edward thorp hedge fund

In risk-neutral terms, these are the expected value of the asset and the expected value of the cash in the risk-neutral measure. Thorp is the author of Beat the Dealer, which mathematically proved that the house advantage in blackjack could be overcome by card counting. We also review the literature regarding various lending programs implemented previously in the United States by a variety of agencies and abroad by foreign central banks that shed light on the potential effectiveness of funding for lending programs. "Dynamic Hedging" John Wiley & Sons, Inc. 1997. Edward O. Thorp was a highly successful hedge fund manager in the 1970s and 1980s who spoke of a similar approach. There, you can pre-order Dowds book called Cause Unknown The Epidemic of Sudden Deaths in 2021 and 2022. Accessible materials (.zip), DOI: https://doi.org/10.17016/FEDS.2022.038, The pickup in the U.S. inflation rate to its highest rates in forty years has led to renewed attention being given to the Great Inflation of the 1970s. Thorp went on to win scholarships by doing well in chemistry and physics competitions (one instance led him to meeting President Truman), ultimately electing to go to UC Berkeley for his undergraduate degree. First, we show that reduction of supply was a minor factor relative to increased demand in the tightening of housing markets during COVID-19. Its mission is to connect traders to the markets and to each other. Download free Discord Logo Png Png with transparent background. About 47 PNG for 'discord icon' discord icon png pinterest icon png transparent shield png icon domain icon png speaker png icon scroll down icon png. ) In such context, bubbles are useful as they expand the supply of assets, absorb excess savings and raise the natural interest rate - the real rate that is compatible with full employment - crowding in consumption and raising welfare. Enjoy. The lackluster performance of the private-label mortgage-backed securities market provides a glimpse of how the market might have performed in the absence of the heavy government presence. PNG. Does Giving CRA Credit for Loan Purchases Increase Mortgage Credit in Low-to-Moderate Income Communities? Tumblr. Share. Black discord 2 png and black discord 2 transparent for download. K Join new head archivist Jonathan Sims as he attempts to bring a seemingly neglected collection of supernatural statements up to date, converting them to audio He is regarded as one of the best hedge fund managers in the world. ( d denotes the standard normal cumulative distribution function: N Explicit modeling: this feature means that, rather than assuming a volatility a priori and computing prices from it, one can use the model to solve for volatility, which gives the implied volatility of an option at given prices, durations and exercise prices. Muted the user and image for free this discord Logo White Png and Vector high-resolution transparent Png images for works Stickers by bugugan999 | Redbubble image for free `` D '' Png can be used personally or non-commercially servers! The informational inefficiency of markets is more acute when liquidity conditions are especially tight or loose, as this impairs ability of prices to reveal private information about fundamentals. I highly recommend the book as it's a fascinating compilation of Mr. Thorp's exploits and stunning successes across a number of seemingly unrelated disciplines (publishing, gambling, gadgetry, quantitative investing, and also his family life), but all are related to his command and original thinking around math, probabilities, and human nature, and the discipline to apply his original thinking to those endeavors. We develop strategies to locate families that ever financed their education with student loans in two large datasets which enables us to draw more meaningful comparisons. The legend is widely retold in classical sources. , LINVER package, DOI: https://doi.org/10.17016/FEDS.2022.053. By computing the implied volatility for traded options with different strikes and maturities, the BlackScholes model can be tested. In this study, we report the results of a representative national survey conducted by the Survey Research Center (SRC) of the University of Michigan. Get free icons of black and white in ios material windows and other design styles for web mobile and graphic design projects. China (alleged by the US, but denied by China) Iran (alleged, but denied by Iran) Pakistan Qatar (alleged by Saudi Arabia, but denied by Qatar) Russia (alleged, but denied by Russia) Saudi Arabia (alleged, but denied by Saudi Arabia) Turkmenistan (until 2001) United Arab Emirates (until 2001) United States (limited support in the Islamic State-Taliban conflict) Instead, banks purchase loans that are temporarily diverted from the Government Sponsored Enterprises, which provides little benefit to the communities the CRA is meant to help. Is the Phillips curve dead? Download Black Discord Icon,Mute symbol should look different when Ive muted the user and image for free. DOI: https://doi.org/10.17016/FEDS.2022.052. Since all TALF borrowers faced the same program terms and conditions, our study is able to highlight the role of these institutional constraints. Free Icons Library. Learn more. {\textstyle {\frac {1}{2}}\sigma ^{2}} Modification frictions discourage strategic renegotiation, enabling CMBS to offer higher LTV loans and attract borrowers seeking higher leverage. We develop what we call the "Kaleckian Phillips curve", the slope of which is determined by the bargaining power of trade unions. Macro Ops research has been featured in Forbes, Marketwatch, Business Insider, and Real Vision as well as a number of other leading publications. This strategy became so popular and efficient that Edward Thorp founded a hedge fund named as Princeton/Newport Partners. Financial vulnerabilities build up over time, with both risk appetite and risk taking rising during economic expansions. Edward O Thorp is widely known as the author of the 1962 Beat the Dealer, which was the first book to prove mathematically that blackjack could be beaten by card counting, and the 1967 Beat the Market, which showed how warrant option markets could be priced and beaten. HomeTip V asopis o nemovitostech & bydlen, ekni nm jak sp. 600 native trees planted in Thorp Bush as an acutely threatened ecosystem. Even so, optimal policy relies on both requirements, as the financial stability benefits of capital requirements are found to be broader. In this application of the BlackScholes model, a coordinate transformation from the price domain to the volatility domain is obtained. Jak vybrat sprvn svtidla do celho domu i bytu? = Keywords: Internal migration, migration, mobility, DOI: https://doi.org/10.17016/FEDS.2022.003, David M. Arseneau, Grace Brang, Matt Darst, Jacob M. M. Faber, David E. Rappoport, and Alexandros Vardoulakis. Edward O Thorp is widely known as the author of the 1962 Beat the Dealer, which was the first book to prove mathematically that blackjack could be beaten by card counting, and the 1967 Beat the Market, which showed how warrant option markets could be priced and beaten. He then formed a proprietary trading group within Deutsche Bank. is the probability of the option expiring in the money Simply stated, it changed everything. Each Discord Logo Png can be used personally or non-commercially. A central message of this analysis is that policy actions that expand the lender of last resort function so as to better address periods of financial distress are likely to be most effective when accompanied by regulations or other mechanisms that encourage socially-responsible ex-ante liquidity risk management on the part of financial firms. [25][22] By November 2010, the firm had raised $1.8 billion in funds with which to trade and was up 10% that year. He rose to prominence at Deutsche Bank in the early and mid 2000s with his credit default swap and capital structure arbitrage trading strategies. F [13] He was promoted to vice president of Deutsche Bank in 1999. It does so by exploiting county-level variation in the implementation of work requirements after the Great Recession in a difference-in-differences design. Enter the email address you signed up with and we'll email you a reset link. Then we consider how these balance sheet changes could affect monetary policy implementation for the Federal Reserve. If you're a seller, Fulfillment by Amazon can help you grow your business. The design of US unemployment insurance (UI) policy--which features benefits assigned as a percentage of past wages up to a cap--engenders tests for spillovers from policy variation to workers who are not directly treated. I have read everything by this man that I can get my hands on and thought that this was an excellent book also; I couldn't disagree more with the reviewer who gave it only the two stars. = Discord black icon, download free discord transparent PNG images for your works. [ We use probit regression models and daily data for the period April 2018 to February 2020 to provide empirical support for this model. Edward Thorp also claims to have guessed the BlackScholes formula in 1967 but kept it to himself to make money for his investors. These new operating procedures were preceded by well over a decade of work that was directed by the Federal Open Market Committee (FOMC) and was carried out by its Committee on the Directive (COD). Thats called leadership change. is the probability of the option expiring in the money {\displaystyle V(S,T)=H(S)} Carbon intensity explains the cross-sectional reaction to the carbon tax news because it predicts revisions in expected profitability. Please mark the image source when quoting it eps format or as webfonts Resources Icon pngkit! Taleb, Nassim. Synopsis []. Blue falcon Purple Rainbow Neon - iOS 14 70+ Icon Pack for mobile These insights include no-arbitrage bounds and risk-neutral pricing (thanks to continuous revision). : app, chat, communication, Discord, discord logo, discord logo black and white, discord logo png, discord logo transparent, gamers, logos that start with "D", voice. This paper presents a stylized, non-country-specific framework to assess conceptually how the financial risks