{"id":118681,"date":"2022-01-18T11:00:00","date_gmt":"2022-01-18T16:00:00","guid":{"rendered":"https:\/\/ibkrcampus.com\/?p=118681"},"modified":"2023-12-28T14:27:02","modified_gmt":"2023-12-28T19:27:02","slug":"traders-insight-radio-ep-3-you-mean-you-dont-have-to-know-anything-to-do-this","status":"publish","type":"post","link":"https:\/\/www.interactivebrokers.com\/campus\/podcasts\/ibkr-podcasts\/traders-insight-radio-ep-3-you-mean-you-dont-have-to-know-anything-to-do-this\/","title":{"rendered":"You Mean You Don\u2019t Have to Know Anything to Do This?"},"content":{"rendered":"\n<p>This week on Traders&#8217; Insight Radio, Steve Sosnick, Chief Strategist at IBKR speaks with Interactive Brokers Group&#8217;s founder Thomas Peterffy. In part one of this two part interview, they cover stories from Thomas&#8217; early trading days and how technology entered the trading floor. <\/p>\n\n\n\n<p><a href=\"\/campus\/traders-insight\/securities\/macro\/traders-insight-radio-ep-4-mr-sosnick-i-do-find-you-increasingly-useless\/\">Click here to listen to part two.<\/a><\/p>\n\n\n\n<p><strong>Options involve risk and are not suitable for all investors. For more information read the Characteristics and Risks of Standardized Options, also known as the options disclosure document (ODD). To receive a copy of the ODD call 312-542-6901 or copy and paste this link into your browser:<\/strong> <a href=\"https:\/\/www.optionsclearing.com\/about\/publications\/character-risks.jsp\">https:\/\/www.optionsclearing.com\/about\/publications\/character-risks.jsp<\/a><\/p>\n\n\n\n<iframe title=\"You Mean You Don\u2019t Have to Know Anything to Do This?\" allowtransparency=\"true\" height=\"150\" width=\"100%\" style=\"border: none; min-width: min(100%, 430px);\" scrolling=\"no\" data-name=\"pb-iframe-player\" src=\"https:\/\/www.podbean.com\/player-v2\/?i=qrsqu-11b63cc-pb&amp;from=pb6admin&amp;share=1&amp;download=1&amp;rtl=0&amp;fonts=Arial&amp;skin=1b1b1b&amp;font-color=ffffff&amp;btn-skin=c73a3a\"><\/iframe>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"transcript-traders-insight-radio-ep-3-you-mean-you-don-t-have-to-know-anything-to-do-this\">Transcript -Traders\u2019 Insight Radio Ep. 3: You Mean You Don\u2019t Have to Know Anything to Do This?<\/h2>\n\n\n\n<p><em>The following is a summary of a live audio recording and may contain errors in spelling or grammar.&nbsp; Although IBKR has edited for clarity no material changes have been made.<\/em><\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"steve\"><strong>Steve<\/strong><\/h3>\n\n\n\n<p>Good&nbsp;morning&nbsp;everybody.&nbsp;Thanks for&nbsp;tuning&nbsp;into Traders Insight Radio.&nbsp; I want to welcome the founder and chairman of Interactive Brokers, someone whose name should be instantly familiar to everybody.&nbsp;<\/p>\n\n\n\n<p>Mr&nbsp;Thomas&nbsp;Peterffy.&nbsp; is joining us today from Sunny Florida, while I am in snowy Greenwich CT.&nbsp; Good&nbsp;morning&nbsp;Thomas.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"thomas\"><strong>Thomas&nbsp;<\/strong><\/h3>\n\n\n\n<p>Good morning, Steve.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"steve-1\"><strong>Steve<\/strong><\/h3>\n\n\n\n<p>One of the things that I\u2019ve been so curious about is you\u2019ve been in the markets since the early \u201870s and markets have changed\u2026<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"thomas-1\"><strong>Thomas&nbsp;<\/strong><\/h3>\n\n\n\n<p>I&nbsp;actually got&nbsp;my job as a commodities trading firm in 1969.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"steve-2\"><strong>Steve<\/strong><\/h3>\n\n\n\n<p>Ah OK, sorry I was dating it from the time you started on the Amex.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"thomas-2\"><strong>Thomas&nbsp;<\/strong><\/h3>\n\n\n\n<p>Oh no, so I got my job in 1969 as a computer programmer and that\u2019s was&nbsp;the time when I&nbsp;first heard&nbsp;about put and call options.&nbsp; I soon acquired a friend who worked for an&nbsp;over-the-counter&nbsp;dealer because in those days put and call options were not listed yet.<\/p>\n\n\n\n<p>So, I had this friend who worked for an&nbsp;over the counter&nbsp;options dealer and he told me one day that you know there are these people who buy these options and often before they&nbsp;expire&nbsp;they&nbsp;want to&nbsp;get out of them and he said some of them are very good buys and you should&nbsp;look into&nbsp;them.&nbsp;<\/p>\n\n\n\n<p>And I thought that\u2019s interesting, but I had no idea how to tell whether it\u2019s a good buy or not.&nbsp; So,&nbsp;I started to think about how to value these,&nbsp;at&nbsp;that time, mostly in the money call options.&nbsp; And I eventually came up with a formula&nbsp;and I&nbsp;programmed.&nbsp;<\/p>\n\n\n\n<p>I had a little home&nbsp;computer,&nbsp;and I programmed the computer with the formula. I could just put in the strike and the&nbsp;volatility&nbsp;and the expiration and it would give me the price.&nbsp;<\/p>\n\n\n\n<p>So that\u2019s how I came to fall in love with options. You know, they were done in \u201873. The options were listed in Chicago on stocks and in \u201875 on the Amex. And the Amex added put options to their goals in \u201877 and that I couldn\u2019t stand it anymore.