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Excess Returns
United States
Приєднався 15 лис 2019
We take complex investing topics and make them understandable for everyday investors.
Subscribe to get new interviews every week with great investors and deep dives into topics like macroeconomics, value investing, factor investing, and more.
Subscribe to get new interviews every week with great investors and deep dives into topics like macroeconomics, value investing, factor investing, and more.
Challenging Stocks for the Long Run with Jason Buck
In this episode of Excess Returns, we sit down with Jason Buck of Mutiny Funds to examine the idea of stocks for the long run and some potential challenges to it.
We discuss:
- Why the impressive historical returns of the US stock market may be an outlier
- The importance of looking at real returns vs nominal returns
- How to build a diversified portfolio to handle different economic scenarios
- The concept of "fractal diversification" in portfolio construction
- Rethinking sustainable withdrawal rates in retirement
- The pros and cons of using leverage in a diversified portfolio
- Unconventional investing beliefs that go against the mainstream
0:00 Introduction
1:14 Jason Buck's background and previous episode recap
2:03 Challenging the "stocks for the long run" idea
4:15 Real vs nominal returns in the stock market
5:35 U.S. market performance compared to other countries
10:43 Is the U.S. market different? Reasons for American exceptionalism
14:18 The Herschel Walker Syndrome in investing
22:47 Why Not An All Stock Portfolio?
31:42 The four quadrant model of portfolio construction
37:05 Fractal diversification in portfolio management
39:56 Adding new assets to a diversified portfolio (e.g. crypto)
45:10 Rethinking withdrawal rates in retirement
50:36 Leverage in diversified portfolios: pros and cons
56:37 Unconventional investing beliefs
1:00:36 Closing thoughts and where to find Jason Buck online
We discuss:
- Why the impressive historical returns of the US stock market may be an outlier
- The importance of looking at real returns vs nominal returns
- How to build a diversified portfolio to handle different economic scenarios
- The concept of "fractal diversification" in portfolio construction
- Rethinking sustainable withdrawal rates in retirement
- The pros and cons of using leverage in a diversified portfolio
- Unconventional investing beliefs that go against the mainstream
0:00 Introduction
1:14 Jason Buck's background and previous episode recap
2:03 Challenging the "stocks for the long run" idea
4:15 Real vs nominal returns in the stock market
5:35 U.S. market performance compared to other countries
10:43 Is the U.S. market different? Reasons for American exceptionalism
14:18 The Herschel Walker Syndrome in investing
22:47 Why Not An All Stock Portfolio?
31:42 The four quadrant model of portfolio construction
37:05 Fractal diversification in portfolio management
39:56 Adding new assets to a diversified portfolio (e.g. crypto)
45:10 Rethinking withdrawal rates in retirement
50:36 Leverage in diversified portfolios: pros and cons
56:37 Unconventional investing beliefs
1:00:36 Closing thoughts and where to find Jason Buck online
Переглядів: 263
Відео
Most Investors Get These Things Wrong About Factor Investing - We Explain the Facts
Переглядів 80923 години тому
In this episode, we explore common misconceptions about factor investing. We discuss why factors aren't less risky than the market, the challenges of diversification, and why adding more factors isn't always beneficial. We emphasize the importance of long-term perspectives when evaluating factor performance and the need for strategies to evolve with changing markets. We also touch on the emotio...
119 Great Investors Share the One Lesson They Would Teach the Average Investor
Переглядів 3,3 тис.День тому
We have now conducted over 100 interviews on Excess Returns. At the end of all of them, we have asked the same closing question: Based on your experience in markets, if you could teach one lesson to the average investor, what would it be? In this episode, we bring all of their answers together into one episode and share the insights of all our guests, including Guy Spier, Chris Davis, Rob Arnot...
Navigating Deleveraging Events - The Four Key Things to Look At | Andy Constan
Переглядів 6 тис.День тому
In this episode of Excess Returns, we welcome back Andy Constan, founder of DampedSpring . We cover a wide range of topics, including recent market volatility, the broader economic outlook, and Andy's perspectives on inflation and monetary policy. Andy shares his framework for analyzing deleveraging events, emphasizes the importance of thinking in probabilities for market outcomes, and discusse...
