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Perfiliev Financial Training
United Kingdom
Registrace 17. 05. 2021
Hello friends! Thank you so much for visiting Perfiliev Financial Training on CZcams!
My name is Sergei, and I’ve been working within the financial markets for over a decade. I’ve held various roles across Equity, FX and Commodity markets and most recently worked as a Quantitative Analyst for a major sell-side bank.
On this channel, you can expect educational and (I hope) entertaining videos around stocks, options, and other topics within the incredible world of financial markets.
Please, please do subscribe to the channel - at this early stage, your support has a HUGE impact, and absolutely every person counts.
I am doing this full-time now, and if you want to see how it goes, it would be great to have you on board!
As always, feel free to reach out for any feedback, questions and suggestions.
You can ping me on Twitter or via the email below.
Thank you for your help and support!
My name is Sergei, and I’ve been working within the financial markets for over a decade. I’ve held various roles across Equity, FX and Commodity markets and most recently worked as a Quantitative Analyst for a major sell-side bank.
On this channel, you can expect educational and (I hope) entertaining videos around stocks, options, and other topics within the incredible world of financial markets.
Please, please do subscribe to the channel - at this early stage, your support has a HUGE impact, and absolutely every person counts.
I am doing this full-time now, and if you want to see how it goes, it would be great to have you on board!
As always, feel free to reach out for any feedback, questions and suggestions.
You can ping me on Twitter or via the email below.
Thank you for your help and support!
First Lesson from "Mastering Financial Markets" Course
🔥 Mastering Financial Markets: The Ultimate Beginner's Course: 🔥
From Zero to One in Global Markets and Macro Investing
A new self-paced online course that explores how financial markets work through stories, examples, charts and infographics, giving you enough context to make sure "it clicks."
Get a 42% off with a special CZcams offer! Use the discount code "CZcams" at the checkout.
🚀 Check it out 👉 perfiliev.com/?coupon_code=CZcams
▪️ Follow on Twitter: perfiliev
▪️ Follow on LinkedIn: www.linkedin.com/in/sergei-perfiliev/
▪️ Subscribe to the Channel: www.youtube.com/@PerfilievFinancialTraining
From Zero to One in Global Markets and Macro Investing
A new self-paced online course that explores how financial markets work through stories, examples, charts and infographics, giving you enough context to make sure "it clicks."
Get a 42% off with a special CZcams offer! Use the discount code "CZcams" at the checkout.
🚀 Check it out 👉 perfiliev.com/?coupon_code=CZcams
▪️ Follow on Twitter: perfiliev
▪️ Follow on LinkedIn: www.linkedin.com/in/sergei-perfiliev/
▪️ Subscribe to the Channel: www.youtube.com/@PerfilievFinancialTraining
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bro has some personal grudge with meta💀
I just cant understand why the cash is not into market cap... Can a company have a stock price smaller than the cash per share value? It doesnt make sense for me
Very well explained. Are you an actuary?
This is the clearest explanation I have ever seen, thank you!
The video explains the situation if market participants r gamma positive but in real world the market makers are generally option sellers, so gamma negative. Therefore, if price surges,their position delta decreases , they need to long shares to delta hedge, thus further increasing volatility
The writings are not clear use a more darker tip
Awesome work, thank you !
Good explanation!
We are getting extra 10 cents for heging. So should we buy stock from that 10 cents to hedge the option we sold? Or we need to buy 50 cents worth stocks. And can you do a video that says how to rebance the portfolio so that we stayed hedged.
In the video it said that the stock price can either move to 102 or 98. Does this assumption of 102 and 98 impact the option price, if I am expecting a move of 105 and 90 does the fair value of option changes?
0,25 ! What is that? Stochastic variable x eller y. If you throw one coin , one function have 2 : discrete and continuos. If you throw to dices can make 2 stochastic varaible and that measure the eyes " the sum in dices" If we throw "5" and "2" the sum will be 7. So x=(5,2) and y=(1,6) . the fucking sum can not be lower than 2 and greater than 12 according to the dice model. If y shall be 3 , there are 2 probabilities (1,2) (2,1) P( y=3)= 2/36 ; Why do you talk stochastic variable at the basic level on such a complicate mode and what is it they do not get there ?
This was such a great clear explanation and your passion for teaching is so apparent. You make an amazing teacher!
