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Yeah, calls or suck my dick, Tilik. Forty credits a share by this day next month. Considering how you never seem to make it past, Hey sweet thing, I'm rich you know. After he stopped, wings stiffened, he looked to Ghen. He's been fighting to control the ice cream trade. Worried it's a corrupting influence.

Got done talking with the human CEO of Nestle earlier. If we clear the way, he'll know how to squeeze a little more gains in stock price when he makes the announcement. College is starting up, lots of stuff to clear and work out. Not sure why but I just got a bug up my butt about incorporating money and the stock market into a short. Here it is. Sorry if it seems abrupt, character limit fast approaching. Let me know how you guys think about it! Greetings Warriors! Now that the green smoke has settled from the Y4S2 and the CCU landing, we thought now would be a good time to do a quick subreddit news post, as there are a few things to catch you up on - before Y4S3 arrives and there is more news to take the sticky post slot!

Upcoming Tournaments First up, there are a number of tournaments happening in the next few weeks. Remember to keep an eye on Battlefy. Ubisoft have announced that the PC Dominion Series will be starting up next season , so now is an excellent time to get into competitive tournament play, and practice for the big tournaments on the horizon!

Please give them a warm welcome! If you do still want to do poll the readers here as part of a discussion post, or want to gather data to find opinions on a specific question, you are welcome to include links to external survey sites like surveymonkey or google forms in text posts - we are only trying to cut down on low-effort posts, not genuine use of poll for interesting content.

We are still in the process of revamping the General Info sheet, and an update to the Viability Tables is also in the works, now that there has been a decent amount of time since the CCU for the meta to stabilise. Also planned is addition of frame advantage sections on some moves for which it is particularly relevant. You can still delay an attack within the input window, which can be used to give attacks different parry timings, or to better dodge incoming attacks in the case of dodge attacks.

In particular, Peacekeeper In the CCU, attack damage has been mostly standardised - based on the speed of the attack, and its position in chain, and very little else. For example, almost every ms opener heavy does 24 damage, almost every ms chain light does 9 damage, and so on. This means for some characters that previously had greatly overtuned damage, their damage has come down to the average, and for others, their damage has stayed the same or even gone up in places.

The frame advantage on Deep Gouge is considerable, so it behaves almost like it chains anyway. If anything, her damage is higher than average, thanks to her GB triple stab punish being unchanged at 38 total damage, which is way higher than the standard GB punish of 24, and closer to the level of OOS punishes. You get frame advantage after being hit by chain lights and light chain finishers, NOT all light attacks that do not chain.

However those attacks are not part of a normal attack chain, and therefore do not fall under the same frame advantage rules. But the hyperarmour on them does still allow him to trade with your light attack. The CCU has certainly buffed light attacks, but it has also specifically nerfed light attack spam. Additionally, the damage nerfs, and stamina changes have made it so that you will survive for longer against an opponent who is spamming lights.

Hello Reddit! My name is Keenan Dakota, I have lived at Twin Oaks, an income-sharing, intentional community in rural Virginia for 36 years, since I grew up in northern Virginia, my parents worked in government. I went to George Mason University where I studied business management. I joined Twin Oaks when I was 23 because I lost faith in the underpinnings of capitalism and looking for a better model.

I have stayed because over time capitalism hasn't looked any better, and its a great place to raise children. While at Twin Oaks, I raised two boys to adulthood, constructed several buildings, managed the building maintenance program, have managed some of the business lines at different times. Proof this is me. A younger photo of me at Twin Oaks. Here is a video interview of me about living at Twin Oaks. Photo of Twin Oaks members at the 50th anniversary. Some things that make life here different from the mainstream: The labor system - all work is considered equal, whether you are earning income for the community or not.

Also, you don't have to do the same job all week - your day can be a mix of indoor and outdoor work, you have freedom to arrange your day, and you can gain skills in a wide array of tasks and trades. Non-gender binary, queer and trans people are very welcome at Twin Oaks. Verbal consent culture is very important here. It is not okay to touch anyone without asking. Nudity and partial nudity is allowed in some parts of the farm, such as in the sauna, swimming hole, on the hiking trails, etc.

Our social norms prohibit using phones in common areas when other members are present, with the exception of a few cafe-style spaces. Raising kids here is easier. Some of the time that parents spend raising their children counts towards their labor quota. Many of the kids are home-schooled or " unschooled ", and they spend more time outside than in front of a screen. The kids have no problem passing the state's annual standardized test to move onto the next grade level.