Behind the Scenes of the Recent Market Volatility | And What Investors Can Learn from It
Переглядів 1,4 тис.День тому
In this episode of OPEX Effect, we dive into the recent market volatility and its connection to options flows. We discuss the sudden VIX spike to 65, examining the factors that led to this extreme event, including low liquidity, the unwinding of correlation trades, and the impact of zero-day options. We explore how the market landscape has shifted, with a focus on the transition from inter-equi...
Inside the Recent Market Volatility | What You Need to Know to Navigate It
Переглядів 1,1 тис.День тому
In this episode, we dive into recent market volatility and its implications for investors. We examine several intriguing charts highlighting unusual market behavior, including significant VIX spikes and their historical context. We discuss the importance of understanding market mechanics while maintaining a long-term perspective. Throughout our conversation, we emphasize key lessons for navigat...
10 Investing Ideas You Probably Don't Believe, But Evidence Suggests You Should | Meb Faber
Переглядів 5 тис.14 днів тому
In this episode of Excess Returns, we sit down with Meb Faber, founder of Cambria Investment Management, to discuss his unconventional views on investing that often go against mainstream opinions. We explore a wide range of topics, including the Federal Reserve's performance, dividend investing strategies, international diversification for U.S. investors, trend following, and the relationship b...
Lessons from History's Best Traders | What We Learned from Our Interview with Jack Schwager
Переглядів 1,8 тис.14 днів тому
In this episode, we dive into lessons long-term investors can learn from our interview with Jack Schwager, author of the Market Wizards series. Drawing on Schwager's insights, we explore ten key takeaways that can benefit long-term investors, including why trading is not for everyone, the importance of learning from failure, and how to pivot strategies when markets change. We discuss Schwager's...
A Safety First Retirement | The 4% Rule and Managing Sequence of Returns Risk with Wade Pfau
Переглядів 5 тис.21 день тому
In this episode of Excess Returns, our good friend Matt Zeigler interviews retirement planning expert Wade Pfau. They discuss key concepts in retirement income planning, including the 4% rule, variable withdrawal strategies, and Pfau's "safety first" approach. They discuss Wade's work on retirement income styles and the RISA (Retirement Income Style Awareness) framework he developed to help ret...
What You Need to Know About Momentum Investing | Six Experts Help Us Understand the Basics
Переглядів 2,5 тис.21 день тому
In this episode, we dive deep into momentum investing, bringing you insights from some of the smartest investors we know. We explore the fundamentals of momentum, breaking down its types and examining the academic research that supports its effectiveness. We discuss why momentum works, looking at behavioral explanations and comparing it to other investment factors. We also share ways to enhance...
Long-Term Value Investing with Tobias Carlisle
Переглядів 4 тис.28 днів тому
In this episode of Excess Returns, we take a deep dive into value investing with our good friend Tobias Carlisle. We discuss the recent outperformance of small cap and value stocks, tackle the challenges of long periods of underperformance for value strategies, and examine how Tobias constructs his portfolios. We delve into his process for selecting stocks, including his focus on companies trad...
Practical Alternatives to the 60-40 Portfolio | Building Robust Multi-Asset Class Strategies
Переглядів 2,6 тис.Місяць тому
In this episode, we dive deep into practical alternatives to the traditional 60/40 portfolio. We explore various approaches like the Permanent Portfolio, risk parity and return stacking and take a detailed look at how we build alternative portfolios for our clients. We also examine Nomadic Samuel's innovative work on building diversified portfolios using new ETF products. Throughout our convers...
Will the Market Rally Continue? | Warren Pies
Переглядів 6 тис.Місяць тому
In this episode of Excess Returns, we speak with Warren Pies of 3Fourteen Research about his unique systematic approach to analyzing markets. We explore his outlook for the second half of 2024, discussing topics like the future of the 60/40 portfolio, inflation trends, labor market indicators, earnings expectations, and the impact of AI on productivity. Warren shares insights on market breadth,...
Inside What is Driving This Weird Market | The OPEX Effect Ep. 10
Переглядів 2,5 тис.Місяць тому
In this episode of the OPEX Effect, we explore the current market rally and discuss the concept of "correlation spasms" - unusual movements and relationships between market components. We examine record low volatility, the outsize impact of mega-cap tech stocks, and the recent surge in small-caps. We analyze the prevalence of zero days-to-expiry options trading and its effects on intraday volat...
