Making Of The Sausage

Strategies are dressed up for strangers — paraded around wearing top hats and handcrafted wingtips.  So refined and erudite in their manner, they effortlessly negotiate treaties with far away dictators over tea and fine whiskey.  They banter about natural adverse selection, portable alpha, and venue toxicity like perfect gentlemen.  When they leave the ball and head back to the trading floor, they lace up the boots, the bell rings and the toothless punch-drunk brawler emerges, pounding out alpha and stabbing opponents for government cheese.

Walking strangers through your trades is a little bit like the food network broadcasting live from the meat packing plant (mechanical separators included).  No matter how refined the individual, the process is messy.  If you could eavesdrop on the inner monologue of your favorite trader it would profoundly disturb you.

Now, back to our regular scheduled program.

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