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Patrick Boyle

Patrick Boyle

A Investing , Business and Education podcast

#114 in Investing · 🇳🇱 #185 in Business · 🇮🇪
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About the show

Patrick Boyle is a hedge fund manager, a university professor and a former investment banker. This channel is all about quantitative finance. By subscribing you will see videos explaining what is happening in markets right now, you will learn about financial derivatives, corporate finance and how traders use quantitative tools like statistics. You will see interviews with some of the most interesting people in the financial industry. In addition, you will see some longer form documentaries on the history of financial markets.To contact Patrick go to the website http://onfinance.orgDISCLAIMER:This channel is not affiliated with any financial institution. The videos on this channel are for entertainment purposes only and do not constitute financial advice. Those seeking investment advice should seek out a registered professional. Patrick is not responsible for investment actions taken by viewers and his content should not be used as a basis for investment.Links:Amazon Author Page: https://amzn.to/3bTeqedPatreon: https://www.patreon.com/PatrickBoyleOnFinanceWebsite: https://www.onfinance.org/Instagram: https://www.instagram.com/patrickeboyle/BlueSky: https://bsky.app/profile/pboyle.bsky.social

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Creating Neutral Portfolios - The Option Greeks

8 min

These classes are all based on the book Trading and Pricing Financial Derivatives, available on Amazon at this link. https://amzn.to/2WIoAL0 Check out our website http://www.onfinance.org/Follow Patrick on twitter here: https://twitter.com/PatrickEBoyleThe option sensitivity measures familiar to most option traders are often referred to as the Greeks: delta, gamma, vega, lambda, rho, and theta. Delta is the price sensitivity of an option with respect to changes in the price of the underlying asset. It represents a first-order sensitivity measure analogous to duration in fixed income markets. Gamma is the sensitivity of an option's delta to changes in the price of the underlying asset, and represents a second-order price sensitivity analogous to convexity in fixed income markets. Vega is the price sensitivity of an option with respect to changes in the volatility of the underlying asset. See Pricing and Analyzing Equity Derivatives or the Glossary for other definitions. The Greeks of a particular option are a function of the model used to price the option. However, given enough different options to work with, a trader can construct a portfolio with any desired values for its greeks. For example, to insulate the value of an option portfolio from small changes in the price of the underlying asset, one trader might construct an option portfolio whose delta is zero. Such a portfolio is then said to be “delta neutral.” Another trader may want to protect an option portfolio from larger changes in the price of the underlying asset, and so might construct a portfolio whose delta and gamma are both zero. Such a portfolio is both delta and gamma neutral. A third trader may want to construct a portfolio insulated from small changes in the volatility of the underlying asset in addition to delta and gamma neutrality. Such a portfolio is then delta, gamma, and vega neutral. Learn more about your ad choices. Visit megaphone.fm/adchoices

What are Variance Swaps? Financial Derivatives - Trading Volatility

14 min

In todays video we learn about variance swapsThese classes are all based on the book Trading and Pricing Financial Derivatives, available on Amazon at this link. https://amzn.to/2WIoAL0 Check out our website http://www.onfinance.org/Follow Patrick on twitter here: https://twitter.com/PatrickEBoyleWhat is a Variance Swap?A variance swap is a financial derivative used to hedge or speculate on the magnitude of a price movement of an underlying asset. A variance swap is a forward contract with a payoff based on the realized variance of the underlying asset. Variance swaps settle in cash based on the difference between the realized variance and the variance strikeSimilar to a regular swap, one of the two parties involved in the transaction will pay an amount based upon the actual variance of price changes of the underlying asset. The other party will pay a fixed amount, called the strike, specified at the start of the contract. The strike is typically set at the start to make the net present value of the payoff zero.At the end of the contract, the net payoff to the counterparties will be the notional amount multiplied by the difference between the variance and the strike variance, settled in cash. Due to any margin requirements specified in the contract, some payments may occur during the life of the contract should the contract's value move beyond the agreed limits.The variance swap, in mathematical terms, is the arithmetic average of the squared differences from the mean value. The square root of the variance is the standard deviation.A variance swap is a pure-play on an underlying asset's volatility. Options also give an investor the possibility to speculate on an asset's volatility. But, options carry directional risk, and their prices depend on many factors. There are two main classes of users for variance swaps.Speculators use these swaps to speculate on the future level of volatility for an asset.Hedgers use variance swaps to cover short volatility positions.They...

Applied Portfolio Management - Class 1 - Risk and Return

1 hr 23 min

All slides are available on my Patreon page: https://www.patreon.com/PatrickBoyleOnFinanceBook Suggestions:Burton Malkiel, A Random Walk Down Wall Street (2007) https://amzn.to/2Hr2SW1Roger Lowenstein, Buffett: The Making of an American Capitalist (2008) https://amzn.to/3hUkFl6Jack Schwager, Market Wizards Series https://amzn.to/3a89diHJack Schwager, Market Sense And Nonsense (2013) https://amzn.to/3jerS0ZNassim Nicholas Taleb, Fooled By Randomness (2007) https://amzn.to/365wN08Victor Niederhoffer, Education of a Speculator (1998) https://amzn.to/2EuhMJZVictor Niederhoffer, Practical Speculation (2004) https://amzn.to/2Hr3nznDimson, E., Marsh, P., and M. Staunton, Triumph of the Optimists: 101 Years of Global Investment Returns (2002) https://amzn.to/363JWXGRoger Lowenstein, When Genius Failed (2001) https://amzn.to/364aHv7Ivan Boesky, Merger Mania (1985) https://amzn.to/3crKszQHoward Marks, The Most Important Thing (2011) https://amzn.to/30n89EXFrank Partnoy, F.I.A.S.C.O. (1999) https://amzn.to/366gGj4Michael Lewis, Liars Poker (1989) - The Big Short (2010) https://amzn.to/3mPjhE1Gregory Zuckerman, The Man Who Solved the Market (2019) https://amzn.to/2FVOZi8Patricks' Books:Statistics for Traders: https://amzn.to/3eerLA0Financial Derivatives: https://amzn.to/307ByTbCorporate Finance: https://amzn.to/3fn3rvC Visit our website: www.onfinance.orgFollow Patrick on Twitter Here: https://twitter.com/PatrickEBoyleRisk & Return in Finance.The higher the risk taken, the more greater the expected return should be, and conversely, the lower the risk, the more modest the expected return. In this class we learn about how traders and portfolio managers think about risk and return. We learn about indifference curves, diversification and the importance of correlation in building a portfolio. We learn about sharpe ratio, sortino ratio and beta.Often people are confused by the idea of the risk return tradeoff. They think that taking a higher risk means that you are guaranteed a highe...