of climate change could interact with a regulatory capital regime. The paper describes emerging vulnerabilities that could present risks to financial stability in the future if the digital asset ecosystem becomes more systemic, including: run risks among large stablecoins, valuation pressures in crypto-assets, fragilities of DeFi platforms, growing interconnectedness, and a general lack of regulation. + verify system, and more cool stuff. We assess whether minimum account balances to avoid fees, account maintenance fee amounts, and non-sufficient funds charges are systematically different in LMI and majority-minority communities, and find that they are generally higher. Using variation in state compulsory schooling laws, we examine education's effect on a range of outcomes encompassing physical health, decision-making, and life expectancy. Other factors such as the private demand for repo funding and the net supply of Treasury bills are expected to have more substantial effects on MMFs take-up at the ON RRP facility than the inflows from bank deposits. DOI: https://doi.org/10.17016/FEDS.2022.060. Custom Hex color form on the right color from the Custom Hex color form on right! Practices, Structure and Share Data for the U.S. Offices of Foreign With Macro Ops focused primarily on institutional clients, AK moved to servicing new investors just starting their journey. To calculate the probability under the real ("physical") probability measure, additional information is requiredthe drift term in the physical measure, or equivalently, the market price of risk. roles + perks. ) c. 459 BC Themistocles, the Athenian general who won the Battle of Salamis, actually died of natural causes in exile, but was widely rumored to have committed suicide by drinking a solution of crushed minerals known as bull's blood. NOT INVESTMENT ADVICE. He is regarded as one of the best hedge fund managers in the world. The structure of the optimal fee schedule depends on both the scale of volatile liabilities and the extent of liquidity coverage maintained to cover potential funding shortfalls. Solving for volatility over a given set of durations and strike prices, one can construct an implied volatility surface. Since 2000, MMF runs have occurred in many countries and under many regulatory regimes. Thorp received his PhD from the University of California, Los Angeles in 1958 and worked at MIT from 1959 to 1961. ) Petter Bjerksund and Gunnar Stensland, 2002. In this case, closed-form solutions are available if the dividend is a known proportion of the stock price. The Greeks for BlackScholes are given in closed form below. Check out other logos starting with "D"! Several of these assumptions of the original model have been removed in subsequent extensions of the model. n A naive, and slightly incorrect, interpretation of these terms is that 1 In fact, the BlackScholes formula for the price of a vanilla call option (or put option) can be interpreted by decomposing a call option into an asset-or-nothing call option minus a cash-or-nothing call option, and similarly for a putthe binary options are easier to analyze, and correspond to the two terms in the BlackScholes formula. ( d Color form on the right: this is a high-resolution transparent Png image in all or ) Public Domain Dedication happy Face emoji - discord thinking emoji Png servers welcome to check icons. Please try again. ) Mark the image source when quoting it Simple black and White - Photo. [5] The couple has three daughters. [4] Weinstein is reportedly on the blacklist of several casinos as a card counter. He worked as a consultant to the family offices in-house fund of funds in the areas of portfolio manager evaluation and capital allocation. We evaluate whether actions by bank owners to change management, contract with depositors to extend liability maturity structure, write off bad assets, and/or inject capital affected bank survival and deposit retention. Accessible materials (.zip), Keywords: Bank behavior, Central banking, Households, Monetary policy implementation, Retail CBDC, DOI: https://doi.org/10.17016/FEDS.2022.032, David M. Arseneau, Alejandro Drexler, and Mitsuhiro Osada, This paper applies natural language processing to a large corpus of central bank speeches to identify those related to climate change. One Greek, "gamma" (as well as others not listed here) is a partial derivative of another Greek, "delta" in this case. Bookmark it.. Edward Hellis, carpenter, Odiham Odiham, Hampshire Edward Stares, brewer, dairyman and coal merchant Romsey, Hampshire Edwards' Brewery Ltd Bishop's Waltham, Hampshire Eggar family, farmers Bentley, Hampshire He met his future wife Vivian during his first year at UCLA. WebEdward O Thorp is widely known as the author of the 1962 Beat the Dealer, which was the first book to prove mathematically that blackjack could be beaten by card counting, and the 1967 Beat the Market, which showed how warrant option markets could be priced and beaten. New work requirements also result in an increase in total outstanding balances on bank and retail card accounts and increase the number of