When I wrote this letter to my eleven year old son, I had no intention of sharing it with anyone but him. But after I wrote it, slept on it, then revisited it this morning... it dawned on me that there are lot of traders and subscribers...
As I mentioned last week, we're in an environment where we want to be collecting delta-neutral options premium. Unfortunately, we can either pick instruments that are in well-defined ranges or we can sell high implied volatility, but it's...