Yang Tang @yangtang Twitter profile

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Yang Tang

2 months

Introducing @ArchIndices Portfolio Analyzer These are portfolio tools for investors to build, analyze, and optimize their portfolios to meet their goals

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Last Seen Profiles

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@Koba469

Yang Tang

@yangtang

8 months

@TimMeggs I’ve worked at 6 banks .. most systems are the IT equiv of duct tape

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Yang Tang

@yangtang

1 year

@SMTuffy If the FDIC closed you in the middle of the day you can be sure you were on the remedial action list

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Yang Tang

@yangtang

1 year

@biancoresearch Credit risk is easy to model and depends on your understanding of the customer/collateral/process .. interest rate risk is not in your control even if you are on the board of the Fed Banks are in the business of credit distribution/intermediation .. not running a macro fund

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Yang Tang

@yangtang

1 year

@biancoresearch Even if you got the interest rate view right .. why is it a good idea for a bank to take market risk? Taking market risk should not be in scope for a regulated depository institution

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Yang Tang

@yangtang

5 months

@Restructuring__ The legal counsel to the financial advisors getting a shoutout is cherry on top

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Yang Tang

@yangtang

1 year

@bgurley It’s hard to synthesize this into one podcast given how path dependent investing is and how varied you can be

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Yang Tang

@yangtang

1 year

@SMTuffy Many are professional gaslighters as well

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Yang Tang

@yangtang

8 months

@CLZen @TimMeggs We had people that did nothing but build IT to bridge between Citibank and Salomon systems at $C

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Yang Tang

@yangtang

6 months

@Akston_Capital I can only imagine your pain after talking to the customer service manager

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Yang Tang

@yangtang

7 months

@buccocapital SPACs and Inverse ETFs to hedge

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Yang Tang

@yangtang

8 months

I recently caught up with @NomadicSamuel on @ArchIndices We preach optimal portfolios: getting the outcome with lowest volatility Dynamic and transparent rules-based approach to maximizing income and minimizing portfolio volatility

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Yang Tang

@yangtang

6 months

@Akston_Capital Even if it did he'd prob tell you to count sand and just wait for you to sell

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Yang Tang

@yangtang

6 months

$NYCB CEO Cangemi to step down after MATERIAL weakness in internal controls in internal loan review Won't the the last regional bank to go under in this CRE financing crisis $KRE $SKRE $IWM $SPY

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Yang Tang

@yangtang

6 months

$NYCB seems to have a very chummy relationship with a CRE broker blacklisted by Fannie/Freddie There is a lot more to this $KRE $SKRE $PFF $PFFD $IWM $SPY

NYCB and Meridian Rode the Property Boom Together. Now They’re Struggling.

The bank got many of its loans from a broker now blacklisted by Fannie Mae and Freddie Mac.

www.wsj.com

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Yang Tang

@yangtang

8 months

@TKopelman This is a capital allocation strategy that is very different with large corporations There's 3 uses of excess capital: grow biz, buy back stock, or pay dividends If you're a mature business with limited growth opportunities, it doesn't make sense to re-invest at low IRR

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Yang Tang

@yangtang

7 months

“Owning regional banks requires an abnormally high desire for pain,” said Yang Tang, co-founder of ETF issuer Arch Indices I shared my thoughts on $NYCB $KRE $SKRE with @etfcom Link to the article in comments

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Yang Tang

@yangtang

1 year

@SMTuffy Credit rating agencies are excellent at pointing out a default after the default happens

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Yang Tang

@yangtang

6 months

Fully diluted $NYCB tangible book value is 6.20 .. stock is at 3.58 57.5% of tangible book value By comparison $C which is a GSIB and has real franchise value trades at 67% of tangible book value What are you really playing for here when you buy $NYCB $KRE $SKRE $IWM $PFF

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Yang Tang

@yangtang

1 year

@biancoresearch They could’ve made more in a few clicks by buying TBills on Schwab … any one holding more than nominal amounts at a bank is not a proper treasurer