borrowers that are past due on these accounts. They married in January 1956. Below are lists of the top 10 contributors to committees that have raised at least $1,000,000 and are primarily formed to support or oppose a state ballot measure or a candidate for state office in the November 2022 general election. We analyze these speeches to better understand how central banks communicate about climate change. Instructor(s): Bob Goldstein / Celia Shiau. , Post # 967; Quote; Regan persuades Thorp to start a hedge fund (Convertible Hedge Associates) based on the ideas in Beat the Market with himself as the business side and Thorp as the researcher. Styles for web mobile and graphic design projects love these Png clip images. ist lednice je pl zdrav. {\displaystyle H(S)} ) Id have made a lot more money! The value of assets in the digital ecosystem has grown rapidly, amid periods of high volatility. The paper shows that the concept of double materiality can be coherently embedded in a microprudential framework, but the practical implications could be quite similar to the implications of a single materiality perspective. For transition dynamics, monetary policy, in addition to the fiscal adjustments, matters. q Discord White Logo Png and Discord Logo Png Transparent & Svg Vector - Freebie Supply. He is regarded as one of the best hedge fund managers in the world. Here, if the underlying asset price is greater than or equal to the trigger price it is optimal to exercise, and the value must equal 1 Accessible materials (.zip), Keywords: Banking, Competition, Disclosure, Discrimination, Enforcement actions, Mortgage lending, DOI: https://doi.org/10.17016/FEDS.2022.036, This paper investigates the impact of vaccine administration on three main dimensions of activity: spending, mobility, and employment. + ( How Large is the Output Cost of Disinflation? K This paper provides a brief history of the CDS market and discusses its main characteristics. Those sacrifice ratios are high by historical standards and the paper discusses some stories for why this is so. He had become interested in blackjack since the early 1990s and learned card counting after reading Edward O. Thorp's Beat the Dealer. We decompose stock betas into components that depend on the firm's cash holding, return on cash, and cash-hedged return. The role of expectations formation and the credibility of policy is emphasized. N t Reviewed in the United States on November 2, 2022. To assess these type of models quantitatively, I propose a new algorithm that finds the steady state and computes transitional dynamics rapidly. The importance of a double materiality perspective becomes larger when one considers macroprudential objectives driven by financial sector externalities. Discord Logo Transparent PNG Download now for free this Discord Logo transparent PNG image with no background. Among other problems, Thorp found evidence Madoff was lying about or exaggerating his activities. The equation is: A key financial insight behind the equation is that one can perfectly hedge the option by buying and selling the underlying asset and the bank account asset (cash) in such a way as to "eliminate risk". We further show that the monetary-policy component of mortgage-rate changes creates the difference in expectation revisions between homeowners and renters. Using a stylized balance sheet analysis, we analyze the effect a retail CBDC could have on the balance sheets of the Federal Reserve, commercial banks, and U.S. households. We study aggregate, distributional, and welfare effects of a permanent reduction in the capital tax rate in a quantitative model with capital-skill complementarity and household heterogeneity. t I was expecting this book to be useful to me, but it is not. First, it characterizes the potential financial system vulnerabilities of climate change. For options on indices, it is reasonable to make the simplifying assumption that dividends are paid continuously, and that the dividend amount is proportional to the level of the index. Hence by taking is correctly interpreted as the present value, using the risk-free interest rate, of the expected asset price at expiration, given that the asset price at expiration is above the exercise price. Economic and Political Weekly, XXXII(52):33373342, December 1997, The mathematical equation that caused the banks to crash, When You Cannot Hedge Continuously: The Corrections to BlackScholes, Solution of the BlackScholes Equation Using the Green's Function, BlackScholes in Java -moving to link below-, Chicago Option Pricing Model (Graphing Version), BlackScholesMerton Implied Volatility Surface Model (Java), Taxation of private equity and hedge funds, Alternative investment management companies, Independent and identically distributed random variables, Stochastic chains with memory of variable length, Autoregressive conditional heteroskedasticity (ARCH) model, Autoregressive integrated moving average (ARIMA) model, Autoregressivemoving-average (ARMA) model, Generalized autoregressive conditional heteroskedasticity (GARCH) model, https://en.wikipedia.org/w/index.php?title=BlackScholes_model&oldid=1123480933, Articles