&nbsp;<\/p>\n\n\n\n<p>So,&nbsp;I just quit my job and went down to the floor of the American stock exchanges and market maker in options.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"steve-3\"><strong>Steve<\/strong><\/h3>\n\n\n\n<p>That\u2019s great.&nbsp;Now your model probably predates Black Scholes.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"thomas-3\"><strong>Thomas&nbsp;<\/strong><\/h3>\n\n\n\n<p>Well, I don\u2019t know.&nbsp; Strangely enough I didn\u2019t know about Black Scholes at all and on the Amex nobody else knew about any option model either.&nbsp;So,&nbsp;I was basically the only one there having my calculations.&nbsp;So&nbsp;every morning I went down with a printed&nbsp;sheet of&nbsp;various stock prices and the corresponding equivalent option prices.&nbsp;<\/p>\n\n\n\n<p>And&nbsp;so&nbsp;I went from crowd to crowd and&nbsp;trying&nbsp;to look for options that looked interesting and that\u2019s what I did.&nbsp;And then eventually I had an&nbsp;accident,&nbsp;and I couldn\u2019t stand on the floor and I also wanted to&nbsp;make&nbsp;the&nbsp;operation bigger.&nbsp; And that\u2019s when I decided to basically build a computer program and acquired a chip that was able to interpret the electronic impulses from the electronic ticker.&nbsp;<\/p>\n\n\n\n<p>And I engineered that into the home computer. And so I had always up to date option prices&nbsp;in&nbsp;the computer.&nbsp;So&nbsp;I built a program that continuously was cycling through these prices and settled on option spreads that there seemed to be out of&nbsp;whack. The program would print out those spreads and&nbsp;now&nbsp;all we needed&nbsp;were&nbsp;members &#8212; exchange member employees who to whom we could convey those spread orders and they would go to the specialist and&nbsp;try to get them done.<\/p>\n\n\n\n<p>But the specialist &#8212; I remembered from my floor days on the floor that the specialist really doesn\u2019t want to pay attention to you except if you have something to do that he would really love to do. So, I know what to do and finally I came out with this ingenious idea that I would hire attractive young women to put them on the floor as members, and that\u2019s what I did.&nbsp;<\/p>\n\n\n\n<p>And lo and behold, the specialists were suddenly always paying attention to what the women wanted to do, and they didn\u2019t really have to know anything.&nbsp;<\/p>\n\n\n\n<p>But we put them through a&nbsp;two week&nbsp;course to teach them and then they became members of the exchange and we put them on these seats.&nbsp;<\/p>\n\n\n\n<p>I had exactly 4 women at this point and one day I was going out for dinner with a friend of mine in a restaurant on the Upper East Side.&nbsp;And we walk into this restaurant and there are three people sitting there that my friend knew, three men who are all in show business and they invited us to sit with them, which we did.<\/p>\n\n\n\n<p>So one of the guys, his name was Aaron Russo.&nbsp;He was at that time, Bette Midler\u2019s manager, and this was in 1982 &#8212; \u201882 or \u201883. I think \u201982.&nbsp; He was Bette Midler\u2019s manager and he was also dabbling in movies.&nbsp;And the other fellow sat next to him was a&nbsp;black&nbsp;man by the name of Melvin Van Peebles.&nbsp;And there were one or two other guys. So we sat down and after a while Aaron&nbsp;turns&nbsp;to me and he&nbsp;said. So&nbsp;what do you do?&nbsp;<\/p>\n\n\n\n<p>And I tried to explain to him what I&nbsp;do,&nbsp;and he says you mean that these women don\u2019t really have to know what they are doing? &nbsp;They don\u2019t know if they haven\u2019t had years of experience?&nbsp;And I said no.&nbsp;No, they just tell them on the phone what they&nbsp;want to&nbsp;do and they go in there and they do it.<\/p>\n\n\n\n<p>He&nbsp;says&nbsp;\u201cyou mean anybody could do this?\u201d&nbsp;I said&nbsp;well&nbsp;theoretically anybody could do this.&nbsp;So&nbsp;he puts his hands on Melvin\u2019s shoulders and he says, \u201cyou mean, Melvin here, who&nbsp;I was sitting next to, could do it just as well?\u201d&nbsp;<\/p>\n\n\n\n<p>And I&nbsp;said\u2026&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"steve-4\"><strong>Steve<\/strong><\/h3>\n\n\n\n<p>I\u2019ll interrupt for one second just to say that Melvin, for the listeners who don\u2019t know who Melvin Van Peebles&nbsp;is or was, he&nbsp;passed away.&nbsp;He was an independent film director.&nbsp;He had some&nbsp;success with some of what they now called \u201cBlaxploitation\u201d movies.&nbsp;But at this point it was a&nbsp;couple&nbsp;years after that.&nbsp;So&nbsp;he had some name recognition, sorry.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"thomas-4\"><strong>Thomas&nbsp;<\/strong><\/h3>\n\n\n\n<p>Well, I don\u2019t know how much&nbsp;recognition&nbsp;yet because I had never heard of him.&nbsp;But subsequently I found out that he indeed made a couple of movies in which he starred.&nbsp;So anyway, he said you mean Melvin here could do this and I said, yeah, I think he could.&nbsp;He says, \u201cYou know what, I\u2019ll make you a $10,000 bet\u201d.&nbsp; In those days, $10,000 was like $50,000 today.&nbsp; So&nbsp;it was something and I said, \u201cWell, ok, $10,000\u201d and he said. \u201cWell, you hire&nbsp;Melvin,&nbsp;and he&nbsp;works&nbsp;for you for a year and if you can sustain him for a year I&nbsp;pay&nbsp;you $10,000.