{"id":232135,"date":"2025-10-09T12:49:37","date_gmt":"2025-10-09T16:49:37","guid":{"rendered":"https:\/\/ibkrcampus.com\/campus\/?p=232135"},"modified":"2025-10-09T13:02:09","modified_gmt":"2025-10-09T17:02:09","slug":"three-trades-that-changed-everything","status":"publish","type":"post","link":"https:\/\/www.interactivebrokers.com\/campus\/podcasts\/three-trades-that-changed-everything\/","title":{"rendered":"Three Trades That Changed Everything"},"content":{"rendered":"\n<p>From Mark Cuban\u2019s billion-dollar collar to <em>The Big Short<\/em>\u2019s crash puts and Barings Bank\u2019s historic collapse, these are the stories that defined modern trading. Veteran options trader <strong>Mat Cashman<\/strong> joins <strong>Andrew Wilkinson<\/strong> to unpack the strategies, the risks, and the timeless lessons every trader should know.<\/p>\n\n\n\n<figure class=\"wp-block-audio\"><audio controls src=\"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2025\/10\/NEWpod-20251006-occ_final_disclosures_mixdown.mp3\"><\/audio><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-summary-ibkr-podcasts-ep-305\">Summary \u2013 IBKR Podcasts Ep. 305<\/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. Although IBKR has edited for clarity no material changes have been made<\/em>.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-andrew-wilkinson-nbsp\"><strong>Andrew Wilkinson<\/strong>&nbsp;<\/h3>\n\n\n\n<p>Welcome to today\u2019s podcast. My name\u2019s Andrew Wilkinson from Interactive Brokers. Today\u2019s episode is a special one. We\u2019re calling it <em>The Three Best Trading Strategies You\u2019ll Ever Hear\u2014and What They Teach You About Options.<\/em> And to help tell those stories, I\u2019ve got the perfect guest. He\u2019s a veteran trader, a teacher, and someone who knows what it feels like to have the market breathing down your neck\u2014Mat Cashman. Thank you for joining me.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-mat-cashman-nbsp\"><strong>Mat Cashman<\/strong>&nbsp;<\/h3>\n\n\n\n<p>Andrew, I am so happy to be here. Let\u2019s roll up our sleeves and tell some war stories, my friend.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-andrew-wilkinson-nbsp-0\"><strong>Andrew Wilkinson<\/strong>&nbsp;<\/h3>\n\n\n\n<p>Okay, let\u2019s do it. Story number one is about getting paid in stock, not cash, back in 1999\u2014and deciding you\u2019d like to keep that money. Reveal all, Mat.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-mat-cashman-nbsp-0\"><strong>Mat Cashman<\/strong>&nbsp;<\/h3>\n\n\n\n<p>I shall reveal, Andrew. I want you guys to picture it\u2014it\u2019s April of 1999. Someone that most people know: Mark Cuban. Now, we\u2019re talking about the same exact person, but not the same person you know today. He was a different person. He had just started Broadcast.com and sold it to Yahoo, which was the big, high-flying stock at the time.&nbsp;<\/p>\n\n\n\n<p>The price tag for this deal was $5.7 billion. Now, it was in Yahoo stock. An interesting little tidbit about this\u2014Cuban\u2019s personal haul on this deal was $1.4 billion. Now, there\u2019s a catch. He cannot sell his stock because of a lockup that\u2019s built into the deal. And the late \u201990s tape was, let\u2019s just say, it wasn\u2019t exactly a calm market. I was trading during that time, and it was absolutely bananas. So, what do you do when your entire net worth is in one stock\u2014and it\u2019s in the wildest market you\u2019ve ever seen? You collar it, Andrew. You trade a collar. And Mark Cuban, through Goldman Sachs, structures a zero-cost collar. He buys puts below the market where the stock is trading, sells calls above the market where the stock is trading. The premium from the calls that he takes in offsets the premium for the puts\u2014that\u2019s why it\u2019s called a zero-cost collar.&nbsp;<\/p>\n\n\n\n<p>And now his lottery ticket that has just paid off is a defined payout instead of a long-only bet. So Yahoo was about $170 when the deal closed. He bought the 85 puts through the zero-cost collar, sold the 205 calls. He basically said, \u201cI\u2019ll give anything up above 205 to make sure that we don\u2019t fall through 85.\u201d And that makes this engineering, not gambling\u2014and that\u2019s why we\u2019re talking about this in terms of options today.&nbsp;<\/p>\n\n\n\n<p>So, Andrew, do you remember what happened?&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-andrew-wilkinson-nbsp-1\"><strong>Andrew Wilkinson<\/strong>&nbsp;<\/h3>\n\n\n\n<p>I remember there was a chart of Yahoo on the front of the <em>FT<\/em> around April 2001, a couple of years after this, and it was showing Yahoo was worth more than ExxonMobil. Take it from there.