Call —
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0:00 Caller: Hey Dad, how are you?
0:00 You: This call will be recorded.
0:07 You: Hey, Graham.
0:11 You: I'm well, almost done responding to your email.
0:15 Caller: Ah, okay, um, yeah, well, while you doing that, I guess we can kind of...
0:20 Caller: speak on it and I can tell you how we're planning on positioning it.
0:20 You: Thank you.
0:25 Caller: So our guess is the equity options volatility trading will essentially be told to stop.
0:35 Caller: If it's considered sophisticated investing, we're 99% sure.
0:40 Caller: compliance team will pretty much outlawed um sophisticated investing in the sense of you're
0:40 You: You know,
0:42 You: I'm going to
0:44 You: Thank you.
0:46 You: Thank you.
0:46 Caller: working through an LLC you're working with somebody whereby um it's almost a proficient
0:54 Caller: strategy that a hedge fund can employ but the crypto stuff predictions
1:00 Caller: market should it be stuff that you're doing individually like on polymarket or something like that
1:00 You: Thank you.
1:06 Caller: we think there's not going to be an issue we think that's going to be fine i think they're pretty
1:13 Caller: much going to pretty much give the wording to you that will get that in line with you the
1:19 Caller: reason
1:20 Caller: The reason Craig and the team pretty much wants us to know the kind of hardline yes is and the hardline knows is because what we need to know is should Elliot come back with the response that essentially would be a hard line no to you. We just want to be prepared for that angle already.
1:20 You: So if it is a blanket back
1:40 Caller: Yeah.
1:40 You: on all personal trading and investing, I can't accept that.
1:43 You: Generally, and this is after furiously Googling all of this,
1:47 Caller: Yeah.
1:47 You: usually there are four things that by-side firms use, pre-clearance.
1:52 You: You probably know all this, but the ones I found were pre-clearance,
1:55 You: so checking to see if a position can be entered or, I assume, also exited.
2:00 Caller: Thank you very much
2:00 You: blackout periods, which I imagine around major company events, earnings, news announcements, that kind of thing, and minimum holding periods for the positions, so 30 to 60 days, I imagine, is standard. Oh, and connecting the brokerage accounts. So I assume Elliot is operating similarly. As for...
2:20 Caller: Mm-hmm.
2:20 You: selling volatility, it's just short options in a personal account, my retirement account, funny
2:26 You: enough. So if they consider that very sophisticated, I can show them a whole bunch of Wall Street
2:31 You: bets apes who do the same thing.
2:40 Caller: if they come back saying we can't work with some of these and we can't work with some of these and specifically we think the options one will be the one that they might essentially come back and say hard stop no to then is obviously something
2:40 You: then i need to see where i can redeploy the capital that's why i'd like to know what the published
3:00 Caller: Um.
3:00 You: is because with the published policy I can see what they will be paraphrasing, I assume, over the response or over the call that you have with them.
3:03 Caller: Um.
3:05 Caller: Um.
3:06 Caller: Uh.
3:09 You: Having the published policy allows me to see where my strategies don't mesh well and if I can redeploy the capital elsewhere.
3:18 You: For example, private credit.
3:20 Caller: Yeah.
3:20 You: it, real estate, oil and gas, or the angel investing, those kinds of markets.
3:30 Caller: Okay. All right. Perfect. So once I have that and your email response, what we'll do is we'll get back to Jim today and get these answers.
3:40 Caller: to you before scheduling the next round but we'll also speak to somebody Ben has placed
3:40 You: Appreciate it.
3:46 Caller: at Elliot to just kind of gather what's written in their contract and pass that on to you as well
3:51 Caller: okay okay all right cheers later
3:52 You: Thank you, Graham.