Benn Eifert 🥷🏴‍☠️ @bennpeifert Twitter profile

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Benn Eifert 🥷🏴‍☠️

@bennpeifert

1 year

we will overcome

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Benn Eifert 🥷🏴‍☠️

@bennpeifert

4 years

Thought I'd clarify a few different mechanisms that are getting confused somewhat: 1) retail speculation and short term call buying ("Robinhood") 2) institutional call spread trades in tech (SoftBank etc)

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Benn Eifert 🥷🏴‍☠️

@bennpeifert

2 years

you were literally tweeting every thousand dollar price increment in bitcoin from 20k to 60k

Pomp 🌪

@APompliano

2 years

The public market is full of short term thinkers who obsess over daily price movements in individual stocks. Private market tech founders & investors are forced to have 5-10 year time horizons. The inability to see a daily price tied to the business is a blessing in disguise.

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Benn Eifert 🥷🏴‍☠️

@bennpeifert

3 years

One popular argument goes as follows: “We are long-term investors. Volatility doesn’t matter to our portfolio.” This is an appealing idea. (thread)

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Benn Eifert 🥷🏴‍☠️

@bennpeifert

2 years

Got some grifters out there lately pushing a narrative that the rise of broad-based aggressive individual trading activity is somehow empowering, so here are some links below to actual research/data on the topic, both newer and older.

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Benn Eifert 🥷🏴‍☠️

@bennpeifert

3 years

watching cypto kids try to talk about finance and markets is 😂😍🤑

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Benn Eifert 🥷🏴‍☠️

@bennpeifert

3 years

GME isn't going up in real value; there are a fixed number of shares. What is happening is the fiat economy is being debased all around us

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Benn Eifert 🥷🏴‍☠️

@bennpeifert

3 years

by age 30 you should have - three laptops running seven different incompatible python 2 and 3 environments - a serious problem binge drinking diet cokes and scrolling Zillow - t-shirts from six different failed startups that you worked for

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Benn Eifert 🥷🏴‍☠️

@bennpeifert

6 years

Am considering taking VIX private at 17. Funding secured.

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Benn Eifert 🥷🏴‍☠️

@bennpeifert

1 year

can't wait for elon to buy a hedge fund and start tweeting shit like "apologies, the covariance matrices were being mis-calibrated by the volatility engines under non-ergodic conditions in the hot path, stand by"

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Benn Eifert 🥷🏴‍☠️

@bennpeifert

1 year

As promised, a story about how derivatives markets work to transform risk but inevitably tend towards speculative excess. The context: popular Asian and European structured investment products, exotic derivatives dealers, and enigmatic corridor variance swaps. (1/n)

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Benn Eifert 🥷🏴‍☠️

@bennpeifert

2 years

ok. as requested. an option's theta (theoretical rate of decay over time) is not just "income" to an investor holding a short position. it is compensation for the risk of loss that investor faces from negatively asymmetric exposure to moves in the underlying asset.

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Benn Eifert 🥷🏴‍☠️

@bennpeifert

2 years

"but my machine learning model can forecast asset prices!" stationarity is one of the most important concepts in probability and statistics the essence of its meaning is that the specific pattern you are trying to understand is constant in a probabilistic sense

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Benn Eifert 🥷🏴‍☠️

@bennpeifert

4 years

What are your favorite primers, papers, books, etc that provide some better introduction to the product landscape in volatility / derivatives and basic concepts? I suggested Hull “Futures, Options and Other Derivatives” as a basic textbook;

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Benn Eifert 🥷🏴‍☠️

@bennpeifert

3 years

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Benn Eifert 🥷🏴‍☠️

@bennpeifert

2 years

derivatives trader, macro trader

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Benn Eifert 🥷🏴‍☠️

@bennpeifert

2 years

there are many things that the boomer grindset types don't understand, but foremost among them is that for complex creative work, we humans are 20x more productive when we are mentally focused and in a flow state then when we are tired, distracted or annoyed.