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-mat-cashman-nbsp-1\"><strong>Mat Cashman<\/strong>&nbsp;<\/h3>\n\n\n\n<p>Indeed. So what happened was\u2014he sells, remember, the 205 calls; he buys the 85 puts. Stock rips all the way through the 205 calls, goes up to 400-plus, and then spends a little bit of time there\u2014just a tiny bit of time\u2014and it implodes into the teens. Goes through those 205s, all the way down through the 85s, all the way down into the teens. Cuban, of course, because he had a collar on, walks away with his billions locked up. And that was the beginning of the Mark Cuban you know today\u2014the previous owner of the Dallas Mavericks, <em>Shark Tank<\/em> investor, the whole nine yards. But that\u2019s where it all started\u2014and how he used options to do it.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-andrew-wilkinson-nbsp-2\"><strong>Andrew Wilkinson<\/strong>&nbsp;<\/h3>\n\n\n\n<p>So Mat, from a Greeks perspective, that\u2019s long downside gamma from the puts and short upside gamma from the calls\u2014netting into a fixed outcome band, right?&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-mat-cashman-nbsp-2\"><strong>Mat Cashman<\/strong>&nbsp;<\/h3>\n\n\n\n<p>Absolutely. That\u2019s a great way to put it. And when you\u2019re trading in a pit\u2014and if I were trading in the Yahoo pit at the time (I wasn\u2019t trading in the Yahoo pit at the time)\u2014but when something like that hits the tape in a pit, and is traded on the listed options, you actually really feel it. You feel it hit in front of you, because things like the skews bend. The upside vols get really heavy because there\u2019s someone in there selling a bunch of upside calls\u2014those 205s that he had to sell in order to offset the 85 puts that he was buying. Clerks run around, running tickets all over the place, like the house is on fire. That is the sound of someone buying themselves a floor against their actual long underlying position.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-andrew-wilkinson-nbsp-3\"><strong>Andrew Wilkinson<\/strong>&nbsp;<\/h3>\n\n\n\n<p>Very smart, very shrewd.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-mat-cashman-nbsp-3\"><strong>Mat Cashman<\/strong>&nbsp;<\/h3>\n\n\n\n<p>Yes, very shrewd. And like I said, the beginning of Mark Cuban\u2019s long, storied career in investing. So, collars\u2014the takeaway I want people to have here\u2014is that collars are a great way to hedge concentrated stock positions. They give you a way to trade hope for certainty. They give you a defined outcome in a situation that might not have a defined outcome before that.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-andrew-wilkinson-nbsp-4\"><strong>Andrew Wilkinson<\/strong>&nbsp;<\/h3>\n\n\n\n<p>Alright, story number two\u2019s a big short with an options twist. Let\u2019s go to the mid-2000s, and a handful of traders think that the housing market is rotten to the core\u2014despite the fact that it\u2019s going up like crazy. Mat, walk us through what they did.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-mat-cashman-nbsp-4\"><strong>Mat Cashman<\/strong>&nbsp;<\/h3>\n\n\n\n<p>So, many of you either may have traded during this time or may have been reading financial news around this time. You may remember someone standing up on one of those trading desks with a shirt that said, \u201cI\u2019m short your house.\u201d And this is how they did that.&nbsp;<\/p>\n\n\n\n<p>So, they can\u2019t actually short your house\u2014but they can short the credit that is tied to it, and that is lumped up in tranches with all the other mortgages. So, they go out and they buy credit default swaps, or CDSs. Basically, credit default swaps are like put options embedded in mortgage bonds. You are paying a premium for this, and if defaults spike, your puts\u2014your CDSs\u2014go parabolic. And they have all of that kind of parabolic and levered instrument viability that\u2019s built into them. It\u2019s the same DNA as buying crash puts on an index. You\u2019re going to bleed theta until the event happens, and then you get the convexity part of the trade coming into play. And when the housing bubble burst, those CDS positions explode and print life-changing returns for people like\u2014you know\u2014Michael\u2026 what was his name again? Michael\u2026?&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-andrew-wilkinson-nbsp-5\"><strong>Andrew Wilkinson<\/strong>&nbsp;<\/h3>\n\n\n\n<p>I remember Steve Carell played him.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-mat-cashman-nbsp-5\"><strong>Mat Cashman<\/strong>&nbsp;<\/h3>\n\n\n\n<p>Steve Carell played him in <em>The Big Short.<\/em> But if you want to go listen or watch the movie, <em>The Big Short<\/em> is a fantastic retelling of this entire story.&nbsp;<\/p>\n\n\n\n<p>So, long puts\u2014they feel like dead money, right? Until one day, you walk in and things are bananas, like I said. Things like that happen\u2014not all the time\u2014but occasionally. And this is how they did that in that situation.