\u201d<\/p>\n\n\n\n<p>And so I&nbsp;hired&nbsp;Melvin&nbsp;and he went through our&nbsp;two week&nbsp;training course and then we sent him down to the floor and&nbsp;he was a very charming guy.&nbsp;Everybody loved him and many people of course knew about the movie he made, and so he was very&nbsp;popular&nbsp;and he did a fantastic job and.&nbsp;<\/p>\n\n\n\n<p>A year later, Aaron, I got together and&nbsp;he says, \u201cWell, you know, Melvin is done here and we\u2019re ready for him to do something else. But here is the $10,000.\u201d And I said, well, thank you very much.&nbsp;And that was it.&nbsp;And then, about a year later, suddenly Aaron comes out with this movie called \u201cTrading Places.\u201d&nbsp;So that\u2019s where he really made his $10,000 back many, many, many, many times.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"steve-5\"><strong>Steve<\/strong><\/h3>\n\n\n\n<p>You told me this story recently after we did our first podcast, and I was hysterical.&nbsp;I hope the listeners enjoy it.&nbsp;Let me just clarify for the listeners: #1 the bet was not $1.00 as it was in the movie.&nbsp;It was a substantial amount of money. And #2, there was no insider trading involved as there was in the movie just a very good model.&nbsp;<\/p>\n\n\n\n<p>Let me let&nbsp;me clarify that. It\u2019s obviously dramatic license.&nbsp;<\/p>\n\n\n\n<p>That so I want to be clear not to paint you as the villain here. This is just a great story.&nbsp;Since so much has changed in the business over time, much of it&nbsp;as a result of&nbsp;technological changes that you were behind, what do you still see as being the same?&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"thomas-5\"><strong>Thomas&nbsp;<\/strong><\/h3>\n\n\n\n<p>Well, everything is basically&nbsp;exactly the same, it just happens much quicker. The price&nbsp;differences are which&nbsp;we&nbsp;negotiate for&nbsp;are much smaller.&nbsp;So&nbsp;in those days, you know whether an option&nbsp;cost\u2026first of all&nbsp;options were trading in eights and quarters, not in pennies, so you know the minimum bid offer spread was an eighth and then&nbsp;later on&nbsp;it went to a&nbsp;sixteenth&nbsp;and then went to a nickel and then went down to 1 cent.&nbsp;<\/p>\n\n\n\n<p>So,&nbsp;option commissions&nbsp;where&nbsp;something like 30\u2026the lowest was $30 a contract and then it went on.&nbsp;And some brokers were charging $200 in commission per contract, so it was completely different.&nbsp;For that reason, and because there was chaos on the floors all the time because the rules called for time and price priority, but nobody knew who came first and what is the best price.<\/p>\n\n\n\n<p>So that\u2019s why I kept pushing for automation,&nbsp;but the specialists basically didn\u2019t want to hear about&nbsp;that,&nbsp;and the floor members didn\u2019t want to hear about it because they figured that they made most of their money&nbsp;on&nbsp;the chaos.&nbsp;<\/p>\n\n\n\n<p>Because nobody knew what was going on, so it was easy to change and&nbsp;eighth&nbsp;here and there and scam.&nbsp;<\/p>\n\n\n\n<p>And my point was always but look guys, we could do 10 times or 100 times as many trades, even though we would make much less money on each contract. But they somehow didn\u2019t see it that way. And&nbsp;indeed&nbsp;we needed a&nbsp;new generation of people who were more technologically oriented to finally&nbsp;start&nbsp;to adopt electronic technology to trading.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"steve-6\"><strong>Steve<\/strong><\/h3>\n\n\n\n<p>And&nbsp;therein lies, I guess, what allowed the change.&nbsp;You&nbsp;mentioned the $10,000 was worth 50 today.&nbsp;You started with about $200,000, which is just under $1,000,000 today and within about six years you were&nbsp;the probably&nbsp;the largest market maker around.&nbsp;Was this the result strictly of your better technology and&nbsp;better-looking&nbsp;women or&nbsp;was\u2026?<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"thomas-6\"><strong>Thomas&nbsp;<\/strong><\/h3>\n\n\n\n<p>Well, no, it was.&nbsp;It was strictly the idea.&nbsp;So&nbsp;my idea was always that given that I know what the number should be, and nobody else did, I could\u2026I was more certain that my numbers were right so I could bid a little bit higher and offer a little bit lower than my competitors because I knew exactly the price which was between my bid and offer.&nbsp;And I trusted it.&nbsp;<\/p>\n\n\n\n<p>So&nbsp;basically I was competing on price.&nbsp;And that is basically still true today, so I know lower transaction&nbsp;cost&nbsp;people are all \u2026 the fact of the matter is that if you pay high transaction costs eventually you will lose money even if you happen to be right most of the time.&nbsp;<\/p>\n\n\n\n<p>So&nbsp;you&nbsp;need very,&nbsp;very&nbsp;low transaction costs&nbsp;in order to&nbsp;make money, and that\u2019s what we have always believed.&nbsp;And that\u2019s what we always built on.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"steve-7\"><strong>Steve<\/strong><\/h3>\n\n\n\n<p>And&nbsp;so&nbsp;build&nbsp;a better mousetrap is part of it and the other part being if you want more of something, make it cheaper.&nbsp;Make it free.