Eight Practical Lessons from Mike Green | Passive Investing, Aggregates and Keeping an Open Mind
Переглядів 2 тис.Місяць тому
In this episode, we dive into the key takeaways from our recent interview with Mike Green of Simplify. We explore several important lessons, including the need to be open-minded about new ideas in investing, the potential unintended consequences of passive investing, and the importance of looking beyond market aggregates. We discuss how these concepts apply to the average investor and what they...
Passive Investing, the Bifurcated Economy and the Rising Market Risks with Mike Green
Переглядів 16 тис.Місяць тому
Passive Investing, the Bifurcated Economy and the Rising Market Risks with Mike Green
Eight Charts That Summarize 2024 | Inflation, Growth, Market Concentration
Переглядів 1,3 тис.Місяць тому
Eight Charts That Summarize 2024 | Inflation, Growth, Market Concentration
Understanding Economic Cycles (And What It Means for Inflation) with Bob Elliott
Переглядів 2,9 тис.Місяць тому
Understanding Economic Cycles (And What It Means for Inflation) with Bob Elliott
Nine Practical Lessons from Rick Ferri | Simplicity, Fees and Taking Control of Your Investments
Переглядів 2 тис.Місяць тому
Nine Practical Lessons from Rick Ferri | Simplicity, Fees and Taking Control of Your Investments
Show Us Your Portfolio: Eric Crittenden | How an All Weather Investor Builds His Personal Portfolio
Переглядів 4,6 тис.Місяць тому
Show Us Your Portfolio: Eric Crittenden | How an All Weather Investor Builds His Personal Portfolio
Common Sense Investing with Rick Ferri | The Benefits of a Simple Investment Approach
Переглядів 17 тис.2 місяці тому
Common Sense Investing with Rick Ferri | The Benefits of a Simple Investment Approach
Inside the June Options Expiration | Big Dispersion, Call Imbalance and Massive NVDA Interest
Переглядів 1,8 тис.2 місяці тому
Inside the June Options Expiration | Big Dispersion, Call Imbalance and Massive NVDA Interest
The Basics of Evaluating Backtests: What You Need to Know
Переглядів 8722 місяці тому
The Basics of Evaluating Backtests: What You Need to Know
The Soft Landing Scenario with Simeon Hyman
Переглядів 9122 місяці тому
The Soft Landing Scenario with Simeon Hyman
15 Lessons from 15 Years | Breaking Down Corey Hoffstein's Timeless Investing Lessons
Переглядів 1,5 тис.2 місяці тому
15 Lessons from 15 Years | Breaking Down Corey Hoffstein's Timeless Investing Lessons
Investing in India's Huge Growth Potential with Anupam Ghose
Переглядів 9042 місяці тому
Investing in India's Huge Growth Potential with Anupam Ghose
The Market is Expensive: Should You Care? | The Practical Implications of Market Valuation
Переглядів 1,7 тис.2 місяці тому
The Market is Expensive: Should You Care? | The Practical Implications of Market Valuation
MLP and Energy Infrastructure Investing with Greg Reid
Переглядів 2,1 тис.2 місяці тому
MLP and Energy Infrastructure Investing with Greg Reid
Q&A | ETFs vs Mutual Funds, Asset Location, Sizing Focused Factor Strategies, Direct Indexing
Переглядів 1,1 тис.2 місяці тому
Q&A | ETFs vs Mutual Funds, Asset Location, Sizing Focused Factor Strategies, Direct Indexing
The Inflation Rate is the Fed Funds Rate.
The answer is always: be globally diversified. People advocating for VOO only just make me shake my head.
If you enjoyed this interview with Jason, you might also like our Show Us Your Portfolio interview with him where we discussed how he manages his personal portfolio. You can find it here ua-cam.com/video/mtAMInVYBtU/v-deo.html
I mean, Powell confirmed the Sept cut. What else you want
This is one of the best interviews chock full of information that would take years to learn.
Thank you!
Dude, I lost 70k while listening to this episode!! 😒
Apparently there are some crypto bots that face a similar problem.
At 45:00-46:00 min, when you went into the professional, perpetual, doom and gloom "mongers" who are ALWAYS amongst us..JEREMY GRANTHAM'S and PETER SCHIFF'S faces, simultaneously popped into my mind! I've met HOSPICE PATIENTS, with a sunnier outlook on life, than those two characters!! They're living examples of the old adage.."Even a broken clock is right, twice a day". LOL!!