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-andrew-wilkinson-nbsp-6\"><strong>Andrew Wilkinson<\/strong>&nbsp;<\/h3>\n\n\n\n<p>I think it took an awful long time, right? Because there\u2019s an element in the film that describes the relationship with the ratings agencies, and the ratings agencies didn\u2019t really care much about the actual quality of the bonds. So, you say theta bleeds on this\u2014and it did, for even longer. Right. And I think the people who sold them the puts\u2014the credit default swaps\u2014kind of came back and demanded more premium, \u2019cause the market was really going against them.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-mat-cashman-nbsp-6\"><strong>Mat Cashman<\/strong>&nbsp;<\/h3>\n\n\n\n<p>Well, and what was happening is, as they were long those CDSs, which were embedded puts in that situation, they kept getting marked lower and lower because the rating agencies were saying to the greater public, \u201cThese things are AAA. They\u2019re fine. Everything\u2019s fine. There\u2019s no reason to panic.\u201d Meanwhile, the entire building is on fire out front, and no one wants to talk about it. But that is essentially the way that this option story played out\u2014and the way that they made money on that front as well.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-andrew-wilkinson-nbsp-7\"><strong>Andrew Wilkinson<\/strong>&nbsp;<\/h3>\n\n\n\n<p>Now, you mentioned earlier Mark Cuban and the deal being worth\u2014or his worth being\u2014$1.4 billion from that trade. Let\u2019s go back to 1995: Nick Leeson and the Barings blow-up. And the sum of money involved in the breakage of the Barings Brothers Bank in London was $1.4 billion too.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-mat-cashman-nbsp-7\"><strong>Mat Cashman<\/strong>&nbsp;<\/h3>\n\n\n\n<p>Yes, and I want you guys to go back with us to 1995, because this is something that\u2014before both of these trades went down\u2014Barings Bank, a very conservative merchant bank in the UK, was actually really conservative and had been around for 200-plus years. I believe Barings Bank was the merchant bank that financed the Louisiana Purchase, if that gives you any idea of how long this bank had been around.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-andrew-wilkinson-nbsp-8\"><strong>Andrew Wilkinson<\/strong>&nbsp;<\/h3>\n\n\n\n<p>Yeah, I wasn\u2019t around for that one, no, Mat.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-mat-cashman-nbsp-8\"><strong>Mat Cashman<\/strong>&nbsp;<\/h3>\n\n\n\n<p>Neither was I\u2014despite the fact that I actually talk about markets like I\u2019ve been trading them for 200 years. I actually haven\u2019t been trading them for 200 years, thank God. But let\u2019s go back to \u201995. Nick Leeson, who was the trader at Barings Bank, is supposed to be arbitraging Nikkei products in Asia for Barings Bank. He\u2019s actually burying his losses\u2014doubling down on short straddles, short premium trades, short at-the-money calls and puts that look like free rent in this situation\u2014and collect every day, right, as the index sits still.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-andrew-wilkinson-nbsp-9\"><strong>Andrew Wilkinson<\/strong>&nbsp;<\/h3>\n\n\n\n<p>All you need is\u2026&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-mat-cashman-nbsp-9\"><strong>Mat Cashman<\/strong>&nbsp;<\/h3>\n\n\n\n<p>All you need is nothing to happen. And particularly, what you really need is for the Kobe earthquake <em>not<\/em> to happen. However\u2014guess what\u2014you may understand that the Kobe earthquake did actually happen. The Nikkei tanks, short gamma explodes, Nick Leeson\u2019s delta goes very wrong, very fast. As you might imagine, when you\u2019re short a bunch of premium and something like that happens, your delta gets real long, real fast, on the way down\u2014the wrong way. And so he constantly scrambles to buy more of the underlying, buying stock. His hole just continues to get deeper and deeper.&nbsp;<\/p>\n\n\n\n<p>Fast forward\u2014to Barings, a 250-year-old institution. The oldest financial institution in England blows out\u2014with one trader basically being short too many options. Now, part of the reason why is because he was actually hiding his options in the 5\/8 account. Eight is considered a very lucky number in Asia. He called it the 5\/8 account for that reason\u2014it was actually five of the number eight as the account number. Very cheeky, as it were. But he would just say, \u201cPut it in the 5\/8 account,\u201d right? And that\u2019s where it would go. And no one would talk about it.&nbsp;<\/p>\n\n\n\n<p>But guess what\u2014when things get really nasty, you have to talk about it. Because they lost north of a billion dollars, which happened to be more than the actual bank had on hand. And within 48 hours, the bank went under.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-andrew-wilkinson-nbsp-10\"><strong>Andrew Wilkinson<\/strong>&nbsp;<\/h3>\n\n\n\n<p>Yeah, and it got sold to Barclays for a pound?