Josh Giersch
@josh.sg
I’ve seen things you people wouldn’t believe. AUD vol on a 40 handle. Crypto basis swaps. BNPL burrito taxis. Cloudwatch bills the size of a phone number. Memories, tears in rain, etc. etc.
Prediction markets are recapitulating the development of regular financial markets, starting with Neil Phillips' USDZAR one-touch shenanigans from a few years back
February 10, 2026 at 11:40 PM
Prediction markets are recapitulating the development of regular financial markets, starting with Neil Phillips' USDZAR one-touch shenanigans from a few years back
No, you should use dollar swaps!
*yoinked offstage by a giant vaudeville hook*
*yoinked offstage by a giant vaudeville hook*
February 9, 2026 at 4:22 PM
No, you should use dollar swaps!
*yoinked offstage by a giant vaudeville hook*
*yoinked offstage by a giant vaudeville hook*
At some point soon it’s going to be cheaper for a big #$PD client to buy the company outright than to keep paying their seat-license bill
February 5, 2026 at 4:11 PM
At some point soon it’s going to be cheaper for a big #$PD client to buy the company outright than to keep paying their seat-license bill
The absolute best driving road in America, though, is Utah 12 & 24: head east through Bryce Canyon, Escalante, the Hogsback, Capitol Reef, and then the long stretch of desert east of Cainesville. It's jaw-droppingly beautiful and unmatched fun to drive.
January 23, 2026 at 6:59 PM
The absolute best driving road in America, though, is Utah 12 & 24: head east through Bryce Canyon, Escalante, the Hogsback, Capitol Reef, and then the long stretch of desert east of Cainesville. It's jaw-droppingly beautiful and unmatched fun to drive.
Bonus: a couple of photos from Hearst Castle, WR Hearst's gargantuan folly on the hills above St Simeon. First photo is the main house (yes, really); second is a detail of the tiling on the floor of the Roman Pool room, a lil' crab made from gold and blue-glass tiles.
January 23, 2026 at 6:40 PM
Bonus: a couple of photos from Hearst Castle, WR Hearst's gargantuan folly on the hills above St Simeon. First photo is the main house (yes, really); second is a detail of the tiling on the floor of the Roman Pool room, a lil' crab made from gold and blue-glass tiles.
Went for a drive up California highway 1, freshly reopened after a three-year closure due to a slight case of "the road's fallen into the ocean. AGAIN".
Am delighted to report that CA-1 is still one of the top two or three roads in America.
Am delighted to report that CA-1 is still one of the top two or three roads in America.
January 23, 2026 at 6:35 PM
Went for a drive up California highway 1, freshly reopened after a three-year closure due to a slight case of "the road's fallen into the ocean. AGAIN".
Am delighted to report that CA-1 is still one of the top two or three roads in America.
Am delighted to report that CA-1 is still one of the top two or three roads in America.
no support for numeric cashtags yet though, our resident Japanese-smidcap enjoyooooors will have to be patient
January 12, 2026 at 11:33 PM
no support for numeric cashtags yet though, our resident Japanese-smidcap enjoyooooors will have to be patient
Paramount Threatens Board Fight Over Warner Bros. Discovery
www.nytimes.com
January 12, 2026 at 10:38 PM
I've learned to accept that I'm basically Ned Flanders
January 3, 2026 at 7:05 AM
I've learned to accept that I'm basically Ned Flanders
time to commence my annual ritual of cursing at TurboTax and threatening to "short $INTU to zero" for four months
January 3, 2026 at 1:59 AM
time to commence my annual ritual of cursing at TurboTax and threatening to "short $INTU to zero" for four months
great year for VXUS Capital Partners, top work everyone, take the rest of the year off
December 31, 2025 at 6:21 PM
great year for VXUS Capital Partners, top work everyone, take the rest of the year off
Spoiler: the other one is Brian May en.wikipedia.org/wiki/Brian_May
Brian May - Wikipedia
en.wikipedia.org
December 27, 2025 at 7:34 PM
Spoiler: the other one is Brian May en.wikipedia.org/wiki/Brian_May
If I had a dollar for every British astrophysicist named Brian who put their career on hold to join a chart-topping pop group and then successfully pivoted back to astrophysics, I’d have two dollars, which isn’t much but it’s weird that it’s happened twice www.nytimes.com/2025/12/27/w...
