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The first is diverse agents. In markets that means people who have different information, time horizons, and rules of behavior. This explains why behavioral biases are not that important. You can have a lot of little mistakes but the market mechanism deals with them effectively.
W. Brian Arthur • Complexity Economics: Proceedings of the Santa Fe Institute's 2019 Fall Symposium
(1) the degree of certainty as to who the potential bidders are; (2) the bidders’ incentives to participate; and (3) the likely difference in valuations among these bidders.
Guhan Subramanian • Dealmaking: The New Strategy of Negotiauctions (Second Edition)
In principle, any person can spend any amount of money, provided he has sought the necessary advice before making the decision; the larger the purchase, the more people are typically involved in the advice process.
Frederic Laloux • Reinventing Organizations: A Guide to Creating Organizations Inspired by the Next Stage of Human Consciousness
Gamma exposure (GEX):
简单讲讲Gamma exposure!
1. 先从delta开始讲起吧。Delta是期权的一个参数，是期权价格对股价的一阶导数，简单理解就是正股涨一块钱，期权价格变化多少。比如某一个SPY的call的delta是0.7，就意味着SPY涨一块钱的话，这个call会涨7毛钱。
2.
A Student Of The Marketx.comVolatility是春药、更是毒药
很多新手进入美股的第一件事儿，买美股大盘SPY和QQQ。持有一段时间之后，发现赚不了几个钱，于是开始寻找那些单日涨了10%、20%甚至翻了一倍的股票，从此开启了跌宕起伏的炒股亏钱之路。
可能对于新人来说，单日翻10%，看起来是一个短期就能致富的捷径，它的吸引力堪比春药。做一个简单的设想，假设你一年中只交易了10次，每次都all in，每次交易都赚10%，按复利计算，你这一年的收益将是159%。更有些人，看着正股翻的不够多，看到别人一个期权翻几倍甚至十几倍，也跟着玩期权。要是买个末日期权，翻一倍，单日赚的钱比一年工资高，那完全不用工作了啊！有... See more
A Student Of The Marketx.com