It's really really very helpful. Thank you so much. The way of your explanation is too good. Currently I'm pursuing MBA in Finance and after that I'm thinking about preparing for CFA. Can you suggest me is this a right decision?
The video explains the binomial options pricing model, how to price options using statistical analysis and machine learning, and how to create a risk-free portfolio by hedging options with shares. It also discusses the fair value of options and how to calculate it using the binomial model. [00:00] The binomial options pricing model is a simple yet powerful tool for understanding derivatives pricing. - The model requires basic arithmetic and no stochastic calculus - It demonstrates fundamental concepts in quantitative finance and can derive the Black-Scholes formula - The framework involves one asset with two possible outcomes: increase or decrease - The model is a one-step binomial model, making it easy to understand and apply [02:45] The video discusses pricing options based on real-life probabilities. - Market makers use statistical analysis and machine learning to determine probabilities - The client wants to buy a call option with a strike price of 101 - At expiry, the option will be worth $1 if the stock goes up and $0 if it goes down - Expected value can be calculated based on the probabilities of an upstate and a down state [05:26] Market makers need to hedge options to avoid risk - Expected value of an option is not the correct price - Selling an option to the client and purchasing shares can hedge the risk - Creating a portfolio with a short option and buying shares can help determine delta and v - Portfolio value can be calculated in different scenarios to determine hedging strategy [08:11] Setting portfolio values equal creates a risk-free portfolio with a known future value - Setting portfolio values equal means they don't fluctuate between two states - Solving for delta gives the value needed to make portfolio values equal - A constant portfolio is risk-free and can be discounted to present value - Assuming zero interest rates, the risk-free portfolio is worth its present value - Using delta and stock value, the option's value can be solved for [10:57] The growth rate of the stock has no impact on the option's value in binomial and Black-Scholes models - The fair value of the option is determined by the volatility and the risk-free rate - Real-life probabilities don't come into the equation because the goal is to hedge, not predict future outcomes - As long as the portfolio is hedged, it doesn't matter if the stock goes up or down [13:41] Binomial model accurately prices options using a tree structure and can lead to the derivation of the Black-Scholes equation. - Real-life probabilities cannot be used to price options - Binomial tree can be extended to price real options - Black-Scholes equation can be derived from the binomial model
The best way to derive a premium formula for an option is how I do it (and recommend others do also), and this is not the Black-Scholes formula: The Black and Scholes equation is wrong: The Black and Scholes (risk-neutral) premium is the first moment of the option expiry for an asset that has all risk and no market return (the risk-neutral measure), that which has been debased of market return (by holding portfolio returns fixed flat at r). This idiotic asset (the risk-neutral measure) is stochastically dominated by bonds in that bonds have the same return (r) but without the risk whilst it is stochastically dominated by stocks since stocks earn market return for the equivalent amount of risk: bonds have LOWER RISK for the SAME RETURN as the debased market asset (the risk-neutral measure) whilst stocks have HIGHER RETURN for the SAME RISK as the debased market asset (the risk-neutral measure) Either way, the 'risk-neutral measure' is totally idiotic and stochastically dominated by all non-redundant asset classes. It is not deep and it is not abstract. All it is is the market asset without return (which is then used to price the derivative and so is wrong and inaccurate). If a trader wants an option, then he must not take an offsetting position that nullifies the option position. There is nothing risk-neutral about that. An option premium must have a mean mu in the drift term, otherwise it is wrong... wrong for derivatives and wrong for efficient and non-communist finance. nb: I had to say 'no risk' when I sat several of the courses in undergraduate (almost two decades ago). It was clear as day to me then that it was inaccurate (and proved by me definitively now more than one decade ago). I debunk Black and Scholes fully here: drive.google.com/file/d/1drOy89roxTawddpbFv03MEgrNSRwPRab/view?usp=drive_link here is new theory for markets (crystal ball formula): drive.google.com/file/d/1POgaFZxaXpGPbxDh8p9IHP_Kr2-VXok5/view?usp=drive_link PhD examiner report 3: drive.google.com/file/d/1z2Cflnp1uQ059GIonv2lzfqOj0EcMXrv/view?usp=drive_link PhD examiner report 2: drive.google.com/file/d/1K07G377R0ZSUs9ax6EXAzYealrjbo2vS/view?usp=drive_link PhD examiner report 1: drive.google.com/file/d/1BXwbk-uFrQDH_es_T5FiIJOnJ_42oA0q/view?usp=drive_link
Thank you so much u explained it very well love from India
good😀😀
Great video thank you. I listen to Cem a lot, but have found him cryptic and vague on details. This helped clarify a lot of points.
love it! #mustsee
Thank you!!