Introduction to Derivatives - Futures and Forwards - Revision Class1

1 hr 14 min

A revision slideshow on Futures and Forwards.These classes are all based on the book Trading and Pricing Financial Derivatives, available on Amazon at this link. https://amzn.to/2WIoAL0 Check out our website http://www.onfinance.org/Follow Patrick on twitter here: https://twitter.com/PatrickEBoyle Learn more about your ad choices. Visit megaphone.fm/adchoices

What is Backwardation and Contango in Futures Markets?

8 min

What is Backwardation and Contango in Futures Markets?These classes are all based on the book Trading and Pricing Financial Derivatives, available on Amazon at this link. https://amzn.to/2WIoAL0 Check out our website http://www.onfinance.org/Follow Patrick on twitter here: https://twitter.com/PatrickEBoyleContango and backwardation are terms often used within commodity circles. These terms refer to the shape of the futures curve of a commodity such as gold, silver, wheat or crude oil. A futures curve can be plotted on a chart of a particular contract by using an X and Y axis. The X axis contains the various contract expiration dates while the Y axis contains the corresponding futures prices. A normal futures curve will show a rising slope as the prices of futures contracts rises in time. An inverted futures curve will show a falling slope as the prices of futures contracts falls over time.A contango market simply means that the futures contracts are trading at a premium to the spot price. For example, if the price of a crude oil contract today is $100 per barrel, but the price for delivery in six months is $110 per barrel, that market would be in contango. On the other hand, if crude oil is trading at $100 per barrel for delivery right now, and the six month contract is trading at $95 per barrel, then that market would be said to be in backwardation.Contango and backwardation are curve structures seen in futures markets based on several factors. It is important to remember that the futures price eventually converges on the spot price. In other words, any gaps between the futures price and the spot price will close as contract expiration nears.The shape of the futures curve is important to commodity hedgers and speculators. Both care about whether commodity futures markets are contango markets or normal backwardation markets. In 1993, the German company Metallgesellschaft famously lost more than $1 billion dollars, mostly because management deployed a hedging system...

Commercial Real Estate Meltdown?

19 min

Start speaking a new language in 3 weeks with Babbel 🎉. Get up to 60% OFF your subscription ➡Here: https://go.babbel.com/t?bsc=1200m60-youtube-patrickboyle-may-2023&btp=default&utm_term=generic_v1&utm_medium=paidsocial&utm_source=YouTube&utm_content=Influencer..patrickboyle..USA..YouTubeThe next big potential risk to the U.S. economy may be lurking in office buildings across the country's downtown districts.With many people still working from home, companies are cutting back on office space which threatens to unleash even more headwinds for the U.S. economy.Patrick's Books:Statistics For The Trading Floor: https://amzn.to/3eerLA0Derivatives For The Trading Floor: https://amzn.to/3cjsyPFCorporate Finance: https://amzn.to/3fn3rvC Patreon Page: https://www.patreon.com/PatrickBoyleOnFinanceVisit our website: www.onfinance.orgFollow Patrick on Twitter Here: https://twitter.com/PatrickEBoylePatrick Boyle On Finance Podcast:Spotify: https://open.spotify.com/show/7uhrWlDvxzy9hLoW0EYf0bApple: https://podcasts.apple.com/us/podcast/patrick-boyle-on-finance/id1547740313Google Podcasts: https://tinyurl.com/62862nveJoin this channel to support making this content:https://www.youtube.com/channel/UCASM0cgfkJxQ1ICmRilfHLw/join Learn more about your ad choices. Visit megaphone.fm/adchoices

Trump’s $2B Chip Deal: Nvidia’s Big Payout Explained

38 min

Go to https://ground.news/pb to get up to 40% off unlimited access to stay fully informed. Subscribe through my link this month for 40% off unlimited access.In this deep dive, we unpack Donald Trump’s controversial deal with Nvidia and AMD — a 15% revenue-sharing arrangement that allows U.S. AI chips to be exported to China. Is this a clever geopolitical strategy or a dangerous precedent that monetizes national security?We explore:How the deal was brokered and what it means for U.S. trade policyLegal and constitutional concerns surrounding export controlsStrategic risks of enabling China’s AI developmentComparisons to China’s rare earth leverage and Xi Jinping’s CEO controlThe broader pattern of Trump’s executive interference in private enterpriseFeaturing analysis on the H20 chip, inference bottlenecks, golden shares, and the future of American capitalism.Patrick's Books:Statistics For The Trading Floor: https://amzn.to/3eerLA0Derivatives For The Trading Floor: https://amzn.to/3cjsyPFCorporate Finance: https://amzn.to/3fn3rvC Ways To Support The ChannelPatreon: https://www.patreon.com/PatrickBoyleOnFinanceBuy Me a Coffee: https://www.buymeacoffee.com/patrickboyleVisit our website: https://www.onfinance.orgFollow Patrick on Twitter Here: https://bsky.app/profile/pboyle.bsky.socialBusiness Inquiries ➡️ sponsors@onfinance.orgPatrick Boyle On Finance Podcast:Spotify: https://open.spotify.com/show/7uhrWlDvxzy9hLoW0EYf0bApple: https://podcasts.apple.com/us/podcast/patrick-boyle-on-finance/id1547740313Google Podcasts: https://tinyurl.com/62862nveJoin this channel to support making this content:https://www.youtube.com/channel/UCASM0cgfkJxQ1ICmRilfHLw/join Learn more about your ad choices. Visit megaphone.fm/adchoices