&nbsp;<\/p>\n\n\n\n<p>We all know that there were various crises in the markets&nbsp;in&nbsp;the time you\u2019ve been involved.&nbsp;Which do you&nbsp;figure have been the biggest, most dangerous ones and&nbsp;how did you avoid the pitfall?<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"thomas-7\"><strong>Thomas&nbsp;<\/strong><\/h3>\n\n\n\n<p>Well, obviously the&nbsp;greatest crisis I remember was the \u201887&nbsp;crash.&nbsp;The problem was that, you see, people didn\u2019t realize &#8212; and&nbsp;often still today they do not realize &#8212; that when you sell something short, there is no limit.&nbsp;That if you&nbsp;have to&nbsp;close it out, a potential seller can charge you [anything] if he doesn\u2019t have competitors, and in the \u201887 crash things were so chaotic and many people were basically bankrupt. And their clearing brokers we\u2019re forcing them to cover.&nbsp;<\/p>\n\n\n\n<p>As a matter of fact, the clearing brokers often send down their own brokers to take over the position and cover it. &nbsp;I&nbsp;never forget&nbsp;this this&nbsp;situation, in which there was [something] that fell\u2026somebody was short just five puts, just five put contracts on a $25 stock.&nbsp;<\/p>\n\n\n\n<p>And the broker had to cover the contracts and he&nbsp;comes&nbsp;and he&nbsp;says&nbsp;where can I buy five of these? And he said $25 for a $25&nbsp;stock.&nbsp;<\/p>\n\n\n\n<p>So&nbsp;nobody said&nbsp;anything&nbsp;and he said OK, $25. Nobody said it. See, he said $30. Nobody said&nbsp;anything\u2026$35.&nbsp;Finally, somebody sold him that the&nbsp;five contracts at $40.00 each on a $25 stock. The five puts.&nbsp;<\/p>\n\n\n\n<p>So&nbsp;the&nbsp;issue is that when you are short an option&nbsp;and&nbsp;there is complete chaos, there is no rational price at which it\u2019s available to you in the chaos. And that was that is the same story with basically GameStop when it went to $500.<\/p>\n\n\n\n<p>So shorting things is&nbsp;when there isn\u2019t an exact offset that you can guarantee to be able to lay your hands on.&nbsp;That\u2019s a very dangerous game.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"steve-8\"><strong>Steve<\/strong><\/h3>\n\n\n\n<p>Yeah, I know.&nbsp;And one thing I\u2019ve learned that was I had just started in the business at that&nbsp;point&nbsp;and I remember being in the morning meeting at Salomon Brothers at the time and they had said basically the specialist system was broke.&nbsp;The clearing firms were hanging on by a thread and that was later what got them as you know, let\u2019s say the first of the massive liquidity injections from the Fed. Which I guess is a topic for a later podcast.&nbsp;<\/p>\n\n\n\n<p>But that lesson stuck with everybody. And I know that when we were trading options, the model was set up to never be short disaster puts basically for that for that reason.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"thomas-8\"><strong>Thomas&nbsp;<\/strong><\/h3>\n\n\n\n<p>At least at our firm.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"steve-9\"><strong>Steve<\/strong><\/h3>\n\n\n\n<p>Yes, no, no.&nbsp;I&nbsp;can\u2019t speak&nbsp;for&nbsp;others.&nbsp;<\/p>\n\n\n\n<p>I know what we did and that was never be short disaster puts and it&nbsp;paid off a lot of times too as I saw it in action.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"thomas-9\"><strong>Thomas&nbsp;<\/strong><\/h3>\n\n\n\n<p>And we lost money on it, but&nbsp;overall, we always made sure that we\u2019ll be&nbsp;alive&nbsp;and we will never default on anybody.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"steve-10\"><strong>Steve<\/strong><\/h3>\n\n\n\n<p>Yeah, I think&nbsp;back to the&nbsp;to the&nbsp;long term&nbsp;Capital Management crisis.&nbsp;You know and even though we had done nothing wrong and even though we had the disaster puts, the LEAPS were getting marked against us and that was a fairly hairy time not of our own making. And we had the right position, and even&nbsp;then\u2026<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"thomas-10\"><strong>Thomas&nbsp;<\/strong><\/h3>\n\n\n\n<p>That\u2019s right, I mean, even in the \u201887 crash we had the situation where we are making markets and options on all the US exchanges, and one of the exchanges that traded index options was at that time&nbsp;the New&nbsp;York Stock Exchange futures exchange, called the NYFE.<\/p>\n\n\n\n<p>They traded index options on stocks, the NYSE NYFE&nbsp;index.&nbsp;And they were basically commodities, so they weren\u2019t cleared by the Options Clearing Corporation.&nbsp;They were cleared by a subsidiary of the Options Clearing Corporation called NYFE clearing.<\/p>\n\n\n\n<p>So it just so happens that we while we were long delta in stock options, we were short delta on the NYFE. So while we had huge losses on the crash, we had huge losses on the stock options, we had more than offsetting gains on the futures exchange.&nbsp;Here comes the problem.&nbsp;<\/p>\n\n\n\n<p>The OCC came to collect the losses at 9:00 AM and was paying the gains at 10:00 AM.&nbsp;And&nbsp;so&nbsp;we said, we can\u2019t pay the losses.&nbsp;And they said, well, if you can\u2019t pay the losses, you are in trouble.&nbsp;<\/p>\n\n\n\n<p>We&nbsp;have to&nbsp;close you down. I said, why don\u2019t pay yourself.