&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-mat-cashman-nbsp-10\"><strong>Mat Cashman<\/strong>&nbsp;<\/h3>\n\n\n\n<p>For one measly pound. One other interesting thing here is that one of the reasons why Nick Leeson was able to do this is he was both the head trader and the head of back-office settlement\u2014both actual titles in one person. Guess what? That\u2019s a bad idea. Let\u2019s not do that ever again. But that was what enabled him to do things like this.&nbsp;<\/p>\n\n\n\n<p>So the takeaway here is that short options are not guaranteed rent checks. They can be grenades\u2014because they have unlimited risk associated with them. Manage the size of your option trades. Know about the gap risk and respect the liquidity issues that might exist when you get into these trades. It\u2019s a really important part\u2014particularly if you\u2019re going to trade from the short side.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-andrew-wilkinson-nbsp-11\"><strong>Andrew Wilkinson<\/strong>&nbsp;<\/h3>\n\n\n\n<p>Doesn\u2019t it make you wonder what would\u2019ve happened had he been right?&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-mat-cashman-nbsp-11\"><strong>Mat Cashman<\/strong>&nbsp;<\/h3>\n\n\n\n<p>Yes, it does make me wonder that. And my guess is that had he been right, he would\u2019ve been made a partner at Barings Bank and paid out in stock instead of being paid in cash\u2014and probably would\u2019ve gone on to do exactly the same thing in some other industry after he reached escape velocity and left the finance world.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-andrew-wilkinson-nbsp-12\"><strong>Andrew Wilkinson<\/strong>&nbsp;<\/h3>\n\n\n\n<p>Bigger\u2014and only bigger and better.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-mat-cashman-nbsp-12\"><strong>Mat Cashman<\/strong>&nbsp;<\/h3>\n\n\n\n<p>Yeah, bigger. On a bigger scale, 10 years later. You know, or maybe he would\u2019ve taken all of his money and blown out betting long tech stocks in 1999. But who knows? The real takeaway here is\u2014the optionality that existed in these trades, they ended up being grenades, right? Because of their open-ended risk on both sides.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-andrew-wilkinson-nbsp-13\"><strong>Andrew Wilkinson<\/strong>&nbsp;<\/h3>\n\n\n\n<p>Mat, let\u2019s do a quick lightning round. Give us a couple more.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-mat-cashman-nbsp-13\"><strong>Mat Cashman<\/strong>&nbsp;<\/h3>\n\n\n\n<p>All right, I\u2019ll give you three more. 1987\u2014in portfolio insurance. That\u2019s a really great story if you haven\u2019t heard that one. Tie that up\u2014institutions really tried to basically synthesize puts by selling futures into the drops that happened in the indexes. Now, that puts everyone basically short gamma at the same time. It\u2019s a feedback loop, and what we ended up getting was Black Monday\u2014where they tried to sell as many futures as they could at every tick down, in a systematic way. And it was kind of like someone forgot to turn the machine off, and it was just hitting bids and hitting bids. That was what caused the Black Monday 1987 drop.\u00a0We also have the Hunt Brothers and the silver trade that they had\u2014they were long futures, long calls, maximum leverage, way out over their skis. They were famous for trying to corner markets. They were actually quite good at it and had done it before. But in situations like this, I used to trade on the Chicago Board of Trade, and oftentimes overnight\u2014 The Board of Trade would raise margin requirements on futures. Sometimes it would happen as a way to control speculative activity. All of a sudden, if you\u2019re long a bunch of futures, the Board of Trade just says, \u201cHey, guess what? The margin requirement on soybeans just went up overnight\u2014and you have to put up 30% more money.\u201d It\u2019s a way to curtail people from doing this. But in certain situations like this, margins rise, liquidity vanishes, and guess what? They\u2019re long futures, long calls, long everything\u2014and they have to get out. So, options don\u2019t save you from the physics of the situation in that situation. And they had to sell.\u00a0<\/p>\n\n\n\n<p>So, the last one\u2014one that people talk about an awful lot now\u2014which is Volmageddon in 2018. These were inverse VIX ETNs. They\u2019re a little bit harder to understand because it\u2019s not just like, \u201cI\u2019m long the underlying in size and the thing crapped out,\u201d but you\u2019re really short vol\u2014until one day you\u2019re not really short vol anymore. And that\u2019s really convexity hiding in plain sight.&nbsp;<\/p>\n\n\n\n<p>The takeaway from that oftentimes is: make sure if you\u2019re trading an ETF or something along those lines that you understand what the optionality is that\u2019s embedded into it. Because it\u2019s not always crystal clear as far as those things are concerned. We have a lot of ETNs and ETFs that are listed now. My advice to everyone when they\u2019re trading those things is\u2014read the fine print. Make sure you understand what you\u2019re trading before you hit the buy or sell button.