For many decades, the S&P500 has been touted as the premier way to build wealth through an equity portfolio, and has been the index that has been hardest "to beat". This has been because of the "market capitalization weighting effect" ( could be considered a returns "factor" ? ). Building an equal weighted portfolio using the size & value factors (small & large value), via low cost ETFs, combined with a stripped down version of the S&P500 ( the QQQ / Nasdaq 100 trust ETF ) creates a portfolio that has handily beaten the S&P500 over ten rolling 30 year periods since 1986 - this performance with equivalent downside volatility. The small & large value allocations have provided a downside volatility offset to that of the Nasdaq 100 during "downsides" ( during 2000-2002 & 2022 decline periods for example ), while the "capitalization weighting effect" embedded in the QQQ has produced the "alpha" for the portfolio on the "upsides". And the portfolio holds 400+ of the same companies as the S&P500 ( those being shared within the portfolios of the Vanguard "Value" ETF (VTV) and QQQ ). Therefore, you get a "redesigned" S&P500 with 1) a market cap weighting tilt 2) a size and value factor tilt and 3) a "quality" factor tilt ( a number of companies in the "iShares MSCI USA Quality Factor ETF" being shared with VTV and QQQ ).
Good stuff
Thank you!
Subset: Band Superheavy
Great episode! You guys are right, UA-cam commenters are the worst!! 😂🤣… hey, wait a minute… 🤔… this is feeling very meta… 😉 keep up the good work! 👍 I just follow the KISS method for investing: Keep It Stupid, Simple!
Thank you! We love all our UA-cam commenters.
@@ExcessReturns awww… I’m feeling the love 🤗 🥲 ❤️ Excess Returns!
Warren Buffet is to Sir Mix-A-Lot as I like a good cigar butt is to I like big butts and I cannot lie… that’s College Board certified 👍yes, I feel at home here. Excess Returns 🚀 🌖
these are the deep connections we are here for
@@CultishCreative yes!! I’m all in on Excess Returns!
Thank you for a great video. financial education is what the world needs most right now. I studied and researched about crypto and stocks for a while and got stuck on the learning curve. Thanks to Loraine Souvenir program, i've grasped trading concepts, boosting my earnings through her daily signals and insights.
I've just looked up her full name on my browser and found her webpage without sweat, very much appreciate this
It's unexpected to come across her name here. She understands every beginner’s intention and fix you to a trading course that matches your capacity, she knows her stuff! Her advice has been invaluable to my trading journey. Definitely worth giving a shot!
It's truly refreshing to see a comment about Loraine Souvenir. I've also had the pleasure of working with her for several months after discovering more about her online. She has a knack for simplifying complex issues, whether it's a market surge or decline. Her approach consistently keeps you ahead of the curve. I'd call her a guru, for sure
The beauty of her approach is her dual focus: while she aggressively pursues profit opportunities, she's equally tenacious about shielding investors from potential pitfalls. It's a balance few can achieve.
Nice to see this here. A lot of folks downplay the role of advisors until they’re burned by their own emotions-no offense. I remember last year, I needed a good boost to help my business stay afloat, so I researched licensed advisors and thankfully came across Loraine. She’s helped grow my reserve, despite inflation, from $152k to nearly a 7-figure sum as of today..Her insights and daily siignals are worth following.
I’ve been making a lot of losses trying to make profit trading. I thought trading on a demo account is just like trading the real market. Can anyone help me out or at least advise me on what to do?
I will advice you should stop trading on your own if you keep losing.
If you can, then get a professional to trade for you I think that way your assets are more secure.
I’d recommend viola patterson , her profit is great even when there’s a dip
Hey i'm shocked you just mentioned and recommended viola patterson, i thought i was the only one trading with her
you dont need to be shocked haha because i'm also a huge beneficiary of her
Summary - Diversity and you're probably stupider than you think you are
Context is necessary. Andy has been short the market for a while and he's losing money. Reason why he's calling Prof Jeremy in such bad language. What a shame.
I lost over $80k when everything started to tank. Not because I was in an exchange that went belly up. I was just stupid to hold and because that's what everyone said. I'm still responsible. It just taught me to be a better investor now that I understand more of what could go wrong. It took me over two years of being in the market, I'm really grateful I found one source to recover my money, at least $10k profits weekly. Thanks Belinda Owens .