&nbsp;You have bones among the short&nbsp;positions. They said, well, you\u2019re not authorized to do that because there are new rules.&nbsp;So&nbsp;for three days we were suspended and after the&nbsp;third day, the FCC gave OCC&nbsp;a special&nbsp;permission to pay itself on our behalf from one pocket to the other, and so that was a very tricky time.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"steve-11\"><strong>Steve<\/strong><\/h3>\n\n\n\n<p>Let me just ask this, this is more of a personal question.&nbsp;Have you ever thought of writing an autobiography?&nbsp;I\u2019m happy to get these stories for our podcast, but have you ever thought of putting them down?&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"thomas-11\"><strong>Thomas&nbsp;<\/strong><\/h3>\n\n\n\n<p>Oh, of course I will.&nbsp;One day when&nbsp;I will&nbsp;have nothing to&nbsp;do,&nbsp;I will do it.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"steve-12\"><strong>Steve<\/strong><\/h3>\n\n\n\n<p>Fair enough, I&nbsp;don\u2019t know when that day will happen because clearly&nbsp;you\u2019ve been engaged day-to-day.&nbsp;You\u2019ve stepped back from the CEO role and as you said in your message to the firm, the New Year\u2019s message, you\u2019ve been nothing but pleased with that.&nbsp;Any comments you want to make about transitioning away from&nbsp;CEO?&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"thomas-12\"><strong>Thomas&nbsp;<\/strong><\/h3>\n\n\n\n<p>I mean, yeah, I&nbsp;mean it\u2019s wonderful because Milan [Galik, CEO] basically takes&nbsp;all the&nbsp;things that I had.&nbsp;I was beginning to have difficulty keeping everything in my head.&nbsp;<\/p>\n\n\n\n<p>You know, as you grow older, it becomes a little more difficult, and so it\u2019s wonderful that that he is incredibly competent.&nbsp;And we can all rely on his&nbsp;leadership&nbsp;and I can contribute wherever I can.&nbsp;And I still work 8-9 hours a day, seven days a week and I love it. But I don\u2019t have to take care of everything.&nbsp;It\u2019s a great need.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"steve-13\"><strong>Steve<\/strong><\/h3>\n\n\n\n<p>For someone who\u2019s as engaged as you, that sort of counts as retirement, I guess to a certain extent.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"thomas-13\"><strong>Thomas&nbsp;<\/strong><\/h3>\n\n\n\n<p>Right.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Yesterday we re-ran a piece that deconstructed the classic movie &#8220;Trading Places.&#8221;  Today we highlight a podcast featuring IBKR&#8217;s Chairman and Founder, Thomas Peterffy, where he highlighted his role in the movie&#8217;s creation.<\/p>\n","protected":false},"author":4,"featured_media":119386,"comment_status":"closed","ping_status":"open","sticky":true,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[14700,10842,18,6,19,13857,8,9,26,3],"tags":[637,452,6596],"contributors-categories":[13576],"class_list":{"0":"post-118681","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-ibkr-market-insights","8":"category-ibkr-podcasts","9":"category-macro","10":"category-north-america","11":"category-options","12":"category-podcasts","13":"category-region","14":"category-securities","15":"category-text-articles","16":"category-traders-insight","17":"tag-automation","18":"tag-technology","19":"tag-thomas-peterffy","20":"contributors-categories-interactive-brokers"},"pp_statuses_selecting_workflow":false,"pp_workflow_action":"current","pp_status_selection":"publish","acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.9 (Yoast SEO v27.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>You Mean You Don\u2019t Have to Know Anything to Do This?<\/title>\n<meta name=\"description\" content=\"This week on Traders&#039; Insight Radio, Steve Sosnick, Chief Strategist at IBKR speaks with Interactive Brokers Group&#039;s founder Thomas Peterffy.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.interactivebrokers.com\/campus\/wp-json\/wp\/v2\/posts\/118681\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"You Mean You Don\u2019t Have to Know Anything to Do This? | IBKR Campus US\" \/>\n<meta property=\"og:description\" content=\"This week on Traders&#039; Insight Radio, Steve Sosnick, Chief Strategist at IBKR speaks with Interactive Brokers Group&#039;s founder Thomas Peterffy.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/traders-insight-radio-ep-3-you-mean-you-dont-have-to-know-anything-to-do-this\/\" \/>\n<meta property=\"og:site_name\" content=\"IBKR Campus US\" \/>\n<meta property=\"article:published_time\" content=\"2022-01-18T16:00:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-12-28T19:27:02+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2022\/01\/tir-thomas-ep1b.