1 day agoCrazy Safe ArbitrageIn a past life, I used to run this structured trade finance program for some of the world’s largest agricultural companies. It was essentially a carry trade on cross-border interest rates. These guys traded vast volumes of physical commodities. At any given point they had billions of dollars worth of…Finance4 min readFinance4 min read
Dec 24, 2022Economics of SantaIts that time of year. The emporium jingles of George and Mariah are resurrected — I’m reminded of this delightful essay I came across in middle school about the physics of Santa’s Christmas Eve undertaking. Been trying to dig it up on the web to no avail but did find…Christmas11 min readChristmas11 min read
Nov 18, 2022The Road to a Cup of Coffee“I like things like onions, peppers, sausage, mushrooms, tomatoes, pepperoni, etc. just standard stuff no weird fish topping or anything like that.” That was Laszlo Hanyecz in 2010 swapping 10,000 Bitcoin for two large Papa Johns’. …Crypto11 min readCrypto11 min read
Oct 2, 2022Schrödinger's BritainThe last time inflation in the UK sat at double digits, McEnroe was slaying grass volleys (and the umpire’s dignity) in his jockstrap briefs at SW19. The Bank of England was maneuvering rates around 600bps above the RPI. Today rates are 700bps below. This might sound like a good time…Investing7 min readInvesting7 min read
Sep 24, 2022Macro CheatsheetLong Read — How Important Stuff Works To save anyone the trouble of doom-Googling background concepts in subsequent articles, I shall embark on a rather lengthy altruistic post addressing the relationship between macroeconomics and financial markets. You may ask, why bother with this stuff? To be like one of those…Investing51 min readInvesting51 min read
Aug 25, 2022Why Ethereum 2.0 is the Bet of the DecadeThree years ago, I had just finished my third go at Satoshi’s little writeup. I spent the next few days sponging up every drop of liquidity available and managed to convince the compliance guy at my bank that Bitstamp was a budget bond broker. …Crypto29 min readCrypto29 min read
