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To: LLCF who wrote (22408)	5/19/2000 12:40:00 PM
From: Agenda	Respond to of 29970

Very classy of you not to gloat on your market direction call yesterday. I've learned that the mark of the professional is the black and white real time call. You should hang around more often. The academic nonsense runs deep and we need someone from the real world to put things in perspective.

To: LLCF who wrote (22408)	5/19/2000 1:35:00 PM
From: ahhaha	Read Replies (1) \| Respond to of 29970

No, it's also priced more efficiently than it was years ago, sorry, you're wrong. Not quite. You didn't understand what I posted. Don't mistake liquidity's effect for efficiency. We used B&S and then Merton for pricing but we found that the market had a will of its own. You couldn't hold to any model too firmly. This was outside of any consideration of transient states including market translations. You can't adapt to optimal efficiency by following model dictates. The only claim that one could make is that the modeling now is better and more computer driven than in the past, but the difference is too small to make a difference and occurs in the realm under a teeny. So your argument is moot practically and hypothetically true theoretically. Who said anything about any of this? It's the point of inefficiency or disequilibrium states and the fleecing you imply is obtainable by those able to execute quickly. Again, you can ask what I'm talking about, or just claim it's incoherent... you clearly don't know what I'm saying. The problem is one of a failure to use the King's English. .. and at the same time shooting you own EMH in the foot by saying how writers are selling premium into the market risk free. I didn't say that exactly, did I, because I knew you'd make some air head squawk. Did you miss the word "essentially"? I've seen institutions get burned so bad that they stopped harvesting operations. All part of EMH and expected return. . exactly my point about smart option players buying cheap market insurance from dopey institutions.. wake up please!, There are no smart option players and you will learn this in due time. The activity when done in the only possible rational way is boring and mechanical, with uncompensated stress, stress that you don't even notice is there, but kills off everyone over time. You can't believe me, but you had better find someone who had been in the game long enough and is now out. They're the only ones who will tell you, if they will, what a disaster it all is. I'd like to see Mr. Wynn's state of mind. He's got the heart attack machine strapped on. Since you didn't answer my elementary question [actually only elementary for "mr. put model"] about put exercise I find you asking me options questions a real hoot... Your question is idiot. espcially that one! E for exercise price? Shares in the 'big market' ha ha...and the SIZE you're tossing around. How complicated do you want me to make it? You never answered my other question, so I thought I better make it simple. Where do you buy your hedging shares? From the junk peddler out the back door? I got it, you're a straddler. Sponsors won't support straddlers because they have a blow up rate twice normal and margins kill you. . you've been out of the loop for a while eh? See ya round dino dinosaur. No response again? Don't want to show why you're posting on ATHM thread and not on the floor? Why is that, big shot? Getting kicked around by the big market? You can't make it in options if you aren't on the floor. You have no chance by your own admission. call you're option friends and get that put question answered and I might answer your next abusive post. You haven't said anything technical, anything that shows that you're anything more than just another hack amateur flunky, and you make sure you don't divulge what you think you do know. You don't do that because I'm going to tear it apart. But I don't have to do that, the market is going to take care of you permanently, that is, unless it already has or unless you settle for your 18% per annum. but probably not, it doesn't seem fair that I whip my info off the top of my head in 10 mins and you spend days digging up your info. Well, we hear you make a lot of unsupported claims which does sound off the top of your head. Undisciplined guys don't last and that looks like what happened to you. I suspect you might be one of beginners who were on the floor for about 9 months and realized that you couldn't hack it. Now you're outside and you don't know how to make it in stocks so you cling to 18%. Why not answer my simple question and show everyone how competent you are? It's a standard situation. Every market maker deals with exactly that situation every day. The only difference is that most have more positions, but the essence of the matter is the same. Who is(was) your sponsor and on what exchange are(were) you working?