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1000\" \/>\n\t<meta property=\"og:image:height\" content=\"563\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Steve Sosnick\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Steve Sosnick\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"14 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\n\t    \"@context\": \"https:\\\/\\\/schema.org\",\n\t    \"@graph\": [\n\t        {\n\t            \"@type\": \"NewsArticle\",\n\t            \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/traders-insight\\\/traders-insight-radio-ep-3-you-mean-you-dont-have-to-know-anything-to-do-this\\\/#article\",\n\t            \"isPartOf\": {\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/traders-insight\\\/traders-insight-radio-ep-3-you-mean-you-dont-have-to-know-anything-to-do-this\\\/\"\n\t            },\n\t            \"author\": {\n\t                \"name\": \"Steve Sosnick\",\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#\\\/schema\\\/person\\\/31988d9596575a63ddc53e92049a2549\"\n\t            },\n\t            \"headline\": \"You Mean You Don\u2019t Have to Know Anything to Do This?\",\n\t            \"datePublished\": \"2022-01-18T16:00:00+00:00\",\n\t            \"dateModified\": \"2023-12-28T19:27:02+00:00\",\n\t            \"mainEntityOfPage\": {\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/traders-insight\\\/traders-insight-radio-ep-3-you-mean-you-dont-have-to-know-anything-to-do-this\\\/\"\n\t            },\n\t            \"wordCount\": 3518,\n\t            \"publisher\": {\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#organization\"\n\t            },\n\t            \"image\": {\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/traders-insight\\\/traders-insight-radio-ep-3-you-mean-you-dont-have-to-know-anything-to-do-this\\\/#primaryimage\"\n\t            },\n\t            \"thumbnailUrl\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2022\\\/01\\\/tir-thomas-ep1b.jpg\",\n\t            \"keywords\": [\n\t                \"automation\",\n\t                \"technology\",\n\t                \"Thomas Peterffy\"\n\t            ],\n\t            \"articleSection\": [\n\t                \"IBKR Insights\",\n\t                \"IBKR Podcasts\",\n\t                \"Macro\",\n\t                \"North America\",\n\t                \"Options\",\n\t                \"Podcasts\",\n\t                \"Region\",\n\t                \"Securities\",\n\t                \"Text Articles\",\n\t                \"Traders' Insight\"\n\t            ],\n\t            \"inLanguage\": \"en-US\"\n\t        },\n\t        {\n\t            \"@type\": \"WebPage\",\n\t            \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/traders-insight\\\/traders-insight-radio-ep-3-you-mean-you-dont-have-to-know-anything-to-do-this\\\/\",\n\t            \"url\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/traders-insight\\\/traders-insight-radio-ep-3-you-mean-you-dont-have-to-know-anything-to-do-this\\\/\",\n\t            \"name\": \"You Mean You Don\u2019t Have to Know Anything to Do This? | IBKR Campus US\",\n\t            \"isPartOf\": {\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#website\"\n\t            },\n\t            \"primaryImageOfPage\": {\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/traders-insight\\\/traders-insight-radio-ep-3-you-mean-you-dont-have-to-know-anything-to-do-this\\\/#primaryimage\"\n\t            },\n\t            \"image\": {\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/traders-insight\\\/traders-insight-radio-ep-3-you-mean-you-dont-have-to-know-anything-to-do-this\\\/#primaryimage\"\n\t            },\n\t            \"thumbnailUrl\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2022\\\/01\\\/tir-thomas-ep1b.jpg\",\n\t            \"datePublished\": \"2022-01-18T16:00:00+00:00\",\n\t            \"dateModified\": \"2023-12-28T19:27:02+00:00\",\n\t            \"description\": \"This week on Traders' Insight Radio, Steve Sosnick, Chief Strategist at IBKR speaks with Interactive Brokers Group's founder Thomas Peterffy.\",\n\t            \"inLanguage\": \"en-US\",\n\t            \"potentialAction\": [\n\t                {\n\t                    \"@type\": \"ReadAction\",\n\t                    \"target\": [\n\t                        \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/traders-insight\\\/traders-insight-radio-ep-3-you-mean-you-dont-have-to-know-anything-to-do-this\\\/\"\n\t                    ]\n\t                }\n\t            ]\n\t        },\n\t        {\n\t            \"@type\": \"ImageObject\",\n\t            \"inLanguage\": \"en-US\",\n\t            \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/traders-insight\\\/traders-insight-radio-ep-3-you-mean-you-dont-have-to-know-anything-to-do-this\\\/#primaryimage\",\n\t            \"url\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2022\\\/01\\\/tir-thomas-ep1b.jpg\",\n\t            \"contentUrl\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2022\\\/01\\\/tir-thomas-ep1b.jpg\",\n\t            \"width\": 1000,\n\t            \"height\": 563,\n\t            \"caption\": \"You Mean You Don\u2019t Have to Know Anything to Do This?