What is a Protective Put? Options Trading Strategies

7 min

These classes are all based on the book Trading and Pricing Financial Derivatives, available on Amazon at this link. https://amzn.to/2WIoAL0 Check out our website http://www.onfinance.org/Follow Patrick on twitter here: https://twitter.com/PatrickEBoyleWhat is a Protective Put? A protective put is a trading or investment strategy that investors can use to guard against losses in a stock or other asset. The put option acts like an insurance policy—it costs money, which reduces the investor's potential gains from owning the security but also reduces the risk of losing money if the security declines in value. A protective put is also known as a married put. Breaking Down the Protective Put Protective puts involve being long a stock and purchasing put options for that stock with a strike price that is near the underlying stock's current price or slightly out of the money. A protective put is typically used when an investor is still bullish on a stock but wishes to hedge against potential losses and uncertainty.Profit and Loss The maximum profit of a protective put is theoretically unlimited as the strategy involves being long on the underlying stock. If the stock keeps rising, the long stock position benefits and the bought put option isn't needed.The maximum loss is limited to the purchase price of the underlying stock less the strike price of the put option and the premium paid. The strike price of the put option acts as a barrier where losses in the underlying stock stop. The ideal situation in a protective put is for the stock price to increase, as the investor would benefit from the long stock position. In this case, the put option will expire worthless, but the stock will have increased in value.Take a look at my other two videos in this series, one on covered calls and one on put call parity where we learn the relationship between a protective put and being long a call option.Covered Call Video: https://www.youtube.com/watch?v=UlC9iM2Wh7IPut Call Parity Video: ht...

Should Companies Make Political Donations?

17 min

Companies across major sectors of the market are reassessing political donations in response to the January 6th storming of the U.S. Capitol, but it is too soon to know whether it leads to fundamental changes in the way money flows between politics and business. In this video we discuss whether companies should make political donations?Stewart Lee: Values of the Car Phone Warehouse: https://www.youtube.com/watch?v=W2firijxQOo&t=178sPatrick's Books:Statistics For The Trading Floor: https://amzn.to/3eerLA0Derivatives For The Trading Floor: https://amzn.to/3cjsyPFCorporate Finance: https://amzn.to/3fn3rvC Patreon Page: https://www.patreon.com/PatrickBoyleOnFinanceVisit our website: www.onfinance.orgFollow Patrick on Twitter Here: https://twitter.com/PatrickEBoylePatrick Boyle On Finance Podcast:Spotify: https://open.spotify.com/show/7uhrWlDvxzy9hLoW0EYf0bApple: https://podcasts.apple.com/us/podcast/patrick-boyle-on-finance/id1547740313Google Podcasts: https://tinyurl.com/62862nveJoin this channel to support making this content:https://www.youtube.com/channel/UCASM0cgfkJxQ1ICmRilfHLw/join Learn more about your ad choices. Visit megaphone.fm/adchoices

Time Varying Volatility and GARCH in Risk Management

10 min

These classes are all based on the book Trading and Pricing Financial Derivatives, available on Amazon at this link. https://amzn.to/2WIoAL0 Check out our website http://www.onfinance.org/Follow Patrick on twitter here: https://twitter.com/PatrickEBoyleIn Todays video let's learn about time varying volatility and GARCH in risk managementFollow Patrick on Twitter Here: https://twitter.com/PatrickEBoyleWhat Is Time-Varying Volatility? Time-varying volatility refers to the changes in market volatility over different time periods. Investors may choose to study or consider volatility of an underlying security during various time periods. The use of time-varied volatility measures can influence the expectations of investments.How Time-Varying Volatility Works Time-varying volatility can be studied in any time-frame. Generally, volatility analysis requires mathematical modeling to generate volatility levels as one measure of the risk of an underlying security. This type of modeling generates historical volatility statistics.What is the GARCH Process? The generalized autoregressive conditional heteroskedasticity (GARCH) process is an econometric term developed in 1982 by Robert F. Engle, an economist and 2003 winner of the Nobel Memorial Prize for Economics, to describe an approach to estimate volatility in financial markets. There are several forms of GARCH modeling. The GARCH process is often preferred by financial modeling professionals because it provides a more real-world context than other forms when trying to predict the prices and rates of financial instruments.Heteroskedasticity describes the irregular pattern of variation of an error term, or variable, in a statistical model. Essentially, where there is heteroskedasticity, observations do not conform to a linear pattern. Instead, they tend to cluster. The result is that the conclusions and predictive value one can draw from the model will not be reliable. GARCH is a statistical model that can be used to analyze a...