We have a shared clothing resource called Commie Clothes, which is like a free thrift store. Borrow something and then return it dirty, and it gets washed and re-hung up. More about Twin Oaks : Twin Oaks is an intentional community in rural central Virginia, made up of around 90 adult members and 15 children.

Since the community's beginning in , our way of life has reflected our values of cooperation, sharing, nonviolence, equality, and ecology. We do not have a group religion; our beliefs are diverse. We do not have a central leader; we govern ourselves by a form of democracy with responsibility shared among various managers, planners, and committees.

We are self-supporting economically, and partly self-sufficient. We are income-sharing. Each member works 42 hours a week in the community's business and domestic areas. Each member receives housing, food, healthcare, and personal spending money from the community. We have open-slots and are accepting applications for new members.

All prospective new members must participate in a three-week visitor program. Applicants to join must leave for 30 days after their visit while the community decides on their application. More info here. Ask me anything! TL;DR: Opted out of the rat-race and retired at 23 to live in the woods with a bunch of hippies. EDIT: Thanks for all the questions! If you want some photos of the farm, you can check out our instagram.

EDIT2: I'm answering new, original questions again today. Sort by new and scroll through the trolls to see more of my responses. EDIT4: Some of you have been asking if we are a cult. No, we are not. We don't have a central leader or common religion. Here are characteristics of cults, FYI.

Edit: Yikes! Did I mention that I am 60? Reddit is not my native land. I don't understand the hostile, angry and seemingly deliberately obtuse comments on here. And Soooo many people! Anyway, to the angry crowd: Twin Oaks poses no threat to anyone, we are people out of a country of million? Twin Oaks reached its current maximum population about 25 years ago, so not growing fast, or at all. Members come and go from Twin Oaks. There are, my guess is, ex-members of Twin Oaks, so we aren't holding on to everyone who joins—certainly, no one is held against their will.

Twin Oaks is in rural Virginia, but we really aren't insular, isolated, gated or scared of the mainstream culture. We have scheduled tours of the whole property. Local government officials, like building inspectors, come to Twin Oaks with some frequency. People at Twin Oaks like to travel and manage to do so. I personally, know lots of people in the area, I am also a runner, so I leave the property probably every day.

There are lots of news stories about Twin Oaks over the years. If you are worried about Twin Oaks, maybe you could go read what the mainstream and alternative media have to say. Except about equality Twin Oaks is not particularly dogmatic about anything. I know some people at Twin Oaks will disagree with that statement. Twin Oaks isn't really hypocritical about Capitalism, Socialism, or Communism, we just don't identify those concepts as something that we are trying to do. Twin Oaks is not trying to DO Communism, we are trying to live a good life with equally empowered citizens—which has led us to try to maintain economic parity among members.

Communists also do that. In making decisions in the community I don't remember anyone trying to support or oppose an idea due to excess or insufficient Communism, Socialism, or Capitalism. In most practical senses those words aren't useful and don't mean anything. So, no need to hammer Twin Oaks for being insufficiently pure, or hypocritical. Twin Oaks is very similar to the Kibbutz in Israel. There was and is no fight with Capitalism from the kibbutz—or with the State.

My point is—not a threat. To the other people who think that the ideas of Twin Oaks are interesting, I want you to know it is possible to live at Twin Oaks or places like Twin Oaks and happily live ones entire life. There is no central, critical failing that makes the idea not work. And plenty of upside. But do lots of research first. Twin Oaks maintains a massive web site. Anyway, it takes a long time to read. But what I would like to see is more people starting more egalitarian, income-sharing communities.

I think that there is a need for a community that is designed and built by families, and who also share income, and provide mutual support with labor and money. If you love this concept, maybe consider gathering together other people and starting your own. Ideologically speaking: -Ecology: the best response to ecological problems is for humans to use fewer resources.

The easiest way to use fewer resources is to share resources. Living communally vastly cuts down on resource use without reducing quality of life. If we truly believe in equality then we ought to be willing to put our bodies where our ideology is.

