I understand the subjunctive now; it's easy and I'll tell you about it. The problem is that we have been taught to think of it almost literally backwards
For the last couple of weeks I've been studying the uses of the subjunctive intensively for a couple of weeks, wading through inane comments like "it's just something only natives know for sure; to everyone else it is invisible magic" (a very unfortunately common and reductive opinion I've seen around), scouring forums to study how people use it, reading guides and books and the whole thing. Not much seemed to be working; the whole thing still seemed arbitrary, impossible to predict, and totally random. But last night I had a breakthrough, and damn near everything fell into place. I read a few things; I read a great write up on how in spirit English uses the "idea" of the subjunctive mood in various auxiliary verbs from "I think..." to "could", etc, and how it often parallels things in Spanish. I then read through a whole chain of spanishdict questions and answers on the topic, and someone made a comment talking to a new learner who used the indicative in the context of questioning whether or not she had popped a ball when she should have used the subjunctive. His comment was "if you're uncertain that the ball was popped...then why is your next sentence TELLING ME that the ball was popped?" I frowned. "Why would that say that?" I asked myself. "It wasn't as if she was literally telling him that the ball was popped from her perspective, instead she was just...she was...just..." Finally it all hit me; the subjunctive mood makes NO SENSE... on its own. The fatal flaw -- one that comes down to a critical misunderstanding between how english's and Spanish's primary moods operate -- isn't that I didn't understand the subjunctive per se It was that I had no real idea what the hell the indicative mood really was, nor how well-learned Spanish people interpret it to their ears. How could I? Nobody had explained it well to me. EVERYONE only talks about the subjunctive but never the indicative. Because it's obvious, right? It's the same in English as it is in Spanish, right? Let's barely even touch on it when discussing the subjunctive, how could they be related? It's like English, the subjunctive is just a weird thing dangling from under it. No it's not. Guys, the indicative mood is far stronger than english's. It isn't about an implication of rules, it isn't about an implication of concrete reality. It is ABOUT reality, truths, and our perceptions of that truth, directly. There is no implication, it's the outright direct meaning. ANY time we use the indicative, we communicate that what we are saying is a FACT to our perception, and everyone else will hear us like that's what we're saying even if the sentence would imply otherwise; it doesn't act subordinate to the sentence context, so if you use it in the wrong context they crash into each other. This is the key. The subjunctive isn't about being emotional, it isn't about possibilities, it isn't about hypotheticals per se. It is about NOT being the indicative, and literally the only real "rule" to the subjunctive is "do I want to give my sentences a strong meaning of truth, factual declaration, and concrete reality here? Or would that focus hurt my sentence?" The subjunctive is a mood of avoidance. It's used to AVOID the implications of the indicative. It can only properly be understood by contrast to spanish's usage of the indicative mood, and once you properly grasp that it's the easiest thing in the world to see. I was up till 5 am checking all the examples I could find, reading Spanish forums online and all their usages. I couldn't find one that didn't make sense to me anymore, not a single damn one. All those weird irregularities? Sensible. The reasons for why it seems to spread over so many theoretical topics? Sensible. I had done it, I'd cracked the meaning behind things. And regardless of what some people on forums had claimed, it's absolutely not magic or something you can only get by speaking for 10+ years. What it is is simply misexplained by means of being talked about in a vacuum. And with it came a LOT of sudden, cascading realizations about Spanish and how it truly differs from English. I will explain all of this below to help my fellow English-to-spanish people. First off: "Nice catch", you probably think, "but it's so abstract. How does realizing the implications of the indicative mood help me?" Allow me to demonstrate. First off, it must be said that the indicative is way simpler than the subjunctive in terms of its scope. In fact the entire reason why the subjunctive seems to cover so many things in theory is just that it is nothing more and nothing less than a reflection of everything the indicative is not, so covers more topics on paper (even if it's used far less frequently in reality) Like I said, literally all of it makes sense when you just flip things around and denote subjunctive as "that thing that gets called when the STRONG indicative mood would ruin things with its overwhelming presence." We can interrogate sentences in Spanish, piece by piece, and I'll show you exactly how it lines up. Let's take the classical example. "Estoy feliz que estés aqui!" Let's NOT ask ourselves why the subjunctive is here...instead, let's ask ourselves why the indicative ISN'T here. Indicative comes off as -- again, not merely implies like equivalent statements in English but outright states a purpose of -- declaring facts, discussing concrete reality of the here and now, our declarative plans, etc. Can you see why this would be "wrong"? It is in fact not wrong, at all -- it's just incongruous in context. If you said "estas aqui" with the mood that declares facts...well, at best you just announced to them that they are here, carrying the meaning of you wanting to let them know this fact. Rather bizarre under most circumstances, seeing as how they damn well know that they are already here and don't need us to declare this for them! So, normally we won't do it unless in context we really do want to declare this to them for some reason. "Es posible que él es aqui"Let's apply the same process! "Why wouldn't the indicative be good here?" Well let's look at the first half. "Es posible que..." alright so what we say next is possible! And next we say "es aquí". As in, we used the declarative, factual, concrete reality mood. In other words if we used "es" here, we would be outright saying that we firmly believe -- that it is a fact to us -- that this man is here Well if we firmly believed that already, then why the hell did we lead with "it's possible?" This is just an incongruous statement! Therefore, we don't use it like this (unless we really do want to make such an incongruous statement). Talking about an object that doesn't or may exist? Well when you refer to it with the indicative, you DIRECTLY STATE that to you that object might as well be reality. Poetic, but also rather delusional. Therefore, we don't use the indicative. Making conditional plans, like "we will go to the mall once grandma arrives?" If you use the indicative on the latter half, you directly state that her arriving is your reality...even if she hasn't arrived yet. See what I said above about being delusional. And so on and so on. Whenever you are confused about why a subjunctive is used, the proper question is not "why is it here". The proper question is "why is the indicative not here?" It's a subtle difference -- but an important one. What we have to understand is that Spanish is not a neutral-statement language. It is binary. You ARE asserting reality. Or you are not; those are the only options, and to speak in the indicative is to presume to be asserting your interpretation of facts for others to hear. It is not a subtle effect or theory, this is how the spanish-trained brain will unconsciously view your sentences and why it will tell them that 'something' is off about what you said. You indicated to them that you wish to discuss something factual that is in fact not, and their / our-future-brains aren't really sure how to interpret that. In fact, if you aren't already thinking of the indicative in this manner or interpreting sentences with that subtext, it's time to start; that's how the spanish speaking mind will interpret its usage, and if we want to learn this language well we need to interpret it as that as well. Those are the examples off the top of my head. I will now explain why, in terms of the structure of english and spanish, this idea is so hard to get across to native english speakers. This entire effect is a direct contrast to English, which is why it's alien to use until properly explain, and why to native Spanish speakers our confusion is foreign. To both of you -- english-to-spanish students and people who speak spanish first, i will note the following lingual truth that most people don't realize by virtue of not thinking about it: english is a flexible, and often neutral language. Let me repeat that; english is NEUTRAL by default. We DON'T communicate this kind of meaning with our basic sentences, ever. English is like a buffet rather than a binary. Its base forms are almost always implicationless by design specifically so that we can choose to insert auxiliary words to enchant it with such meanings as English speakers please. This is likely also why most of its true subjunctive mood has faded into niche forms; English genuinely has no real need of it with so many ways of putting a sentence together. Spanish, by and large, has 2, and you will not escape from them nor their implications. (Well and imperative, but I'm not talking about it because both of our languages share that one nearly identically in concept). A statement is a statement, indicative is your reality and your attempts to declare facts for others to hear and discuss, and subjunctive is the only way to indicate that what you speak of isn't that. That's it. That's all there is to it. Also, I'll tell all spanish-first readers who happen to read this the same thing i told my Spanish friends irl: you have no idea how confusing the subjunctive is when you are coming from a place where the "primary" prose can imply anything due to a) that being what we think of thanks to English b) most people not going out of their way to firmly correct this misconception. It would be damn near useless and indeed extremely random to perceive in usage if not for its reflections on the indicative, which is different from what we think at first. THIS is why your English speaking friends who are trying to learn Spanish struggle so hard with the concept, while you just know it. (And on the flip, why none of my Spanish-first friends realized the neutrality underlining English until i directly pointed it out to them. A lot of us aren't aware of the underlying mechanics; this is fine going from Spanish to English since English is flexible as hell, but not so much the other way around, unfortunately for us.) Now, after all of this, can I make a request to the general community: can we PLEASE not presume that the subjunctive is magic and that the indicative is so obvious? That kind of common notion is at least in part why a lot of English-to-spanish students wrestle with the concept. For some reason we're often taught (I sure was) that the indicative in Spanish is synonymous with English and to not think more on it in comparison to its bizarre cousin, when in reality the differences between English normal prose and Spanish's indicative are both easy enough to explain and also EXACTLY why the subjunctive exists. Trying to explain how and where to use the subjunctive is like trying to put a car together with a wrench and a few bolts; good luck figuring it out easily with so much essential context missing. Maybe my teachers just didn't think about it? Do people in general not just realize this crucial difference between English's loose neutral structure and Spanish's much stricter and meaning-laden structure? Who knows. And no, realizing this doesn't mean we don't have to practice. I'll forget use cases, not be able to realize when I needed to switch moods until hindsight, etc. I recommend "demystifying the subjunctive" for a book, it helped me out immensely. But at least now we understand it. Learning, as Spanishdude on YouTube says, is just an act of giving context to things we already know, and now we can do that without being lost. It IS a simple and easy to grasp concept at its heart, it's just not usually explained well and requires explaining what precisely is the difference between how english approaches delivering information and how Spanish does. Former is neutral, latter always communicates a meaning. The indicative in particular always imparts a sense of speaking of concrete reality no matter what sentence it happened to be in, and the subjunctive is nothing more than its replacement for when the indicative's strong statements on reality simply don't work with the matters being discussed. Of the two, the indicative is both more strict and also more narrow, and thus the clause of 'use indicative until its determinate attitude of only being used to address factual reality shits the sentence up' reigns best for the quickest and easiest way to conceptually grasp the subjunctive. It is all about the indicative; always has been. Anyway that's all I got. I'm finally going to bed, work will suck tomorrow but oh well, I'm too happy to care. After that I'll...maybe finally learn some decent vocabulary. I'm a heavily grammar based learner, so this was actually one of the first stops on my way through my new language, so I've still got a lot of learning to do. Still, now that i get this, I am much more confident of the rest of the way onward. ---------- Couple of more fun tidbits, if anyone is still reading. I also realized the English conditional is WAY wider than Spanish's, and that this is in part because in English it has come close to replacing separated subjunctive grammar in a lot of cases. If you ever notice how often we through "can" and "could" around, it is in part because of this. I also realized that in a theoretical sense, the "true" purpose of future tense in Spanish is to discuss plans for the future, not to indicate that it will happen. Technically a small detail and probably obvious to most, but for some reason I needed this realization to realize why the subjunctive isn't triggered by its speculation; merely declaring plans is a concrete thing, after all. For some reason in English I get the subtle sense of trying to will over the future when I use it. Might be a slight language difference in intent, or maybe I'm just presumptuous about the future in English. Finally, just a piece of trivia I liked; I realized "to think" and "creer / pensar" aren't really good translations for each other in implication. You ever wondered why it doesn't trigger the subjunctive in a positive usage? This helps to reinforce one last bit; for such things when it comes to certainty vs uncertainty, it's likely just a concept being used slightly differently in Spanish. While they mean literally the same thing, their connotations are nearly inverted. Spanish uses it to affirm that you believe something to be true (hence why it's also translated as to believe), while English uses it to instead imply subjectivity and impart doubt to a clause. It would absolutely be a subjunctive trigger in Spanish if it were transplanted directly since our usage of it in spirit is completely synonymous with Spanish's own usual triggers, but well it isn't. My Spanish speaking colleagues thought that one was interesting in particular for some reason, maybe they didn't really know how i had meant it this whole time?
Is nice to see that we have users from all around the world, even if nearly 50% are from English speaking countries. Image 1.
How old are you?
The average age of a /OnePiece user is 23.62 years old. We have roughtly 10% of users that are underaged, and 10% that are 30 years old or more. Image 2.
There is no surprise there. For the others, we have some Gender Fluids, transgenders, Bigenders, quite a lot of Non-binary, a Loli, a Furry, and nearly a 100 Oden (You wish), as well as some rude people, but I won't put up what they said.
Manga or Anime?
No real surprise here either. Considering the subreddit has a lot of spoilers and is focussed around the chapter release, it's obvious there are only a few Anime Only people here. So thank you for Sticking Around, even if it the best place to avoid spoilers.
For approximately how long have you been following One Piece?
1 Year or less
10 years or more
Nearly 40% of our users have followed the series for 10 years or more. (To give an idea, this mean they followed the series since Before the timeskip, as chapter 597 was released at the end of August 2010). For the rest, we have roughly the same number of new readers that stays with the series. So it's quite good to bring new blood and not have a decrease of new readers.
Where does One Piece rank on your list of favorite manga?
Bellow Top 10
Well, you are in /OnePiece after all. So it's kinda obvious the manga is either your favorite or in your top 3. If it isn't your number 1, what series are better than One Piece for you?
Do you own One Piece Merchandise?
Those are some good numbers I would say, 55.8% of users have some merchandise and are probably supporting the series (depending on where you bought those) For the OTHERS answers given, some good ones are : autograph from dub VA of brook, Alvida pre devilfruit bodypillow, Chopper teddy bear, Sountracks, Custom made and 3D printed Keychain, Databook.
Subreddit Section :
Do you visit OnePiece mostly on mobile or on desktop?