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Benn Eifert 🥷🏴‍☠️

@bennpeifert

4 years

sending the boys down to Cushing rn

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Benn Eifert 🥷🏴‍☠️

@bennpeifert

3 years

resumes coming in hot

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Benn Eifert 🥷🏴‍☠️

@bennpeifert

4 years

In this spirit, since I’m on the train for a minute, short thread on VIX and VIX futures/options, since this is something I see a ton of confusion about.

Benn Eifert 🥷🏴‍☠️

@bennpeifert

4 years

Ok muted all those threads trying to talk reason with crazy people. Back to your regularly scheduled volatility nerd content.

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Benn Eifert 🥷🏴‍☠️

@bennpeifert

5 years

Did I read this right - WeWork is raising a real estate fund, to buy properties that include those owned by its CEO, which he bought with loans from WeWork, and which he currently leases to WeWork?

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Benn Eifert 🥷🏴‍☠️

@bennpeifert

1 year

crypto continues the process of rediscovering every aspect of the history of modern finance

CZ 🔶 BNB

@cz_binance

1 year

To reduce further cascading negative effects of FTX, Binance is forming an industry recovery fund, to help projects who are otherwise strong, but in a liquidity crisis. More details to come soon. In the meantime, please contact Binance Labs if you think you qualify. 1/2

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Benn Eifert 🥷🏴‍☠️

@bennpeifert

3 years

The CEO of Bitcoin should replace 50% of its balance sheet with GME to make sure it is positioned for the new era

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Benn Eifert 🥷🏴‍☠️

@bennpeifert

4 years

Hey folks, favor to ask. A lot of my stream of consciousness on here is pretty niche derivatives manager stuff that many people lack context/background on, and I have lots of DMs asking for general reading recommendations.

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Benn Eifert 🥷🏴‍☠️

@bennpeifert

3 years

@JTLonsdale @danprimack the 🍆 is small with this one

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Benn Eifert 🥷🏴‍☠️

@bennpeifert

2 years

Ok I have been getting a lot of requests for this, here it is finally: Dr. Eifert's inception-to-date collection of interview questions. Please please read the footnotes below one of them before trying to snark. "Enjoy" (maniacal laughter)

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Benn Eifert 🥷🏴‍☠️

@bennpeifert

3 years

what you thought was magic alpha is almost always levered shitbeta

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Benn Eifert 🥷🏴‍☠️

@bennpeifert

2 years

Twenty books for the aspiring derivatives quant

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Benn Eifert 🥷🏴‍☠️

@bennpeifert

2 years

you were triumphantly tweeting every new 1000 point high during the bull market, sometimes five levels a day

Pomp 🌪

@APompliano

2 years

If your long term conviction of bitcoin’s value changed because of short term price movements, you never understood bitcoin.

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Benn Eifert 🥷🏴‍☠️

@bennpeifert

3 years

Whatever your gut reaction to this whole situation is, it is worth a few minutes learning about the plumbing between customers, banks and custodians. Crazy as it sounds, until stock trades settle two days later, the broker is holding the risk, and they need the collateral $$

Bloomberg

@business

3 years

BREAKING: Robinhood has drawn down some of its credit lines with banks, tapping at least several hundred million dollars

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Benn Eifert 🥷🏴‍☠️

@bennpeifert

2 years

a blue glass sphere, one millimeter less in diameter than the drain, currently lodged in the drain. what tool solves this? i tried stick with sticky stuff on it but the glass is very resistant to adhesion

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Benn Eifert 🥷🏴‍☠️

@bennpeifert

2 years

I get this question a lot in DMs so putting it here so I can refer to it later. "Why do put options and call options at the same strike have different implied volatilities (attaches screenshot of broker GUI)?"