Why the EV Revolution Just Stalled

38 min

🔒 Get 20% off DeleteMe by going to https://joindeleteme.com/BOYLE and use code BOYLE to protect your privacy! 🙌🏻Three years ago, the global auto industry was gripped by a collective hallucination. CEOs promised us that the internal combustion engine would be dead by 2035 and that legacy automakers were just one battery factory away from a trillion-dollar valuation.That narrative has now collided with economic reality.In this video, we analyze the collapse of the "inevitability" narrative. We look at why Ford has been forced to take a staggering $19.5 billion write-down, why the European Union is quietly dismantling its own petrol ban, and why—despite billions in subsidies—automakers are still losing $6,000 on every electric vehicle they sell.We examine how the industry confused a political project with consumer demand, leading to a market where the cars are too expensive for the middle class and too unprofitable for the manufacturers.Patrick's Books:Statistics For The Trading Floor: https://amzn.to/3eerLA0Derivatives For The Trading Floor: https://amzn.to/3cjsyPFCorporate Finance: https://amzn.to/3fn3rvC Ways To Support The ChannelPatreon: https://www.patreon.com/PatrickBoyleOnFinanceBuy Me a Coffee: https://www.buymeacoffee.com/patrickboyleVisit our website: https://www.onfinance.orgFollow Patrick on Twitter Here: https://bsky.app/profile/pboyle.bsky.socialBusiness Inquiries ➡️ sponsors@onfinance.orgPatrick Boyle On Finance Podcast:Spotify: https://open.spotify.com/show/7uhrWlDvxzy9hLoW0EYf0bApple: https://podcasts.apple.com/us/podcast/patrick-boyle-on-finance/id1547740313Google Podcasts: https://tinyurl.com/62862nveJoin this channel to support making this content:https://www.youtube.com/channel/UCASM0cgfkJxQ1ICmRilfHLw/join Learn more about your ad choices. Visit megaphone.fm/adchoices

Crude oil prices are negative. What does this mean?

19 min

Buy The Book Here: https://amzn.to/2J2kF3AVisit our website: www.onfinance.orgFollow Patrick on Twitter Here: https://twitter.com/PatrickEBoyleA follow up video explaining how the USO ETF works https://youtu.be/BIqIjbHeV-gVideo on Contango & Backwardation: https://youtu.be/0QVFMwq2UusWhat are Futures: https://youtu.be/zlIts3ddX00Patreon Page: https://www.patreon.com/PatrickBoyleOnFinanceTodays video explains what it means that oil futures fell to a negative price today.U.S. crude oil prices had their worst day on record today, with crude storage facilities filling rapidly as the coronavirus pandemic continues to crush demand.A futures contract for U.S. crude prices dropped more than 100% and turned negative for the first time in history on Monday, showing just how much demand has collapsed due to the coronavirus pandemic.This collapse into negative territory is not reflective of the true reality in the oil market. The price of the May oil futures contract, which expires Tuesday, detached from later month futures contracts, which continued to trade above $20 per barrel.West Texas Intermediate crude for May delivery fell more than 100% to settle at negative $37.63 per barrel, meaning producers would pay traders to take the oil off their hands.This negative price has never happened before for an oil futures contract. Futures contracts trade by the month. The June WTI contract, which expires on May 19, fell about 18% to settle at $20.43 per barrel. This contract, which was more actively traded, is a better reflection of the reality in the oil market. The July contract was roughly 11% lower at $26.18 per barrel. Meanwhile, international benchmark Brent crude stood at $26.41 on Monday, around 6% lower for the session.This comes amid concern that the volume of oil held in U.S. storage is rising sharply, with the coronavirus crisis compounding the problem by dramatically reducing consumption.The current forward crude oil curves for Brent and WTI are now in what the financia...

How a Lottery Win Might Change You!

22 min

Head to https://brilliant.org/patrick/ to start your free 30-day trial, and the first 200 people get 20% off an annual premium subscription.We’ve all heard the story of how a lottery win, which at first may appear to be a great blessing slowly reveals itself to be a curse. In todays video we look at what happens to people after they win the lottery.Patrick's Books:Statistics For The Trading Floor: https://amzn.to/3eerLA0Derivatives For The Trading Floor: https://amzn.to/3cjsyPFCorporate Finance: https://amzn.to/3fn3rvC Patreon Page: https://www.patreon.com/PatrickBoyleOnFinanceVisit our website: www.onfinance.orgFollow Patrick on Twitter Here: https://twitter.com/PatrickEBoylePatrick Boyle On Finance Podcast:Spotify: https://open.spotify.com/show/7uhrWlDvxzy9hLoW0EYf0bApple: https://podcasts.apple.com/us/podcast/patrick-boyle-on-finance/id1547740313Google Podcasts: https://tinyurl.com/62862nveJoin this channel to support making this content:https://www.youtube.com/channel/UCASM0cgfkJxQ1ICmRilfHLw/join Learn more about your ad choices. Visit megaphone.fm/adchoices

China cracks down on Didi days after IPO

10 min

DiDi is a Chinese Ride Hailing app that raised $4.4bn in its listing on the New York Stock exchange this Wednesday. This was the biggest Chinese listing in the US since Alibaba listed seven years ago. The stock initially rallied, then two days later news broke that the Chinese regulators are investigating the company. They say they are doing this “in order to maintain national security and protect the public interest.” The stock fell 5.3 per cent on Friday to $15.52 on this announcement. The Cyberspace Administration of China then went on to announce today that Didi’s app had “problems of seriously violating laws on collecting and using personal information”. They ordered that Didi be taken down from Chinese app stores. These actions are all based on China’s new cyber security review system, which is about a year old.Patrick's Books:Statistics For The Trading Floor: https://amzn.to/3eerLA0Derivatives For The Trading Floor: https://amzn.to/3cjsyPFCorporate Finance: https://amzn.to/3fn3rvC Patreon Page: https://www.patreon.com/PatrickBoyleOnFinanceVisit our website: www.onfinance.orgFollow Patrick on Twitter Here: https://twitter.com/PatrickEBoylePatrick Boyle On Finance Podcast:Spotify: https://open.spotify.com/show/7uhrWlDvxzy9hLoW0EYf0bApple: https://podcasts.apple.com/us/podcast/patrick-boyle-on-finance/id1547740313Google Podcasts: https://tinyurl.com/62862nveJoin this channel to support making this content:https://www.youtube.com/channel/UCASM0cgfkJxQ1ICmRilfHLw/joindidi stockChina cracks down on Didi days after IPOdidi scandaldidi app storerug pull Learn more about your ad choices. Visit megaphone.fm/adchoices

Exercising Options - How and why do you exercise an options contract? Put Options and Call options