In a truly equal world, the issues of sexism and racism and all other forms of discrimination would, essentially, not exist. There is no useful word for this. We do use a majority vote sometimes, as a fallback. But sometimes we use consensus. We sometimes use sociocracy dynamic governance. The word "Isocracy" decision-making among equals , would be useful to describe Twin Oaks' decision-making model, but Lev in Australia has written an incomprehensible "definition" on Wikipedia, that he keeps changing back when someone corrects it.

I mean, isn't it? Capitalism is based upon the belief that motivation is crucial to human aspiration and success and therefore more happiness. Under Capitalism, equality is a detriment because it hinders motivation less fear of failure, or striving for success.

Twin Oaks believes that humans are happier when they are equal, and equally empowered. So the place to start up the ladder of happiness is to first make everyone equal. Well, Twin Oaks is mainly still working on that first step. What are SPACs? A special purpose acquisition company SPAC is a company formed solely to raise capital through an initial public offering IPO for the purpose of acquiring an existing company. SPACs are generally formed by investors, or sponsors, with expertise in a particular business sector, with the intention of pursuing deals in that area.

The founders generally have at least one acquisition target in mind, but they don't identify that target to avoid extensive disclosures during the IPO process. Companies aiming to go public with this route are typically 1x-5x larger in terms of market cap than the SPAC itself.

If the deal is not completed in time, the warrants expire worthless and the remaining funds are distributed back to the shareholders. Finally, the SPAC symbol and name will change to reflect the company that has been purchased. Often the SPAC takes on the name of the new company, but that is not always the case. Recently, though, an excess of capital has led investors to seek out merger and acquisition opportunities more aggressively, and that's led to the return of SPACs.

SPACs have also now also attracted big-name underwriters such as Goldman Sachs, Credit Suisse, and Deutsche Bank, as well as retired or semi-retired senior executives looking for a shorter-term opportunity. Example 2: DKNG. Example 3: NKLA. The rest is history. At that point, the Warrants and Shares trade separately alongside the unseparated Units.

Liquidity may be limited in the open market for Shares but the defined liquidation term of SPAC common equity can provide for a relatively attractive yield with an option to own a SPAC's future acquisition target. If the SPAC fails to complete a business combination in the required timeframe, all public shares are redeemed for a pro rata portion of the cash held in the trust account.

Warrants A warrant is like an option but traded like a stock. However, SPAC warrants, expire worthless if the SPAC can't close a business combination, are thus a binary bet on a five-year warrant on a hypothetical future company. Warrants become exercisable only if the SPAC completes a business combination transaction before the specified outside date.

The speculative nature of this Warrants tends to lead to wild price swings. Many people who get interested in guns and start shooting soon find out that there are a number of shooting sports out there. A lot of those shooters wonder whether that kind of shooting is for them. Maybe you have to be invited, or know a member of the club, or be former military? Do you have to be a really competitive person to enjoy it?

This post is intended to answer some of those questions. At least in the United States, that is — the barriers can be higher in some other countries. But there are robust competitive shooting communities in a lot of countries around the world, including most of western Europe and other places you might not expect. To win? Not good enough to WIN against people who have been playing these games for years.

Nobody would expect a new guy or gal to show up and win. What competitive shooters care about in terms of the new participant is: safety; attitude; safety; willingness to learn and help; and safety. OK, you get it. Right, the latter. There are lots of people who have shot for years and never won a darn thing.

Competitive outcomes are secondary for a LOT of people. There are a small number of gun games where even the entry level gear is pretty expensive, but in most gun games the gear is either not that impactful on outcomes or there are equipment divisions that keep things under control and create some relatively inexpensive options.

The more significant aspect is that people who get into gun games tend to shoot a lot. It varies by game, but if you fall down the rabbit hole on, for example, USPSA, you might end up shooting 10, rounds in a year and be far from the highest-volume shooter in your immediate circle! If you can afford to shoot rounds a month for the pistol games or the shotgun games, or half or a quarter of that for the accuracy-oriented rifle games, you can play and make progress.

But you will end up spending more on ammo. Most of the gear rules are to control stuff that would be a competitive advantage, not set some minimum floor of baller-ness. Most of the more popular games are open to anyone who pays the appropriate match or other fees, agrees to abide by the rules, is legally allowed to possess firearms, etc. You can just talk about the sport! So if those are the big reasons for people not to try shooting sports, what are the reasons to try it?