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Benn Eifert 🥷🏴‍☠️

@bennpeifert

2 years

the answer to a third of my dm's

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Benn Eifert 🥷🏴‍☠️

@bennpeifert

2 years

if you have some money in a ponzi, you might think about just going ahead and getting that money out, just sayin

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Benn Eifert 🥷🏴‍☠️

@bennpeifert

2 years

"it turns out it's really hard to maintain a fixed exchange rate to the us dollar when you don't have enough reserves and are not a real medium of global exchange"

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Benn Eifert 🥷🏴‍☠️

@bennpeifert

4 years

You thought Silicon Valley only produces cryptokitties and dev tools but have you seen the new robotic recycling bins, just got one and its amazing!

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Benn Eifert 🥷🏴‍☠️

@bennpeifert

3 years

thinking about how @matt_levine said something to the effect of this year, based on all available evidence, if you're a fortune 500 ceo and you're not shitposting on twitter and orchestrating stock pumps, you're probably not doing your fiduciary duty to your shareholders

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Benn Eifert 🥷🏴‍☠️

@bennpeifert

3 years

a friend reminding me about conspiracy theories of how the world bank and the imf secretly control the world you guys are so funny, you've never worked in a large organization. at the world bank we used to have meetings to prepare for meetings to set agendas for other meetings

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Benn Eifert 🥷🏴‍☠️

@bennpeifert

3 years

The year is 2036. Banks operating in the unregulated Eurobitcoin market create tens of billions of BTC deposits out of thin air to leverage their exposure to mezzanine tranches of NFT-backed structured credit products

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Benn Eifert 🥷🏴‍☠️

@bennpeifert

3 years

19yo: when i make it big i'm getting a Ferrari geriatric millennials:

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Benn Eifert 🥷🏴‍☠️

@bennpeifert

2 years

periodic reminder that if someone invokes economics 101 as showing us that "laissez-faire free markets" solve all problems, you should move on markets can be useful tools but this utopianism is hopelessly naive and not even remotely what the field of economics says

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Benn Eifert 🥷🏴‍☠️

@bennpeifert

2 years

the sexism in this stuff is unreal. if it was an attractive younger male politician the media would be fawning about the new generation of fresh leadership

Visegrád 24

@visegrad24

2 years

Finland’s Prime Minister @MarinSanna is in the headlines after a video of her partying was leaked today. She has previously been criticized for attending too many music festivals & spending too much on partying instead of ruling. The critics say it’s not fitting for a PM.

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Benn Eifert 🥷🏴‍☠️

@bennpeifert

2 years

junior derivatives trader interview question: if the s&p goes down 1.5% every trading day for six months, what is the cumulative % loss in the index, and where should you expect VIX to be and why?

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Benn Eifert 🥷🏴‍☠️

@bennpeifert

3 years

Lets just do a very basic "how do ISDAs and CSAs work" since there are so many odd statements flying around this last few days. (This will be oversimplified for clarity but bear with me. Also I hope there are no calculation errors below in my examples but can't promise ha)

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Benn Eifert 🥷🏴‍☠️

@bennpeifert

3 years

2021, innit

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Benn Eifert 🥷🏴‍☠️

@bennpeifert

2 years

Tech billionaires love to complain about San Francisco homeless. I was walking down market street on Friday dressed for the QVR party; a wild-eyed schizophrenic stopped in front of me and said "MY DARK LORD, IT IS YOU?" There is literally nothing that can gas you up like that

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Benn Eifert 🥷🏴‍☠️

@bennpeifert

4 years

in case ya'all are wondering, i think half of robinhood and a quarter of fidelity is in my DMs asking about options trading, and you think they're $500 pikers, they're 4th year investment banking associates and senior engineers at Google

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Benn Eifert 🥷🏴‍☠️

@bennpeifert

2 years

@martiniposting straight shooter with upper management written all over him

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Benn Eifert 🥷🏴‍☠️

@bennpeifert

3 years

The new kit is here, tomorrow we ride

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Benn Eifert 🥷🏴‍☠️

@bennpeifert

3 years

regular public service announcement, grifters selling subs "teaching you to trade" didn't buy their lambos with money they made trading

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Benn Eifert 🥷🏴‍☠️

@bennpeifert

2 years

when you step into the QVR office in San Francisco, the first thing you see is a perfectly preserved ancient derivatives contract, the first rice futures traded by samurai warriors who controlled the rice paddies of western Osaka, that led to the implosion of the Shogunate

