options

“When we do sell options, let's stay shorter dated to take advantage of time decay, and when we buy options, let's buy a little longer dated so that we're not hurt by that fate of lead.”

“Options provide a risk transference mechanism, like insurance. And buyers of insurance, over time, typically overbuy, but they sleep well at night. And sellers of insurance make a lot of money, but they better know how to manage their risk.”

“You're less likely to be hurt buying an option. You might bleed to death over a long period of time, but you're not going to be, you know, taken out tomorrow on a stretcher if you're, you know, buying options.”

“If you're just buying options at early stage venture, then price doesn't matter. Then you want to have as many shots on goal as possible. You want extreme volatility and long tails, right? All the stuff that you don't want when you're buying a series of cash f…”

“So the thing that we think is repeatable is having an edge in trade structuring and implementation. So basically instead of saying, I'm going to put all my eggs in the Euro basket or put all my eggs in the basket of the tenures going up, sort of view things th…”