想拯救世界，不是搞垄断协议的借口

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To some people, it feels wrong to buy options. Because you see a big options trade and you have a good guess about why. If you see, looking at public stock tapes, if you just see a public trade and you're like, that must be insider trading, and then you go trade on it, people are like, that's insider trading too, but I disagree. I think that is totally fine.

对一些人来说，买期权感觉不对。因为你看到一笔大额期权交易，能猜到原因。如果你看公开的股票成交记录，看到一笔公开交易，心想「这肯定是内幕交易」，然后跟着去交易，人们会说那也是内幕交易，但我不同意。我认为那完全没问题。

Matt Levine5:11

That's going to work at the making money factory. That's not going to work at the killing everyone factory.

那在赚钱工厂里行得通。那在杀光所有人工厂里行不通。

Matt Levine16:21

And I quote, trying to save the world is no excuse for an antitrust conspiracy.

我引用一句：想拯救世界不是反垄断合谋的借口。

Matt Levine20:27

And, like, by the way, that has to be wrong. Like, obviously, trying to save the world is a very good excuse for an antitrust conspiracy.

顺便说，那句话肯定是错的。显然，想拯救世界是搞反垄断合谋的绝佳借口。

Matt Levine20:27

But that's just like just we're just in like a phase transition right like most of the code most of the algorithms behind modern ai are were invented by humans because who else would have done it, right?

但这只是因为我们正处在一个相变阶段，对吧？现代 AI 背后的大部分代码、大部分算法都是人类发明的，因为还能有谁呢？

Sylvia Killingsworth23:28

And there's just a misunderstanding, right? Where the private credit funds are like. Is that a liquidity mismatch? It's not. I don't like that. It's a psychological liquidity mismatch.

这就是个误解，对吧？私募信贷基金说：这是流动性错配吗？不是。我不喜欢这个说法。这是心理上的流动性错配。

Matt Levine32:44

And it's also just like a good economic proposition for the financial industry because you can't make money giving people public equity exposure and charging them one basis point.

这对金融业来说也是个好生意，因为你没法靠给人公开股票敞口、收一个基点来赚钱。

Matt Levine33:44

数字与实体

术语

John Doe无名氏被告

诉讼中身份未知的被告，用 John Doe 1 到 100 代称。

delta hedge德尔塔对冲

期权做市商卖出期权后买卖标的股票以对冲方向性风险。

BDC商业发展公司

向散户募资、投资私募信贷等非公开资产的上市载体。

target date fund目标日期基金

随退休日期临近自动从股票指数基金切换到债券指数基金的基金。

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