Before This Physicist Studied the Stars, He Was One
www.nytimes.com
December 27, 2025 at 7:18 PM
If I had a dollar for every British astrophysicist named Brian who put their career on hold to join a chart-topping pop group and then successfully pivoted back to astrophysics, I’d have two dollars, which isn’t much but it’s weird that it’s happened twice www.nytimes.com/2025/12/27/w...
feature request for @vscode.dev : please let me stop Copilot from autocompleting comments, it's a bit annoying when it tries to read my mind and keeps getting it wrong
December 18, 2025 at 2:19 AM
feature request for @vscode.dev : please let me stop Copilot from autocompleting comments, it's a bit annoying when it tries to read my mind and keeps getting it wrong
time for me to launch It's All Good Capital Management and start market-making esoteric ETFs by manually punching numbers into IBKR
I will be the new Dude Making A Gigantic Racket By Manually Arbing EURCHF On His Old-School EBS Keyboard video star
I will be the new Dude Making A Gigantic Racket By Manually Arbing EURCHF On His Old-School EBS Keyboard video star
December 15, 2025 at 10:32 PM
time for me to launch It's All Good Capital Management and start market-making esoteric ETFs by manually punching numbers into IBKR
I will be the new Dude Making A Gigantic Racket By Manually Arbing EURCHF On His Old-School EBS Keyboard video star
I will be the new Dude Making A Gigantic Racket By Manually Arbing EURCHF On His Old-School EBS Keyboard video star
Met some more of the locals in Dubai.
(Shout out to the Dubai Desert Conservation Reserve, and the Al-Maha Desert Resort. Absolute bucket-list stuff.)
(Shout out to the Dubai Desert Conservation Reserve, and the Al-Maha Desert Resort. Absolute bucket-list stuff.)
December 7, 2025 at 12:54 PM
Met some more of the locals in Dubai.
(Shout out to the Dubai Desert Conservation Reserve, and the Al-Maha Desert Resort. Absolute bucket-list stuff.)
(Shout out to the Dubai Desert Conservation Reserve, and the Al-Maha Desert Resort. Absolute bucket-list stuff.)
Went to Dubai and met some locals.
December 7, 2025 at 6:03 AM
Went to Dubai and met some locals.
this also goes for the currently topical question of "why is Safran running fifty yards notional of EUR exotics instead of building landing gears, didn't we all learn this lesson from Citic Pacific back in '08"
November 26, 2025 at 1:20 AM
this also goes for the currently topical question of "why is Safran running fifty yards notional of EUR exotics instead of building landing gears, didn't we all learn this lesson from Citic Pacific back in '08"
the only way it could be more of a josh siren is if Bankers Trust somehow came back from the dead to print these trades
November 25, 2025 at 9:25 PM
the only way it could be more of a josh siren is if Bankers Trust somehow came back from the dead to print these trades
look IDK about any of you but if I put 2.5x my AUM into flatteners my investment committee would probably want to have a Quiet Word with me
www.bloomberg.com/news/article...
www.bloomberg.com/news/article...
Chile Questions Swaps Trade That Stoked Pension Fund Returns
Chile’s pension funds have become hooked on interest-rate derivatives to juice returns, with their notional positions ballooning to more than $500 billion, a 100-fold increase from just three years ag...
www.bloomberg.com
November 25, 2025 at 9:17 PM
look IDK about any of you but if I put 2.5x my AUM into flatteners my investment committee would probably want to have a Quiet Word with me
www.bloomberg.com/news/article...
www.bloomberg.com/news/article...
mfw the sticky-delta starts to come unstuck
November 17, 2025 at 11:19 PM
mfw the sticky-delta starts to come unstuck
If you’re a cash-plus manager or running a stablecoin reserve, it‘s time to ask your risk team for approval to do equity index options so you can lend to these folks
www.bloomberg.com/news/article...
www.bloomberg.com/news/article...
How Affluent Investors Are Using Options Math to Borrow on the Cheap
In late 2021, as the housing market overheated and the Federal Reserve’s benchmark interest rate hovered near zero, Tony Yang found an unconventional way to fund his down payment.
www.bloomberg.com
October 29, 2025 at 4:39 PM
If you’re a cash-plus manager or running a stablecoin reserve, it‘s time to ask your risk team for approval to do equity index options so you can lend to these folks
www.bloomberg.com/news/article...
www.bloomberg.com/news/article...