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Yang Tang

@yangtang

1 year

I always thought Barney Frank was a horrible person and today proves it He went from villianizing large banks in Dodd Frank to joining the board of the now failed Signature Bank and pushed to reduce prudential oversight to benefit banks like his Shameful @BarneyFrank

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Yang Tang

@yangtang

1 year

@PythiaR We bank there and it is a phenomenal team and institution I am rooting for their success

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Yang Tang

@yangtang

8 months

@TimMeggs You’re really holding back here .. Traders say way worse things to sales

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Yang Tang

@yangtang

1 year

I don’t post on Twitter and I started a company to build minimal volatility products for financial advisors last year In the decade plus before that I covered a lot of financial institution clients for solutions so I can’t help myself to weigh in on $SIVB

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Yang Tang

@yangtang

1 year

@biancoresearch Fun fact: DB stock on the NYSE did not close up y/y from 2006 to 2020

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Yang Tang

@yangtang

6 months

$NYCB freefall continues Having material weaknesses in internal controls is a blast ... $KRE $SKRE $IWM $PFF $PFFD

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Yang Tang

@yangtang

8 months

Happy spot $BTC ETF listing day No one is entering the ETF terrordome for the first time so they all know what they’re in for

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Yang Tang

@yangtang

2 years

@EnergyPeddler @benoitfaucon @summer_said Reads like the background source was the US State Dept

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Yang Tang

@yangtang

7 months

$META: prob one of the greatest advertising biz ever, generates cash with low capital intensity $KRE: makes loans on leverage and prays to get paid back Let you guys decide which one you think does better

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Yang Tang

@yangtang

6 months

This is a must listen podcast if you want to learn more about ETFs @Vetta_Fi @ETFPrime @NateGeraci

VettaFi

@Vetta_Fi

6 months

Curious about the S&P 500's top-heavy situation and the key-driver behind NVIDIA's growth? @Zenomercer answers these questions and more on @ETFPrime . Hear his perspectives, and stick around for discussions with @StateStreetETFs ' @mattbartolini on $SPY's latest milestone and

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Yang Tang

@yangtang

1 year

@RobertMSterling Investment banks have this down to a science. This is why I don’t work at one anymore 😂

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Yang Tang

@yangtang

1 year

If you haven’t seen me around with my @firstrepublic umbrella you may not know we bank there They are a phenomenal institution and team We are rooting for your success the way you have always rooted for ours

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Yang Tang

@yangtang

8 months

Sad if true .. many platforms block new ETFs to protect investors It feeds the Big 3 ETF cartel A product size doesn’t determine its suitability

James Lavish

@jameslavish

8 months

Reports that Vanguard is completely blocking customer access to publicly-listed, SEC-approved #Bitcoin ETFs and customers can now only sell $GBTC. Interesting business choice.

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Yang Tang

@yangtang

9 months

@Mayhem4Markets Flashy red lights a nice touch

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Yang Tang

@yangtang

6 months

$NYCB the fun continues $KRE $SKRE $PFF $PFFD $IWM

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Yang Tang

@yangtang

7 months

@followtheh Josh Brown = Next Cramer?

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Yang Tang

@yangtang

10 months

@BaldingsWorld In many ways it is because of the channeling of private savings into real estate If only the CCP developed effective ways to channel savings .. but then they would be the Chinese Capitalist Party!

