Markets
What does dealer gamma exposure measure, and what doesn't it?
GEX estimates aggregate into one number rest on three assumptions each worth checking before the number is quoted.
Author
Sofia Lindqvist
Sofia Lindqvist builds models for a living and is unusually honest about how often they are wrong.
Articles by Sofia Lindqvist
Analysis
What transaction costs do to a backtest's promised returns
Spread, impact and timing drag compound with turnover — and the strategies they kill are usually the high-Sharape, high-frequency ones.
Finance News
SEC and CFTC issue joint token taxonomy: five categories, one framework
The March 17, 2026 interpretive release sorts digital assets into five categories and caps a decade of shifting SEC policy with a joint document.
Analysis
Survivorship bias in fund data: how big, and how to check
Databases of existing funds answer a question nobody asked — how did the survivors do — and the gap is measured in percentage points.
Economy
Why the unemployment rate and payrolls can tell opposite stories
One number comes from a survey of households, the other from a survey of establishments — different frames, different failure modes.