oops 25%

<t>you could also take a combinatorial approach:There are 4X3X2X1 = 24 possible arrangements of the boxes1X3X2X1 = 6 arrangements where the box is in the first position 3X1X2X1 = 6 arrangements where the box is in the second positionwhen the box is in the third position and you can win buy waiting t...

Guess that short Europe long the US trade is safe for a while

Get box prices from the SPU's use that implied borrow (I'm guessing you mean funding rather that short stock) to get the implied dividend. Do it over several levels can exercise premiums can introduce errors.

US News and World Report publishes and annual ranking, but I've never seen MFE programs in the lists

The appearance aspect is why I thought it was a funny adjective.

resplendent is a funny adjective for an argument

<t>Interviewed with MER and had a disagreement about the dependance of a five year semi-annually reseting cliquet on five year skew. None the less, my brief glimpse left me with a positive impression of thier operation. Collector- heartening to kow that some one of your calibre doesn't always get th...

<t>Random rates has an effect on the price, but it's generally smaller than you'd think. The variance of the equity is usually much more dominant than the variance of the interest rate. Correlation between the two is another issue all together. Generally, equities are more appealing as rates fall - ...

how so? If the market goes down to maintain your replication you have to sell more shares. Sounds like your replicating a short put to me.

it's not a paradox. When you are short shares and long bonds you are replicating a short put. In that case you are earning all your theta when the market remains unchanged. The value of the put is actually decreasing.

would you rather be the goalie or the striker?

Generally, the closer to the front office the better. I don't know anything about the respective teams though.

Chicago is very tough, but the effort will be worth it. The city also has a huge QOL edge over London.

Convex -> embedded options. These things are going to be the next black eye for derivatives.