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-andrew-wilkinson-nbsp-14\"><strong>Andrew Wilkinson<\/strong>&nbsp;<\/h3>\n\n\n\n<p>Let\u2019s just turn to the Greeks\u2014in plain English. Give us the floor-trader cheat sheet on the Greeks, Mat.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-mat-cashman-nbsp-14\"><strong>Mat Cashman<\/strong>&nbsp;<\/h3>\n\n\n\n<p>Yeah, absolutely. There\u2019s two real\u2014I mean, the big ones. Delta is really direction. Delta is, \u201cHow exposed to the direction of the underlying market am I?\u201d And so whenever people talk about their delta, that\u2019s really what they\u2019re talking about.&nbsp;<\/p>\n\n\n\n<p>Gamma is how fast your actual option position can change directions of delta. So gamma affects delta. It\u2019s a second derivative that moves delta around when the underlying moves around. That\u2019s something that\u2019ll change your delta over the course of a move.&nbsp;<\/p>\n\n\n\n<p>Theta is basically like what we call\u2014you know, we term it as rent, or, you know, paid or collected on a daily basis\u2014but it\u2019s not guaranteed. It\u2019s a way that people forecast how much an option\u2019s going to decay over a 24-hour period of time. But again, it\u2019s not guaranteed, and theta doesn\u2019t always show up. And then Vega is really what people think about as the market\u2019s fear gauge. Vega is an option\u2019s sensitivity to implied vol moves. Vega is also positively correlated to duration. So options that have more time in them until they expire generally have more vega in them\u2014they\u2019re more sensitive to implied vol moves, but they\u2019re less sensitive to underlying moves.&nbsp;<\/p>\n\n\n\n<p>Then we have skew, which is the tail\u2014kind of, which side of the distribution is priced higher. Put skew generally is priced higher in indexes and equities, but it\u2019s not always that way. Sometimes, in the commodity markets, you can get call skew higher than put skew. And that\u2019s really the cheat sheet on the Greeks.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-andrew-wilkinson-nbsp-15\"><strong>Andrew Wilkinson<\/strong>&nbsp;<\/h3>\n\n\n\n<p>Excellent. Three brilliant stories, three clean lessons, Mat.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-mat-cashman-nbsp-15\"><strong>Mat Cashman<\/strong>&nbsp;<\/h3>\n\n\n\n<p>Well, I want to wrap it up by saying, you know\u2014in calm markets, the theta part of this really rules. But in panics, gamma is going to be something that\u2019s going to really take over and be the story that people are going to want to talk about. Make sure you respect both of them.\u00a0The first one I want you to think about is the defined outcome story that we told\u2014the Mark Cuban story. Define those outcomes\u2014especially if you have something that\u2019s like a really concentrated holding of an underlying somewhere, where all of your net worth happens to be locked up in one stock. Mark Cuban did it, and it really saved him and started his investment career.\u00a0<\/p>\n\n\n\n<p>So, the other thing is\u2014don\u2019t forget about the side of the distribution that people might not be thinking about very much, right? When we\u2019re talking about 2008, that was something that was kind of hiding in plain sight. It was right there. You know, I remember looking at the person wearing the t-shirt that said, \u201cI\u2019m short your house,\u201d and not really understanding what that meant. And then going in and starting to do some digging and being like, \u201cOh, this is\u2014there\u2019s something going on here that\u2019s really interesting.\u201d Pay for that convexity when your thesis is on the other side of the consensus of everyone else, right? So oftentimes, it can be really cheap to get that exposure when no one thinks it\u2019s going to be something that shows up on their bingo card for that year.\u00a0And then, if you\u2019re short gamma or short options, you have open-ended risk. Don\u2019t forget about that\u2014it\u2019s open-ended for a reason. The reason you theoretically get paid that theta is because you\u2019re giving that optionality to someone else. So keep an eye on that. Make sure that\u2019s on your radar, because Nick Leeson and Barings Bank and all of the people associated with that learned that lesson the hard way. So, don\u2019t forget about those three things. Hopefully, these stories were entertaining and can teach you something about options as well.\u00a0<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-andrew-wilkinson-nbsp-16\"><strong>Andrew Wilkinson<\/strong>&nbsp;<\/h3>\n\n\n\n<p>Lovely. Thank you very much, Mat. This is a really good way to wrap that up. And if you enjoyed this one\u2014for the audience\u2014share it with a friend who\u2019s sitting on a concentrated stock grant and saying, \u201cI\u2019ll probably be fine.\u201d&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-mat-cashman-nbsp-16\"><strong>Mat Cashman<\/strong>&nbsp;<\/h3>\n\n\n\n<p>Read the documents. Know the risks. Always enjoy. We\u2019ll talk to you soon, Andrew. Thanks for having me.