The Perception of Loss

The winning attitude almost always beat the losing attitude and always will. The winning teams play with one thought, that's "to win." The losing teams also play with one thought, "not to lose."

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A Question of Gamma

In a discussion I've been having with other volatility traders on LinkedIn, I've been trying to get the point across that a properly constructed and hedged calendar-spread portfolio won't exhibit the "exploding gamma" (their words, not mine) one sees in a single, one-strike calendar spread as expiration approaches.

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