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Benn Eifert 🥷🏴‍☠️

@bennpeifert

2 years

remembering the best job applicant email of last year

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Benn Eifert 🥷🏴‍☠️

@bennpeifert

2 years

two things can be simultaneously true: 1) great traders see through the bullshit of the financial - entertainment - promotional - middlemen fee generation complex 2) most self-described contrarians (Fed truthers, "Austrians", permabears) are cranks that are part of that complex

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Benn Eifert 🥷🏴‍☠️

@bennpeifert

2 years

look who i found in a dive bar

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Benn Eifert 🥷🏴‍☠️

@bennpeifert

3 years

what the kids are up to on reddit

From the wallstreetbets community on Reddit: GME YOLO update — Jan 22 2021

Explore this post and more from the wallstreetbets community

www.reddit.com

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Benn Eifert 🥷🏴‍☠️

@bennpeifert

3 years

hard opposite. WFH works best for high functioning teams, worst for low trust / inexperienced teams that need close oversight and handholding

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Benn Eifert 🥷🏴‍☠️

@bennpeifert

4 years

Robinhood saw daily trade volumes up 300% in Q1 2020 compared to Q4 2019; and saw net deposits (customers moving cash into the platform to buy securities) up 1600% compared to Q4 2019. Get your head around that. And by the look of things Q2 2020 is on track for more records.

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Benn Eifert 🥷🏴‍☠️

@bennpeifert

2 years

the surest way to set yourself up for failure in investing is to adopt the attitude that any loss you experience must be due to a secret conspiracy screwing you over. this leads to extremely sloppy decision making ex ante rationalized by externalizing the blame.

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Benn Eifert 🥷🏴‍☠️

@bennpeifert

3 years

If @matt_levine is not your investment banker, you are not doing 2021 right

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Benn Eifert 🥷🏴‍☠️

@bennpeifert

3 years

crypto is for ppl who can't take the volatility of owning movie theaters

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Benn Eifert 🥷🏴‍☠️

@bennpeifert

1 year

i always used to assume the large sophisticated crypto firms were mostly focused on the high risk-adjusted-return relative value arb opportunities in the space: cross exchange arb, cash-futures basis; etc

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Benn Eifert 🥷🏴‍☠️

@bennpeifert

3 years

sitting at a bar with no children, two IPAs, vibinh so hard, accepting all my outstanding LinkedIn connections even from randos with no mutuals

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Benn Eifert 🥷🏴‍☠️

@bennpeifert

2 years

step 1: produce commodity step 2: hedge price using derivatives step 3: 🚀 step 4: lose big on hedge, margin goes up 5x step 5: can't meet margin calls step 6: forced to liquidate hedges at insanely high prices step 7: do not prosper h/t the smartest commodity manager i know

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Benn Eifert 🥷🏴‍☠️

@bennpeifert

3 years

Still can't believe everyone wants to talk about self-driving cars and no one understands how awesome automatic trash cans are

Benn Eifert 🥷🏴‍☠️

@bennpeifert

4 years

You thought Silicon Valley only produces cryptokitties and dev tools but have you seen the new robotic recycling bins, just got one and its amazing!

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Benn Eifert 🥷🏴‍☠️

@bennpeifert

3 years

Had totally forgotten that the tulip mania of the 1630s involved massive buying of far-OTM call options on tulips

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Benn Eifert 🥷🏴‍☠️

@bennpeifert

2 years

this is the why of crypto

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Benn Eifert 🥷🏴‍☠️

@bennpeifert

3 years

Just some guy's opinion, but the old school macro guys turned crypto bulls are far too crafty to have gotten caught in this leverage unwind. The way they trade is always to push price and seed a narrative, then get out when peak mania ensues.