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-andrew-wilkinson-nbsp-17\"><strong>Andrew Wilkinson<\/strong>&nbsp;<\/h3>\n\n\n\n<p>Thank you very much, Mat Cashman. And to the audience\u2014if you did enjoy today\u2019s episode, don\u2019t forget to subscribe to the IBKR Podcast channel wherever you download your podcasts from. Bye for now.&nbsp;<\/p>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>From Mark Cuban\u2019s billion-dollar collar to The Big Short\u2019s crash puts and Barings Bank\u2019s historic collapse, these are the stories that defined modern trading. Veteran options trader Mat Cashman joins Andrew Wilkinson to unpack the strategies, the risks, and the timeless lessons every trader should know.<\/p>\n","protected":false},"author":111,"featured_media":232138,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[10842,13857],"tags":[20622,6436,4788,20624,6284,1670,9216,20621,20623,4574,17126,1928,18053,8169,860],"contributors-categories":[13576,13771],"class_list":{"0":"post-232135","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-ibkr-podcasts","8":"category-podcasts","9":"tag-barings-bank","10":"tag-collars","11":"tag-derivatives","12":"tag-financial-history","13":"tag-gamma","14":"tag-hedging","15":"tag-investment-risk","16":"tag-mark-cuban","17":"tag-nick-leeson","18":"tag-options-trading","19":"tag-the-big-short","20":"tag-theta","21":"tag-trading-strategies","22":"tag-vega","23":"tag-volatility","24":"contributors-categories-interactive-brokers","25":"contributors-categories-occ"},"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 v27.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Three Trades That Changed Everything | IBKR Podcasts<\/title>\n<meta name=\"description\" content=\"From Mark Cuban\u2019s billion-dollar collar to The Big Short\u2019s crash puts and Barings Bank\u2019s historic collapse, these are the stories that defined...\" \/>\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\/232135\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Three Trades That Changed Everything | IBKR Campus US\" \/>\n<meta property=\"og:description\" content=\"From Mark Cuban\u2019s billion-dollar collar to The Big Short\u2019s crash puts and Barings Bank\u2019s historic collapse, these are the stories that defined modern trading. Veteran options trader Mat Cashman joins Andrew Wilkinson to unpack the strategies, the risks, and the timeless lessons every trader should know.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.interactivebrokers.com\/campus\/podcasts\/ibkr-podcasts\/three-trades-that-changed-everything\/\" \/>\n<meta property=\"og:site_name\" content=\"IBKR Campus US\" \/>\n<meta property=\"article:published_time\" content=\"2025-10-09T16:49:37+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-10-09T17:02:09+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2025\/10\/pod20251006occ_coverimage.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=\"Andrew Wilkinson\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Andrew Wilkinson\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"16 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\\\/podcasts\\\/ibkr-podcasts\\\/three-trades-that-changed-everything\\\/#article\",\n\t            \"isPartOf\": {\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/podcasts\\\/ibkr-podcasts\\\/three-trades-that-changed-everything\\\/\"\n\t            },\n\t            \"author\": {\n\t                \"name\": \"Andrew Wilkinson\",\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#\\\/schema\\\/person\\\/d9f9f59fce942ef53aba42e7ff844803\"\n\t            },\n\t            \"headline\": \"Three Trades That Changed Everything\",\n\t            \"datePublished\": \"2025-10-09T16:49:37+00:00\",\n\t            \"dateModified\": \"2025-10-09T17:02:09+00:00\",\n\t            \"mainEntityOfPage\": {\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/podcasts\\\/ibkr-podcasts\\\/three-trades-that-changed-everything\\\/\"\n\t            },\n\t            \"wordCount\": 3605,\n\t            \"commentCount\": 0,\n\t            \"publisher\": {\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#organization\"\n\t            },\n\t            \"image\": {\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/podcasts\\\/ibkr-podcasts\\\/three-trades-that-changed-everything\\\/#primaryimage\"\n\t            },\n\t            \"thumbnailUrl\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2025\\\/10\\\/pod20251006occ_coverimage.jpg\",\n\t            \"keywords\": [\n\t                \"barings bank\",\n\t                \"collars\",\n\t                \"derivatives\",\n\t                \"financial history\",\n\t                \"gamma\",\n\t                \"hedging\",\n\t                \"investment risk\",\n\t                \"mark cuban\",\n\t                \"nick leeson\",\n\t                \"options trading\",\n\t                \"the big short\",\n\t                \"theta\",\n\t                \"Trading Strategies\",\n\t                \"Vega\",\n\t                \"volatility\"\n\t            ],\n\t            \"articleSection\": [\n\t                \"IBKR Podcasts\",\n\t                \"Podcasts\"\n\t            ],\n\t            \"inLanguage\": \"en-US\",\n\t            \"potentialAction\": [\n\t                {\n\t                    \"@type\": \"CommentAction\",\n\t                    \"name\": \"Comment\",\n\t                    \"target\": [\n\t                        \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/podcasts\\\/ibkr-podcasts\\\/three-trades-that-changed-everything\\\/#respond\"\n\t                    ]\n\t                }\n\t            ]\n\t        },\n\t        {\n\t            \"@type\": \"WebPage\",\n\t            \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/podcasts\\\/ibkr-podcasts\\\/three-trades-that-changed-everything\\\/\",\n\t            \"url\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/podcasts\\\/ibkr-podcasts\\\/three-trades-that-changed-everything\\\/\",\n\t            \"name\": \"Three Trades That Changed Everything | 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\\\/podcasts\\\/ibkr-podcasts\\\/three-trades-that-changed-everything\\\/#primaryimage\"\n\t            },\n\t            \"image\": {\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/podcasts\\\/ibkr-podcasts\\\/three-trades-that-changed-everything\\\/#primaryimage\"\n\t            },\n\t            \"thumbnailUrl\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2025\\\/10\\\/pod20251006occ_coverimage.jpg\",\n\t            \"datePublished\": \"2025-10-09T16:49:37+00:00\",\n\t            \"dateModified\": \"2025-10-09T17:02:09+00:00\",\n\t            \"description\": \"From Mark Cuban\u2019s billion-dollar collar to The Big Short\u2019s crash puts and Barings Bank\u2019s historic collapse, these are the stories that defined modern trading. Veteran options trader Mat Cashman joins Andrew Wilkinson to unpack the strategies, the risks, and the timeless lessons every trader should know.\",\n\t            \"inLanguage\": \"en-US\",\n\t            \"potentialAction\": [\n\t                {\n\t                    \"@type\": \"ReadAction\",\n\t                    \"target\": [\n\t                        \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/podcasts\\\/ibkr-podcasts\\\/three-trades-that-changed-everything\\\/\"\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\\\/podcasts\\\/ibkr-podcasts\\\/three-trades-that-changed-everything\\\/#primaryimage\",\n\t            \"url\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2025\\\/10\\\/pod20251006occ_coverimage.jpg\",\n\t            \"contentUrl\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2025\\\/10\\\/pod20251006occ_coverimage.jpg\",\n\t            \"width\": 1000,\n\t            \"height\": 563\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\\\/d9f9f59fce942ef53aba42e7ff844803\",\n\t            \"name\": \"Andrew Wilkinson\",\n\t            \"description\": \"Andrew Wilkinson is director of IBKR\u2019s trading education team and has been with the company since 2007. Before joining Interactive Brokers, Andrew began his career trading cash, interest rate products and derivative products in London before coming to the United States where he took his masters degree in Finance. He continued his career as a financial writer and commentator for publishers in London and the US. Andrew presents webinars and podcasts with contacts across the financial industry and helps educate investors via IBKR\u2019s Traders\u2019 Academy within the IBKR Campus.\",\n\t            \"url\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/author\\\/andrew-wilkinson\\\/\"\n\t        }\n\t    ]\n\t}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Three Trades That Changed Everything | IBKR Podcasts","description":"From Mark Cuban\u2019s billion-dollar collar to The Big Short\u2019s crash puts and Barings Bank\u2019s historic collapse, these are the stories that defined...","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\/232135\/","og_locale":"en_US","og_type":"article","og_title":"Three Trades That Changed Everything | IBKR Campus US","og_description":"From Mark Cuban\u2019s billion-dollar collar to The Big Short\u2019s crash puts and Barings Bank\u2019s historic collapse, these are the stories that defined modern trading. Veteran options trader Mat Cashman joins Andrew Wilkinson to unpack the strategies, the risks, and the timeless lessons every trader should know.","og_url":"https:\/\/www.interactivebrokers.com\/campus\/podcasts\/ibkr-podcasts\/three-trades-that-changed-everything\/","og_site_name":"IBKR Campus US","article_published_time":"2025-10-09T16:49:37+00:00","article_modified_time":"2025-10-09T17:02:09+00:00","og_image":[{"width":1000,"height":563,"url":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2025\/10\/pod20251006occ_coverimage.jpg","type":"image\/jpeg"}],"author":"Andrew