\"\n\t        },\n\t        {\n\t            \"@type\": \"WebSite\",\n\t            \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#website\",\n\t            \"url\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/\",\n\t            \"name\": \"IBKR Campus US\",\n\t            \"description\": \"Financial Education from Interactive Brokers\",\n\t            \"publisher\": {\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#organization\"\n\t            },\n\t            \"potentialAction\": [\n\t                {\n\t                    \"@type\": \"SearchAction\",\n\t                    \"target\": {\n\t                        \"@type\": \"EntryPoint\",\n\t                        \"urlTemplate\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/?s={search_term_string}\"\n\t                    },\n\t                    \"query-input\": {\n\t                        \"@type\": \"PropertyValueSpecification\",\n\t                        \"valueRequired\": true,\n\t                        \"valueName\": \"search_term_string\"\n\t                    }\n\t                }\n\t            ],\n\t            \"inLanguage\": \"en-US\"\n\t        },\n\t        {\n\t            \"@type\": \"Organization\",\n\t            \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#organization\",\n\t            \"name\": \"Interactive Brokers\",\n\t            \"alternateName\": \"IBKR\",\n\t            \"url\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/\",\n\t            \"logo\": {\n\t                \"@type\": \"ImageObject\",\n\t                \"inLanguage\": \"en-US\",\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#\\\/schema\\\/logo\\\/image\\\/\",\n\t                \"url\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2024\\\/05\\\/ibkr-campus-logo.jpg\",\n\t                \"contentUrl\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2024\\\/05\\\/ibkr-campus-logo.jpg\",\n\t                \"width\": 669,\n\t                \"height\": 669,\n\t                \"caption\": \"Interactive Brokers\"\n\t            },\n\t            \"image\": {\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#\\\/schema\\\/logo\\\/image\\\/\"\n\t            },\n\t            \"publishingPrinciples\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/about-ibkr-campus\\\/\",\n\t            \"ethicsPolicy\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/cyber-security-notice\\\/\"\n\t        },\n\t        {\n\t            \"@type\": \"Person\",\n\t            \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#\\\/schema\\\/person\\\/31988d9596575a63ddc53e92049a2549\",\n\t            \"name\": \"Steve Sosnick\",\n\t            \"description\": \"Steve is the Chief Strategist at Interactive Brokers. He has held numerous roles in the organization since joining Timber Hill, IBKR\u2019s predecessor, in 1995 as Equity Risk Manager and an options market maker. He developed and implemented automated trading strategies for stocks and options before moving into his current role. Steve has guest authored several columns in Barron\u2019s and made numerous live on Bloomberg TV and Radio, CNBC, Yahoo Finance, Fox Business, and several other media outlets in North America, Asia, Australia, and the Middle East in addition to being quoted frequently in print and electronic media. Prior to joining Interactive Brokers, Sosnick held senior trading roles at Morgan Stanley, Lehman Brothers, and Salomon Brothers, where he completed the firm\u2019s famed training program.\",\n\t            \"sameAs\": [\n\t                \"https:\\\/\\\/ibkr.com\"\n\t            ],\n\t            \"url\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/author\\\/steve-sosnick\\\/\"\n\t        }\n\t    ]\n\t}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"You Mean You Don\u2019t Have to Know Anything to Do This?","description":"This week on Traders' Insight Radio, Steve Sosnick, Chief Strategist at IBKR speaks with Interactive Brokers Group's founder Thomas Peterffy.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.interactivebrokers.com\/campus\/wp-json\/wp\/v2\/posts\/118681\/","og_locale":"en_US","og_type":"article","og_title":"You Mean You Don\u2019t Have to Know Anything to Do This? | IBKR Campus US","og_description":"This week on Traders' Insight Radio, Steve Sosnick, Chief Strategist at IBKR speaks with Interactive Brokers Group's founder Thomas Peterffy.","og_url":"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/traders-insight-radio-ep-3-you-mean-you-dont-have-to-know-anything-to-do-this\/","og_site_name":"IBKR Campus US","article_published_time":"2022-01-18T16:00:00+00:00","article_modified_time":"2023-12-28T19:27:02+00:00","og_image":[{"width":1000,"height":563,"url":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2022\/01\/tir-thomas-ep1b.jpg","type":"image\/jpeg"}],"author":"Steve Sosnick","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Steve Sosnick","Est. reading time":"14 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"NewsArticle","@id":"https:\/\/ibkrcampus.com\/campus\/traders-insight\/traders-insight-radio-ep-3-you-mean-you-dont-have-to-know-anything-to-do-this\/#article","isPartOf":{"@id":"https:\/\/ibkrcampus.com\/campus\/traders-insight\/traders-insight-radio-ep-3-you-mean-you-dont-have-to-know-anything-to-do-this\/"},"author":{"name":"Steve Sosnick","@id":"https:\/\/ibkrcampus.com\/campus\/#\/schema\/person\/31988d9596575a63ddc53e92049a2549"},"headline":"You Mean You Don\u2019t Have to Know Anything to Do This?","datePublished":"2022-01-18T16:00:00+00:00","dateModified":"2023-12-28T19:27:02+00:00","mainEntityOfPage":{"@id":"https:\/\/ibkrcampus.com\/campus\/traders-insight\/traders-insight-radio-ep-3-you-mean-you-dont-have-to-know-anything-to-do-this\/"},"wordCount":3518,"publisher":{"@id":"https:\/\/ibkrcampus.com\/campus\/#organization"},"image":{"@id":"https:\/\/ibkrcampus.com\/campus\/traders-insight\/traders-insight-radio-ep-3-you-mean-you-dont-have-to-know-anything-to-do-this\/#primaryimage"},"thumbnailUrl":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2022\/01\/tir-thomas-ep1b.jpg","keywords":["automation","technology","Thomas