the sound of inevitability
blog.moontower.ai · 5,109 words · saved by 1 readers
Post-mortem on Leopold's SALP
The market is 12-15. 12 bid. 15 offer. The broker sizes up the offer. “How many you got there? How about you? And you?” A couple of the market makers get flakey once they see him counting. “You know what, I’m 17 now.” “Fine, but can you fill the size there?” “This second, no more shopping.” “Mine.” A few minutes pass. The broker comes back around. “How now?” “Go fuck yourself. 20-40. Small.” And that’s it. It’s a liquidity-clearing trade. The market’s version of punctuated equilibrium. Small lot sizes from here on out. The price drifts higher over time. The same amount of…
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