Wilkinson","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Andrew Wilkinson","Est. reading time":"16 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"NewsArticle","@id":"https:\/\/ibkrcampus.com\/campus\/podcasts\/ibkr-podcasts\/three-trades-that-changed-everything\/#article","isPartOf":{"@id":"https:\/\/ibkrcampus.com\/campus\/podcasts\/ibkr-podcasts\/three-trades-that-changed-everything\/"},"author":{"name":"Andrew Wilkinson","@id":"https:\/\/ibkrcampus.com\/campus\/#\/schema\/person\/d9f9f59fce942ef53aba42e7ff844803"},"headline":"Three Trades That Changed Everything","datePublished":"2025-10-09T16:49:37+00:00","dateModified":"2025-10-09T17:02:09+00:00","mainEntityOfPage":{"@id":"https:\/\/ibkrcampus.com\/campus\/podcasts\/ibkr-podcasts\/three-trades-that-changed-everything\/"},"wordCount":3605,"commentCount":0,"publisher":{"@id":"https:\/\/ibkrcampus.com\/campus\/#organization"},"image":{"@id":"https:\/\/ibkrcampus.com\/campus\/podcasts\/ibkr-podcasts\/three-trades-that-changed-everything\/#primaryimage"},"thumbnailUrl":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2025\/10\/pod20251006occ_coverimage.jpg","keywords":["barings bank","collars","derivatives","financial history","gamma","hedging","investment risk","mark cuban","nick leeson","options trading","the big short","theta","Trading Strategies","Vega","volatility"],"articleSection":["IBKR Podcasts","Podcasts"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/ibkrcampus.com\/campus\/podcasts\/ibkr-podcasts\/three-trades-that-changed-everything\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/ibkrcampus.com\/campus\/podcasts\/ibkr-podcasts\/three-trades-that-changed-everything\/","url":"https:\/\/ibkrcampus.com\/campus\/podcasts\/ibkr-podcasts\/three-trades-that-changed-everything\/","name":"Three Trades That Changed Everything | IBKR Campus US","isPartOf":{"@id":"https:\/\/ibkrcampus.com\/campus\/#website"},"primaryImageOfPage":{"@id":"https:\/\/ibkrcampus.com\/campus\/podcasts\/ibkr-podcasts\/three-trades-that-changed-everything\/#primaryimage"},"image":{"@id":"https:\/\/ibkrcampus.com\/campus\/podcasts\/ibkr-podcasts\/three-trades-that-changed-everything\/#primaryimage"},"thumbnailUrl":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2025\/10\/pod20251006occ_coverimage.jpg","datePublished":"2025-10-09T16:49:37+00:00","dateModified":"2025-10-09T17:02:09+00:00","description":"From Mark Cuban\u2019s billion-dollar collar to The Big Short\u2019s crash puts and Barings Bank\u2019s historic collapse, these are the stories that defined modern trading. Veteran options trader Mat Cashman joins Andrew Wilkinson to unpack the strategies, the risks, and the timeless lessons every trader should know.","inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/ibkrcampus.com\/campus\/podcasts\/ibkr-podcasts\/three-trades-that-changed-everything\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/ibkrcampus.com\/campus\/podcasts\/ibkr-podcasts\/three-trades-that-changed-everything\/#primaryimage","url":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2025\/10\/pod20251006occ_coverimage.jpg","contentUrl":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2025\/10\/pod20251006occ_coverimage.jpg","width":1000,"height":563},{"@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\/d9f9f59fce942ef53aba42e7ff844803","name":"Andrew Wilkinson","description":"Andrew Wilkinson is director of IBKR\u2019s trading education team and has been with the company since 2007. Before joining Interactive Brokers, Andrew began his career trading cash, interest rate products and derivative products in London before coming to the United States where he took his masters degree in Finance. He continued his career as a financial writer and commentator for publishers in London and the US. Andrew presents webinars and podcasts with contacts across the financial industry and helps educate investors via IBKR\u2019s Traders\u2019 Academy within the IBKR Campus.","url":"https:\/\/www.interactivebrokers.com\/campus\/author\/andrew-wilkinson\/"}]}},"jetpack_featured_media_url":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2025\/10\/pod20251006occ_coverimage.jpg","_links":{"self":[{"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/posts\/232135","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\/111"}],"replies":[{"embeddable":true,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/comments?post=232135"}],"version-history":[{"count":0,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/posts\/232135\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/media\/232138"}],"wp:attachment":[{"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/media?parent=232135"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/categories?post=232135"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/tags?post=232135"},{"taxonomy":"contributors-categories","embeddable":true,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/contributors-categories?post=232135"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}