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Yang Tang

@yangtang

6 months

You knew $NYCB was donezo when Sandro bot only $200k shares despite being a multi-millionaire many times over Sandro buying $200k to shore up confidence is like him buying a coffee in the afternoon at Starbucks $KRE $SKRE $IWM $PFF $PFFD

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Yang Tang

@yangtang

1 year

@biancoresearch The advance approach banks have leverage ratio rules for this exact reason .. you can lose money on 0 RWA assets if you are levered 100 to 1 on 30y bonds The bank promises to give you your deposit back on demand … it’s your job as a bank to plan for that …

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Yang Tang

@yangtang

7 months

Pain just starting in banks everywhere Banks are 50% of issuers in the preferred market $PFF $KRE $SKRE $PFFD

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Yang Tang

@yangtang

1 year

@mark_dow The FDIC provides insurance on all deposits .. every bank buys it on behalf of customers as required by law (called G Spread- based on FDIC assessment) .. so FDIC will make that available from their own cash pool if need be

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Yang Tang

@yangtang

1 year

@agnostoxxx It is good practice to only buy paper in a common law jurisdiction

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Yang Tang

@yangtang

6 months

To put into context the 7% deposit outflows at $NYCB SVB: 25% Signature: 20% FRB: 57% (very bizarre one) Silvergate: 52% Continental Illinois: 30% WaMu: 10.1% Wachovia: 4.4% $KRE $SKRE $IWM $PFF $PFFD

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Yang Tang

@yangtang

6 months

$NYCB: "Our allowance for credit losses considered these weaknesses and is not expected to change" There is 0 chance that is an accurate statement A month ago they thought it was just "1" loan $KRE $SKRE $IWM $PFF $PFFD

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Yang Tang

@yangtang

1 year

@SMTuffy They need to add a “I am drinking” button and send you to a paper account

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Yang Tang

@yangtang

7 months

@PeterSchiff How many clients does your bank have? If 600 is a large portion it sounds like you have weak KYC controls

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Yang Tang

@yangtang

1 year

A government cannot default on it’s own currency debt (the one exception is Russia in 1998 and that was largely clerical) The market places checks on this via either 1) interest rate demanded or 2) FX rate

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Yang Tang

@yangtang

1 year

@orrdavid CCL is a way better short than RCL

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Yang Tang

@yangtang

8 months

There are a lot of reports of brokers not letting people buy $BTC ETFs Very sad for industry and frustrating for investors A lot of platforms have to do a due diligence before they allow a new ETF on Merrill Edge blocked one of my friends from buying $VWI at launch

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Yang Tang

@yangtang

9 months

@SMTuffy Why bother selling anything except your top grossing product?

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Yang Tang

@yangtang

5 months

Wild stat: BTC ETFs outstanding is now over 55p of Gold ETFs All in under 3 months $GLD $IBIT $GBTC $FBTC $BTC

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Yang Tang

@yangtang

5 months

@krugermacro Can’t wait! The ETF sector is the most exciting part of asset management and the growth engine It is also called the terrordome for a reason

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Yang Tang

@yangtang

7 months

$NYCB window to survival is narrowing fast 🧵 The time to raise capital and set reserves was when they acquired Signature's deposits (liabilities) and part of loan book Every moment and stock price drop limits options for the management team $KRE $SKRE $PFF $PFFD

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Yang Tang

@yangtang

7 months

@chernobelskiy ETF sponsor: Income ETF: monthly income from dividend stocks and bonds Optimized to reduce volatility at portfolio level

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Yang Tang

@yangtang

8 months

@pickeringenergy To be fair much of this is public and the $SPY is up close to 1p

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Yang Tang

@yangtang

6 months

Cost of infrastructure will be a key differentiator for the global economy If it costs over 10bn to bring BART to downtown San Jose .. there’s no hope I grew up in San Jose .. this is a laughable number for the limited value this will provide

John Arnold

@JohnArnoldFndtn

6 months

Estimates for cost and completion date of the BART rail extension into downtown San Jose: 2014: $4.4 bln, 2026 2020: $6.9 bln, 2030 2022: $9.3 bln, 2033 2023: $12.2 bln, 2036 2024: $12.8 bln, 2037 The project has yet to break ground.