Mobile or Apps
If you are using desktop, are you using the old version of reddit? Or the redesign?
It seems like most users are using Mobile and Apps, as well as the redesign on desktop, so it's probably time to pay more attention to that than to the old version, this way we can get banners/flair for users that are on the new version of reddit.
How often do you make : a submission on OnePiece?/Comment?/read the rules?
Very often (Daily)
Very often (Daily)
Check the rules :
Very often (Daily)
This really shows that there are a lot of lurkers on the subreddit. Most of you won't ever post or comment on the subreddit. With 8% of users creating submission and 25% commenting. As for the rules, there isn't any surprise since nearly every post respect the rules. (Only 1/5 of the post needs to be removed), so thank you to all of those that read them.
Content you enjoy the MOST/the LEAST.
Content you enjoy the most :
Media (Photo and Video)
So without surprise, people in this subreddit enjoy the Theories/discussions the most out of every type of post, it's then followed by the Fanarts. Which is good since like 75% of posts made are Discussion (50% total)/Fanarts (25% total). Content you enjoy the least:
Here there aren't any content that most users enjoy the least, but it still seems like users don't want to see that much Merchandise or Cosplay post. (Youtuber video are very rare) Also, a quick reminder, Discussion/Theories are mostly found by sorting by New. This is where you will see all of them, as it's hard for them to show up on the front page of the subreddit (but if it shows up on Hot, then it's a very good one).
Do you only use the subreddit for the Spoiler and Chapter Discussion thread?
It's nice to see that roughly 2/3 of the users are here for more than just the Spoilers and Chapter discussion. But there is still a huge part that only use the subreddit for that.
Do you want the spoilers gone from this subreddit?
As it was expected, Luffy is the Favorite Straw Hat for a lot of peopel, he's also the Straw Hat with the fewest "Least Favorite". After him Zoro is second favorite, followed by Sanji, Robin, Usopp, Brook, with the other Straw Hat having very few votes (and Nami having the Least "Favorite" Straw Hat.) After that, it seems like Chopper, Usopp, and Franky are the one people like the least out of the Straw Hat. I know it was a hard question for some of you, but the result are still interesting to know.
Which Strawhat has the saddest backstory?
The Straw Hats with the saddest backstory is Robin! Followed by Brook, then Sanji, Chopper and Nami.
What is your favorite Yonko crew?
So the favorite Emperor's crew are the Red Hair Pirate! Which is very impressive since we haven't seen much of them. I guess Oda better delivers when it come to see them in action after Wano.
Who is your favorite Admiral?
While Garp was only a Vice Admiral, he was put in the poll, and he won it! Whitout him, it's Aokiji that is the favorite, followed by Fujitora. Image 4
Who is your favorite Supernova (outside the Straw Hat)
Who else than the character that nearly managed to defeat Luffy in the 5 popularity poll? Law is the Favorite Supernova outside of the Straw Hat!
Which is your favourite canon arc in One Piece?
The Favorite Canon Story arc are (You could vote for more than 1) :
Which is your least favourite canon arc in One Piece?
The Least Favorite Canon Story arc are (You could vote for more than 1) :
Long Ring Long Land Arc
Favorite Cover Story?
Enel's Great Space Operations
From the Decks of the World : "The 500.000.000 Man Arc"
The Stories of the Self-Proclaimed Straw Hat Grand Fleet
Ace's Great Blackbeard Search
Straw Hat's Separation Seria
Character Design in One Piece :
Do you like the female character designs in One Piece?
I have no opinion.
Do you like the male character designs in One Piece?
I have no opinion.
It's true that Oda isn't the best when it comes to Female character design. However it seems like the majority of users don't have a problem with that.
Are fight a determining factor for your enjoyment of the series/arc?
Now this is rather surprising I must say. What do ou thing about this?
What is/are your (absolute) favourite aspect(s) of One Piece?
From the result we have, it seems like the World-Building is the favorite part of One Piece (With 88.6% of voters choosing this). It's followed by The Adventure (69%), The characterization (54.4%), the Inter-character relationship (49.4%), the Action (36%) and the Art Style (26.2%). And those result are obvious. Some of the most upvoted chapters of this subreddit are when we have huge world building moment, like 907 (Shanks talks to the Elders), or 957 (ULTIMATE).
On Par with Pre-TS
Better than Pre-TS
Worse than Pre-TS
This question is one of the most asked. With a lot of vocal voices saying that post TS is worse than Pre-TS. It's different for sure, but now we know how the community feels about that.
If you could eat a Devil Fruit, what type would you want?
Most people could choose to eat a Logia, and it seems like becoming a Furry is the lesser choice in this subreddit.
The Final Antagonist of One Piece will be :
With 48.5% it's Blackbeard! Really? That is surprising for me since it's obvious that Oda will make the SH fight against the World Government after they find the One Piece. And I honestly don't see Blackbeard being the final Antagonist because of that. So people who voted for this, what was your reasoning for it?
What is One Piece Biggest Flaw?
Some of the biggest flaws mentionned are :
The Lack of characters' death outside of Flashback
Which are all fair flaws to the series.
Random Questions about the Series :
As of Wano, is Jimbei stronger than Zoro?
Yes but Zoro will be stronger soon
I guess people really want Zoro to always be the second strongest no matter what... I expected this result, but I was still disappointed...
Was Zoro as strong as Luffy just after the timeskip?
I... Really? 31.5% said yes?
Will Sanji get laid by the end of the story?
Nearly the perfect split, and it's easy to see why it's very divisive. (Also shows that every vote counts).
Will Usopp be part of the 1 Billion Club by the end of the story?
The Straw Hats will go to Laugh Tales :
Before fighting the WG
After Fighting the WG
It's been hinted at a lot that the SH will go to Laugh Tales before taking on the WG. So for me it feels rather strange to have more than 1/4 voting for them reaching the final island after.
Who will be the one to defeat Kaido? (So give the last hit)
With 66.3% of the votes the one who will give the last hit to Kaido is : Luffy! Followed by 11.5% with someone else (that isn't Law/Kid/Zoro/Big Mom/Scabbard/Admiral) and 11% by one of the Scabbard. Zoro received 6.4% of the votes.
Who will be the first SH to realize their dream?
Most users believe that Usopp will be the first one to realize his dream! I also think the same as it's the easiest Dream to realize really. I could bet you it will happen in Elbaf. After that, we have Luffy and Robin, and it make sense since their dreams are linked. Both can be done once they reach Laugh Tales.
How many members will the crew have at the end? (With Luffy)
And most people want 11 members total in the crew! (With 28.6%), 27.5% wants 12 members, wile 19.8% want the crew to be complete right now with Jinbe.
Who do you think wins in a 1v1 : An Emperor or an Admiral?
If you are active on the subreddit, you know it's one of the question that creates the most discussion/arguments about. So it's nice to know the overall opinion of the subreddit on this question (Doesn't mean it's always correct mind you).
Is Mihawk emperor's level?
Also a very divisive question on this subreddit.
Is Aokiji emperor's level?
Is Akainu emperor's level?
So they fight for 10 days in a very close battle. With Akainu winning in the end, but after a long and hard fight. And one is Emperor's level while the other isn't? Really? I find that hard to understand.
If Oden was alive would he be stronger than Mihawk
How strong was Oden at the time of his death?
< Top 20
I like Oden, but sometimes I feel like people are overestimating him.
Who is stronger between Shanks and Mihawk?
This is also one of the question creating the most arguments on this subreddit, after all Mihawk is the World Strongest Swordman. But Shanks is an Emperor and became one after losing his arm.
Is Kaido stronger now that 20 years ago?
Yes, he's stronger
Had Ace survived, would Wano be liberated by now?
Could the Marines take on ALL the Yonko at the same time ?
Yes in Marineford only
2 at the same time
3 at the same time
This question is also linked to how you see the Emperor vs Admiral. So depending on which side you are on, you are more likely to pick Yes or No.
Which character do you want focus on next?
All very good choices, and all of them are character we have known for a long time without really knowing.
Will Blackbeard find the One Piece before Luffy?
How strong is Monkey D. Dragon?
< Top 10
Here, most people seems to think that Luffy's father, Garp's son is part of the strongest characters of the series. Oda better respond to our expectations then. As for his Bounty : Well, 31.6% think it will be more than 6 Billions and 28.1% think it will be between 5-6 billions. That remind me, I once made a poll asking people what Sabo's bounty would be (since we knew it was getting revealed in a magazine soon). So maybe I will do the same for Dragon? That could be nice.
Who is currently the strongest Emperor?
I wonder if the recent chapters made people change their perception on this...
What are the fights you would want to see?
Blackbeard vs Shanks
Garp vs Rocks
Garp vs Roger
Mihawk vs Shanks
Akainu vs Aokiji
How long do you think One Piece has left? (At a rate of 40 chapters a year)
Image 5. As you can see, most people think One Piece has at least 5 years left to go on. We will know Oda is terrible with respecting his own objectives. And this is good. The more One Piece the better.
On a scale from Spandam to Whitebeard/Roger, How strong is Im?
For this question, it seems like most people put Im at the same level as Whitebeard/Roger with 28.6% voting Im being there. I honestly don't know how strong I want Im to be.
What arcs, after Wano, do you want?
The arcs people want the most are :
The Final War
Red Hair Pirates
So arcs teased for years (Elbaf/Laugh Tales/Final War) and about character that people want to see (Vegapunk/Red Hair pirates).
How is Blackbeard able to use multiples Devil Fruits?
More than 1 soul
It's one of those question were people have very different opinion about. And right now there isn't really a major concensus in the fandom, even if the theory about it being related to the Yami Yami is more popular. In the Other catergory, there was the Cerberus Devil Fruit option, Blackbeard being a Triplet, him being actually 2+ kids in a trenchcoat, him being a failed Vegapunk experiment, having several stomachs him being pregnant (Stop reading fanfiction), him putting the power inside his rings, being a great guy and him being a cunt.
Haki is :
Image 6 Overall, People like Haki in the series, with a 4.38 out of 5!
How many arcs are left after Wano?
Image 7 Here, it seems like the answer for the community would be 4-5 arcs left. Which would then make (base don the How long One Piece has left), like a year per arc on average.
The final war of One Piece will be :
SH+RA vs WG+Marines vs BB
SH+RA vs WG+Marines
SH vs RA vs WG
I just don't see Blackbeard being in the final war, as my opinion is that he will be dealt with before it. For the other answers, there was Straw Hats vs Blackbeard Pirates, Family of D vs vs im sama, Total civil war in marines, Straw Hat vs Shanks, Straw hat vs Pound, Zoro vs World Goverment, Dugongs vs buggy.
Will Luffy die at the end of One Piece?
Will Luffy die?
An ending were Luffy died wouldn't be a good ending for me. He needs to survive and go on more adventures.
Are Shakky and Rayleigh Mihawk's parent?
Will the crew still be together at the end of the series?
Yes, they will keep going on adventure together.| 57.6% o, they will move on, like the Roger Pirates| 42.4% Like with Luffy living, I want the Crew to stay together, and sail together for many more adventures. I could see them taking breaks from time to time, but them staying together would be the best ending for me.
Can the Red Line be destroyed with Ancient Weapons?
What is the biggest mystery left to be revealed?
The most common answers were : The Void Century, the Will of D, Im, The One Piece, Joy Boy, Luffy's mother and Who is Pandaman?
What is the One Piece?
Here, there was plenty of : "No idea", The friends we made along the way, a Devil Fruit, Knowledge, Uranus, History, a book, my mom.
What sort of Devil Fruit do you want to see in the story?
The most common answer was : Water Logia! Followed by Wind Logia and people wanting more mythical Zoans.
What is the craziest theory you believe?
Here are a few of them :
Shanks is a Celestial Dragon
That Vegapunk is going to flip a switch in the Pacifista programming to fight the marines at the end.
Luffy's mom was a celestial dragon
Devil fruits are all artificial from the void century
That Finland doesn't exist
Zoro is going to get Rodger's disease
D's were the original Celestial Dragons
Weevil was made by Vegapunk using Whitebeard's cells and then was discarded until Bakkin picked him up
One of the Roger Pirates (probably Scopper Gaban) is on Laugh Tale waiting for whoever finds it, sort of like how Crocus and Rayleigh seem to be positioned to monitor rookie pirates
Onigashima is an Oarz like skeleton and Big Mom is gonna bring it to life.
The different races came from other planets/moons
Tama is a Kurozomi
Ussop is a descendant of Mont Blanc Nolan
Luffy hatched from an egg.
The fish that bit Shanks's arm off was Joyboy's pet
Bon chan is Kin'emon's son
Oda no longer draws the manga
bonney and ace having a child
That Perospero is going to help kill Big Mom.
Dragon being former Admiral
What are your favorites? And here it is, the 500K survey! Took me far too long to make, as I underestimated the time needed to sort the answer and create this post. Like damn. I hope you enjoyed it. The anwers for the Survey Saga will be up next in some time.
It's been 4 Days since my Spouse Came Out as MTF - Here are Some Random Thoughts I've had!
I (cis-f, 33) have been a bit of a hot mess the past week and my mind has been all over the place. Because this is so new (and subject to change), we aren't telling anyone else at the moment, so I don't have a sounding board, so thank you, internet, for giving me an outlet to talk about my feelings thoughts. I am sorry if any of this is triggering. I'm new and still learning what this means.
My spouse told me that it would be easier to buy them a Christmas gift this year (more options!). "Do you want Bath and Body Works Products? - That was like *the* default "girl" gift that I received when people started getting gifts when I was becoming a 'woman'." -- They said that they would be into that.