I like how your old videos have relaxing music, really helped imo, cuz learning math is often stressful.
amazing video.thankyou
can you explain why the premium on the short option is not being collected in the down move, just that i didn't grasp that particular concept
If it is risk free, then how did people use this knowledge to beat the markets?
So easy and clear to understand
The most understandable content of this topic in just 15min after viewing so many similar. I saw most of your video was published 2 yrs ago and saw you started to publish new video lately, keep up working on it you are great! Have subscribed to your channel and looking forward more great stuff!
Thank you so much for your kind words! :) It's really appreciated!
The explanations are so clear, thank you so much for this video!
00:03 Demystifying option greeks and dealer option positioning 02:01 Gary is a market maker in S&P 500 index options. 03:41 Market liquidity impacts implied volatility 05:10 Portfolio managers experience fear and greed simultaneously 06:47 Understanding Gamma, Vanna, and Charm in Options Trading 08:13 Options gamma impacts market stability. 09:49 Changes in implied volatility impact delta, influenced by vana and charm. 11:22 Understanding Vanna and Charm flows impact on the market Crafted by Merlin AI.
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Back then I was taught some arbitrary method to derive P and 1-p and determine the option price in Binomial Model. Although the mentioned method was easy, it lacked logic and therefore was forgettable. You explained this method very Logically and succinctly. Now I can’t forget the derivation, even if I want to. Thanks for the video😁
I like that this video was a concise overview! It made everything connect! It complements the other videos that I saw where I got stuck in the weeds... which means I have a good understanding of the high-speed sections, but I still needed this overview to confirm all the math substitutions! Thanks!
Thank you so much for this clear explanation. It was even better than AI!
I really enjoyed the way you explained it! Something I wasn’t able to fully understand before watching your video! :) I wanted to mentioned one thing that I find perplexing: The calculation of the stock EV is not correct, which in turn - makes it appear as if the option is miss priced at the 0.40 level. 0.40 level for the option is actually a correct level because the stock spot should be trading at $99.6 and not $100 (40%*102+60%*98) *assuming zero rates etc etc.
Best explanation of Vanna and Charm effects I've found so far on the Internet. The rest tend to be confusing and often sound contradictory. I would have liked a Part II follow-up in which this time the dealers are short OTM options and short gamma rather than long with negative delta, Vanna, etc. creating repelling price levels rather than magnet levels. And also conditions when the dealers are long or short with ITM options.
Thanks for the content keep it up! Love your gamma blog posts , very excited to learn more
Thanks Matt! Appreciate your support!
Great!
Thanks!
Content is fantastic. The cartoonish style, not so much. You are not talking to teenagers so you dont need the typical CZcamsr silliness. Let your content speak for itself because it is real good.
Thank you! The cartoonish style is borrowed from @jam_croissant which is what I'm commenting on in the video.
That was sooo good. Super clear and lovely to watch. Thank youuuu
Thank you! Appreciate it.
bring them on!
On it! :)
We missed you my niqqa
Missed you too!
Your back!!!
Hahaha, hey! I will be, at some point :) This is just a quick preview of a finance course I'm working on right now.
Thank you so much!
No worries, thank you!
Really good explanation. Thanks for doing this!
My pleasure! Thanks for watching.
ahahahah ну ти джазу дав добре) Пояснив доволі комплікейтед концептс дуже чітко. 10 круасанів із 10
Хахаха, 10 круасанів із 10 :) Дяка! :) радий що сподобалось.
Hello,I need help on linear fractional black-scholes model.
Why did you stop making videos? You have immense talent, you have to be persistent to grow on youtube. You have the requisite knowledge, skill & entertainment value to succeed.
zhins
Best explanation I've seen on this topic!
Best explanation on options pricing! Especially the part where you emphasise that the probability doesn’t matter, we are trading volatility not the stock!
Hello, I did not understand why just charging the expected value is not enough since it already factors in the probabilities. Can you please elaborate?
@Juoa794 How about you go to your country education website on high-school level B Math and start studying there by your own bcz you seems stupid to understand anyway.