The V/L Recovery: PE/VC Take a Leg Down, Then Up-and-to-the-Right

Plus! Earnings, Adpocalypse Updates, Cloud Updates, Loans, Supply Chains, Theater Mismatch, Commoditized Complements, More...

One feature of every crisis is that investors flee abstractions and return to the concrete. In 1987, traders realized that in theory, you could cheaply replicate a put option by rapidly selling futures when stocks declined.[1] In practice, this turned out to be a lot less reliable than just owning puts; they were more expensive for a reason (albeit…

This post is for paying subscribers