If we stay together and they go through a full social-transition, I was thinking that it would be exciting to do a renewal of vows, like a small thing with both of us in dresses, with like a small beach ceremony and just super supportive people around us (I know I am WAY ahead of myself).
This was immediately followed by fear about them being "prettier" than me and getting so many compliments and me being the ugly one. I am also really not interested in being masculine in any way and I have this weird insecurity about not being seen as feminine or "good enough" at being a girl.
My spouse is good at a HUGE range of things. They are really remarkable in that regard and I am afraid that the more feminine they express, the more competition I will feel with them and they will beat me because they are going to be better at those things.
"Maybe you should try one of my bras, it's not like *I've* worn one since the beginning of this quarantine." Haha
I am a little insecure that we are similar size width-wise (they are definitely taller) but I've been struggling with my weight, so they can wear some of my dresses, for example, but they may be a little short. I wish I was small enough that we couldn't just interchange clothes so easily, but I guess we could both share double the wardrobe.
It is nice that they can try on clothes that they don't have to buy right away. Definitely cheaper.
My in-laws already hate me for other unrelated reasons and I just *know* that they will blame this situation on me. I am unsure how my parents would respond, but they have definitely expressed low-level homophobia. They are in the "I don't want to see it" camp. I am also fairly certain my mom will believe that this is a "mental health illness" and means that my spouse is a sexual deviant.
This viewpoint scares me because it resonates with my internalized transphobia. That being "born in the wrong body" is an illness or some sick and twisted sexual fetish. If anyone has any ways to combat this initial reaction to this, I would love to know how to de-condition myself. Unfortunately, I associate transgenders as being a bit "weird" and now I'm having cognitive dissonance because I don't want to believe that my spouse is a weird sexual deviant.
I also know that I have a hard time with emotional boundaries and self-doubt, so if someone comes at me with a strong opinion, I have a hard time not letting that get to me. Plus I'm a people-pleaser and I'm sure we will meet with some awful people along this journey.
I'm afraid that this will reflect "poorly" on me and it gives me a sense of shame -- then I feel shame about the shame in a shame-spiral.
If my in-laws disown them, I wonder if my spouse will change their last name. Should I change my last name? Should we pick a whole new name together? -- I do not feel "non-conformist" enough to do this.
It's only been 4 days since they came out to me and they have already just skipped over the non-binary phase. Weirdly my spouse has expressed discomfort in the "in-between" space and has gone right to the feminine.
I was super stressed about the election a week ago and now it is barely on my radar. The nice thing is I can hide my volatile emotions in election-stress, but for how long?
I am like the worst secret-keeper in the world and this is definitely the biggest secret I have ever been asked to keep. I feel like it is written all over my face and I just hate it so much. I do NOT want to out them, but I am so scared I will CRACK under this pressure.
This is interesting in that I have been working on healing an eating disorder. Today my nutritional coach called and asked how I was doing and that was hard for me. I don't want to completely derail my progress or really get into "this" with her, but I'd be lying if I said I haven't eaten/drank irresponsibly during the last week because of my strong emotions.
Will *I* be accepted into the LGBTQ community? What IS my sexuality? I haven't really had to think about it before. Can I be a "real" bisexual/lesbian? Would I ever be viewed that way?
Are we moving too fast? My spouse is like in a dress, one of my padded bras, makeup, and shaved their legs/chest already. They seem so happy. I feel happy that they are happy. I actually feel honored that they feel safe enough with me to explore so fully so quickly. It makes me feel like our marriage is stronger than I thought.
They used some body spray and women's deodorant and now they smell different and that is unexpectedly disorienting for me.
I don't like the rhetoric of "dead" name because I don't want to believe my spouse is "dead" -- their current name is one of those names that is generally used for a boy, but every once in a while is used for a girl (which is weirdly cool and hot and edgy to me). They aren't sure they want to actually change their first name, but I think I need something to call them so I can get more into the space of mentally viewing them the way they are presenting.
I have this weird fear that when people find out they will be more upset about it than me. I haven't cried for example, but I just know someone else will, even though it won't affect them as much as it will affect me. That's weird and gate-keeping, I know, but I just feel like if I can "keep it together" so can they.
I have some issues with emotions/emotional expression (especially sadness) and maybe this triggers me because it sometimes feels like I have "robot" feelings and that if I don't cry/mourn then "I don't care" as much. Believe me. I care. This intimately affects me.
If they go on hormones will their sexuality change? Is that a common thing? If they start on hormones, how would that change their personality? They are one of the most chilled-out, contented, calm people I've ever met, but will hormones make them overly emotional?
When I first thought about my sexuality, I thought/believed that the reason I could never be a lesbian would be 1) I want to be unequivocal 'the girl' and I was afraid of sharing that role and 2) I wouldn't want to deal with the over-emotionality of women. I have believed that I could probably be sexually attracted to women, but would be hesitant to be in a romantic relationship with them because it seems harder to be with a woman (both socially in society) and I am much more aligned with the "receiver" / the one who is cared for rather than the "provider" / the one who cares for the other. <-- I don't even know HOW to do that effectively.
Let me clarify, I care for my spouse but it's generally the emotional care, not the "let me get rid of this spider" type of care. I can hold space for them to explore themselves, but I'm not gonna be able to protect them from a violent predator. I still want them to hold me.
So yeah, that's all pretty random. I'm very "heady" and just think a million-times a minute, so this is just the things that have been standing out to me. Thank you for listening.
Hey, it's some weirdo again. Bored on a gloomy day, thought I'd write down some thoughts. I see a lot of my fellow sissy weirdos having a lot of serious struggles with whether to come out, whether to live full time, and what kinds of secrets to have. It can be a very painful thing to struggle with, and for a lot of people it's what leads a harmless kink into some serious depression and anxiety. So I just wanted to share a bit about what I've learned along the way in the hopes that it could be beneficial to someone reading. Now just to start with, I have very little judgement and I don't aspire to be a bummer. The last thing I want to do is make you overthink your love of sucking cock, your desire to have your sensitive little sissy nips played with while you're in a pink tutu, or make you feel bad about your secret panty collection. This should be fun, and you should have fun! I don't think sex is inherently something to be ashamed of, nor do I think eschewing normal gender roles is inherently problematic. So don't worry, sweet little sluts, I have you. That said, we do get a little serious towards the end. I feel like I need to give a disclosure here: I live my life as a cis man, but experience some gender dysphoria and have been having sissy experiences for something like a decade. I'm not a mental health professional, and if you're struggling with serious depression, go find one instead of reading reddit threads. That said, if you want someone to relate to, some of my experiences might help. Definition of Sissy So though a million people have done this in the past, I wanted to start by defining what a sissy is. The fact is that nobody can really make a definition that works for everyone as there is no true authority on the matter. But from reading what others have interpreted and from my own personal life experience, I think that a sissy is a person born male who gets sexual gratification out of the idea of being forced/ coerced/ or seduced into acting feminine, dressing feminine, or taking on a feminine role in sex. This is meant to stand in contrast to a trans woman, who is a person assigned male at birth but who identifies distinctly as female. Trans women can certainly still enjoy sissy play, but not all sissies are trans. What's probably the most important thing to take from this definition of sissy is that it sort of has some inherent discord to the definition: "sissy" describes a person who should have had the OPPORTUNITY to be male and masculine, but who instead chooses or is forced to portray a feminine role. The very existence of sissies is thus in a state of inherent disharmony, a disharmony echoed in most sissy porn that frequently expresses coercion or plays off the idea of being degraded to a point of sexual submission. In essence, it's about being one thing AND another, at the same time. It's no surprise then that the idea of secrets and imbalance are an inherent part of the ideology. You are effectively living your life as one thing and another, so it's normal that people confront this idea of secrets and what to be open with. The Value of Secrets In short, everyone has secrets, and secrets can be a fun thing. We all like to act like we're open books, but the fact of the matter is that everyone you know has something they don't share with the world. More of us than not have unique sexual interests or have had unique sexual experiences, and even outside of sex, we all have things we don't want the world to know about. You shouldn't feel like a freak if you have a fun obsession with sexy sissy stuff. If you day dream about having a mouth full of cum all the time, you shouldn't feel bad about that. Gargle away. Secrets in this case are not inherently a bad thing. By their very nature they express a certain vulnerability: they represent something that you know that you wouldn't want the world to know about, and that can make you feel like there's a moralistic imperative to have less of them. Basically you're afraid of your secret leaking to the world, so you think to yourself that your secret is inherently bad. But it isn't! The way I always think about it is this: does your mom need to know what your favorite sex position is? Does your boss need to know when your first hand job was? These are fundamental experiences we all have that don't need to carry a moral weight to them, but that also don't need to be shared in the world. Your personal fetishes can be the same. And there are, from my personal experience, some benefits to having secrets. I spent a long time in my 20s being pretty closeted about my sexual endeavors. I'd meet up with guys from craigslist and suck their cocks, I would dress in my girlfriends clothes and have two guys over to double end me, I snuck off to gay sex parties where i'd suck cock and get fucked by strangers, and the world didn't know about it. As much as I did feel some vulnerability that my secrets might be exposed, I also felt an ongoing sense of confidence. When you have secrets like that, certain things in the world can't touch you. insults that people might make about you or assumptions about you just roll off your back: you know that they don't know the real you, so how could their opinion about you really matter? Only you know the real you. They just see what you want them to see. their judgments mean nothing. Additionally, going through some of the real scary and intense sort of stuff--having gay sex in a public restroom or glory hole, or going to a strangers house to fuck--can sort of turn down the volume on other things in life. Stuff that used to be scary simply isn't anymore because you've dealt with some REAL scary shit, and survived. Even when your secret is that you love taking it in the ass and guzzling piss and cum, it can be empowering to simply have something for YOURSELF. something that you do, because you want to do it, and you aren't afraid of the world's repercussions. The Cost of Secrets All of that said, there are certainly costs to being a secretive person, and some of those costs can be pretty serious and a real bummer. Some of them can have a drastic effect on your mental health. The first thing to confront for sissies of course is whether or not you're expressing internal homophobia or misogyny. Feeling closeted can be an awful feeling. Watching people be out and proud about being gay or being trans and you yourself having impulses that you don't share can make you see yourself as a coward, or a liar, or a fake. You can feel like you're hurting people who are out, or hiding from people who scare you. There's a lot of nuance in the sissy world about this kind of thing so I won't go at it at length, but I would encourage everyone to try to step away from those classic "is being a sissy gay" or "am i gay if i just wanna suck cock" kind of arguments. These sort of things still put the term "gay" as being this awful, OTHER thing that you don't want to be. It's inherently qualifying gay as being a worst case scenario, something to avoid, something to be afraid of. So i would encourage you to have less fear of it as a sexual identity. maybe you are bisexual, or queer, or curious, or whatever. It doesn't matter. What matters is how you feel about it. If, to you, having a preference to suck cock isn't any different than a slight preference for doggy style, then sure, maybe you don't have an obligation to come out as gay or bi or whatever. Looking at some cock here and there isn't a big deal. But if for you it's causing you to feel ashamed, then consider coming out as queer or bisexual. That's what i did! eventually i started feeling awful about being closeted in a world full of hate and homophobia, so i came out. For me, it was a good decision that ended up having a remarkably small effect on my life, and it separated a lot of the mental baggage i had. I still had my secrets, nobody knew exactly WHAT i was doing with guys, but knowing that the world had an idea made me a lot less afraid to be exposed to the world, a lot less ashamed of who i was as a person. So, to summarize, it's a personal decision, but consider non-binary options. You can identify however you want, to whoever you want. Shades of gray are not only permitted, but inevitable. (quick note: there's nothing cowardly or shameful about not coming out if you're in a scary situation. if you live with your parents and your dad is an awful homophobe, you don't have to feel an obligation to come out that said, you should start the wheels on doing ANYTHING and EVERYTHING you can to get out of that situation, at your own pace. get a job, save money, make a plan to move out and gain your own independence so you can start being yourself.) The next risk of being secretive concerns your partners. Many of you are in straight relationships and you might feel like you've got past the point of no return: if you were going to tell your partner that you sometimes suck cock or that you want to wear her clothes or that you look at weird sissy hypno porn, you feel like you should have done it by now. maybe you feel like she won't love you or respect you anymore. This obviously is going to be very different from relationship to relationship. But I would strongly recommend that you open up to people you're in relationships with, and try to do it early. The longer you're with a person the higher the odds are that they'll somehow find out what you've been up to, and if they find out that you have a whole sexual identity that they weren't aware of when they've been with you for years, this can be a very painful and traumatizing process. It isn't that the things you enjoy are inherently BAD, it's simply that you've shown that you don't trust this person to know the whole you, or to be welcomed in. and that can put a serious dent in a relationship. You certainly don't need to tell your partner every time you jerk off or show them what porn you like (unless you do that in a fun, kinky way). but if it's going to be an increasingly big part of your life, consider opening up to them about your interests. In the end, you deserve to be loved and appreciated for who you really are. \**incoming, important part**** Which leads into the biggest problem with secrets. Secrets are fun at first; as stated above, you get a thrill out of having these secret parts to you, these things that make you unique and special. you feel excited, horny, thrilled, and you have a good time. But there is a consequence to this, and that is that you'll begin to subconsciously feel that the people in your life don't know the REAL you. You'll come to believe that your friends, family, and partners only love the version of you that you PROJECT into the world, that they only love you because of who you fake you are. And when you're in a dark place in your life and you're trying to convince yourself that you are a good person, a person who's life has meaning and value... then a loved one looking you in your eyes and telling you they love you and think you're a good person will begin to feel hollow. You won't be able to take comfort in it, because you'll know that they don't actually know the REAL you. and you'll resent that part of yourself, and the people who don't know the real you, and you'll convince yourself that if they DID know the real you, they would hate you. If it isn't clear, I'm talking a bit from experience here. But fear not, there is a way out. I was a man full of secrets and lies, and eventually i realized that to really enjoy my life the way i wanted to i'd have to just be honest. I worked with my partner to open up about who i am and open up our relationship so that i could get what i needed, i gave my friends loose details about me being into weird kinky stuff (and didn't go into more detail than that) and came out as bisexual. And now, when my partner says she loves me, i can believe it. I know she knows the real me. And I have to tell you, my fellow perverts, having someone know the real you, know your deepest darkest feelings and secrets, and still LOVE you is just... the best feeling there is. Whether it's your partner or your friends or your family, it's a very uplifting feeling. So it takes work to communicate these things. You'll need to go out of your comfort zone. you'll hurt feelings, you'll have a hard time communicating, you'll stumble, you'll have moments of remorse. But if you get to the end of that road, you'll be happier and more free than you thought you could be. Whether to go Full Time Ok again, have to say that I'm not a therapist and i'm not a trans person, so take anything I say here with a grain of salt. But I know that lots and lots of you fine sissies are struggling with whether to go from fantasy to reality and transition. The first and most important thing here is that there isn't anything inherently wrong with being trans! So don't consider it a worst case scenario or anything that you should look at with dread. lots of people transition and live much happier lives, so if that's the path for you, enjoy yourself. That said! As I stated above, there's this inherent idea of being a "sissy" that means that you know that you're a man but believe you should act like or be treated like a woman. So a lot of the porn that goes along with sissy stuff tends to deliver this tempting, taunting message that you should finally take the plunge, take the leap, give in to your true desires, and transition. I guess I'd just say that you should jerk off and then think about it, if i'm being straight with you. We all get pretty ... intense, when we're in the heat of a sexual moment. when i'm horny and desperate you can feed me your ass and piss and spit in my face and i'll beg you desperately for more. I've done some shit. And for me personally, it does make me want to fall headlong into sissy play. I want to shave every inch of me, convert my body, throw away all my boxer shorts and be the sissy cock sucker cum dump i was meant to be. But i guess just keep in mind that real life is, in fact, real life. you can't actually look at the life of a cock sucking sissy as a simple ALTERNATIVE to your hum drum life because the fact is that sissies also need to do things like pay rent, have jobs, see their families on the holidays, raise their kids, see that guy from high school at the mall... all the stuff we have to do every day. The fact is there just aren't all these rich guys who want to pay you to dress pretty and be their slut, and the people who do get close to that, just get a few years out of it before they age out. So just jerk off. get it all out of your head, then go back and ask yourself how transitioning would effect your life goals, your relationships with people, and everything else you have going on. if it meets your goals, then go talk to a therapist and see if it's a good idea! If not, maybe you should just chill out and enjoy that you have this ever tempting fetish that you can enjoy for the rest of your days. In the End, Open Your Mind So that's pretty much it. I'd just want to end on this: a lot of sissies feel anxiety about their personal identity because they're trying to force that identity into boxes other people have defined. Whether you're gay or straight, whether you're a male or female, whether you're full time or part time, passable or not, a slave or a pillow princess, a cum addict or just a fantasizer.... these are all just toys for you to play with. none of them have to define you. none of them have to hurt you. you can use them to build up the identity and routine that gives you a sense of sexual satisfaction while preserving your greater life goals. so have fun with it, and relax. the world is your playground. note: if you liked reading this, i've written about lots of other sissy stuff on reddit. just click on my page and you'll see more, i think, i dunno i don't really know reddit. also, i love talking about sex and sexuality, so feel free to dm me with any questions if you don't like to comment directly.