Go watch one of the gun games. Most of the sports are perfectly happy to have people watch a match and talk to participants. I've been kind of disappointed with my 1st two classes. But I really enjoyed the projects, specifically project 4 from cyber physical security. The project was buffer overflow.

I guess that the upcoming Fall semester could really change my calculations. My 1st two classes took me only about half as much time as omscentral. If that holds, then this might be a realistic schedule. If not, then this is probably unrealistic.

Planing out this far is probably just dreaming. Life could easily throw a wrench in these plans i. AOS seemed the most interesting. Networks or SDP are probably the easiest of the 4 options. Thank you for your advice! Whether targeting your wallet directly or hacking the exchanges once cybercriminals have access to your currency you need to act fast!

You can also recover money lost to binary options. Lost Bitcoin? Stolen Cryptocurrency? Hacked virtual currency account - Follow these steps now! Report to appropriate authorities - Report the case to the appropriate authorities, for them to be able to have it looked into. Change your login details - If you are still able to login to your account then follow the normal procedure to reset your password and other security information.

Enable two-factor authentication. This should lock the criminal out of the account. They may be able to retain some information about the transaction that could come in useful in an investigation. Will I Recover my Stolen Bitcoin? Once your virtual currency has been stolen it is incredibly unlikely that you will be able to recover it. However, money does leave a trail and you may be able to follow it to the identity of the criminal. How to Recover Stolen Bitcoin and Cryptocurrency Check your devices for malware - It is worth considering that a malicious software infection may have led to the hacker accessing your currency.

Scan the devices you use to handle your currency and make sure they are clean. You can follow our guide on checking for and removing malware here. Follow the money - You can follow the transactions of the wallet address that your funds were scammed into. If you notice the scammer attempt to transfer funds from the wallet to cryptocurrency exchanges to sell for fiat currency, report to the relevant exchanges immediately.

An opportunity to catch the scammer is to follow the money trail through blockchain explorers and trace your lost funds. In order to trade crypto to regular money on most popular exchanges, the thief would need to submit KYC Know Your Customer information, such as names, addresses, and ID information. This is another reason why it is important for you to file a police report as soon as the incident has taken place. Hire a Verified Recovery Expert - If you are willing to pay a decent amount for the return of your funds there are websites where you can post a bounty.

Experienced blockchain searchers will investigate the theft and see if they can recover the funds for a price. Check out the list of verified recovery experts. Use multi-factor authentication - Ensure that you have multi-factor authentication enabled. Use an authenticator app rather than the SMS option. If the option to disable SMS authentication exists then do it.

Use a new email address and complex password to set up the account - A new, clean email address that you will only use for the virtual currency account is best. This reduces the chance of you being targeted via your email account. Spread your investments across exchanges - A number of exchanges have been breached. Spread your investments across exchanges to minimize the impact. Get secure - Take time to improve your general online security. Use sites like getting Safe Online and Cyber Aware to understand what good security looks like and make changes.

I was personally able to recover my lost bitcoin with the help of Express Recovery Pro — expressrecoverypro yahoo. The Immediate Edge app is a crypto, forex and choices trading robot utilized by folks to automatically obtain and sell Bitcoin and create profits. Wanting at the website, many people claim it helped them move from rags-to-riches trading Bitcoin.

Is Immediate Edge scam or legit High success rate is reported by users with this software. The Immediate Edge web site provides truthful claims about the service though it will not mean the crypto trading risks are eliminated with its use. Customers should start with the minimum investment and increase it when satisfied with the utilization of the app.

Click the link to access Immediate Edge official web site or keep reading to understand more This software will not seem to be a scam and users report that it helped them make real money trading on it. Immediate Edge could be a robot or auto-trading software that allows folks to trade forex, crypto and binary choices. A user deploys the algorithm-primarily based bot, which relies on a trading strategy that's automatically executed on a broker trading platform once deployed.

The strategy is coded or set like to permit the user to automatically get and sell crypto, stock or choices on the broker platform at favorable prices, to form profits. It can do automatic market analysis by analyzing a vast amount of knowledge from completely different sources, at intervals seconds and with high accuracy, then use the data to predict the costs.

The software can, therefore, save a trader thousands of manual hours and labor they might have spent analyzing information to form trading choices and to follow the markets and to position and close trades. You conjointly do not want to understand anything concerning crypto, stock or option trading to use this auto trading app, although it is suggested to possess this information to keep improving on trading. Trading bots will achieve high success rates of more than 90p. As a newbie, you'll not start making that a lot of immediately and conjointly it depends on how a lot of you invest.

