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Options Alchemy: How Bernie Yu of Patronus Capital Transforms Market Making into Strategic Investing

The Derivative

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Understanding Market Liquidity and Historical Insights

This chapter explores the operational structure of a financial fund, focusing on a single SMA and reflecting on pivotal market events, particularly Black Monday in 1987. It delves into the complexities of market liquidity, its impact on trading strategies, and the implications of historical trading patterns on current market dynamics.

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