Matt Levine, Columnist

The Fastest Options Are the Most Fun

0dtes, K-cups, News Corp., illegal NDAs, USDT and Vy Capital.

Some of the work in the financial industry involves finding and fostering bad counterparties. If you are a stock market maker — you buy stock from customers who want to sell, and sell to customers who want to buy — and your customers are mostly huge sophisticated hedge funds, you will have a lot of unpleasant days. They are smart and large; when they buy stock from you, it will mostly go up and you will regret selling; when they sell stock to you, it will mostly go down and you will regret buying.

On the other hand, if you have customers who like a gamble and are always wrong, that’s great! When they sell stock to you, it will mostly go up, and you will make money. The obvious business model is: