Back in 1997 or 1998, my market-making firm on the Pacific Options Exchange was in search of a trader to run the LMM (Lead Market Maker, or specialist post) on the floor of the exchange.

Options market makers don’t even really hedge deltas anymore on individual trades—it all goes into one big mathematical soup. It’s very hard to compete.

Lucky for me, I started my career on an options trading floor out in San Francisco.

Trading acumen is 10% academic study, 30% experience, and 60% mistakes. You really do only learn by doing.

I want to devote today’s letter to Spotify. You know, the music streaming service.

I swear it’s not. And it’s not about pissed-off Canadians either.

We made it through week one of Trump. What have we learned?

I’m going to go through a dumb analysis for you.

The older I get, the more I rely on technical analysis.