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Benn Eifert 🥷🏴‍☠️

@bennpeifert

2 years

@CathieDWood @ARKInvest i typed three different snarky responses to this and deleted each of them. just sad, man

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Benn Eifert 🥷🏴‍☠️

@bennpeifert

4 years

Some notes on these volatility/derivatives interview questions since there is limited space to state all these details over and over again in each post. 1) This is just fun and educational. Please treat it that way, the vast majority of people do.

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Benn Eifert 🥷🏴‍☠️

@bennpeifert

2 years

@SenSanders Hi Bernie, Vanguard isn't the enemy.

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Benn Eifert 🥷🏴‍☠️

@bennpeifert

2 years

Best quant I ever knew was a Russian physics PhD who came up in index derivatives strats at BigBank. One time he went on his two-week block leave, but didn't show up on Monday morning, no email or phone call. Two weeks later he sat down at his desk with a big bandage on his head.

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Benn Eifert 🥷🏴‍☠️

@bennpeifert

3 years

Taking a minute to appreciate the zenlike warriors who are making markets in 550% implied volatility options 0.5-1.0% wide in premium terms on a stock that doubles or halves on a daily basis

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Benn Eifert 🥷🏴‍☠️

@bennpeifert

3 years

It is really amazing how many people just have the hardest time getting this basic math. Like they've been programmed by folksy Buffetisms and just can't bring themselves to do exp() and log(). Here's step by step instructions to check for yourself.

Benn Eifert 🥷🏴‍☠️

@bennpeifert

3 years

One popular argument goes as follows: “We are long-term investors. Volatility doesn’t matter to our portfolio.” This is an appealing idea. (thread)

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Benn Eifert 🥷🏴‍☠️

@bennpeifert

3 years

@shawngorham get a job

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Benn Eifert 🥷🏴‍☠️

@bennpeifert

2 years

When you are a Harvard professor you write the marketing materials for Ponzi schemes in LaTeX in order to redpill the EJMR groupies

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Benn Eifert 🥷🏴‍☠️

@bennpeifert

4 years

pet peeves in options and derivatives... 👿 1) Skew exists for a reason. Realized skew is the covariance between spot prices and implied volatility. Downside put vol trading above at the money vol reflects fact that implied vol rises when markets fall and isn’t “irrational”.

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Benn Eifert 🥷🏴‍☠️

@bennpeifert

2 years

ok. this references the big daddy of all elementary confusions in derivatives. Black-Scholes (and related) models, for which Nobel prizes were won: we do NOT use them as models, we use them as normalizations only, as a convenient change of variables.

Un gros grec

@kebabroyal_

2 years

@guil_lambert @bennpeifert It's always the same confusion. Using Black-Scholes pricing formula ≠ assuming Black-Scholes dynamics for the underlier. The gamma and theta term are proportional, but they don't cancel unless you assume a GBM dynamic, which nobody ever does.

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Benn Eifert 🥷🏴‍☠️

@bennpeifert

2 years

Musings on risk-taking roles in high finance. Nietszche tells us "the secret for harvesting from existence the greatest fruitfulness and the greatest enjoyment is—to live dangerously! Build your cities on the slopes of Vesuvius! Send your ships into uncharted seas!"

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Benn Eifert 🥷🏴‍☠️

@bennpeifert

1 year

OK. Follow-up story about the transformation of investment bank risk-taking after Dodd-Frank and Basel III, and the rise of toxic Alternative Risk Transfer programs in derivatives. 💥 1

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Benn Eifert 🥷🏴‍☠️

@bennpeifert

3 years

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@bennpeifert

3 years

@JTLonsdale @danprimack

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Benn Eifert 🥷🏴‍☠️

@bennpeifert

2 years

I spend most of my time on twitter joking with lovely friends, posting evidence of the drivers of my water bill, and nerding out on volatility and derivatives. I don't write often in this format. This topic is important enough to me that when Noah asked, I said fk yes.