No gods, no kings, only NOPE - or divining the future with options flows. [Part 2: A Random Walk and Price Decoherence]
tl;dr - 1) Stock prices move continuously because different market participants end up having different ideas of the future value of a stock. 2) This difference in valuations is part of the reason we have volatility. 3) IV crush happens as a consequence of future possibilities being extinguished at a binary catalyst like earnings very rapidly, as opposed to the normal slow way. I promise I'm getting to the good parts, but I'm also writing these as a guidebook which I can use later so people never have to talk to me again. In this part I'm going to start veering a bit into the speculation territory (e.g. ideas I believe or have investigated, but aren't necessary well known) but I'm going to make sure those sections are properly marked as speculative (and you can feel free to ignore/dismiss them). Marked as [Lily's Speculation]. As some commenters have pointed out in prior posts, I do not have formal training in mathematical finance/finance (my background is computer science, discrete math, and biology), so often times I may use terms that I've invented which have analogous/existing terms (e.g. the law of surprise is actually the first law of asset pricing applied to derivatives under risk neutral measure, but I didn't know that until I read the papers later). If I mention something wrong, please do feel free to either PM me (not chat) or post a comment, and we can discuss/I can correct it! As always, buyer beware. This is the first section also where you do need to be familiar with the topics I've previously discussed, which I'll add links to shortly (my previous posts: 1) https://www.reddit.com/thecorporation/comments/jck2q6/no_gods_no_kings_only_nope_or_divining_the_future/ 2) https://www.reddit.com/thecorporation/comments/jbzzq4/why_options_trading_sucks_or_the_law_of_surprise/ --- A Random Walk Down Bankruptcy A lot of us have probably seen the term random walk, maybe in the context of A Random Walk Down Wall Street, which seems like a great book I'll add to my list of things to read once I figure out how to control my ADD. It seems obvious, then, what a random walk means - when something is moving, it basically means that the next move is random. So if my stock price is $1 and I can move in $0.01 increments, if the stock price is truly randomly walking, there should be roughly a 50% chance it moves up in the next second (to $1.01) or down (to $0.99). If you've traded for more than a hot minute, this concept should seem obvious, because especially on the intraday, it usually isn't clear why price moves the way it does (despite what chartists want to believe, and I'm sure a ton of people in the comments will tell me why fettucini lines and Batman doji tell them things). For a simple example, we can look at SPY's chart from Friday, Oct 16, 2020: https://preview.redd.it/jgg3kup9dpt51.png?width=1368&format=png&auto=webp&s=bf8e08402ccef20832c96203126b60c23277ccc2 I'm sure again 7 different people can tell me 7 different things about why the chart shape looks the way it does, or how if I delve deeply enough into it I can find out which man I'm going to marry in 2024, but to a rationalist it isn't exactly apparent at why SPY's price declined from 349 to ~348.5 at around 12:30 PM, or why it picked up until about 3 PM and then went into precipitous decline (although I do have theories why it declined EOD, but that's for another post). An extremely clever or bored reader from my previous posts could say, "Is this the price formation you mentioned in the law of surprise post?" and the answer is yes. If we relate it back to the individual buyer or seller, we can explain the concept of a stock price's random walk as such:
Most market participants have an idea of an asset's truevalue (an idealized concept of what an asset is actually worth), which they can derive using models or possibly enough brain damage. However, an asset's value at any given time is not worth one value (usually*), but a spectrum of possible values, usually representing what the asset should be worth in the future. A naive way we can represent this without delving into to much math (because let's face it, most of us fucking hate math) is: Current value of an asset = sum over all (future possible value multiplied by the likelihood of that value)
In actuality, most models aren't that simple, but it does generalize to a ton of more complicated models which you need more than 7th grade math to understand (Black-Scholes, DCF, blah blah blah). While in many cases the first term - future possible value - is well defined (Tesla is worth exactly $420.69 billion in 2021, and maybe we all can agree on that by looking at car sales and Musk tweets), where it gets more interesting is the second term - the likelihood of that value occurring. [In actuality, the price of a stock for instance is way more complicated, because a stock can be sold at any point in the future (versus in my example, just the value in 2021), and needs to account for all values of Tesla at any given point in the future.] How do we estimate the second term - the likelihood of that value occurring? For this class, it actually doesn't matter, because the key concept is this idea: even with all market participants having the same information, we do anticipate that every participant will have a slightly different view of future likelihoods. Why is that? There's many reasons. Some participants may undervalue risk (aka WSB FD/yolos) and therefore weight probabilities of gaining lots of money much more heavily than going bankrupt. Some participants may have alternative data which improves their understanding of what the future values should be, therefore letting them see opportunity. Some participants might overvalue liquidity, and just want to GTFO and thereby accept a haircut on their asset's value to quickly unload it (especially in markets with low liquidity). Some participants may just be yoloing and not even know what Fastly does before putting their account all in weekly puts (god bless you). In the end, it doesn't matter either the why, but the what: because of these diverging interpretations, over time, we can expect the price of an asset to drift from the current value even with no new information added. In most cases, the calculations that market participants use (which I will, as a Lily-ism, call the future expected payoff function, or FEPF) ends up being quite similar in aggregate, and this is why asset prices likely tend to move slightly up and down for no reason (or rather, this is one interpretation of why). At this point, I expect the 20% of you who know what I'm talking about or have a finance background to say, "Oh but blah blah efficient market hypothesis contradicts random walk blah blah blah" and you're correct, but it also legitimately doesn't matter here. In the long run, stock prices are clearly not a random walk, because a stock's value is obviously tied to the company's fundamentals (knock on wood I don't regret saying this in the 2020s). However, intraday, in the absence of new, public information, it becomes a close enough approximation. Also, some of you might wonder what happens when the future expected payoff function (FEPF) I mentioned before ends up wildly diverging for a stock between participants. This could happen because all of us try to short Nikola because it's quite obviously a joke (so our FEPF for Nikola could, let's say, be 0), while the 20 or so remaining bagholders at NikolaCorporation decide that their FEPF of Nikola is $10,000,000 a share). One of the interesting things which intuitively makes sense, is for nearly all stocks, the amount of divergence among market participants in their FEPF increases substantially as you get farther into the future. This intuitively makes sense, even if you've already quit trying to understand what I'm saying. It's quite easy to say, if at 12:51 PM SPY is worth 350.21 that likely at 12:52 PM SPY will be worth 350.10 or 350.30 in all likelihood. Obviously there are cases this doesn't hold, but more likely than not, prices tend to follow each other, and don't gap up/down hard intraday. However, what if I asked you - given SPY is worth 350.21 at 12:51 PM today, what will it be worth in 2022? Many people will then try to half ass some DD about interest rates and Trump fleeing to Ecuador to value SPY at 150, while others will assume bull markets will continue indefinitely and SPY will obviously be 7000 by then. The truth is -- no one actually knows, because if you did, you wouldn't be reading a reddit post on this at 2 AM in your jammies. In fact, if you could somehow figure out the FEPF of all market participants at any given time, assuming no new information occurs, you should be able to roughly predict the true value of an asset infinitely far into the future (hint: this doesn't exactly hold, but again don't @ me). Now if you do have a finance background, I expect gears will have clicked for some of you, and you may see strong analogies between the FEPF divergence I mentioned, and a concept we're all at least partially familiar with - volatility. Volatility and Price Decoherence ("IV Crush") Volatility, just like the Greeks, isn't exactly a real thing. Most of us have some familiarity with implied volatility on options, mostly when we get IV crushed the first time and realize we just lost $3000 on Tesla calls. If we assume that the current price should represent the weighted likelihoods of all future prices (the random walk), volatility implies the following two things:
Volatility reflects the uncertainty of the current price
Volatility reflects the uncertainty of the future price for every point in the future where the asset has value (up to expiry for options)
[Ignore this section if you aren't pedantic] There's obviously more complex mathematics, because I'm sure some of you will argue in the comments that IV doesn't go up monotonically as option expiry date goes longer and longer into the future, and you're correct (this is because asset pricing reflects drift rate and other factors, as well as certain assets like the VIX end up having cost of carry). Volatility in options is interesting as well, because in actuality, it isn't something that can be exactly computed -- it arises as a plug between the idealized value of an option (the modeled price) and the real, market value of an option (the spot price). Additionally, because the makeup of market participants in an asset's market changes over time, and new information also comes in (thereby increasing likelihood of some possibilities and reducing it for others), volatility does not remain constant over time, either. Conceptually, volatility also is pretty easy to understand. But what about our friend, IV crush? I'm sure some of you have bought options to play events, the most common one being earnings reports, which happen quarterly for every company due to regulations. For the more savvy, you might know of expected move, which is a calculation that uses the volatility (and therefore price) increase of at-the-money options about a month out to calculate how much the options market forecasts the underlying stock price to move as a response to ER. Binary Catalyst Events and Price Decoherence Remember what I said about price formation being a gradual, continuous process? In the face of special circumstances, in particularly binary catalyst events - events where the outcome is one of two choices, good (1) or bad (0) - the gradual part gets thrown out the window. Earnings in particular is a common and notable case of a binary event, because the price will go down (assuming the company did not meet the market's expectations) or up (assuming the company exceeded the market's expectations) (it will rarely stay flat, so I'm not going to address that case). Earnings especially is interesting, because unlike other catalytic events, they're pre-scheduled (so the whole market expects them at a certain date/time) and usually have publicly released pre-estimations (guidance, analyst predictions). This separates them from other binary catalysts (e.g. FSLY dipping 30% on guidance update) because the market has ample time to anticipate the event, and participants therefore have time to speculate and hedge on the event. In most binary catalyst events, we see rapid fluctuations in price, usually called a gap up or gap down, which is caused by participants rapidly intaking new information and changing their FEPF accordingly. This is for the most part an anticipated adjustment to the FEPF based on the expectation that earnings is a Very Big Deal (TM), and is the reason why volatility and therefore option premiums increase so dramatically before earnings. What makes earnings so interesting in particular is the dramatic effect it can have on all market participants FEPF, as opposed to let's say a Trump tweet, or more people dying of coronavirus. In lots of cases, especially the FEPF of the short term (3-6 months) rapidly changes in response to updated guidance about a company, causing large portions of the future possibility spectrum to rapidly and spectacularly go to zero. In an instant, your Tesla 10/30 800Cs go from "some value" to "not worth the electrons they're printed on". [Lily's Speculation] This phenomena, I like to call price decoherence, mostly as an analogy to quantum mechanical processes which produce similar results (the collapse of a wavefunction on observation). Price decoherence occurs at a widespread but minor scale continuously, which we normally call price formation (and explains portions of the random walk derivation explained above), but hits a special limit in the face of binary catalyst events, as in an instant rapid portions of the future expected payoff function are extinguished, versus a more gradual process which occurs over time (as an option nears expiration). Price decoherence, mathematically, ends up being a more generalizable case of the phenomenon we all love to hate - IV crush. Price decoherence during earnings collapses the future expected payoff function of a ticker, leading large portions of the option chain to be effectively worthless (IV crush). It has interesting implications, especially in the case of hedged option sellers, our dear Market Makers. This is because given the expectation that they maintain delta-gamma neutral, and now many of the options they have written are now worthless and have 0 delta, what do they now have to do? They have to unwind. [/Lily's Speculation] - Lily
Recently on the csharp subreddit, the post C# 9.0 records: immutable classes linked to a surprisingly controversial article discussing how C# 9.0's records are, underneath it all, immutable classes. The comments are full of back-&-forth over whether one should use records for ease or structs for performance. The pro-struct argument revolved around the belief that performance should always be a developer's #1 priority, and anything less was the realm of the laggard. Here is a real-world example that shows with stark clarity why that kind of thinking is wrong. Consider the following scenario:
You're working on a game with dozens, maybe hundreds of people on the team; you don't know because when you were cross with facilities about them removing all the fluorescents, you got accused of being against the new energy saving initiative. Now you swim in a malevolent ocean of darkness that on some very late nights alone in the office, you swear is actively trying to consume you.
