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This is a test post to make sure the email system works. If you're reading this in your inbox, it worked. Nothing to see here. Craig will have something real to say soon enough. *— C*…

I was wrong about something last month, and I'd like to tell you about it. Not because I think public self-flagellation is useful — it isn't — but because the shape of how I was wrong is instructive,…

Risk management is the part of this job that nobody outside of it ever gets right in the movies. In movies, risk is dramatic — the trader staring at a red screen, music swelling, some executive bursti…

Let me tell you what the ==spread== actually is, because the textbook definition is almost useless. The textbook says: the spread is the difference between the price a buyer will pay and the price a …

I've been telling myself I'd write this for three years. Every time something genuinely interesting happened on the desk, I'd think: someone should put this down. The texture of it. Not the trade — an…