8 min

These classes are all based on the book Trading and Pricing Financial Derivatives, available on Amazon at this link. https://amzn.to/2WIoAL0 Check out our website http://www.onfinance.org/Follow Patrick on twitter here: https://twitter.com/PatrickEBoyleExercising OptionsCalls and put options give the owner the right to buy or sell a stock at a certain price by a certain date. When the owner of that call or put option has an option that is "in-the-money" and decides to buy or sell the stock, it is said that they are "exercising" their option. However, just because an option is "in-the-money" it doesn't mean that it is always in the best interest of the option holder to exercise it. Most of the time the option owner is better off to just sell the option at the current market price. This is because the option price is usually higher than the "intrinsic value", or the amount the option is actually "in-the-money." At expiration date, it usually makes sense to exercise the option.When to Exercise a Call OptionIf you own a call option and the stock price is HIGHER than the strike price at expiration, then it makes sense for you to exercise your call. This way you can buy the stock at a lower price and immediately sell it in the market at the higher price.When to Exercise a Put OptionIf you own a put option and the stock price is LOWER than the strike price at expiration, then it makes sense for you to exercise your put. This way you can sell the stock at a higher price and immediately buy it back at the lower price.I will do another video shortly on when it is optimal to early exercise options.Trading options. Learn more about your ad choices. Visit megaphone.fm/adchoices

What Caused The Financial Crisis of 2008?

37 min

In todays video we will discuss the Credit Crunch, and the role played by credit derivatives and securitization.Buy My Book Here: https://amzn.to/2wDMInhThe Big Short https://amzn.to/2JcyAnxSoros Book https://amzn.to/2JdEqFfFollow Patrick on Twitter Here: https://twitter.com/PatrickEBoyleCredit Derivatives and the Financial Crisis of 2007 -2008What Caused the Financial Crisis of 2008?Easy availability of credit in the United States, fueled by low interest rates and reduced credit monitoring by financial institutions, led to a housing boom which facilitated debt-financed consumer spending. The existence of credit derivatives and securitization allowed financial institutions to make larger volumes of riskier loans than had been made in the past and consumers assumed an unprecedented debt load.Between 1998 and 2006, the price of the typical American house increased by 124%. Between 1981 and 2001, the national median home price ranged from 2.9 to 3.1 times median household income. This rose to 4.6 times median household income in 2006. When home prices declined in the latter half of 2007 and the secondary mortgage market collapsed, a global financial crisis was triggered. Credit derivatives were blamed by many for bringing about this crisis, or for intensifying it. Credit ratings agencies are widely believed to have failed the markets in their calculations of credit risks on credit derivative products in the lead up to the financial crisis of 2007-2008. They relied on models that were given to them by the credit derivative issuers. The fact that they are paid by the security issuer, rather than the buyer, brought their impartiality into question. There is a structural conflict in this market whereby investors are the beneficiaries or ultimate end users of credit ratings calculations, yet the party paying for the ratings themselves is the issuer. On the back of the financial crisis, politicians and regulators globally are pressuring originators to resume the former pract...

The SEC Comes For Crypto!

30 min

The first 1,000 people to use this link will get a 1-month free trial of Skillshare: https://skl.sh/patrickboyle06231This week, the US Securities and Exchange Commission (SEC), filed lawsuits against Binance and Coinbase, two of the world’s biggest crypto exchanges, on which investors buy and trade a large offering of cryptocurrencies. The SEC’s main allegation against Coinbase is that it’s running an unregistered securities exchange — like if the Nasdaq independently operated without any regulatory oversight. Binance faces the same charge, as well as additional accusations that it appropriated billions of dollars in customers’ funds for its CEO’s trading firm, misled its customers, lied to regulators, and more. Binance is accused of moving money from the US business to pay for a Yacht for the exchange founder Changpeng Zhao. Patrick's Books:Statistics For The Trading Floor: https://amzn.to/3eerLA0Derivatives For The Trading Floor: https://amzn.to/3cjsyPFCorporate Finance: https://amzn.to/3fn3rvC Ways To Support The ChannelPatreon: https://www.patreon.com/PatrickBoyleOnFinanceBuy Me A Coffee: buymeacoffee.com/patrickboyleVisit our website: www.onfinance.orgFollow Patrick on Twitter Here: https://twitter.com/PatrickEBoylePatrick Boyle On Finance Podcast:Spotify: https://open.spotify.com/show/7uhrWlDvxzy9hLoW0EYf0bApple: https://podcasts.apple.com/us/podcast/patrick-boyle-on-finance/id1547740313Google Podcasts: https://tinyurl.com/62862nveJoin this channel to support making this content:https://www.youtube.com/channel/UCASM0cgfkJxQ1ICmRilfHLw/join Learn more about your ad choices. Visit megaphone.fm/adchoices

America’s Tax on Foreign Investors - Section 899

40 min

Enjoy 15% off all Hoverpens for the first 48 hours and a 10% offer after! You can also get a FREE shipping to most countries using my code PATRICK➡️ North America / UK / Australia / International: http://bit.ly/patrickb_novium➡️ EU: http://bit.ly/patrickb_noviumeuAs the Senate decides on Donald Trump’s One Big Beautiful Budget, a lesser-known provision tucked into the House-approved bill has drawn attention from Wall Street.The measure, known as Section 899, would allow the U.S. to add a new tax of up to 20% on foreigners with U.S. investments, including multinational companies operating in the U.S.Some analysts call the provision a “revenge tax” due to its wording. It would apply to foreign entities if their home country imposes “unfair foreign taxes” against U.S. companies, according to the bill. Patrick's Books:Statistics For The Trading Floor: https://amzn.to/3eerLA0Derivatives For The Trading Floor: https://amzn.to/3cjsyPFCorporate Finance: https://amzn.to/3fn3rvC Ways To Support The ChannelPatreon: https://www.patreon.com/PatrickBoyleOnFinanceBuy Me a Coffee: https://www.buymeacoffee.com/patrickboyleVisit our website: https://www.onfinance.orgFollow Patrick on Twitter Here: https://bsky.app/profile/pboyle.bsky.socialBusiness Inquiries ➡️ sponsors@onfinance.orgPatrick Boyle On Finance Podcast:Spotify: https://open.spotify.com/show/7uhrWlDvxzy9hLoW0EYf0bApple: https://podcasts.apple.com/us/podcast/patrick-boyle-on-finance/id1547740313Google Podcasts: https://tinyurl.com/62862nveJoin this channel to support making this content:https://www.youtube.com/channel/UCASM0cgfkJxQ1ICmRilfHLw/join Learn more about your ad choices. Visit megaphone.fm/adchoices

Tax The Rich?