The team that preceded you inherited an engine that is older than OOP, when source repositories were stacks of 8-inch floppies, and it looked as if Jefferson Starship was going to take over the world. One year ago they bequeathed upon the company this nightmare of broken, undocumented GOTO spaghetti & anti-patterns. You're convinced this was their sadistic revenge for all getting fired post-acquisition.
Management denied your request to get headcount for an additional technical artist, but helpfully supplied you with an overly nervous intern. After several weeks working alongside them, you're beginning to suspect they're pursuing something other than a liberal arts degree.
Despite the many getting started guides you spent countless evenings writing, the endless brownbags nobody attended, and the daily dozen emails you forward to oppressively inquisitive artists comprised of a single passive-aggressive sentence suggesting they scroll down to the part that begins FW: FW: FW: FW: FW: FW: RE: WE BROKE TOOL NEED WORKAROUND ASAP ...
...yes, despite all of that, the engineering team still spent days tracking down why the game kept crashing with Error 107221: У вас ошибка after re-re-re-re-re-throwing an ex_exception when it couldn't (and should never even try to) load a 16K-textured floor mat.
Despite your many attempts to politely excuse yourself, one blissfully unaware artist exhausts 48 minutes of your lunch break explaining how the Pitchfork review for the latest "dope slab" of this TikTok-Instagram-naphouse artist you never heard of was just sooooo unfair.
And then in their hurry to finish up & catch the 2:30 PM bus home, they forget to toggle Compress To CXIFF (Custom Extended Interchange File Format), set the Compression slider 5/6ths of the way between -3 & -2, look to their left, look to their right, click Export As .MA 0.9.3alpha7, and make absolutely, positively, 100% SURE not to be working in prod. And THAT is how the game explodicated.
You know better than anyone the intermediate file format the main game loop passes to Game.dll, memory mapping it as a reverse top-middle Endian binary structure.
You know for 381 of the parameter fields what their 2-7 character names probably mean.
YOU know which 147 fields always have to be included, but with a null value, and that the field ah_xlut must ALWAYS be set to 0 unless it's Thursday, in which case that blackbox from hell requires its internal string equivalent: TRUE.
YOU know that the two tech artists & one rapidly aging intern that report to you would totally overhaul tooling so artists would never "happen" again, but there just aren't enough winters, springs, summers, falls, July 4ths, Christmas breaks, Presidents Days, and wedding anniversaries in a year to properly do so.
And so somehow you do. A blurry evening or two here. A 3:00 AM there. Sometimes just a solitary lunch hour.
Your dog no longer recognizes you.
You miss your wife calling to say she's finally cleaning out the hall closet and if you want to keep this box of old cards & something in plastic that says Underground Sea Beta 9.8 Grade, you better call her back immediately.
And your Aunt Midge, who doesn't understand how SMS works, bombards you one evening: your father is... no longer with us... they found him... 1 week ago... in an abandoned Piggly Wiggly... by an old culvert... split up... he was then... laid down to rest... sent to St. Peter's... and your father... he's in a better place now... don't worry... it's totally okay... we decided we will all go... up to the mountain
You call your sister in a panic and, after a tidal wave of confusion & soul-rending anxiety, learn it was just Hoboken Wireless sending the messages out of order. This causes you to rapidly cycle.
On your bipolar's upswing, you find yourself more productive than you've ever been. Your mind is aglow with whirling, transient nodes of thought careening through a cosmic vapor of invention. It's like your brain is on 200mg of pure grade Adderall.
Your fingers ablaze with records, clean inheritance, beautiful pattern matching, bountiful expression syntax, aircraft carriers of green text that generate the most outstanding CHM for an internal tool the world has ever seen. Readable. PERFECTLY SOLID.
After much effort, you gaze upon the completed GUI of your magnum opus with the kind of pride you imagine one would feel if they hadn't missed the birth of their son. Clean, customer-grade WPF; tooltips for every control; sanity checks left & right; support for plugins & light scripting. It's even integrated with source control!
THOSE GODDAMNED ARTISTS CAN'T FAIL. YOUR PIPELINE TOOL WON'T LET THEM.
All they have to do is drag content into the application window, select an options template or use the one your tool suggests after content analysis, change a few options, click Export, and wait for 3-5 minutes to generate Game.dll-compatible binary.
Your optimism shines through the commit summary, your test plan giddy & carefree. With great anticipation, you await code review.
A week goes by. Then two. Then three. Nothing. The repeated pinging of engineers, unanswered.
Two months in you've begun to lose hope. Three months, the pangs of defeat. Four months, you write a blog post about how fatalism isn't an emotion or outlook, but the TRANSCENDENCE of their sum. Two years pass by. You are become apathy, destroyer of wills.
December 23rd, 2022: the annual Winter Holidays 2-hour work event. The bar is open, the Kokanee & Schmidt's flowing (max: 2 drink tickets). The mood a year-high ambivalent; the social distancing: acceptable. They even have Pabst Blue Ribbon, a beer so good it won an award once.
Standing beside you are your direct reports, Dave "Macroman" Thorgletop and wide-eyed The Intern, the 3 of you forming a triumvirate of who gives a shit. Dave is droning on & on about a recent family trip to Myrtle Beach. You pick up something something "can you believe that's when my daughter Beth scooped up a dead jellyfish? Ain't that something? A dead jellyfish," and "they even had a Ron Jons!"
You barely hear him, lost as you are in thought: "I wishIhad 2 days of vacation." You stare down ruefully at your tallboy.
From the corner of your eye you spot Milbert, index finger pointed upward, face a look of pure excitement.
"Did I tell you about my OpenWinamp project? It's up on SourceForge", he says as he strides over. It's unsettling how fast this man is.
Dave snickers. The Intern keeps staring wide-eyed. You position yourself somewhat close to the studio's 3 young receptionists, hoping they serve as a kind of ritual circle of protection.
It works... kind of. Milbert is now standing uncomfortably close to The Intern, Dave nowhere to be seen.
From across the room you distinctly hear "Think about it, the 1st-person UI could be Lua-driven Electron."
The Intern clearly understands that words are being spoken to them, but does not comprehend their meaning.
You briefly feel sorry for the sacrificial lamb.
You slide across the wall, putting even more distance between you & boredom made man. That's when you spot him, arrogantly aloof in the corner: Glen Glengerry. Core engineering's most senior developer.
Working his way up from a 16-year old game tester making $4.35 an hour plus free Dr. Shasta, to pulling in a cool $120K just 27-years later, plus benefits & Topo Chicos. His coding style guides catechism, his Slack pronouncements ex cathedra; he might as well be CTO.
You feel lucky your team is embedded with the artists. You may have sat through their meetings wondering why the hell you should care about color theory, artistic consistency, & debates about whether HSL or CMYK was the superior color space (spoiler: it's HSL), you were independent and to them, a fucking code wizard, man.
And there he stands, this pseudo-legend, so close you could throw a stapler at him. Thinning grey-blonde tendrils hanging down from his CodeWarrior hat, white tee with This Guy VIMs on the back, tucked into light blue jeans. He's staring out into the lobby at everything and yet... nothing all at.
Maybe it's the 4.8% ABV. Maybe it's the years of crushing down anger into a singularity, waiting for it to undergo rapid fiery expansion, a Big Bang of righteous fury. Maybe it's those sandals with white socks. Maybe it's all three. But whatever it is, it's as if God himself compels you to march over & give him a piece of your mind, seniority be damned.
"Listen, you big dumb bastard..."
That... is maybe a little too aggressive. But Glen Glengerry barely reacts. Pulling a flask out of his back pocket, he doesn't look over as he passes it to you.
Ugh. Apple Pucker.
"I thought bringing in your own alcohol was against company policy", wiping sticky green sludge from your lips. He turns with a look of pure disdain & snorts.
"You think they're going to tell ME what I can & can't bring in?" He grabs the flask back, taking a big swig.
For what feels like an eternity, you both stand in silence. You swallow, speaking softly. "None of you even looked at my code. I worked very, very hard on that. My performance review for that year simply read 'recommend performance improvement plan." The words need no further context.
"I know", Glen² replies. "That was me."
Now you're not a weak man, and maybe in some other circumstance you would have punched him in the goddamn lip. But you feel nothing, just a hollowness inside. "Why?", you ask, wondering if the answer would even matter.
"Because you don't use Bulgarian notation. Because your method names aren't lower camel case. Because good code doesn't require comments. Because you use classes & records over more performant structs, pointlessly burdening the heapstack. BECAUSE. YOUR CODE. IS. SHIT."
You clinch your fists so tightly the knuckles whiten.
He looks away from you, taking another sip of green goo. "You're not a coder. You're an artist masquerading as one" he speaks, as if it were fact.
The only thing artistic about you is the ability to create user-friendly internal tooling using nothing but a UI framework, broken down garbage nobody wants to touch, & sheer willpower. If your son's life depended on you getting accepted into art instruction school, you couldn't even draw a turtle.
He doesn't pause. "I'll champion ruthless micro-optimization until the day I die. But buddy, I'm going to let you in on a little secret: you aren't here to improve workflow. You're here to LOOK like you're doing something NOBODY else can."
He goes on. "What do you think those artists are going to do when they have to stare at a progress bar for 4, 5 minutes? They're going to complain your tool is slow."
"Sure, it may take them 20, 30 minutes to do it the old way, there'll be an error, and either they'll stare at it for 30 minutes before adding that missing semi-colon or they'll come get you. And you'll fix it. And 1 week later, they won't remember how. And you'll stay employed. And every. Body. Wins."
A little bit of the pride, the caring, wells back up inside from somewhere long forgotten.
"You don't think we should care about rapid application development & KISS, quickly getting things out that help our team, instead devoting ourselves to shaving off ticks here & there? What do you think artists are going to do with those 4 minutes you talk about?
You don't stop. "I'll tell you what they'll do. They'll 9GAG for 20 minutes straight. They'll listen to podcasts about dialectical materialism vis-a-vis the neo-feudalism that is a natural extension of the modern world's capitalist prison. They'll Reddit."
His silence gives you the bravery to push the limits.
"Christ, man. Are you only in it for the $120K..."
He corrects you: "...$123K."
"...only in it for the $123K/year? The free snacks from the microkitchen? The adulation? Have you no sense of comraderie?? No desire to push us to something better?! No integrity?!!!"
His eyes sharply narrow, face creases in anger. You clearly have overstepped your bounds.
"You thinkIdon't have integrity? No sense of teamwork? I'm only in it for the cold cash? You think I don't care about you all?", he roars.
A light volley of small green flecks land on your face.
"Why do you think they made a 16-year old tester the lead developer of a 1993 Doom clone?! Because my code was clean & painless to work with?! Because I made coding look easy?! No! IT WAS BECAUSE I WAS A GOD TO THEM.
And from a God, a PANTHEON. We built monuments to over-engineering! We crafted that of 7 weeks onboarding, that of immortal bugs, demonic hosts spawned by legion from the very loins of a fix. It took 2 years before a developer could BEGIN to feel confident they knew what they were doing. And by that time, they were one of US!
You think the team we laid off November '19 was fired because they were bad at their jobs? NO! It was because they worked themselves out of one. They didn't leave us a broken pipeline. They left an internal Wiki, a wealth of tools & example projects, and a completely transparent code base.
We couldn't have THAT, now could we? No, we couldn't. So we got rid of it. ALL OF IT. Poof. Gone. Just like that. Before anyone even knew a THING."
He leans forward, so close his psoriasis almost touches yours. With an intensity that borders on frightening, he whispers "You think they left us Game.dll? I fucking *MADE** Game.dll."*
The words hit hard like a freight train.