I'm surprised that you just mentioned Belinda Owens here also Didn’t know she has been good to so many people too this is wonderful, i'm in my fifth trade with her and it has been super.
The very first time we tried, we invested $2000 and after a week, we received $9500. That really helped us a lot to pay up our bills.
Belinda Owens has really set the standard for others to follow, we love her here in Canada 🇨🇦 as she has been really helpful and changed lots of life's
I'm new at this, please how can I reach her?
After I raised up to 125k trading with her I bought a new House and a car here in the states also paid for my son's surgery Glory to God shalom.
After listening to this cacophony of "advice," I am evermore convinced that simple indexing is the correct path for 90% of all investors.
I like Dan Villalon's take on diversification. Peter Lynch had taken positions in both Enron and Worldcom but it didn't blow up his portfolio because he was diversified. He also wasn't ignorant of how to look at fundamentals. If Enron and Worldcom had been two of a concentrated Buffett-style eight portfolio stock, he likely wouldn't have the track record he had.
Great video.
Thank you!
Brilliant idea, great topic. Thanks for sharing.
Thank you!
So is this interview from Monday the 12th or later?
Yes. It was recorded Monday the 12th.
Excellent!
Thank you!
Wonderful
Thank you!
Great episode! The best advice confirmed my biases! The worst advice caused heart palpitations, sweating, headaches, dizziness, and blurred vision… you know, I don’t think I heard much of what the bad advice givers had to say… Can I get more of Simeon Hyman poking fun at the doom and gloom Chicago Boys? I can’t get enough of that!! Those doomers from Chicago ruining the world 😂🤣😂
Thank you! There were some in there that challenged our beliefs as well. It was great to be able to get such a variety of investors to do it.
@@ExcessReturns 😂 it is good to hear differing points of view on investing. Glad you’re providing them!
pick and mix
Thank you for watching this video! If you enjoyed it, you might also like our conversation with Andy where he explained how he manages his personal portfolio. You can find it here ua-cam.com/video/4e9k7nnmrAA/v-deo.html
Thank you for watching this video! If you enjoyed it, you might also like our conversation with Meb where he explained how he manages his personal portfolio. You can find it here ua-cam.com/video/oY_PwABNJ7M/v-deo.html
Thank you for watching this video! If you enjoyed it, you might also enjoy our episode where we broke down the biggest lessons we learned from this conversation. You can find it here. ua-cam.com/video/DOTwQ5k8lcQ/v-deo.html
always reminded of the story of the story of the husband & wife who went to a CFA in 1990. They both invested 50k. She retained the CFA to manage the pitfalls of investing. The husband died in 2020. Her portfolio was worth 480k. Husband still had the same 1990 portfolio. It was now worth $1.42m. 250% better return by not trying to time downturns, interest rate changes or pivot to momentum stocks.
50% stock allocation is not very convincing and very risky as I prefer to least 25% stock allocation, which would be safer and sustainable if you would like to achieve the consistent positive return to have decent sharpe ratio with optimal beta below 0.06. and it would be extremely dangerous to have 50% exposure to stocks as only a few stocks have low correlations to S&P500.
You can skip the first part of this video to get to the lessons learned starting at 1:04 and the last 11 minutes.
Technical analysis, sharp insights, and solid strategies are crucial for success in trading. Understanding market trends and making informed decisions can make all the difference. A big shoutout to Loraine Souvenir for her exceptional guidance and support in mastering these essential skills! so glad I started her program.
I've just looked up her full name on my browser and found her webpage without sweat, very much appreciate this
It's unexpected to come across her name here. She understands every beginner’s intention and fix you to a trading course that matches your capacity, she knows her stuff! Her advice has been invaluable to my trading journey. Definitely worth giving a shot!
It's truly refreshing to see a comment about Loraine Souvenir. I've also had the pleasure of working with her for several months after discovering more about her online. She has a knack for simplifying complex issues, whether it's a market surge or decline. Her approach consistently keeps you ahead of the curve. I'd call her a guru, for sure
The beauty of her approach is her dual focus: while she aggressively pursues profit opportunities, she's equally tenacious about shielding investors from potential pitfalls. It's a balance few can achieve.
