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Christopher J. Gan

How Leveraged ETFs Can Return Less Than the Market Index
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A Primer on Exotic ETFs With the popularisation of passive investing via ETFs, it has led some individuals to speculate in the market through exotic ETFs - including leveraged and inverse ETFs. If there is something to take away from this edition, it is that you should not hold exotic

Christopher J. Gan

Beginner's Guide to Market Making (with examples)
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Anyone could be a market makerPreviously, we discussed how market makers function as middlemen in exchanges, acting as both a willing buyer and seller. These offer a variety of benefits such as improved liquidity, greater market resilience, thereby saving investors $3.6B in trade execution fees in 2020. Today, I

Christopher J. Gan

Are Market Makers Evil?
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Misconceptions around Citadel, Gamestop, and HFTsWith the ongoing Gamestop short-squeeze saga, the practice of market makers paying brokers for order flow has been under public scrutiny. Some claim a potential conflict of interest between Citadel and Robinhood, while others blame HFT funds for market manipulation. [1] [2] Are market makers

Christopher J. Gan

Relationship Between Stocks and Rates
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With the recent drop in stock prices, it is important for me to begin this week’s edition with a public service announcement. While it is normal to feel a sense of fear and anxiety when the market corrects, companies that were viewed as great long-term investments do not all

Christopher J. Gan

What Happens When You Hit #1 on Hacker News on Launch Day?
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Last Sunday, my post “Are You Trading or Gambling?” hit #1 on Hacker News. This happened during the debut of my substack newsletter - Investing Lessons. Unfortunately I was asleep when this happened, so I was notified of the news by one of my readers. Below is a screenshot of

Christopher J. Gan

The Anatomy of a Good Bet
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You might have heard that purchasing lottery tickets is a bad idea, and that you are almost certainly going to lose money on it. However just because it gives you an improbable chance of hitting the jackpot, doesn’t mean it is a mistake. If it was, then purchasing insurance

Christopher J. Gan

Are you trading or gambling?
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Thanks to the r/wallstreetbets subreddit, we have all heard of infamous tales where retail traders have profited millions of dollars. Accompanying this is often a cult-like worship by individuals who wish to do the same, and are desperate in finding the secret to such success. Greed afterall, is human

Christopher J. Gan

The GameStop Short Squeeze Explained:
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Like many of you, I have been caught up with the newest reality TV show of 2021, Gamestop. The cause of this drama is a financial anomaly called a short squeeze, resulting in the price of Gamestop stocks to soar into the stratosphere. This has led some individuals making millions

Christopher J. Gan

Is Bitcoin Worth $1,000,000? - Investment Thesis from First Principles
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Cryptocurrencies have once again entered the public spotlight, following Bitcoin’s recent surge to USD $40,000. Having begun my career trading cryptocurrency derivatives on Wall Street, I naturally am intrigued by crypto-assets as an investment. Like many, I had always been a skeptic - despite having built quant algorithms

Christopher J. Gan

5 Quant Strategies Used by a Wall Street Trader
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Algorithms do not need to be complex Right out of college, I began my trading career at an electronic hedge fund on Wall Street. Several friends pitched trading to me as being a more disciplined version of r/wallstreetbets that actually made money. After flopping several initial interviews, I was

Christopher J. Gan