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Yang Tang

@yangtang

1 year

Oil: Biden filling up SPR, 3.4p unemployment rate, summer driving season, decade low in non-commercial position in oil futures and now … Saudi Oil Minister: Watch out speculators

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Yang Tang

@yangtang

1 year

@BaldingsWorld @profplum99 This is not true. There are hedge accounting rules designed around this with a series of tests you can make. As an example you can buy a bond, hedge the cash flows from fixed to float, and achieve hedge accounting (Google asset swap)

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Yang Tang

@yangtang

8 months

Welcome to the ETF terrordome

Alex Krüger

@krugermacro

8 months

The cost of operating an ETF is around $200k/year (plus maybe a few bps), so at 0.25% fee that means the breakeven for these funds sits around $80M AUM. Expect thus most of these bitcoin ETFs to at least break even in year 1, but only 2-3 of them to survive and thrive long-term.

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Yang Tang

@yangtang

7 months

#ff #fridayfollow @chernobelskiy great resource on real estate and CRE loan world

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Yang Tang

@yangtang

1 year

@PythiaR Culture and process are very under appreciated to your point I’ve worked at six banks .. a couple are always winners and the rest are just dogs with different fleas

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Yang Tang

@yangtang

6 months

Happy St Patrick’s Day

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Yang Tang

@yangtang

1 year

@Wolfof53rdSt Is being a Deloitte alum a flex or begging for sympathy?

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Yang Tang

@yangtang

6 months

Great being on @YahooFinance today to discuss $NYCB and the pain to come in regional banks

Yahoo Finance

@YahooFinance

6 months

Arch Indices CEO @yangtang discusses the ongoing challenges for $NYCB:

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Yang Tang

@yangtang

1 year

@MacroAlf The payday lenders figured this out a while back

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Yang Tang

@yangtang

1 year

Do you remember when the lettuce outlasted Liz Truss? The bond market can price debt and keep a sovereign in check better than any rating agency can ever dream of So why do rating agencies exist?

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Yang Tang

@yangtang

7 months

@TheStalwart The first step to that is to not become a bank

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Yang Tang

@yangtang

10 months

Income investors in 2020 vs 2023

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Yang Tang

@yangtang

1 year

@CorpusCol The internet really made life difficult for people with no liquidity backstop

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Yang Tang

@yangtang

7 months

@CliffordAsness @nntaleb

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Yang Tang

@yangtang

8 months

@NateGeraci Human error and hubris

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Yang Tang

@yangtang

9 months

@DividendTalks Sad how many times people have seen this chart yet they think there’s market timing opportunities

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Yang Tang

@yangtang

6 months

$NYCB material weakness statement in the SEC filing Donezo $KRE $SKRE $IWM $PFF $PFFD $SPY

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Yang Tang

@yangtang

1 year

@lonewolvesfrank @uv_shares Have you looked at North Korean bonds? They were defaulted loans securitized .. if you like the opportunity in Lebanon, just wait till you see North Korea!

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Yang Tang

@yangtang

8 months

Love seeing people discuss ETF advantages

FreedomFinanceCF

@FreedomFinLB

8 months

Reasons ETFs may work for you: - Hands-off approach - Low Cost - Can create a form of passive income - Rides the wave of what the market does (i.e. $VOO) - Can save time from research on individual stocks, to focus more on making 💰 & saving 💰 What are your reasons?

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Yang Tang

@yangtang

1 year

@thebankzhar Uber driver asked me the same

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Yang Tang

@yangtang

9 months

@michaelturton Let’s not forget the ineptitude and corruption of the KMT in post imperial China that led to the rise of the CCP

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Yang Tang

@yangtang

7 months

$NYCB Green on the day! $KRE $SKRE $PFF $PFFD $IWM $SPY

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Yang Tang

@yangtang

7 months

@chernobelskiy @TuttleCapital This is going to be a huge problem for regional bank lenders

