By Tae-Sik
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May 19, 2024
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~3 min read
Our economy is a Walled Garden, with a lone security guard who has a gun, sets the rules, and issues vouchers that can be traded for fruits and vegetables. Security is the only entity in the Walled Garden with the power and authority to print and issue these vouchers. In the Walled Garden, agents produce […]
By Milan Ji
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December 4, 2025
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~15 min read
S&P 500 and the Microstructure of Modern Short Squeezes The E-mini S&P 500 futures contract (ES) is the undisputed primary global price-discovery vehicle for U.S. large-cap equities. On active days it routinely trades $600-900 billion notional (occasionally exceeding $1 trillion), on effective intraday leverage of 15-25X, and consistently leads both the cash S&P 500 index […]