Andy Constan
DampedSpring active macro & beta @2Graybeards for beta. Both for investor education, Brevan Howard, Bridgewater, Salomon, Dad of 4. Go Penn, No tweet is advice
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Dynamic hedging of a long call 101 This is going to be a really rough basics of dynamic hedging with no math. It's how I taught the Salomon Brothers and Bridgewater associates tra...
DM Balance of Payments Crisis 101. Currently the UK is in the midst of what some are calling a BoP crisis. Europe may also be in the beginning of such a crisis. While the Yen is...
What is a hedge fund? - 101 I started writing my own personal story about starting a hedge fund and realized I better lay the foundation of what a hedge fund actually is before I j...
QT starts today a 101 thread. QT is simply the Fed reducing its balance sheet. They accomplish this in two ways. 1. They let their existing maturities payoff and they don't reinv...
Gold 101 $GLD #GOLD This is my framework for gold. It may be different from most. Gold has two purposes 1. For consumption in jewelry, decorative and industrial use 2. As a currenc...
Thoughts on Banks and NIM and bank valuation 101 As the yield curve appears to be inverting the implication for banks and the impact on shifts in their lending behavior to the rea...
Mortgage Convexity 101. What is mortgage convexity and why does it matter? The US is one of the few countries on earth with long term fixed rate mortgages that can be refinanced at...
Options (gamma) walls 101- what is a gamma wall? Well it is a long options position above or below the market which puts a cap or a floor on the market. Let's use the current cas...