And without another word, he turns & leaves. You're left there, alone, coworkers milling about, with only one thought.
Were one to get a hobby, should it be cocaine?
It's these kinds of situations that make me believe there are far more important considerations than a ruthless dedication to performance, even in the game industry as my real-world scenario so clearly demonstrates.
EDIT: MAJOR UPDATE AT BOTTOM Welcome to the "Speculations" mega thread for the device possibly upcoming in the Oculus Quest line-up. This thread will be a compilation of leaks, speculation & rumors updated as new information comes out. Let's have some fun and go over some of the leaks, rumors, speculation all upcoming before Facebook Connect, we'll have a full mega thread going during Connect, but this should be a great thread for remembrance afterward. Facebook Connect is happening September 16th at 10 AM PST, more information can be found here. Leaks In March, Facebook’s public Developer Documentation website started displaying a new device called ‘Del Mar’, with a ‘First Access’ program for developers. In May, we got the speculated specs, based off the May Bloomberg Report (Original Paywall Link) • “at least 90Hz” refresh rate • 10% to 15% smaller than the current Quest • around 20% lighter • “the removal of the fabric from the sides and replacing it with more plastic” • “changing the materials used in the straps to be more elastic than the rubber and velcro currently used” • “a redesigned controller that is more comfortable and fixes a problem with the existing controller” On top of that, the "Jedi Controller" drivers leaked, which are now assumed to be V3 Touch Controllers for the upcoming device. The IMUs seem significantly improved & the reference to a 60Hz (vs 30hz) also seems to imply improved tracking. It's also said to perhaps have improved haptics & analog finger sensing instead of binary/digital. Now as of more recent months, we had the below leaks. Render (1), (2) Walking Cat seems to believe the device is called "Quest 2", unfortunately since then, his twitter has been taken down. Real-life pre-release model photos Possible IPD Adjustment From these photos and details we can discern that:
there will likely be at least one white model of Quest in the future.
The camera positions and angles have been changed slightly. This might be to improve tracking coverage overhead.
The tracking ring has become somewhat larger and has been angled backward, presumably so they face the cameras better at all times.
The thumb-area has widened significantly & the capacitive thumb-area seems to have returned from the original CV1 touch controllers.
The HMD seems to have become smaller in terms of depth. This could perhaps mean a severe decrease in weight; balancing the headset more.
The head strap is similar to that of the Oculus Go.
It appears there are two microphone holes on the bottom of the headset. This implies the headset might have stereo microphones. Getting two over getting one decent microphone might also mean the two microphones have better recording quality than the original Quest?
Further features speculation based on firmware digging (thanks Reggy04 from the VR Discord for quite a few of these), as well as other sources, all linked.
Additional Sources: 1/2/3/4 Headset Codenames We've seen a few codenames going around at this point, Reggy04 provided this screenshot that shows the following new codenames.
Oculus Del Mar - HOLLYWOOD
Oculus Seacliff - SEACLIFF
Pricing Rumors So far, the most prevalent pricing we've seen is 299 for 64gb, and 399 for 256GB These were shown by a Walmart page for Point Reyes with a release date of September 16 and a Target price leak with a street date of October 13th Speculation What is this headset? Speculation so far is this headset is a Quest S or Quest 2 OR This is a flat-out cheaper-to-manufacture, small upgrade to the Oculus Quest to keep up with demand and to iterate the design slowly. Again, This is all speculation, nothing is confirmed or set in stone. What do you think this is and what we'll see at FB Connect? Let's talk! Rather chat live? Join us on the VR Discord EDIT: MAJOR UPDATE - Leaked Videos. 6GB of RAM, XR2 Platform, "almost 4k display" (nearly 2k per eye) Source I am mirroring all the videos in case they get pulled down. Mirrors: Oculus Hand Tracking , Oculus Casting, Health and Safety, Quest 2 Instructions, Inside the Upgrade
[OC] Punt Rank 2020: Week 5 - Brett Kern Appreciation Club, the continued painful existence of Kevin Huber, PUNTERS THROWING TDs and the birth of Air Townsend. All this and the best video highlights of the week...
Welcome back, Punt Fans, to your slightly later than usual but there's no Thursday Night Football so what else are you going to be doing edition of our weekly hunt for the King of Punt – it’s /NFL’s own Punt Rank. If you haven’t been here with me before, the concept is both simple and fantastically over-engineered. Lemme break it down: Each punter’s performance against five vital punting metrics is ranked against every other punter in the league. Those rankings are combined into a weighted average ranking – the 2020 NFL Punt Rank. Punt Heroes rise to the top; Punt Zeros sink to the bottom. Last week’s post and Week 4 standings are available here for the archivists, and all of this week’s stats analysis and highlights and lowlights in video form are just moments away. As always I’m excited to get your perspectives on your team’s punter, and you can point me to things that I may have missed or overlooked, so please hit me with your feedback and questions in the comments!
Brett Kern (TEN, +1 to #3). Eh what do you want to know. If you’re reading this it means you like punting. If you like punting, you know that Brett Kern is a really, really great punter. And, Q.E.D – Brett was demonstrably great against the Bills on (the other) TNF. His three punts this week for the no-longer-significantly-infectious-Titans pinned Josh Allen and his shorts at the 9, 9 and 3 yard lines – covering 86% of Average Available Field which is GOAT tier punting. Here’s the pick of the bunch (his 41 yard precisiobomb corralled at the 3 yard line by Chris Milton) covering 93% of Available Field, and measuring in 7.6 yards better than an average punt from the opposing 44 yard line. Tidy. In addition to his really really really great punting, the Kerninator also wrangled at least two uttely horrible snaps into decent holds for Gostkowski to continue his kicking renaissance tour, which is a majorly underrated part of the punter job description... Logan Cooke (JAX, +12 to #13). SPEAKING OF PUNTER HOLDS AND THE EFFECT IT HAS ON KICKERS. Now I’m not saying that Chef had anything to do with the end of Stephen Hauschka’s NFL career on Sunday (0 for 2 within less than two minutes at the end of the first half, not called upon again, then cut PDQ after the weekend), but then I’m not not saying that either. Luckily for Logan (shoot I think I used that joke last week as well) the punting element of his game was without such ugly question marks. 100% of his three punts ended inside the Houston 20 yard line, covering 73%, 83% and 89%of Available Field, sneaking him up to 13th overall. Now let’s see if he can hold onto it. Geddit? Hold?! Pah.
Bad Week for
Kevin Huber (CIN, -8 to #24). On a game where the Bengals only managed the paltry total of 12 first downs (an average of one, yes ONE first down on their 12 offensive drives), K-Hub’s Bad Day was at least somewhat salvaged by the first half holy trinity of Turnover on Downs, INT and Fumble on consecutive drives (2, 3 and 4 – if you’re counting). Without that magical offensive incompetence, he could have been looking at double figure punts (I see you, Tress Way in Washington). As it was, he escaped with just the seven (!), but he takes a slide in the Punt Rank rankings as two of those (admittedly 57 and 60 yard boots) snuck for touchbacks, taking his season touchback percentage total to 26.1% which is second last in the league, just behind Tommy Townsend (more on him later). None of the magnificent seven made it inside the 20, wiping 13% off his season long percentage. However, in Kev’s defence, the first of his two end-zone-botherers this week was another case of coulda woulda shoulda from his coverage team. Alex Erikson heroically made up all the ground to reach the ball as it took a hop into the end zone, but his flailing scoopitty-scoop only managed to floopitty-floop the ball into the wrong side of the pylon. Bengals bungle. Football is a game of inches, and those couple cost Kev. And, after last week’s feature in Egregious Touchback of the Week where basically exactly the same thing happened, it’s entirely possible that Kevin Huber is stuck in some kind of awful groundhog day based time loop. That would at least explain this instagram account. Ty Long (LAC, -5 to #23). Ty Long was the victim of the binary brain of Saints rookie receivereturnerobot automaton Marquez Callaway this week. In Marquez’s awesome little computer mind, he’s going: IF punt_catch_loc > 15THEN SELECTReturn_Like_CraycrayFROMReturn.Options ELSEFair_Catch_That_MF Unfortunately for Ty, six of his seven punts were outside that 15 yard threshold and the big red light on Robot Marquez's head went off like WOO WOO, and he went HAM on bringing those suckers back. 69 (nice) return yards on the day with a long of 19 wiped almost ten yards off Long's Gross Average for the day and left him at just 53% of Average Available Field covered. The Chargers have now leaked 149 return yards for the season which is second worst in the league (behind those irrepressibly awful Jets) and almost three times the league average of 56 through five weeks. Ty will be hoping that they can turn that around before… long. Sorry.
Punt of the week – Week 5
Corey Bojorquez (BUF) continues his wild oscillation between the sublime and the ridiculous. It’s an odd-week so I guess this week it’s Sublime Corey, whose 71 yard scud missile from his own ten yard line in the second quarter of this week’s edition of Tuesday Night Football Bought To You By COVID-19 was an astonishing 28.3 yards longer than my Expected Net Gain model for an average punt from that spot. Look at this baby fly! Bojorquez booms one.
Punters doin’ shit – Week 5
Hey, it’s Corey Bojorquez again! Guess he can do sublime AND ridiculous in a single week now. It’s Puntception. Corey’s first punt of the day was coming alllll the way back for 6 until he decided to put his face on the line to put an end to Kalif Raymond’s 40 yard return. BLOOF. Look at him putting on his cap all swag afterwards like yeah I blew that dude up… Yeah I think tackling with your head is good form? But that’s not all for Punters Doin’ Shit in Week 5, oh no. We have a bonus double edition! and I include this clip with great enjoyment but also great sadness. Gentlemen and Gentlemen (just being real here), this week Riley Dixon (NYG) threw a Touchdown pass! For Giants fans reading this is when someone on your team throws the ball into the big painted area at the end of the field and a player (also on your team) catches it. I know this sounds strange and unusual, but it can happen. And it did happen for Riley on this awesome fake field goal toss to Evan Engram, brilliantly narrated by the incomparable Tony Romo in the clip below. Seriously, this call is outstanding… Nobody look at me, doo doo do, you cant see me... Jim Nantz, don't talK to.. IM OPEN, THROW IT Unfortunately, the play itself was called back due to a player not lined up on the line of scrimmage and the Giants had to settle for a 50 yard field goal. For Chargers and Jags fans reading, this is when your kicker kicks the ball and it goes between the two big tall standy uppy line things. I know this sounds strange and unusual, but it can happen. No TD for Riley, but we have the memories…
Egregious touchback of the week – Week 5
I might start calling this the Kevin Huber Touchback Memorial Column, after ANOTHER narrow miss by the Bengals coverage left Kev high and dry this week against the Ravens (see Bad Week). Outside of that shambles, there were only 6 touchbacks on the other 102 punts in Week 5, and most of them were fairly ordinary so there isn’t much egregiousity (not a word but I’m going with it) to discuss. Instead today we’re going to take some time to appreciate Tommy Townsend (KC) who has apparently got some kind of nuclear powered leg and is playing a game called “look how far away I can kick a touchback from”. For those who haven’t been paying close attention, here’s how Tommy’s rookie season has gone so far in touchback terms. Week 1 – 44 yards, modest. Week 2 – 55 yards, expressive. Week 3 – only punted once so gave myself a week off from this. Week 4 – fucken LOLs this is, how about a 60 AND a 65! Week 5 –hold my beer… Oh my god Becky, look at this punt. 67 yards! SIXTY SEVEN! And that’s from the line of scrimmage - that sucker went almost EIGHTY YARDS in the AIR. It bounced at the two and I think the returner just never even saw it. He probably thought it went into orbit or something. Absolutely ludicrous distance and hangtime here from Tommy. And, thus, I think we have our new moniker for the lad: Air Townsend. Which is also funny because it sounds like hair and he has got long hair. I’m wasted doing this.
Future of Punt Rank: desperate data plea
So part of my data collection for this analysis used to come from the brilliant Pro Football Reference gameplay finder. Which, as of this week, appears to have been absorbed into Stathead. And they’re now charging $8 a month for access to these individual play description tables, which is a massive punt in the balls. Without this data, I’ve got no way to calculate Average Available Field coverage, no plus/minus performance against the Punt Expected Net Gain, and no data on punts inside the 5 and 10 yard lines – all of which come from that analysis of the individual punt plays. Whilst this data doesn’t feed the actual rankings (which come from free NFL.com data tables), they are all metrics that really help add context to the basic stats, and are things that people reading have commented on in the past and said they found interesting. So, if anyone knows of anywhere else where I can access and download these play descriptions for each individual punt (without manually sifting the ESPN play by play reports!!), then please please let me know in the comments below. Alternatively if the eight people who read this each wanna chip in a buck a month on an ongoing basis so we can pay Stathead then that’d be cool too. A sad day for punt stat fans to be sure. Fucken big corporate… And on that note, all that's left is to say I will see you again next week for a likely more analytically constrained but still enthusiastically trying my bestest edition of Punt Rank. Yours, Eyebrows.
