![](https://substackcdn.com/image/fetch/w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F018ad280-1d5a-40f6-9c3c-a3de1d57ae7c_376x376.png)
Way back in another life, I worked on an institutional equity derivative desk. There was one firm that was my biggest competitor. I became good friends with the head risk-taker over there, and we have stayed in touch over the years.
Yesterday, when I wrote about the 4-sigma move lower in interest rate yields, I almost included a joke the two of us used…