That will not mean Immediate Edge is error-free. There still is a heap of unpredictable high volatility in crypto and bots will make mistakes and errors to create losses. Auto trading robots are better employed in combination with manual trading strategies. All a user has to try and do is join up at the Immediate Edge web site, then deposit funds to have access to the robot, when which they can begin trading by switching on the bot.

It will would like no control or intervention from humans, beyond beginning and stopping it. You additionally need to stay checking, daily, to observe the performance of the software in doing its job and ensure that it is earning any returns needless to say. From there, you can confirm whether or not to extend or decrease your investment towards crypto, options or stock trading using this robot.

You'll be able to also monitor performance to be ready to regulate the trading settings from your dashboard and optimize totally different features of the trading bot for instance set amount of trades or amount to invest in every trade. Reportedly, he created billions with forex, crypto, and binary options trading and still shares his strategies on the way to trade the assets on the app.

He founded the app to create it potential for brand spanking new traders to create cash in less than 3 minutes of signing up. You discover a registration type on the top right of the page, on that you type in your email, full names and phone numbers and country code. Create a password to be used for logging in later. Deposit funds: Depositing funds allows you to connect to a robot broker and then you'll begin the bot to start out trading.

Demo trading: Relying on the broker you're connected to, you can begin to practice trading with the Immediate Edge software. Some brokers do not have this feature on their platforms. Still, with the latter, you can test their options before you deposit cash to try and do live trading. With the demo options, you'll be able to familiarize yourself with the trading house before beginning to use real money to trade.

Trading: Before and when you've got switched on auto-trading, you would like to check the trading settings daily. You'll regulate some things including stop-loss orders and when to try to to them, amount to speculate per trade and how several trades to try to to per day.

You'll be able to also choose that cryptocurrencies to trade, and you'll be able to select all the most in style ones together with Bitcoin and Ethereum. No fee is charged on withdrawals. You'll withdraw your cash including the capital while not a lot of problem on this app, that is better than several that don't enable withdrawals at any time While some bots need verifications by asking for your ID and statements, this one will not. You are done once uploading your payment details. The bot charges a commission on profit.

Besides, you get twenty fouseven client support on Immediate Edge Immediate Edge may be a legit, secure, user-friendly trading application for crypto, stocks, and choices. It has a zealous customer service and reports a high success rate. Another smart robot we have recently reviewed is Bitcoin Professional We tend to hope that this review helped you to make a decision concerning this trading app.

Additionally, subscribe to our web site to be invariably notified concerning new software from this industry. Hello, dummies It's your old pal, Fuzzy. As I'm sure you've all noticed, a lot of the stuff that gets posted here is - to put it delicately - fucking ridiculous. More backwards-ass shit gets posted to wallstreetbets than you'd see on a Westboro Baptist community message board. I mean, I had a look at the daily thread yesterday and I know, I know. I agree. I love it just the way it is too.

That's what makes WSB great. What I'm getting at is that a lot of the stuff that gets posted here - notwithstanding it being funny or interesting - is just Like, fucking your cousin wrong. Truly, I try to let it slide. I do my bit to try and put you on the right path. Most of the time, I sleep easy no matter how badly I've seen someone explain what a bank liquidity crisis is.

Have you guessed what it is yet? Here's a clue. It's in the title of the post. That's right, friends. Today in the neighborhood we're going to talk all about hedging in financial markets - spots, swaps, collars, forwards, CDS, synthetic CDOs, all that fun shit.

Don't worry; I'm going to explain what all the scary words mean and how they impact your OTM RH positions along the way. We're going to break it down like this. Before we begin. For the nerds and JV traders in the back and anyone else who needs to hear this up front - I am simplifying these descriptions for the purposes of this post.

I am also obviously not going to try and cover every exotic form of hedge under the sun or give a detailed summation of what caused the financial crisis. If you are interested in something specific ask a question, but don't try and impress me with your Investopedia skills or technical points I didn't cover; I will just be forced to flex my years of IRL experience on you in the comments and you'll look like a big dummy.

Fuck you. There is no TL;DR. You've come this far already. What's a few more paragraphs? Put down the Cheetos and try to concentrate for the next minutes. You'll learn something, and I promise I'll be gentle. Let's get started. The Tao of Risk: Hedging as a Way of Life The simplest way to characterize what a hedge 'is' is to imagine every action having a binary outcome.

