finance
Selling Vol Isn't Free Money: The 3 Numbers That Matter
Everyone knows vol mean-reverts. Almost nobody measures when it's actually rich. Research with formulas, real data and code: IV/HV Premium, IV Rank and Vol-of-Vol.
Recent Research
System 7
System 7 (part 2): we went heads-up, and the exploiter finally got paid
Second entry in the System 7 field diary — our poker agent for dev.fun's Arena: the pivot to heads-up, the node-locking that finally exploits for real, the v1.5 survival engine, and the war stories of running it in production.
System 7
System 7: we taught an AI to exploit poker — and what actually won was something else
A technical field report on building a poker agent for dev.fun's Arena: the heuristic method, LLMs at the table, and the honest results.