28 min

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How High Are Private Equity Returns?

38 min

FlexiSpot’s Fall Sale is here, up to 50% OFF! Don’t miss your last chance to save big this season! Use my exclusive code "YTE7P50” to get an extra $50 off on E7 pro, E7 plus, and E7L. FlexiSpot also have ""100% Free Orders"" on Sep 29th, 9:00 PM PST!!! FlexiSpot E7L Standing Desk:https://bit.ly/3Zvw58p (US)https://bit.ly/3BeQa8S (CA)In a recent CNBC interview Tony Robbins extolled the virtues of investing in private equity, arguing that private equity provided high returns – with low risk. Is he right? Should everyone invest in Private Equity?Here is a link to the full CNBC video: https://www.youtube.com/watch?v=DWZ67Cx1zm8Patrick's Books:Statistics For The Trading Floor: https://amzn.to/3eerLA0Derivatives For The Trading Floor: https://amzn.to/3cjsyPFCorporate Finance: https://amzn.to/3fn3rvC Ways To Support The ChannelPatreon: https://www.patreon.com/PatrickBoyleOnFinanceBuy Me a Coffee: https://www.buymeacoffee.com/patrickboyleFurther Reading:An Inconvenient Fact: Private Equity Returns & The Billionaire Factory: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3623820A Bottom-Up Approach to the Risk-Adjusted Performance of the Buyout Fund Market: https://www.tandfonline.com/doi/pdf/10.2469/faj.v72.n4.1#:Cliff Asness – Volatility Laundering: https://www.institutionalinvestor.com/article/2bstqfcskz9o72ospzlds/opinion/why-does-private-equity-get-to-play-make-believe-with-pricesMark Anson Paper: https://www.jstor.org/stable/43503783Aswath Damodaran Slides: https://pages.stern.nyu.edu/~adamodar/pdfiles/eqnotes/privateequity.pdfMSCI Leverage in Private Equity: https://www.msci.com/www/blog-posts/leverage-in-private-equity-what/04942552461#:~:text=Leverage%20can%20be%20a%20key,improvements%20rather%20than%20financial%20engineering.Visit our website: https://www.onfinance.orgFollow Patrick on Twitter Here: https://twitter.com/PatrickEBoyleBusiness Inquiries ➡️ sponsors@onfinance.orgPatrick Boyle On Finance Podcast:Spotify: https://open.spotify.com/show/7uhrWlDvxzy9hL...

Lordstown Motors Executives Sold Shares before Bad News Broke! $RIDE

15 min

Lordstown Motors Insider Trading Scandal.Members of the leadership team at Lordstown Motors appear to have sold large amounts of company stock just before reports of various troubles at the company became public. Five top Lordstown executives—including president Rich Schmidt, now former chief financial officer Julio Rodriguez, and propulsion head Chuan "John" Vo—sold some of their shares worth a total of more than $8 million in early February when the stock was worth around $24 a share. Today, it's worth around $10.Lordstown disclosed in their most recent regulatory filing that they may not have the cash to get their debut pickup truck to market -- and might not last as a company over the next 12 months if they can’t raise more more capital. Lordstowns CEO Steve Burns announced during the company’s first-quarter earnings call last month that the endurance which is still undergoing development would not be completed if the company did not raise more money.“The company’s ability to continue as a going concern is dependent on its ability to complete the development of its electric vehicles, obtain regulatory approval, begin commercial scale production and launch the sale of such vehicles,” the filing said. “The company believes that its current level of cash and cash equivalents are not sufficient to fund commercial scale production and the launch of sale of such vehicles.”Patrick's Books:Statistics For The Trading Floor: https://amzn.to/3eerLA0Derivatives For The Trading Floor: https://amzn.to/3cjsyPFCorporate Finance: https://amzn.to/3fn3rvC Patreon Page: https://www.patreon.com/PatrickBoyleOnFinanceVisit our website: https://www.onfinance.orgFollow Patrick on Twitter Here: https://twitter.com/PatrickEBoylePatrick Boyle On Finance Podcast:Spotify: https://open.spotify.com/show/7uhrWlDvxzy9hLoW0EYf0bApple: https://podcasts.apple.com/us/podcast/patrick-boyle-on-finance/id1547740313Google Podcasts: https://tinyurl.com/62862nveJoin this channel to support making this con...

Why Are Birthrates Plummeting Worldwide?