One is bad, one is good. Red lines, green lines; uppie, downie. With me so far? A 'hedge' is simply the employment of a strategy to mitigate the effect of your action having the wrong binary outcome. You wanted X, but you got Z! Frowny face. A hedge strategy introduces a third outcome.

If you hedged against the possibility of Z happening, then you can wind up with Y instead. Not as good as X, but not as bad as Z. The technical definition I like to give my idiot juniors is as follows: Utilization of a defensive strategy to mitigate risk, at a fraction of the cost to capital of the risk itself. You just finished Hedging I'm adequately hedged!

Spoiler alert: you're not although good work on executing a collar, which I describe below. What I'm talking about here is what would be referred to as a 'perfect hedge'; a binary outcome where downside is totally mitigated by a risk management strategy. That's not how it works IRL. Pay attention; this is the tricky part. You can't take a single position and conclude that you're adequately hedged because risks are fluid, not static. So you need to constantly adjust your position in order to maximize the value of the hedge and insure your position.

You also need to consider exposure to more than one category of risk. There are micro specific exposure risks, and macro trend exposure risks, and both need to factor into the hedge calculus. That's why, in the real world, the value of hedging depends entirely on the design of the hedging strategy itself.

Here, when we say "value" of the hedge, we're not talking about cash money - we're talking about the intrinsic value of the hedge relative to the the risk profile of your underlying exposure. To achieve this, people hedge dynamically. In wallstreetbets terms, this means that as the value of your position changes, you need to change your hedges too. The idea is to efficiently and continuously distribute and rebalance risk across different states and periods, taking value from states in which the marginal cost of the hedge is low and putting it back into states where marginal cost of the hedge is high, until the shadow value of your underlying exposure is equalized across your positions.

The punchline, I guess, is that one static position is a hedge in the same way that the finger paintings you make for your wife's boyfriend are art - it's technically correct, but you're only playing yourself by believing it. Obviously doing this as a small potatoes trader is hard but it's worth taking into account.

Enough basic shit. So how does this work in markets? A Hedging Taxonomy The best place to start here is a practical question. What does a business need to hedge against? Think about the specific risk that an individual business faces. These are legion, so I'm just going to list a few of the key ones that apply to most corporates. Complicated, right? To help address the many and varied ways that shit can go wrong in a sophisticated market, smart operators like yours truly have devised a whole bundle of different instruments which can help you manage the risk.

The language is complicated but the concept isn't, so pay attention and you'll be fine. This is the most important part of this section so it'll be the longest one. Swaps are derivative contracts with two counterparties before you ask, you can't trade 'em on an exchange - they're OTC instruments only. They're used to exchange one cash flow for another cash flow of equal expected value; doing this allows you to take speculative positions on certain financial prices or to alter the cash flows of existing assets or liabilities within a business.

What do you mean sets of cash flows? Fear not, little autist. Ol' Fuzz has you covered. The cash flows I'm talking about are referred to in swap-land as 'legs'. You set it up at the start so that they're notionally equal and the two legs net off; so at open, the swap is a zero NPV instrument. Here's where the fun starts. If the price that you based the variable leg of the swap on changes, the value of the swap will shift; the party on the wrong side of the move ponies up via the variable payment.

It's a zero sum game. I'll give you an example using the most vanilla swap around; an interest rate trade. Here's how it works. You borrow money from a bank, and they charge you a rate of interest. You lock the rate up front, because you're smart like that. But then - quelle surprise! Now you're bagholding to the tune of, I don't know, 5 bps. Doesn't sound like much but on a billion dollar loan that's a lot of money a classic example of the kind of 'small, deep hole' that's terrible for profits.

Now, if you had a swap contract on the rate before you entered the trade, you're set; if the rate goes down, you get a payment under the swap. If it goes up, whatever payment you're making to the bank is netted off by the fact that you're borrowing at a sub-market rate. That's the name of the game in hedging. There are many different kinds of swaps, some of which are pretty exotic; but they're all different variations on the same theme. If your business has exposure to something which fluctuates in price, you trade swaps to hedge against the fluctuation.

Because they're OTC, none of them are filed publicly. Someeeeeetimes you see an ISDA dsicussed below but the confirms themselves the individual swaps are not filed. You can usually read about the hedging strategy in a K, though. For what it's worth, most modern credit agreements ban speculative hedging. That's it. That sounds just like a futures contract! I know. Confusing, right? Just like a futures trade, forwards are generally used in commodity or forex land to protect against price fluctuations.

The differences between forwards and futures are small but significant. I'm not going to go into super boring detail because I don't think many of you are commodities traders but it is still an important thing to understand even if you're just an RH jockey, so stick with me. Just like swaps, forwards are OTC contracts - they're not publicly traded.

This is distinct from futures, which are traded on exchanges see The Ballad Of Big Dick Vick for some more color on this. In a forward, no money changes hands until the maturity date of the contract when delivery and receipt are carried out; price and quantity are locked in from day 1.

As you now know having read about BDV, futures are marked to market daily, and normally people close them out with synthetic settlement using an inverse position. They're also liquid, and that makes them easier to unwind or close out in case shit goes sideways.

People use forwards when they absolutely have to get rid of the thing they made or take delivery of the thing they need. If you're a miner, or a farmer, you use this shit to make sure that at the end of the production cycle, you can get rid of the shit you made and you won't get fucked by someone taking cash settlement over delivery. If you're a buyer, you use them to guarantee that you'll get whatever the shit is that you'll need at a price agreed in advance.

Because they're OTC, you can also exactly tailor them to the requirements of your particular circumstances. These contracts are incredibly byzantine and there are even crazier synthetic forwards you can see in money markets for the true degenerate fund managers. In my experience, only Texan oilfield magnates, commodities traders, and the weirdo forex crowd fuck with them. I i do not own a 10 gallon hat or a novelty size belt buckle ii do not wake up in the middle of the night freaking out about the price of pork fat and iii love greenbacks too much to care about other countries' monopoly money, so I don't fuck with them.

Collars are actually the hedging strategy most applicable to WSB. Collars deal with options! To execute a basic collar also called a wrapper by tea-drinking Brits and people from the Antipodes , you buy an out of the money put while simultaneously writing a covered call on the same equity.

The put protects your position against price drops and writing the call produces income that offsets the put premium. Doing this limits your tendies you can only profit up to the strike price of the call but also writes down your risk.

They are very complicated legal documents and you need to be a true expert to fuck with them. Fortunately, I am, so I do. They're made of two parts; a Master which is a form agreement that's always the same and a Schedule which amends the Master to include your specific terms. First - a brief explainer. An ISDA is a not in and of itself a hedge - it's an umbrella contract that governs the terms of your swaps, which you use to construct your hedge position.

You can trade commodities, forex, rates, whatever, all under the same ISDA. Let me explain. Remember when we talked about swaps? You can trade swaps on just about anything. In the late 90s and early s, people had the smart idea of using other people's debt and or credit ratings as the variable leg of swap documentation.

These are called credit default swaps. I was actually starting out at a bank during this time and, I gotta tell you, the only thing I can compare people's enthusiasm for this shit to was that moment in your early teens when you discover jerking off.

Except, unlike your bathroom bound shame sessions to Mom's Sears catalogue, every single person you know felt that way too; and they're all doing it at once. It was a fiscal circlejerk of epic proportions, and the financial crisis was the inevitable bukkake finish. WSB autism is absolutely no comparison for the enthusiasm people had during this time for lighting each other's money on fire.

You pick a company. Any company. Maybe even your own! And then you write a swap. In the swap, you define "Credit Event" with respect to that company's debt as the variable leg. And you write in A ratings downgrade, default under the docs, failure to meet a leverage ratio or FCCR for a certain testing period Now, this started out as a hedge position, just like we discussed above. The purest of intentions, of course. But then people realized - if bad shit happens, you make money.

And banks Can you smell what the moral hazard is cooking? Enter synthetic CDOs. CDOs are basically pools of asset backed securities that invest in debt loans or bonds. They've been around for a minute but they got famous in the s because a shitload of them containing subprime mortgage debt went belly up in This got a lot of publicity because a lot of sad looking rednecks got foreclosed on and were interviewed on CNBC.