with dead external links from July 2018, Articles with permanently dead external links, All articles with bare URLs for citations, Articles with bare URLs for citations from March 2022, Articles with PDF format bare URLs for citations, Short description is different from Wikidata, Wikipedia articles with style issues from July 2020, Articles with unsourced statements from November 2010, Articles with unsourced statements from November 2013, Articles lacking reliable references from November 2020, Articles with unsourced statements from April 2012, Creative Commons Attribution-ShareAlike License 3.0, Riskless rate: The rate of return on the riskless asset is constant and thus called the, Random walk: The instantaneous log return of the stock price is an infinitesimal. is the present value of an asset-or-nothing call and This paper explores the factors behind differences in wages between manufacturing and other sectors. This paper evaluates whether giving CRA credit for purchases has had its intended effect of increasing LMI credit availability by making LMI loans more liquid. ( How Can Asset Prices Value Exchange Rate Wedges? ( A mandatory fee schedule also emerges as a potentially very useful tool. WebEdward O. Thorp, mathematics professor, author, hedge fund manager, and blackjack player; Milo Aukerman, Punk rock; References External links. However, other liquidity pressures had only minor repercussions for the overall mortgage market because of reforms since the GFC, a heavy government presence, and strong house prices. He is regarded as one of the best hedge fund managers in the world. He later founded his own hedge fund firm, Renaissance Technologies. When a trader seeks to establish an effective delta-hedge for a portfolio, the trader may also seek to neutralize the portfolio's gamma, as this will ensure that the hedge will be effective over a wider range of underlying price movements. This paper studies competitive market shutdowns due to adverse selection, where sellers post nonexclusive menus of contracts. Its parabolic and parabolic moves last longer than most expect. Reviewed in the United Kingdom on February 21, 2017. Great read. These Caps Spilleth Over: Equilibrium Effects of Unemployment Insurance, Do Sustainable Investment Strategies Hedge Climate Change Risks? [15], Weinstein became one of the most successful traders in the derivatives market. [14], He also devised the "Thorp count", a method for calculating the likelihood of winning in certain endgame positions in backgammon. Second, insurers have cross-subsidized high friction states by raising rates in low friction states. [6][8][9] We show how investors can hedge out the cash on firms' balance sheets when making portfolio choices. Something went wrong. Keywords: Blockchain, Crypto, DeFi, Financial stability and risk, DOI: https://doi.org/10.17016/FEDS.2022.057, Nora M.C. [4] Saba Capital Management was declared Hedge Fund of the Year by Risk.Net's Risk Awards in 2021,[32] the 2020 winner of the best Multi-Strategy Credit Fund by AltCredits U.S. This page was last edited on 27 November 2022, at 12:59 (UTC). d As a junior at the Stuyvesant High School in New York City, he was a winner of a stock-picking contest sponsored by Newsday, beating out a field of about 5000 students. BIOL 205H Cellular and Developmental Biology is an Honors course that covers the fundamentals of cell structure and activity in relation to special functions, metabolism, reproduction, embryogenesis, and post-embryonic development, with an introduction to the experimental analysis of cell In Characterville 2022, Almost 75 years after the murder of Marvin Acme in 1947, Maroon Cartoon Studio (now Maroon Entertainment Studio) has a new boss except in fact it is the cousin of the son of Judge Doom unite with Dick Dastardly, Muttley, The Grand Guignol, Belsnickel and the army of Toon Patrol (Phil Phillips is the new leader except Smartass), {\displaystyle N(d_{+})} [2][3], Weinstein is the son of Giselle and Stanford Weinstein and grew up in a Jewish family the Upper West Side. {\displaystyle q} , is correct, as the value of the cash is independent of movements of the underlying asset, and thus can be interpreted as a simple product of "probability times value", while the The model is widely employed as a useful approximation to reality, but proper application requires understanding its limitations blindly following the model exposes the user to unexpected risk. Weinstein took the opposite position when AOL Time Warner's stock dropped around the same period. Currently, the digital asset ecosystem does not provide significant financial services outside the ecosystem, and it exhibits limited interconnections with the traditional financial system. United States, Structure and Share Data for U.S. Offices of Foreign Banks, Financial Accounts of the United States - Z.1, Household Debt Service and Financial Obligations Ratios, Survey of Household Economics and Decisionmaking, Industrial Production and Capacity Utilization - G.17, Factors Affecting Reserve Balances - H.4.1, Federal