Noah Smith 🐇🇺🇸🇺🇦

@Noahpinion

2 years

A guest post from the great @bennpeifert about how to recognize bullshit in the investing world:

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Benn Eifert 🥷🏴‍☠️

@bennpeifert

3 years

ten year anniversary of me thinking it would be clever to sell some VXX calls in my PA and meeting the friendly Interactive Brokers margin team

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Benn Eifert 🥷🏴‍☠️

@bennpeifert

2 years

kill the carried interest tax loophole. stop with the "but it gives private equity managers and incentive to invest in the economy" gmafb you are embarassing yourselves

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Benn Eifert 🥷🏴‍☠️

@bennpeifert

4 years

CHUCK-E-CHEESE TO QUADRUPLE ARCADE TOKEN QUANTITIES HELD IN RESERVE; PERMABEARS SAY HYPERINFLATION WILL RESULT

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Benn Eifert 🥷🏴‍☠️

@bennpeifert

3 years

Happy Saturday night nerds

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Benn Eifert 🥷🏴‍☠️

@bennpeifert

2 years

@netcapgirl some of us know that the dirt that would surface would be too much

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Benn Eifert 🥷🏴‍☠️

@bennpeifert

2 years

if you don't know what the exit liquidity is, you're the exit liquidity

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Benn Eifert 🥷🏴‍☠️

@bennpeifert

2 years

If there's one point from the bullshit-in-investing complex I'd emphasize above all others, it is that the classical Chicago economics view that creating markets in absolutely everything leads to an efficient allocation of investment capital is sheer lunacy.

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Benn Eifert 🥷🏴‍☠️

@bennpeifert

3 years

Automatic pass through all derivatives trader interview questions 🚀

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Benn Eifert 🥷🏴‍☠️

@bennpeifert

2 years

putting this here so i can copy/paste the link every time you all ask (which is constantly) when you see references to "dealer gamma positioning" and its implications for volatility, the underlying model is almost always an extremely naive one ...

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Benn Eifert 🥷🏴‍☠️

@bennpeifert

3 years

I can program a fleet of cloud servers to manage a hundred thousand live option orders tied to real time volatility surfaces but I absolutely cannot get this printer to connect to my wifi

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Benn Eifert 🥷🏴‍☠️

@bennpeifert

2 years

ok i hear u but that's a little desperate

Bitcoin Magazine

@BitcoinMagazine

2 years

JUST IN - BTC hits new all-time high against Turkish Lira as the fiat currency collapses. This is why we #Bitcoin

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Benn Eifert 🥷🏴‍☠️

@bennpeifert

2 years

Single men trade 67% more than single women and perform significantly worse, an effect explained primarily by overconfidence (SHOCKING)

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Benn Eifert 🥷🏴‍☠️

@bennpeifert

3 years

first experiment with 43" monitors, takes some getting used to because need multiple windows on each screen to get good use out of them, and too heavy to mount (vs stand) without custom engineering. but three code panels per monitor is nice

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Benn Eifert 🥷🏴‍☠️

@bennpeifert

2 years

tech ppl will talk about "synthetic wombs" instead of 3k/month daycare bills and inadequate maternity leave

Sahil Lavingia

@shl

2 years

@elonmusk We should be investing in technology that makes having kids much faster/easier/cheaper/more accessible Synthetic wombs, etc

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Benn Eifert 🥷🏴‍☠️

@bennpeifert

3 years

thomas squeezed half a tube of toothpaste out on the counter last week and i've just been using it all week, AMA

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Benn Eifert 🥷🏴‍☠️

@bennpeifert

1 year

🏴‍☠️ 🕯 🕯 🕯 🕯 🕯 🕯 @matt_levine 🕯 🕯 🕯 🕯 🕯 🕯

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Benn Eifert 🥷🏴‍☠️

@bennpeifert

3 years

running a 5% position in a huge fund in outright short call options on an illiquid small cap deep-value name with 140% short interest as % of float

elle

@ellegist

3 years

tell me about the worst professional mistake you have made/seen a colleague in your industry make

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Benn Eifert 🥷🏴‍☠️

@bennpeifert

4 years

Well @theemilyaccount had a nice thread on career advice in quantitative finance today and I've promised a bunch of people in DMs that I'd eventually do the same. So here are a few thoughts.

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