They caused this! Wrong answer, America. The debt wasn't the problem. What a lot of people don't realize is that the real meat of the problem was not in regular way CDOs investing in bundles of shit mortgage debts in synthetic CDOs investing in CDS predicated on that debt. They're synthetic because they don't have a stake in the actual underlying debt; just the instruments riding on the coattails. The reason these are so popular and remain so is that smart structured attorneys and bankers like your faithful correspondent realized that an even more profitable and efficient way of building high yield products with limited downside was investing in instruments that profit from failure of debt and in instruments that rely on that debt and then hedging that exposure with other CDS instruments in paired trades, and on and on up the chain.

The problem with doing this was that everyone wound up exposed to everybody else's books as a result, and when one went tits up, everybody did. Hence, recession, Basel III, etc. Thanks, Obama. Heavy investment in CDS can also have a warping effect on the price of debt something else that happened during the pre-financial crisis years and is starting to happen again now. This happens in three different ways. The resulting reduction in short selling puts upward pressure on the bond price.

If traders can't take leverage, nothing happens to the price of the debt. If basis traders can take leverage which is nearly always the case because they're holding a hedged position , they can push up or depress the debt price, goosing swap premiums etc. Enough technical details. I could keep going. This is a fascinating topic that is very poorly understood and explained, mainly because the people that caused it all still work on the street and use the same tactics today it's also terribly taught at business schools because none of the teachers were actually around to see how this played out live.

But it relates to the topic of today's lesson, so I thought I'd include it here. Work depending, I'll be back next week with a covenant breakdown. Most upvoted ticker gets the post. Post will drop Monday at market open. I was running a second pass at my first ever campaign, as the original group I had fell apart due to scheduling conflicts and interpersonal drama.

This new group had started playing together in August and well I made the beginner mistake of taking in more people than I could manage, and by November 3 of those original players had dropped. Having this many players dropping in such a short time was a little disconcerting for me, and as such I tried to foolishly "recoup my losses". To this day, I have no idea if he was just too overwhelmed by school we're all college students or he died.

This disappearing player caused my anxiety over the stability of my campaign group to spiral further, causing me to open up my local university's DnD club Discord in desperation. That's when I found her. Let's call her June. June was posting in the general chat, talking about how she was interested in joining a campaign since she had some extra free time.

I then sent her a private message, and she expressed interest in joining my game. In this initial exchange, there was the first of many red flags: Red Flag 1: She was incredibly inflexible with her character concept and was rarely willing to meet me halfway on things. The character she had in mind for my game was a Victorian-era Elf noble who hunted vampires. The "vampire-hunting" part happened to line up with the next arc of the campaign, but the "Victorian-era noble" part did not.

The continent where everything took place did not have much in the way of "nobility", which was something I made very clear to her. Despite this, she would then proceed to reject any of my compromises for 3 HOURS until we both gave up and settled on something equivalent to a "lukewarm idea" concept-wise.

Another thing about the character she pitched to me was that the Elf noble had a retainer who was non-binary. That was totally cool in my book; however, besides the fact they were an alchemist, there was nothing else that was given to me regarding their personality. Remember this, it'll come back up later.

Due to some other obligations she had, she wasn't able to make our regularly scheduled time. In all of my infinite wisdom I thought no problem, let's just get everyone to reschedule for this girl. Thankfully, this actually ended up working out and our day changed from Tuesday to Monday.

After June joined, I had become confident that the "balance" had been reset. June was a fantastic RPer and her character had served to be a great thematic foil to one of the other PCs. Until we all went on hiatus for winter break, things were moving smoothly. But in hindsight, it really wasn't. During sessions, June would send me Discord DMs constantly asking me questions about the game along with her comments on certain situations.

This was highly distracting, and it eventually got to a point where I would ignore them. She would also make comments about encounters, saying stuff along the lines of "this is railroady as hell" or "x monstecheck is bullshit". I also tried my best to ignore these, but at some level, it did get to me. Then there was winter break.

That's where things escalated. She appeared to be in distress and needed someone to talk to. I quickly responded and messaged her privately. She told me about the situation and I ended up talking to her and keeping her company until 5 A. Now, the reason I mention this specific incident is that after this point we started talking to each other a lot.

Sometimes it was every day for multiple hours at a time. At some point during those conversations, I began to catch feelings for her. This led to me eventually confessing to her in February. What was her response? Choose your reason below and click on the Report button. This will alert our moderators to take action. Access the exclusive Economic Times stories, Editorial and Expert opinion. Nifty 12, Market Watch. ET NOW.

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