I thought it was clear by now that this war is not about NATO or Russia's security concerns.

Yet, I still see many comments saying that it is.

Let me clarify a few things.

This war is based on Putin's struggle to remain in power.

NATO is just an excuse.

Here is why πŸ‘‡πŸ§΅
First of all, NATO has never been an issue for decades.

Hell, Kaliningrad is surrounded by NATO.

Latvia and Estonia are bordering Russia, and both are NATO members.

NATO border is 76 miles from St. Petersburg and has been there since 2004.
A huge majority of Russian lawmakers' children live and study in NATO countries.

Eye-watering sums of money laundered from the Russian budget and oil revenues sit in NATO-protected real estate.

But Russia isn't putting forces on the Latvian and Estonian border, is it?
Why Ukraine?

And why now?

Because Belarus.

Because Kazakhstan.

And of course - because Ukraine.

The motivation behind all of this is Putin's struggle for power. (*astronaut meme* always has been)
That's all.

No 3D chess.

No greater conspiracy theory.

No grand geopolitical masterplan developed by the secret world government.

And anyone who says, β€œoh, it’s not that simple”, is just trying to confuse and muddy the waters.
A free, democratic and prosperous Ukraine is a direct threat to Putin's rule of law.

Full stop.
Because it’s an easy chain reaction.

If Ukraine can grow and prosper, why can't Belarus?

Why can't Kazakhstan?

And of course, why can't Russia?

No reason why - of course, they can!
The reason they don’t is because their corrupt and authoritarian governments is a significant bottleneck standing between the nation and prosperity.

Putin knows this, which is why he hangs for his life supporting dictatorships around the world.
This is why he sent forces to quell mass protests in Belarus.

This is why he sent troops to Kazakhstan to suppress any uprising.

This is why he supported the ousted Ukrainian president Yanukovich.

But his efforts failed in Ukraine!
At a cost of many lives, Ukrainians overthrew their government in 2014 during the Euromaidan revolution.

And if they succeed in fighting corruption and becoming a developed, democratic nation, this will be a terrible precedent for all the post-Soviet dictatorships.
Because if Ukraine can overthrow a government and become a prosperous country - so can they.

Absolutely no way Putin will allow that.

Hence Crimea.

Hence Donbas.

Hence the war.

Hence the Minsk accords.

Hence the "I will f*ck you over anyway I can" diplomacy.
All of that is simply driven by two factors:

1. Punish Ukraine and make an example of what happens to counties that rebel against their leaders.

2. Prevent Ukraine from developing and prospering, so other ex-Soviet republics aren’t tempted to protest.
With recent demonstrations in Belarus and Kazakhstan, Putin decided that another Ukraine example is in order.

And starting a war achieves both of these objectives.
It also sends a clear message to the Russian people.

You protest - you get what happened in Ukraine.

*in a thick Russian accent*: You don't want that happen to you, do you?
And it doesn't matter that most of Ukraine's recent misfortunes come from Russia f*cking with it.

It will be lost.

What will remain is a simple cause-and-effect:
You rebel -> you get war

The missing link of course would be:
You rebel -> you get Putin on your ass -> you get war
Because Putin can't let it go.

Ukraine is one of the pillars on which his power stands.

If he loses it, his power comes under threat.

β€’ β€’ β€’

Missing some Tweet in this thread? You can try to force a refresh
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Keep Current with Sergei Perfiliev πŸ‡ΊπŸ‡¦

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More from @perfiliev

Feb 20
Ok, many have asked for examples of Russian propaganda.

Sure, let's take ZeroHedge and see what's in store, shall we?

Simple test - Navalny.

He's the most prominent member of the non-existent Russian opposition.

I google "Navalny site:zerohedge.com". πŸ‘‡ Image
First link: zerohedge.com/geopolitical/a…

Let's have a read.
"Another Navalny Drama..."