Peterffy"],"articleSection":["IBKR Insights","IBKR Podcasts","Macro","North America","Options","Podcasts","Region","Securities","Text Articles","Traders' Insight"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/ibkrcampus.com\/campus\/traders-insight\/traders-insight-radio-ep-3-you-mean-you-dont-have-to-know-anything-to-do-this\/","url":"https:\/\/ibkrcampus.com\/campus\/traders-insight\/traders-insight-radio-ep-3-you-mean-you-dont-have-to-know-anything-to-do-this\/","name":"You Mean You Don\u2019t Have to Know Anything to Do This? | IBKR Campus US","isPartOf":{"@id":"https:\/\/ibkrcampus.com\/campus\/#website"},"primaryImageOfPage":{"@id":"https:\/\/ibkrcampus.com\/campus\/traders-insight\/traders-insight-radio-ep-3-you-mean-you-dont-have-to-know-anything-to-do-this\/#primaryimage"},"image":{"@id":"https:\/\/ibkrcampus.com\/campus\/traders-insight\/traders-insight-radio-ep-3-you-mean-you-dont-have-to-know-anything-to-do-this\/#primaryimage"},"thumbnailUrl":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2022\/01\/tir-thomas-ep1b.jpg","datePublished":"2022-01-18T16:00:00+00:00","dateModified":"2023-12-28T19:27:02+00:00","description":"This week on Traders' Insight Radio, Steve Sosnick, Chief Strategist at IBKR speaks with Interactive Brokers Group's founder Thomas Peterffy.","inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/ibkrcampus.com\/campus\/traders-insight\/traders-insight-radio-ep-3-you-mean-you-dont-have-to-know-anything-to-do-this\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/ibkrcampus.com\/campus\/traders-insight\/traders-insight-radio-ep-3-you-mean-you-dont-have-to-know-anything-to-do-this\/#primaryimage","url":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2022\/01\/tir-thomas-ep1b.jpg","contentUrl":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2022\/01\/tir-thomas-ep1b.jpg","width":1000,"height":563,"caption":"You Mean You Don\u2019t Have to Know Anything to Do This?"},{"@type":"WebSite","@id":"https:\/\/ibkrcampus.com\/campus\/#website","url":"https:\/\/ibkrcampus.com\/campus\/","name":"IBKR Campus US","description":"Financial Education from Interactive Brokers","publisher":{"@id":"https:\/\/ibkrcampus.com\/campus\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/ibkrcampus.com\/campus\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/ibkrcampus.com\/campus\/#organization","name":"Interactive Brokers","alternateName":"IBKR","url":"https:\/\/ibkrcampus.com\/campus\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/ibkrcampus.com\/campus\/#\/schema\/logo\/image\/","url":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/05\/ibkr-campus-logo.jpg","contentUrl":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/05\/ibkr-campus-logo.jpg","width":669,"height":669,"caption":"Interactive Brokers"},"image":{"@id":"https:\/\/ibkrcampus.com\/campus\/#\/schema\/logo\/image\/"},"publishingPrinciples":"https:\/\/www.interactivebrokers.com\/campus\/about-ibkr-campus\/","ethicsPolicy":"https:\/\/www.interactivebrokers.com\/campus\/cyber-security-notice\/"},{"@type":"Person","@id":"https:\/\/ibkrcampus.com\/campus\/#\/schema\/person\/31988d9596575a63ddc53e92049a2549","name":"Steve Sosnick","description":"Steve is the Chief Strategist at Interactive Brokers. He has held numerous roles in the organization since joining Timber Hill, IBKR\u2019s predecessor, in 1995 as Equity Risk Manager and an options market maker. He developed and implemented automated trading strategies for stocks and options before moving into his current role. Steve has guest authored several columns in Barron\u2019s and made numerous live on Bloomberg TV and Radio, CNBC, Yahoo Finance, Fox Business, and several other media outlets in North America, Asia, Australia, and the Middle East in addition to being quoted frequently in print and electronic media. Prior to joining Interactive Brokers, Sosnick held senior trading roles at Morgan Stanley, Lehman Brothers, and Salomon Brothers, where he completed the firm\u2019s famed training program.","sameAs":["https:\/\/ibkr.com"],"url":"https:\/\/www.interactivebrokers.com\/campus\/author\/steve-sosnick\/"}]}},"jetpack_featured_media_url":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2022\/01\/tir-thomas-ep1b.jpg","_links":{"self":[{"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/posts\/118681","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/comments?post=118681"}],"version-history":[{"count":0,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/posts\/118681\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/media\/119386"}],"wp:attachment":[{"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/media?parent=118681"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/categories?post=118681"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/tags?post=118681"},{"taxonomy":"contributors-categories","embeddable":true,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/contributors-categories?post=118681"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}