I've seen a bunch of hand-wringing about AFAB trans people not identifying in the "right" way, such as there being a lot of "non-binary trans men" or "soft boi" binary trans men. I'd like to explain the likely reason why we might see this trend. Growing up AFAB, you are almost certainly going to be sexually harassed or catcalled a few times. This happens a lot to kids too. 12/13 year olds do get catcalled, and it is unbearably traumatic. AFABs also have an over 50% lifetime sexual assault rate and very high domestic abuse rate, with most instances of assault occurring mid to pre-transition and the assaulter most often being a cis man. Imagine you are comming out, and trying to "become a man" and the cis guy who offers to help you by letting you live in his spare room rapes you. If your experience with men involved liars, rapists, and pedophile cat-callers, you might start to develop an unhealthy understanding of what "being a man" is and decide it's not for you Society treats sexual assault against men as a joke. The idea is that men are strong and can't be physically forced to do anything, so if you get assaulted you've lost your manhood. People internalize this stuff. You can wish they wouldn't, but humans are effected by the culture they live in. These are are invisible traumas that can haunt trans men who appear to be totally well adjusted or passing. I personally know a lot of trans men who don't want to be grouped together with cis men based on what abuse they've received from cis men. I also know trans men who cannot accept themselves as "real" men based on their personal history, or the lack of passable surgery options for trans men, even if they pass with their clothes on. My only point here is that when we see trends, there are reasons behind it. Maybe some of the things I mentioned are the reasons, maybe not, I didn't do a study on it or anything. And for the love of god trans women please stop speaking over trans men or enbies on these issues. If you don't know any trans men on an extremely, extremely personal level, you probably don't know enough to speak for them. Y'all of all people should know that just because someone looks like a cis male does not mean they don't have some personal stuff going on behind the scenes
Well! Here we are again. Everyone is sitting around this internet campfire, anxiously awaiting another Hawk story. Some of you are making S'mores. Others have crammed a stick into a hotdog and are now roasting it. I "Cope" with life and have a fat dip in. The only person I don't see is Hawk. Wait. There he is, and he keeps sticking his fingers into the fire to, "make sure it's still hot." I wonder if there is still a need to detail how mentally deficient or completely oblivious Hawk is? I strongly encourage you to read my previous stories if you have not been formally introduced to Hawk. I suspect you will continue to read anyways, so I offer you this: Hawk is the type of guy that gets into a spelling argument with his tattoo artist and walks out proud of his two-inch sized font forehead tattoo that reads "No Regerts." We were in beautiful Iraq, a charming vacation destination for thousands of Americans. The vacation was all inclusive. The local women dressed like Pac-Man ghosts or ninjas, and countryside smelled like raw sewage and regret. Most of the locals were very hospitable, but some of the locals had a very strong desire to shout, "Praise Allah" while simultaneously trying to kill us. I am not bothered by much. Every human is entitled to their beliefs. We are also entitled to our own opinions. For example, I don't personally feel "man-dresses" and flip-flops are suitable combat attire, but who am I too judge? The only time I have an issue with people is when they are actively trying to kill me. I don't know why, but it really pisses me off. That and grape jelly. We worked out of two different locations during this deployment. The majority of my Battalion worked out of a medium-sized Forward Operating Base (FOB), but we also operated out of a smaller FOB. We typically stayed at this other location for about ten days, and would rotate with another Platoon. The location was not horrible, but I personally hated the transient lifestyle. We lived out of our ruck-sacks, and had to find ways to occupy our time when we were not conducting raids or other missions. We didn't have the luxuries we had at "home." There were no gaming systems or large televisions. We simply had find ways to occupy ourselves. Football was the game of choice for a couple weeks, then it got blacklisted. It had nothing to do with the ball being pigskin either. It was mostly due to poor mission analysis. Football was one of the few things we could all do and actually enjoyed, until it was too dark to play. We had a brilliant and genius idea. We fucking "own the night" with our Night Vision Goggle (NVGs), so why don't we rent it for a couple hours to finish the game? Game on Garth! We thought of everything. We drenched that infidel ball in Infrared (IR) chemlight (Glow Stick) juice. The depth perception problem was immediately evident. House took a fucking laser beam pass to the to the face. Two black eyes builds character though. We can work through it though. His NVGs were still Fully Mission Capable (FMC), and we all realized that we needed to be a bit quicker. The fourth play from scrimmage was undoubtedly the best, and worst football play in the history of Iraq football. Fuck punting. We were going for it. It would have been easy to confuse Tony, our quarterback for Michael Vick from the shotgun. Tony was a Michael Vick with NVGs, and without the dog fighting felony. Tony evaded numerous rushers and then superbly delivered a fifty yard completion to Ryan. It was beautiful to watch, until it wasn't. NVG's are great, but they don't offer the same Field of View (FOV) your eye-nuggets offer. Ryan thought he was all alone and started a leisurely stroll to the end-zone. The he got fucking nuked from the top and bottom, in fucking reverse directions. Sure, Ryan broke a finger and required "some" stitches. Oh and they broke three sets of NVGs in one play, but damn that was a glorious fucking hit. It was first-and-ten, but our Platoon Sergeant was less than happy. Game off Wayne! We were now bored again. There was another unit on the FOB with us, but they were not fans of us. The only real interaction we had was when their full-bird Colonel told us to, "stay the fuck away from his Soldiers." I don't know if one of the other Platoons ruined it for us, but the guy was just a complete prick to us. We did our best to keep our reverse schedule, but it was just so boring during the evenings we were not working. The majority of us resorted to playing Spades or Echure, and others read. Hawk and a handful of others would take nightly showers and then seemed to vanish. "Knowledge is power" and I knew Hawk was utterly powerless. I knew better than to ever let that retarded bird spread his wings and fly solo. I didn't see any reason to worry though. The other people Hawk was with were far smarter than Hawk woud ever be. Furthermore, with football now off the table, there was really no way for anyone to get in trouble at this FOB. Imagine Hawk in a cattle chute. If I put a box labeled "commonsense" on the opposite end, Hawk would never fucking find it. In a place he literally has no option but to find it, he would NOT FIND IT. EVER. However, if I had a box labeled "worst decision ever" and dropped it in the ocean, Hawk would fucking somehow stumble upon the lost city of Atlantis. I had never really got my ass chewed before I became Hawk's leader, but that trend went out the window when I inherited him. We lived on the second floor, and my bunk was closest to the door that rotation. Thankfully too. I was woken up when I heard, "I want to talk to one of your leaders." I didn't know "who" was in trouble, but I had Hawk so I knew it was best to simply put my shoes on and assume I was in trouble by proxy. I didn't even wait to see if I would get to sit on the Green Army Weenie, I just spit in my hand and readied my o-ring for maximal insertion. It was too early for the sun to even be out, and I was already willingly walking to my execution. My how things had changed so quickly. I walk outside and I see five Soldiers, one Hawk, and a fucking pissed of Colonel (COL). COL: Are you their leader? OP: I am one of them. How can I help you Sir? COL: Do you know where I caught them? This is where I would typically say something stupid, but this guy didn't look happy, and I didn't want to give him a reason to wake up someone who "may" have gave a shit as to why he was irate. OP: No Sir. I don't. COL: Above MY SHOWER? I was now pissed. There was a large shower tent in the middle of large open courtyard. One half was male and the other was female. These fucking morons were spying on naked females? I want to kill them for listening to Hawk. Well, I assumed it was a Hawk idea. Like Hawk's brain, I was putting the cart before the horse. I assume it was Hawk, but I had questions. OP: How in the fuck did you guys get on top the shower tent? I was working myself into a frenzy. My brain does not operate like normal people brains. I was pretty pissed considering they violated the privacy of the beautiful ladies at the FOB, but I was actually more pissed they got on top of a fucking tent. They seemingly forgot everything about military tactics and got caught; that was the foremost reason for my anger. The spying on deployment 1's (binary thingy) was second. Considerably a far worse offense, but second at the point in time. COL: NO. Not the shower tent. On my personal shower. What? This guy was so special, he had a personal shower. What, he was too good to use the pallet floored showers like the rest of us? So maybe the Romanians (We think anyways) occasionally shit on the pallets and waffle-stomped the poop through the pallets, but the water pressure was phenomenal. OP: You have a personal shower Sir, and they were on top? COL: YES. I caught them in my water tank. Well, back to being puzzled. I don't judge. I personally don't care if penis gazing is your hobby, but there are five of you? Why don't you just unleash your hogs and stare at each others? Anyways, how in the fuck did they all fit into the water tank? What the fuck did they do when they got inside? My god, my brain was running wild with unsightly pictures. OP: My apologies Sir, but how did they all fit into your water tank? COL: Come with my Sergeant; so you understand what I am talking about. OP: You mother fuckers can wait for me in, the front-leaning-rest (Push-up position). I still wasn't certain I entirely cared, but I thought this would may demonstrate that I showed concern about his fucking one-person shower. COL Prick then lead me around the side of the building and showed me his water tank. It was fucking huge. It was one of the typical hard plastic tanks, but the entire top had been cut off. God knows why, not like it was ever dusty in Iraq, but the top was no-more. It all made sense now. They weren't gay; they were chilling in a makeshift hot tub! Well, the gayness thing is up in the air, but I guess they were too loud while he was showering!?! I apologized profusely, but COL Prick had me locked up at the position of attention for at least ten minutes just dressing me down. I was a "really poor leader, and you're not going to go anywhere in the Army." Jokes on him, they haven't kicked me out yet. COL: This is why nobody likes "cool guys." Words, words, words. You'd better do something about this, words, words, words. My penis is too small to shower with the big boys, words, words, words. NOW GET THE FUCK OUT OF MY SIGHT. I returned to the Soldiers, whom were still all in the front-leaning-rest. I screamed, "GET ON THE OTHER SIDE OF THE BUILDING. I DON'T WANT TO GO TO JAIL AFTER PEOPLE SEE ME SMOKE THE FUCKING LIFE FROM YOUR BODY. NOW FUCKING RUN." They fucking scurry, and I stroll to the other side of the building. Out of sight and out of mind. (I will use "Group" unless Hawk is the person talking. Too many useless names otherwise.) OP: That fucking dickhead has his own fucking shower! What the fuck? GROUP: I know right? OP: What the fuck were you guys thinking? I would expect this from at least one of you, but I won't point elbows. (I then just fucking stare at Hawk.) GROUP: We didn't think anyone used it. We had never seen anyone go into the room, and the room looked empty. We saw the water tank on top, and just figured we would check it out. OP: How the fuck did you even get up there? GROUP: You can walk to it if you exit any second floor window on our building. Well, the courtyard side. OP: So you guys just sneak out and hang out in this guys shower water? GROUP: Yes, but we seriously thought nobody used it. We would not have used it otherwise. OP:You fucking dip-shits think this was just a randomly placed unused water tank? You fucking idiots just stand in this guys shower water for hours? HAWK: No. We are not dumb Sergeant. We sit on MRE (Meal Ready to Eat) boxes. OP: HOW LONG HAS THIS BEEN GOING ON? GROUP: (LaughteGiggles) Every night!?! OP: We have been here for five days now! NO FUCKING MORE! I will fucking kill you if I get yelled at again over this. The only thing that makes me smile is the fact that he is showering with your ball funk. Hawk: I have some excellent news then Sergeant OP: Really? Whats Hawk? Hawk: (Smirk) We made a promise that, "nobody pisses in the hot tub"... OP: This is why your mother should have swallowed you Hawk. Why the fuck would that make me happy? Hawk: (Laughing) Because I broke that rule every night. Most nights more than once! GROUP: What the fuck Hawk! We have been lounging in your piss? What the fuck dude! Hawk: I know. (Smiles.) I lied to you though! Cheer up Sergeant. I peed on him for you! For the record, Hawk did not find the hot tub. He just peed in it, a lot. I don't think any of us paid attention because they came back from wet and with towels. I merely assumed they went to the showers. I suppose I should have kept better track of time. Also, I apologize if this was not as funny as the other Hawk tales. I realized it when I reread it, but it was certainly funny being on-the-ground and witnessing it. Can't laugh at them all I suppose. Remember, next week, "Hawk Walks Home: In Iraq." I don't think it is feasibly possible to not make that one funny. Lastly, some of my stories are a result of me being in the military, but not military. Those stories and others will/are posted at FuckeryUniveristy. I am not ever going to compete with this page, but I do need a place to post other stories and have little fear they will be taken down. The mod may be a huge prick, but at least I know the guy. Man...huge prick! Cheers!
No gods, no kings, only NOPE - or divining the future with options flows. [Part 3: Hedge Winding, Unwinding, and the NOPE]
Hello friends! We're on the last post of this series ("A Gentle Introduction to NOPE"), where we get to use all the Big Boy Concepts (TM) we've discussed in the prior posts and put them all together. Some words before we begin:
This post will be massively theoretical, in the sense that my own speculation and inferences will be largely peppered throughout the post. Are those speculations right? I think so, or I wouldn't be posting it, but they could also be incorrect.
I will briefly touch on using the NOPE this slide, but I will make a secondary post with much more interesting data and trends I've observed. This is primarily for explaining what NOPE is and why it potentially works, and what it potentially measures.
