ins, there would be a diametrically opposed story. we can forgive the Mayor's site because Fellow Travelers congregate there. But why should the WSJ suppress?

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