Reserve Community Development Resources, "The Great Retirement Boom": The Pandemic-Era Surge in Retirements and Implications for Future Labor Force Participation, Demand Shocks, Hysteresis and Monetary Policy. How Does Monetary Policy Affect Prices of Corporate Loans? Below are lists of the top 10 contributors to committees that have raised at least $1,000,000 and are primarily formed to support or oppose a state ballot measure or a candidate for state office in the November 2022 general election. A decomposition of the premium by union membership status reveals that declines have been substantially larger across union members. In Characterville 2022, Almost 75 years after the murder of Marvin Acme in 1947, Maroon Cartoon Studio (now Maroon Entertainment Studio) has a new boss except in fact it is the cousin of the son of Judge Doom unite with Dick Dastardly, Muttley, The Grand Guignol, Belsnickel and the army of Toon Patrol (Phil Phillips is the new leader except Smartass), Customers subsequently choose replacement suppliers with lower expected climate-risk exposure. [22][23] He had left Deutsche Bank two months before,[24] and his former employer had agreed to the move years in advance and to become one of Saba's main brokers. This Icon is provided as CC0 1.0 ) Public Domain Dedication these Png black and white discord icon art, discord 1.2.1! DOI: https://doi.org/10.17016/FEDS.2022.001. 2 Icons in all formats or edit them for your works now for free completely invisible probably. Just including this for context and to keep us openminded to the potential for a large rally, like the one that occurred during the 00-02 bear market. Cost of Banking for LMI and Minority Communities. The benefits of cross-border financial activity are wide-ranging, from greater competition and more efficient markets to broader and more stable access to capital. Historically, when smallcaps have traded at a forward PE of 10x, theyve seen double-digit annualized returns over the following decade. S On October 6, 1979, Chairman Volcker announced that the Federal Reserve was embarking on a new, forceful, and ultimately successful campaign to lower the rampant inflation of that time. d [17] The GM trade for a period appeared to go wrong when the company's stock unexpectedly rose while the CDS plummeted, indicating a loss on both sides. [29][3] Weinstein's gains for Saba's clients were estimated between $200 million and $300 million and Saba's assets under management reached a new high of $5.6 billion. Numerous interactive calculators which use the Kelly criterion can be found online. With some assumptions, a quadratic equation that approximates the solution for the latter is then obtained. Facebook. Investors who heed the message in this book will never look at risk mitigation the same way again. v Read instantly on your browser with Kindle Cloud Reader. By betting on groups of neighboring numbers on the wheel they could gain a sufficient advantage to make a profit. Performance Awards and the 2020 winner of the Best Credit Fund Over $1 Billion by HFMs U.S. N Economists Fischer Black and Myron Scholes demonstrated in 1968 that a dynamic revision of a portfolio removes the expected return of the security, thus inventing the risk neutral argument. Corporate cash piles vary across companies and over time. His second hedge fund was called Ridgeline Partners and it ran from August 1994 through September 2002 based on Statistical arbitrage. N Change the color from the Custom Hex color form on the right ! For the 2022 holiday season, returnable items purchased between October 11 and December 25, 2022 can be returned until January 31, 2023. PNG. 1. Top subscription boxes right to your door, 1996-2022, Amazon.com, Inc. or its affiliates, Learn more how customers reviews work on Amazon. WebMathematician Edward O. Thorp noted irregularities in 1991. Discord Icon Png - Discord Icon Clipart. {\displaystyle \nu } Is Fbi Higher Than State Police. 459 BC Themistocles, the Athenian general who won the Battle of Salamis, actually died of natural causes in exile, but was widely rumored to have committed suicide by drinking a solution of crushed minerals known as bull's blood. The equation and model are named after economists Fischer Black and Myron Scholes; Robert C. Merton, who first wrote an academic paper on the subject, is sometimes also credited. [44] He clarified that "the equation itself wasn't the real problem", but its abuse in the financial industry. An important innovation that allowed for the development of DeFi was the growth of programming capability on blockchains. Official website; Coordinates. [4][6], After graduating from college, Weinstein worked for Merrill Lynch at the firm's debt trading desk. We find that hurricane-affected households borrowed in a price-sensitive and time-limited manner, relying almost exclusively on promotional-rate credit cards and mortgage forbearance for new credit and repaying balances quickly. Were only in the early innings of whats going to be a broadbased and secular bull market in commodities. 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