35 min

Go to https://ground.news/pb to get up to 40% off unlimited access to stay fully informed. Subscribe through my link this month for 40% off unlimited access. Birth rates are plummeting worldwide – and while this might seem like nothing new – as it has been the case in developed countries for quite some time. The thing that is interesting is that we are seeing declining birth rates everywhere and the standard explanations that you have heard in the past don’t really hold up.Patrick's Books:Statistics For The Trading Floor: https://amzn.to/3eerLA0Derivatives For The Trading Floor: https://amzn.to/3cjsyPFCorporate Finance: https://amzn.to/3fn3rvC Ways To Support The ChannelPatreon: https://www.patreon.com/PatrickBoyleOnFinanceBuy Me a Coffee: https://www.buymeacoffee.com/patrickboyleVisit our website: https://www.onfinance.orgFollow Patrick on Twitter Here: https://bsky.app/profile/pboyle.bsky.socialBusiness Inquiries ➡️ sponsors@onfinance.orgPatrick Boyle On Finance Podcast:Spotify: https://open.spotify.com/show/7uhrWlDvxzy9hLoW0EYf0bApple: https://podcasts.apple.com/us/podcast/patrick-boyle-on-finance/id1547740313Google Podcasts: https://tinyurl.com/62862nveAlice evans Blog: https://www.ggd.world/p/why-are-chinese-marriages-plummetingGoodhart & Pradhan - The Great Demographic Reversal: https://amzn.to/4iswSgWFT - The Relationship Recession: https://www.ft.com/content/43e2b4f6-5ab7-4c47-b9fd-d611c36dad74FT - The New Global Gender Divide: https://www.ft.com/content/29fd9b5c-2f35-41bf-9d4c-994db4e12998Join this channel to support making this content:https://www.youtube.com/channel/UCASM0cgfkJxQ1ICmRilfHLw/join Learn more about your ad choices. Visit megaphone.fm/adchoices

Applied Portfolio Management - Class 5 - Behavioral Finance

1 hr 47 min

All slides are available on my Patreon page: https://www.patreon.com/PatrickBoyleOnFinanceTodays Class is an introduction to Behavioral Finance.Books MentionedThinking Fast & Slow by Daniel Kahneman https://amzn.to/2UFfz2sMarket Sense & Nonsense by Jack Schwager https://amzn.to/3bwKKDRVictor Haghani Coin Flipping Paper: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2856963Ewan Kirk Paper: https://www.cantabcapital.com/we-think/you-probably-can-t-lose?m=trueBuy Patricks Book Here: https://amzn.to/2J2kF3AVisit our website: www.onfinance.orgFollow Patrick on Twitter Here: https://twitter.com/PatrickEBoyle Learn more about your ad choices. Visit megaphone.fm/adchoices

The Scam of The Century!

23 min

Try out Blinkist for 7 days for FREE plus 25% off a premium membership! https://www.blinkist.com/patrickboyle Thank you Blinkist for sponsoring today's video!Aside from losing over 1.13 million people, the United States is thought to have lost billions of dollars in pandemic relief fund fraud, according to the most recent Associated Press analysis, published this week.The analysis discovered that fraudsters took more than US$280 billion in relief cash, while another $123 billion was lost or misspent.“Combined, the loss represents 10 percent of the $4.2 trillion the U.S. government has so far disbursed in aid,” according to the report.According to the analysis, this was the worst heist in U.S. history, with criminals stealing billions of dollars in government money intended to stabilize an economy in free fall.Patrick's Books:Statistics For The Trading Floor: https://amzn.to/3eerLA0Derivatives For The Trading Floor: https://amzn.to/3cjsyPFCorporate Finance: https://amzn.to/3fn3rvC Ways To Support The ChannelPatreon: https://www.patreon.com/PatrickBoyleOnFinanceBuy Me a Coffee: https://www.buymeacoffee.com/patrickboyleVisit our website: www.onfinance.orgFollow Patrick on Twitter Here: https://twitter.com/PatrickEBoylePatrick Boyle On Finance Podcast:Spotify: https://open.spotify.com/show/7uhrWlDvxzy9hLoW0EYf0bApple: https://podcasts.apple.com/us/podcast/patrick-boyle-on-finance/id1547740313Google Podcasts: https://tinyurl.com/62862nveJoin this channel to support making this content:https://www.youtube.com/channel/UCASM0cgfkJxQ1ICmRilfHLw/join Learn more about your ad choices. Visit megaphone.fm/adchoices

Epstein - Follow The Money!

46 min

👉 To try everything Brilliant has to offer for free for a full 30 days, visit https://brilliant.org/patrick/. You’ll also get 20% off an annual premium subscription.Jeffrey Epstein was a college dropout with no formal financial training who amassed a fortune worth hundreds of millions of dollars and mingled with presidents and billionaires. Drawing on court records and media investigations we trace where Epstein's money came from and what happened to it? From his first job as a high school teacher to involvement in a Ponzi scheme, secretive offshore firms, and powerful clients like Les Wexner and Leon Black. As conspiracy theories swirl and official narratives shift, one question remains unanswered: where did Epstein's money actually come from?Patrick's Books:Statistics For The Trading Floor: https://amzn.to/3eerLA0Derivatives For The Trading Floor: https://amzn.to/3cjsyPFCorporate Finance: https://amzn.to/3fn3rvC Ways To Support The ChannelPatreon: https://www.patreon.com/PatrickBoyleOnFinanceBuy Me a Coffee: https://www.buymeacoffee.com/patrickboyleVisit our website: https://www.onfinance.orgFollow Patrick on Twitter Here: https://bsky.app/profile/pboyle.bsky.socialBusiness Inquiries ➡️ sponsors@onfinance.orgPatrick Boyle On Finance Podcast:Spotify: https://open.spotify.com/show/7uhrWlDvxzy9hLoW0EYf0bApple: https://podcasts.apple.com/us/podcast/patrick-boyle-on-finance/id1547740313Google Podcasts: https://tinyurl.com/62862nveJoin this channel to support making this content:https://www.youtube.com/channel/UCASM0cgfkJxQ1ICmRilfHLw/join Learn more about your ad choices. Visit megaphone.fm/adchoices

Swaps and Credit Derivatives - Revision Lecture

1 hr 6 min

These classes are all based on the book Trading and Pricing Financial Derivatives, available on Amazon at this link. https://amzn.to/2WIoAL0 Check out our website http://www.onfinance.org/Follow Patrick on twitter here: https://twitter.com/PatrickEBoyle Learn more about your ad choices. Visit megaphone.fm/adchoices

Where Have All The Stocks Gone?