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Yang Tang

@yangtang

6 months

I will be on @YahooFinance at 9am tomorrow to discuss $NYCB, the capital raise announced today, and the pressures facing regional banks This deal is severely dilutive to equity holders and $1bn capital raise is on the smaller side for a CRE/multi-family loan book of $50bn

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Yang Tang

@yangtang

7 months

Powell: "Smaller regional banks have concentrated exposure that are challenged .. we are working with them" "Certainly there will be some banks that will be merged or closed" Fine for US economy but not regional bank and preferred holders $NYCB $KRE $SKRE $PFF $PFFD

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Yang Tang

@yangtang

5 months

Pure gold .. ETF liquidity is largely a function of the underlying

Dan Hallett

@DanHallett

5 months

We invested ~$60M in an ETF that had ~$6M in net assets and pretty thin trading volume. We did it in one trade. No fat spreads. No moving the market price. Just a single, efficient trade. How? | 1/4

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Yang Tang

@yangtang

8 months

@EnergyPeddler Yea I mean there’s only so many buybacks you can do and it’s a long game there It’s very flow driven .. can see a lot of western $ selling pops to de risk China in election year

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Yang Tang

@yangtang

7 months

Why does it feel like Cangemi about to be fired as CEO of $NYCB $KRE $SKRE $PFF $PFFD $IWM $SPY $XLF

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Yang Tang

@yangtang

5 months

There are so many reasons to NOT own regional banks They are value destroyers of equity We wrote extensively on this topic going back to November and with recent $NYCB crisis $SKRE $KRE $PFF $PFFD

Wild West Capital

@BuffaloBillCo

5 months

Next idea: (From Bain Capital Ventures guy) Banks broadly horrible, financials suck. Net interest margin going away. Small/regional banks all get killed. Need consolidation. Not much of a pitch - just a “banks suck” talk. Don’t know anything about financials but enjoyed it.

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Yang Tang

@yangtang

1 year

@buccocapital Do investment banks next … I’ve worked at six 😂

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Yang Tang

@yangtang

1 year

@spooky_JL Wait till you meet dentists

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Yang Tang

@yangtang

9 months

@NomadicSamuel @ArchIndices Thank you for having me!!

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Yang Tang

@yangtang

8 months

China reportedly taking first $BA 737 MAX delivery since 2019 Must be serious about playing nice

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Yang Tang

@yangtang

9 months

@bookdepth @SMTuffy The self hatred started long before this clip

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Yang Tang

@yangtang

2 years

@borrowed_ideas I actually had a similar experience- I asked some questions on an SEC rules and the answers were direct contradictions of what was on the SEC site

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Yang Tang

@yangtang

8 months

@JulianKlymochko It’s likely higher if you want liquidity in size. Imagine how much work you’d need to move 500mm

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Yang Tang

@yangtang

1 year

@theDividendKid Have you looked at Tudor? Used Pelagos or Back Bay are excellent watches

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Yang Tang

@yangtang

6 months

$20bn in options premium spent on $NVDA optically may seem high, it's got a 2 trillion market cap $SMCI is only around 50 bn market cap and had 5bn in premium spent Wild times

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Yang Tang

@yangtang

8 months

Fintwit loving China?? The people who bought Archegos portfolio post blow-up got smoked .. $WBD $PARA

Citrini

@Citrini7

8 months

I’m getting into long HSI/short NKY. I said my nice thing about the guy who blew up. Now I’m gonna finish the job he started.

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Yang Tang

@yangtang

8 months

@1chrismcg @krugermacro Thank you :) 17 months of building an ETF from scratch teaches you a lot

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Yang Tang

@yangtang

1 year

@biancoresearch This is similar to the problem of negative rates and eurozone/Japanese banks The Fed needs a solution for banks in a higher for longer world

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Yang Tang

@yangtang

7 months

@PythiaR Anyone pay their cell phone bill w/ $CCI dividends?

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Yang Tang

@yangtang

7 months

@PythiaR When do people learn renting out properties is the same as buying a part time job