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macrocephalopod

@macrocephalopod

Paul Allen, Vice President M&A, Pierce & Pierce (Sie/Hir) | Vegan | Silence is Violence | Women’s Rights Are Human Rights | ACAB (Assigned Cephalopod At Birth)

Joined December 2020

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    1. macrocephalopod‏ @macrocephalopod 6 Apr 2021

      Useful equation to remember when thinking about leverage, forced trading and impact on prices is X = L * (L - 1) * R. Here R is the return on the underlying stock/futures/whatever, L is leverage and X is the trade required to maintain constant leverage after a price move.

      5 replies 25 retweets 195 likes
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    2. Pradeep Yadav‏ @professoryadav 6 Apr 2021
      Replying to @macrocephalopod

      Why should maintaining constant leverage - symmetrically both up as well as down - be an objective function? Also, what should be relevant is the extent to which the asset return exceeds or falls short of the cost of funds used to create the leverage. R can be the difference.

      3 replies 0 retweets 2 likes
    3. Pradeep Yadav‏ @professoryadav 6 Apr 2021
      Replying to @professoryadav @macrocephalopod

      I appreciate your example of 2X/3X funds or some portfolio managers. But keeping the same leverage level thru the same stock appears neither necessary nor viable long-term - momentum can’t last indefinitely & value gaps are limited. Should not that limit crazy feedback effects?

      1 reply 0 retweets 0 likes
      macrocephalopod‏ @macrocephalopod 6 Apr 2021
      Replying to @professoryadav

      There’s a natural limit to the crazy feedback effects when the funds trying to implement constant leverage blow up :)

      11:33 PM - 6 Apr 2021
      0 replies 0 retweets 0 likes

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