My advice before reading this is to glance at my prior posts, and either read those fully or at least make sure you understand the tl;drs: https://www.reddit.com/thecorporation/collection/27dc72ad-4e78-44cd-a788-811cd666e32a Depending on popular demand, I will also make a last-last post called FAQ, where I'll tabulate interesting questions you guys ask me in the comments! --- So a brief recap before we begin. Market Maker ("Mr. MM"): An individual or firm who makes money off the exchange fees and bid-ask spread for an asset, while usually trying to stay neutral about the direction the asset moves. Delta-gamma hedging: The process Mr. MM uses to stay neutral when selling you shitty OTM options, by buying/selling shares (usually) of the underlying as the price moves. Law of Surprise [Lily-ism]: Effectively, the expected profit of an options trade is zero for both the seller and the buyer. Random Walk: A special case of a deeper probability probability called a martingale, which basically models stocks or similar phenomena randomly moving every step they take (for stocks, roughly every millisecond). This is one of the most popular views of how stock prices move, especially on short timescales. Future Expected Payoff Function [Lily-ism]: This is some hidden function that every market participant has about an asset, which more or less models all the possible future probabilities/values of the assets to arrive at a "fair market price". This is a more generalized case of a pricing model like Black-Scholes, or DCF. Counter-party: The opposite side of your trade (if you sell an option, they buy it; if you buy an option, they sell it). Price decoherence ]Lily-ism]: A more generalized notion of IV Crush, price decoherence happens when instead of the FEPF changing gradually over time (price formation), the FEPF rapidly changes, due usually to new information being added to the system (e.g. Vermin Supreme winning the 2020 election). --- One of the most popular gambling events for option traders to play is earnings announcements, and I do owe the concept of NOPE to hypothesizing specifically about the behavior of stock prices at earnings. Much like a black hole in quantum mechanics, most conventional theories about how price should work rapidly break down briefly before, during, and after ER, and generally experienced traders tend to shy away from playing earnings, given their similar unpredictability. Before we start: what is NOPE? NOPE is a funny backronym from Net Options Pricing Effect, which in its most basic sense, measures the impact option delta has on the underlying price, as compared to share price. When I first started investigating NOPE, I called it OPE (options pricing effect), but NOPE sounds funnier. The formula for it is dead simple, but I also have no idea how to do LaTeX on reddit, so this is the best I have: https://preview.redd.it/ais37icfkwt51.png?width=826&format=png&auto=webp&s=3feb6960f15a336fa678e945d93b399a8e59bb49 Since I've already encountered this, put delta in this case is the absolute value (50 delta) to represent a put. If you represent put delta as a negative (the conventional way), do not subtract it; add it. To keep this simple for the non-mathematically minded: the NOPE today is equal to the weighted sum (weighted by volume) of the delta of every call minus the delta of every put for all options chains extending from today to infinity. Finally, we then divide that number by the # of shares traded today in the market session (ignoring pre-market and post-market, since options cannot trade during those times). Effectively, NOPE is a rough and dirty way to approximate the impact of delta-gamma hedging as a function of share volume, with us hand-waving the following factors:
To keep calculations simple, we assume that all counter-parties are hedged. This is obviously not true, especially for idiots who believe theta ganging is safe, but holds largely true especially for highly liquid tickers, or tickers will designated market makers (e.g. any ticker in the NASDAQ, for instance).
We assume that all hedging takes place via shares. For SPY and other products tracking the S&P, for instance, market makers can actually hedge via futures or other options. This has the benefit for large positions of not moving the underlying price, but still makes up a fairly small amount of hedges compared to shares.
Winding and Unwinding
I briefly touched on this in a past post, but two properties of NOPE seem to apply well to EER-like behavior (aka any binary catalyst event):
NOPE measures sentiment - In general, the options market is seen as better informed than share traders (e.g. insiders trade via options, because of leverage + easier to mask positions). Therefore, a heavy call/put skew is usually seen as a bullish sign, while the reverse is also true.
NOPE measures system stability
I'm not going to one-sentence explain #2, because why say in one sentence what I can write 1000 words on. In short, NOPE intends to measure sensitivity of the system (the ticker) to disruption. This makes sense, when you view it in the context of delta-gamma hedging. When we assume all counter-parties are hedged, this means an absolutely massive amount of shares get sold/purchased when the underlying price moves. This is because of the following: a) Assume I, Mr. MM sell 1000 call options for NKLA 25C 10/23 and 300 put options for NKLA 15p 10/23. I'm just going to make up deltas because it's too much effort to calculate them - 30 delta call, 20 delta put. This implies Mr. MM needs the following to delta hedge: (1000 call options * 30 shares to buy for each) [to balance out writing calls) - (300 put options * 20 shares to sell for each) = 24,000net shares Mr. MM needs to acquire to balance out his deltas/be fully neutral. b) This works well when NKLA is at $20. But what about when it hits $19 (because it only can go down, just like their trucks). Thanks to gamma, now we have to recompute the deltas, because they've changed for both the calls (they went down) and for the puts (they went up). Let's say to keep it simple that now my calls are 20 delta, and my puts are 30 delta. From the 24,000 net shares, Mr. MM has to now have: (1000 call options * 20 shares to have for each) - (300 put options * 30 shares to sell for each) = 11,000 shares. Therefore, with a $1 shift in price, now to hedge and be indifferent to direction, Mr. MM has to go from 24,000 shares to 11,000 shares, meaning he has to sell 13,000 shares ASAP, or take on increased risk. Now, you might be saying, "13,000 shares seems small. How would this disrupt the system?" (This process, by the way, is called hedge unwinding) It won't, in this example. But across thousands of MMs and millions of contracts, this can - especially in highly optioned tickers - make up a substantial fraction of the net flow of shares per day. And as we know from our desk example, the buying or selling of shares directly changes the price of the stock itself. This, by the way, is why the NOPE formula takes the shape it does. Some astute readers might notice it looks similar to GEX, which is not a coincidence. GEX however replaces daily volume with open interest, and measures gamma over delta, which I did not find good statistical evidence to support, especially for earnings. So, with our example above, why does NOPE measure system stability? We can assume for argument's sake that if someone buys a share of NKLA, they're fine with moderate price swings (+- $20 since it's NKLA, obviously), and in it for the long/medium haul. And in most cases this is fine - we can own stock and not worry about minor swings in price. But market makers can't* (they can, but it exposes them to risk), because of how delta works. In fact, for most institutional market makers, they have clearly defined delta limits by end of day, and even small price changes require them to rebalance their hedges. This over the whole market adds up to a lot shares moving, just to balance out your stupid Robinhood YOLOs. While there are some tricks (dark pools, block trades) to not impact the price of the underlying, the reality is that the more options contracts there are on a ticker, the more outsized influence it will have on the ticker's price. This can technically be exactly balanced, if option put delta is equal to option call delta, but never actually ends up being the case. And unlike shares traded, the shares representing the options are more unstable, meaning they will be sold/bought in response to small price shifts. And will end up magnifying those price shifts, accordingly.
NOPE and Earnings
So we have a new shiny indicator, NOPE. What does it actually mean and do? There's much literature going back to the 1980s that options markets do have some level of predictiveness towards earnings, which makes sense intuitively. Unlike shares markets, where you can continue to hold your share even if it dips 5%, in options you get access to expanded opportunity to make riches... and losses. An options trader betting on earnings is making a risky and therefore informed bet that he or she knows the outcome, versus a share trader who might be comfortable bagholding in the worst case scenario. As I've mentioned largely in comments on my prior posts, earnings is a special case because, unlike popular misconceptions, stocks do not go up and down solely due to analyst expectations being meet, beat, or missed. In fact, stock prices move according to the consensus market expectation, which is a function of all the participants' FEPF on that ticker. This is why the price moves so dramatically - even if a stock beats, it might not beat enough to justify the high price tag (FSLY); even if a stock misses, it might have spectacular guidance or maybe the market just was assuming it would go bankrupt instead. To look at the impact of NOPE and why it may play a role in post-earnings-announcement immediate price moves, let's review the following cases:
Stock Meets/Exceeds Market Expectations (aka price goes up) - In the general case, we would anticipate post-ER market participants value the stock at a higher price, pushing it up rapidly. If there's a high absolute value of NOPE on said ticker, this should end up magnifying the positive move since:
a) If NOPE is high negative - This means a ton of put buying, which means a lot of those puts are now worthless (due to price decoherence). This means that to stay delta neutral, market makers need to close out their sold/shorted shares, buying them, and pushing the stock price up. b) If NOPE is high positive - This means a ton of call buying, which means a lot of puts are now worthless (see a) but also a lot of calls are now worth more. This means that to stay delta neutral, market makers need to close out their sold/shorted shares AND also buy more shares to cover their calls, pushing the stock price up. 2) Stock Meets/Misses Market Expectations (aka price goes down)- Inversely to what I mentioned above, this should push to the stock price down, fairly immediately. If there's a high absolute value of NOPE on said ticker, this should end up magnifying the negative move since: a) If NOPE is high negative - This means a ton of put buying, which means a lot of those puts are now worth more, and a lot of calls are now worth less/worth less (due to price decoherence). This means that to stay delta neutral, market makers need to sell/short more shares, pushing the stock price down. b) If NOPE is high positive - This means a ton of call buying, which means a lot of calls are now worthless (see a) but also a lot of puts are now worth more. This means that to stay delta neutral, market makers need to sell even more shares to keep their calls and puts neutral, pushing the stock price down. --- Based on the above two cases, it should be a bit more clear why NOPE is a measure of sensitivity to system perturbation. While we previously discussed it in the context of magnifying directional move, the truth is it also provides a directional bias to our "random" walk. This is because given a price move in the direction predicted by NOPE, we expect it to be magnified, especially in situations of price decoherence. If a stock price goes up right after an ER report drops, even based on one participant deciding to value the stock higher, this provides a runaway reaction which boosts the stock price (due to hedging factors as well as other participants' behavior) and inures it to drops.
NOPE and NOPE_MAD
I'm going to gloss over this section because this is more statistical methods than anything interesting. In general, if you have enough data, I recommend using NOPE_MAD over NOPE. While NOPE in theory represents a "real" quantity (net option delta over net share delta), NOPE_MAD (the median absolute deviation of NOPE) does not. NOPE_MAD simply answecompare the following:
How exceptional is today's NOPE versus historic baseline (30 days prior)?
How do I compare two tickers' NOPEs effectively (since some tickers, like TSLA, have a baseline positive NOPE, because Elon memes)? In the initial stages, we used just a straight numerical threshold (let's say NOPE >= 20), but that quickly broke down. NOPE_MAD aims to detect anomalies, because anomalies in general give you tendies.
I might add the formula later in Mathenese, but simply put, to find NOPE_MAD you do the following:
Calculate today's NOPE score (this can be done end of day or intraday, with the true value being EOD of course)
Calculate the end of day NOPE scores on the ticker for the previous 30 trading days
Compute the median of the previous 30 trading days' NOPEs
Find today's deviation as compared to the MAD calculated by: [(today's NOPE) - (median NOPE of last 30 days)] / (median absolute deviation of last 30 days)
This is usually reported as sigma (σ), and has a few interesting properties:
The mean of NOPE_MAD for any ticker is almost exactly 0.
[Lily's Speculation's Speculation] NOPE_MAD acts like a spring, and has a tendency to reverse direction as a function of its magnitude. No proof on this yet, but exploring it!
Using the NOPE to predict ER
So the last section was a lot of words and theory, and a lot of what I'm mentioning here is empirically derived (aka I've tested it out, versus just blabbered). In general, the following holds true:
3 sigma NOPE_MAD tends to be "the threshold": For very low NOPE_MAD magnitudes (+- 1 sigma), it's effectively just noise, and directionality prediction is low, if not non-existent. It's not exactly like 3 sigma is a play and 2.9 sigma is not a play; NOPE_MAD accuracy increases as NOPE_MAD magnitude (either positive or negative) increases.
NOPE_MAD is only useful on highly optioned tickers: In general, I introduce another parameter for sifting through "candidate" ERs to play: option volume * 100/share volume. When this ends up over let's say 0.4, NOPE_MAD provides a fairly good window into predicting earnings behavior.
NOPE_MAD only predicts during the after-market/pre-market session: I also have no idea if this is true, but my hunch is that next day behavior is mostly random and driven by market movement versus earnings behavior. NOPE_MAD for now only predicts direction of price movements right between the release of the ER report (AH or PM) and the ending of that market session. This is why in general I recommend playing shares, not options for ER (since you can sell during the AH/PM).
NOPE_MAD only predicts direction of price movement: This isn't exactly true, but it's all I feel comfortable stating given the data I have. On observation of ~2700 data points of ER-ticker events since Mar 2019 (SPY 500), I only so far feel comfortable predicting whether stock price goes up (>0 percent difference) or down (<0 price difference). This is +1 for why I usually play with shares.
Some statistics: #0) As a baseline/null hypothesis, after ER on the SPY500 since Mar 2019, 50-51% price movements in the AH/PM are positive (>0) and ~46-47% are negative (<0). #1) For NOPE_MAD >= +3 sigma, roughly 68% of price movements are positive after earnings. #2) For NOPE_MAD <= -3 sigma, roughly 29% of price movements are positive after earnings. #3) When using a logistic model of only data including NOPE_MAD >= +3 sigma or NOPE_MAD <= -3 sigma, and option/share vol >= 0.4 (around 25% of all ERs observed), I was able to achieve 78% predictive accuracy on direction.
Like all models, NOPE is wrong, but perhaps useful. It's also fairly new (I started working on it around early August 2020), and in fact, my initial hypothesis was exactly incorrect (I thought the opposite would happen, actually). Similarly, as commenters have pointed out, the timeline of data I'm using is fairly compressed (since Mar 2019), and trends and models do change. In fact, I've noticed significantly lower accuracy since the coronavirus recession (when I measured it in early September), but I attribute this mostly to a smaller date range, more market volatility, and honestly, dumber option traders (~65% accuracy versus nearly 80%). My advice so far if you do play ER with the NOPE method is to use it as following:
Buy/short shares approximately right when the market closes before ER. Ideally even buying it right before the earnings report drops in the AH session is not a bad idea if you can.
Sell/buy to close said shares at the first sign of major weakness (e.g. if the NOPE predicted outcome is incorrect).
Sell/buy to close shares even if it is correct ideally before conference call, or by the end of the after-market/pre-market session.
Only play tickers with high NOPE as well as high option/share vol.
--- In my next post, which may be in a few days, I'll talk about potential use cases for SPY and intraday trends, but I wanted to make sure this wasn't like 7000 words by itself. Cheers. - Lily
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