Implying this is yet another silly "drama" instead of a serious matter.
Read 11 tweets
Feb 12
Do I think the war in Ukraine will happen?

Until yesterday, I was confident there won't be any military action from Russia.

(At least no more than the undercover warfare that's been going on since 2014).

There are many reasons for this πŸ‘‡
Ever since Crimea, Russia became isolated and took the backstage on the global geopolitical arena.

Putin was feeling a little lonely since no one took him seriously.

This Ukraine situation was a great way to gain back the attention and respect that he was seeking.
He didn't even need to invade.

Just putting a few tanks here and there allowed him to book back-to-back meetings with world leaders, who were all desperate to negotiate with him.

Moreover, if Putin were serious about invading (like he was with Crimea), he would just go for it.
Read 10 tweets
Feb 7
Ok, I see people started running my code on all kinds of things now - single-stocks, Bitcoin, their neighbours' mortgage...

VERY IMPORTANT:

Remember, we're trying to predict option dealers' delta hedging actions based on dealers' positions!

"DEALERS' POSITIONS" is the key! πŸ‘‡
We need to know how many options they hold and hedge.

Only then we can translate that into gamma.

If we don't know their positions, all of this is meaningless.

For US indices, we're making an assumption that investors sell calls and buy puts, with dealers taking the other side
This is based on index skew, strong call overwriting flow, put protection buying etc...

It's a crude approximation, but allows us to calculate 'naive gamma'.

For single stocks and Bitcoin this assumption does not hold.
Read 5 tweets
Feb 3
Are you tired from constantly living in the dark, fully unaware of the current Gamma Exposure?

Are you frustrated from having to guess the Zero Gamma level ALL THE TIME?

Are you annoyed from not knowing what the f*ck all of this even means!?!

I know, I was.

πŸ‘‡
Hello, my name is Sergei.

And today, I'll show you how YOU can change YOUR life, once and forever!

After this 10-minute tutorial, you'll be able to take full control of your gamma needs and live the life YOU want.

Impress your boss, colleagues, friends, spouse, children, dog!
By the end of this thread, you will be able to:

β€’ Create a simple spot gamma chart for your favourite stock index.
β€’ Compute its total gamma exposure.
β€’ Construct a sleek-looking gamma profile chart 😎
β€’ Calculate a Zero Gamma level (aka Flip Gamma).

πŸ”₯ !! AND !! πŸ”₯

πŸ‘‡πŸ‘‡πŸ‘‡
Read 54 tweets
Jan 21
Yesterday, many noticed that @squeezemetrics's GEX index hit an all-time low.

Lowest reading ever.

Since GEX measures gamma exposure, a low value implies the dealer's delta is less sensitive to index moves.

However, why would this be a bullish signal?
This is something I tried to understand, so here are some thoughts behind this.

Historically, a very low GEX has indeed been a short-term bullish signal.

This can be seen even from visually observing the chart on dix.sqzme.co
The low points of the GEX coincide with SPX moving higher shortly after.

Important to note is that low values also coincide with a selloff in the index shortly before.

It makes sense as we move from the positive-gamma dealer-long-call region into the negative-gamma price range.
Read 11 tweets
Jan 13
TO ALL EQUITY PMs:

YOU MAY NOT BE INTERESTED IN OPTIONS, BUT OPTIONS ARE INTERESTED IN YOU!

$SPX options make up 16% of the $SPX market cap!

Options gamma is one of the most significant structural flows within the equity markets.

Let's explore how it impacts your business πŸ‘‡ Image
Options are often linked to insurance.

And many times, rightfully so.

They can help protect your portfolio when the sky is grey, and the rain washes down your hard-earned gains.

However, there's a key and vital difference.
Traditional insurance business typically uses diversification as a risk-management tool.

The exposure to any single adverse event can be hedged by insuring other adverse events that fail to materialize.

With enough uncorrelated bets, it's possible to achieve a positive return.
Read 37 tweets

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