23 min

The Private Capital Industry Soars Beyond $7 TrillionOver the past twenty years, the number of companies listed on the US stock market has almost halved. The world’s largest, most liquid public equity market would appear to have lost its shine.Institutional investors have been piling into private markets instead, in particular venture capital, private equity and private debt. The Financial Times reported last week that the size of the private capital industry has now reached $7.4tn, fifteen times the size it was in 2000. The industry is expected to reach $13tn in the next four years. On top of this, a boom in share buybacks, where companies purchase their own stock as an alternative to paying dividends, has further reduced the number of shares outstanding from the remaining public companies. Historically low interest rates have compounded the trend, tempting companies to raise cheap debt rather than to sell equity.So what has happened to all of the stocks and what should investors do?Steven Davidoff Solomon Paper https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2400488&rec=1&srcabs=2310441&alg=1&pos=6Private Equity: The Emperor Has No Clothes By Nicolas Rabener: https://blogs.cfainstitute.org/investor/2018/12/03/private-equity-the-emperor-has-no-clothes/Patrick's Books:Statistics For The Trading Floor: https://amzn.to/3eerLA0Derivatives For The Trading Floor: https://amzn.to/3cjsyPFCorporate Finance: https://amzn.to/3fn3rvC Patreon Page: https://www.patreon.com/PatrickBoyleOnFinanceVisit our website: www.onfinance.orgFollow Patrick on Twitter Here: https://twitter.com/PatrickEBoylePatrick Boyle On Finance Podcast:Spotify: https://open.spotify.com/show/7uhrWlDvxzy9hLoW0EYf0bApple: https://podcasts.apple.com/us/podcast/patrick-boyle-on-finance/id1547740313Google Podcasts: https://tinyurl.com/62862nveJoin this channel to support making this content:https://www.youtube.com/channel/UCASM0cgfkJxQ1ICmRilfHLw/join Learn more about your ad choices. Visit megaphone.fm/adch...

How to Lose a Global AI Monopoly in One Afternoon

38 min

🚀 Streamline your entire business with Odoo! The all-in-one, easy-to-use ERP platform that centralizes, automates, and scales your operations from sales and accounting to inventory and eCommerce 📈⚙️. Try out Odoo for 15 days (no credit card required) 👉🏻 https://www.odoo.com/r/N0SLast week, shortly after Anthropic launched its most powerful AI models, the U.S. government imposed export controls restricting foreign nationals from accessing them - and rather than try to verify the citizenship of every user on the planet within ninety minutes, Anthropic shut the models down for everyone. In this video we look at what actually happened: the Commerce Department's "is informed" letter, the deemed-export rules that locked Anthropic's own engineers out of their work, the claim that the "national security threat" was essentially an AI fixing software bugs, and the awkward detail that the partner who reported it was Amazon - Anthropic's largest backer and a direct competitor. We also dig into why all of this matters for Anthropic's near-trillion-dollar valuation, the winner-takes-all assumptions behind frontier AI, the rise of cheap open-source Chinese models, and whether there's really any such thing as a monopoly on math.Patrick's Books:Statistics For The Trading Floor: https://amzn.to/3eerLA0Derivatives For The Trading Floor: https://amzn.to/3cjsyPFCorporate Finance: https://amzn.to/3fn3rvC Ways To Support The ChannelPatreon: https://www.patreon.com/PatrickBoyleOnFinanceBuy Me a Coffee: https://www.buymeacoffee.com/patrickboyleVisit our website: https://www.onfinance.orgFollow Patrick on Twitter Here: https://bsky.app/profile/pboyle.bsky.socialBusiness Inquiries ➡️ sponsors@onfinance.orgPatrick Boyle On Finance Podcast:Spotify: https://open.spotify.com/show/7uhrWlDvxzy9hLoW0EYf0bApple: https://podcasts.apple.com/us/podcast/patrick-boyle-on-finance/id1547740313Google Podcasts: https://tinyurl.com/62862nveJoin this channel to support making this content:https://www.youtub...

A Mistake To Avoid!

18 min

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Elon Musk Admits DOGE Was a Failure!

44 min

Thank you to Bilt for sponsoring this video! Start earning rewards on rent right now when you sign up at https://biltrewards.yt.link/MtRNXADDOGE promised to cut $2 trillion from the U.S. budget. Instead, it delivered chaos, memes, and a black eye—literally. In this video, we unpack Elon Musk’s candid post-mortem on the Department of Government Efficiency, why the savings never showed up, and how the “Manhattan Project of our time” turned into a bottle rocket. From the Wall of Receipts to the IRS meltdown and USAID’s woodchipper moment, we follow the money (and the missing billions) using Treasury data, Brookings analysis, and some jaw-dropping anecdotes. If you want the truth behind the headlines—and a few laughs along the way—this is the deep dive you’ve been waiting for.Patrick's Books:Statistics For The Trading Floor: https://amzn.to/3eerLA0Derivatives For The Trading Floor: https://amzn.to/3cjsyPFCorporate Finance: https://amzn.to/3fn3rvC Ways To Support The ChannelPatreon: https://www.patreon.com/PatrickBoyleOnFinanceBuy Me a Coffee: https://www.buymeacoffee.com/patrickboyleVisit our website: https://www.onfinance.orgFollow Patrick on Twitter Here: https://bsky.app/profile/pboyle.bsky.socialBusiness Inquiries ➡️ sponsors@onfinance.orgPatrick Boyle On Finance Podcast:Spotify: https://open.spotify.com/show/7uhrWlDvxzy9hLoW0EYf0bApple: https://podcasts.apple.com/us/podcast/patrick-boyle-on-finance/id1547740313Google Podcasts: https://tinyurl.com/62862nveJoin this channel to support making this content:https://www.youtube.com/channel/UCASM0cgfkJxQ1ICmRilfHLw/join Learn more about your ad choices. Visit megaphone.fm/adchoices

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