Nice to see this here. A lot of folks downplay the role of advisors until they’re burned by their own emotions-no offense. I remember last year, I needed a good boost to help my business stay afloat, so I researched licensed advisors and thankfully came across Loraine. She’s helped grow my reserve, despite inflation, from $152k to nearly a 7-figure sum as of today..Her insights and daily siignals are worth following.
Big fan of Toby keep bringing him back to hold the record
We plan to!
Thank you ! Listening this by the lake after an amazing week in the market. When i look at Yen futures, the contracts of large traders are no longer shorts. But now, i see the yen is starting to weaken again, so it's risk on again.
I leant that Dividend paying companies are typically not going to grow in stock price as much and the overall market. But they do tend to be stable mature companies. I want to invest around 600K for retirement, is this good strategy?
There's nothing wrong with dividend investing in stable companies, but I recommend consulting an expert if you're looking to invest that amount for retirement.
I'm nearing retirement as well and have greatly benefited from working with a financial advisor. Since I didn't start investing early, I knew I couldn't rely on the compound interest from index funds. Interestingly, I've managed to earn more profit than some of my peers who have been investing for years.
This caught my interest. I worry that I have a couple more months before retirement, and I want to switch to using a financial advisor, but I don’t really know how to find one.
*Nicole Anastasia Plumlee* is the licensed coach I use. Just research the name. You'd find necessary details to work with a correspondence to set up an appointment.
I searched for her name on the internet, found her page, and reached out via email to schedule a conversation. Thank you.
“Passive flows don’t affect valuation, I just don’t believe it” -> jeeez what universe does this guy live in?? He says there’s no evidence of it. Has he ever listened to Mike Green and all the work he’s done on it? The fact that passive flows may continue and therefore a passive indexing strategy may still be superior for the coming years/decade, doesn’t mean that passive flows don’t impact overall valuations. He just wants to believe the market is priced by active value investors and that passive participants are just in for the ride… It’s ok to believe that passive flows bid up the stock market and that THEREFORE a passive index strategy may the the smartest thing to do. He’s just intellectually lazy on that point.
T sum it all up, this is yet another way that the market makers use to screw the amateurs out of their life savings. Nothing to see here, move along. 😂
What do you mean please?
Great interview!
Thank you!
I'll stay put in domestic equities. After all of the low volume summer doldrum market hullaballo, the S&P550 now back positive for August .
Why does Andy believe that the Fed does not control its own Fed Funds Rate?
Andy is definitely the GOAT!
He's short the market for a while and losing money. Maybe you meant the GOAT for losing money? 😂
@@rrrfamily565 Absolutley NOT!!! Andy is teriffic! VERY SMART!
Andy is very measured.
Andy is the GOAT 🔥
Vix futures went up to 43something, not 35 to be precise.
I lost over $80k when everything started to tank. Not because I was in an exchange that went belly up. I was just stupid to hold and because that's what everyone said. I'm still responsible. It just taught me to be a better trader now that I understand more of what could go wrong. It took me over two years of being in the market, I'm really grateful I found one source to recover my money, at least $10k profits weekly. Thanks Kerrie Farrell.
How please?? Please help me I really need to gain My losses back
I think I'm blessed if not I wouldn't have met someone who is as spectacular as expert KERRIE FARRIER. Highly recommend 👌
Same here, I'm blessed only.God knows how much I praise her, £32,000 every week! I now have a good house and can now afford anything and also support my family, and never will I forget to pay my tithes because God has been so faithful to me and my family
Yeah! Our government has no idea how people are suffering these days. I feel for people with disabilities not getting the help they deserve. Thank you mrs KERRIE FARRIER, imagine investing $10,000 and received $52,500
Please I'm new to this, how can she be contacted?
This is a fantastic interview thanks, really helpful
Thank you!
I lost over $70k when everything started to tank. Not because I was in an exchange that went belly up. I was just stupid to hold and because that's what everyone said. I'm still responsible. It just taught me to be a better investor now that I understand more of what could go wrong. It took me over two years of being in the market, I'm really grateful I found one source to recover my money, at least $10k profits weekly. Thanks Natalie Strayer.
When i saw how many views this video has after 2 years it confirms for me once again, that i have an edge, such a legend sharing information and all the upcoming new or old traders dont have the attention capability to listen to this.
love the OPEX talk with Brent Is there a site where calls vs puts percentages are available. eg, amzn 50 %calls, 40% puts?