This is a beautiful way to describe the essence of derivatives trading.https://twitter.com/macrocephalopod/status/1369324906647851010 …
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Similar language. Clear, simple, concise, practical.Thanks. Twitter will use this to make your timeline better. UndoUndo
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It’s because the models are imperfect I.e. not time invariant, that their parameters become tradable. A bug becomes a feature
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Actually I think nobody really clearly understands the weird way in which people use models that are not correct. Sometimes the model parameters determine the price and sometimes the price determines the models parameters. 1/2
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