Summary of 24. Tom Sosnoff: The World’s Foremost Stock Options Expert - The Michael Sartain Podcast

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00:00:00 - 01:00:00

Tom Sosnoff is a world-renowned stock options expert who has made a fortune in the stock market. He discusses his career highlights in a discussion with Michael Sartain, including how he made his money, what he does now, and what the future of the options market looks like.

00:00:00 Tom Sosnoff is a former pit trader and the creator of the Thinkorswim platform. He also created the Tastytrade online financial network and the Tastyworks platform. He sold the latter to ig Group this year for 1.1 billion dollars.
00:05:00 Tom Sosnoff is the founder of Thinkorswim, a platform that helped automate stock trading. He talks about the origins of the company and how they built it from scratch. The company later went public and was eventually bought by TD Ameritrade.
00:10:00 Tom Sosnoff and his team developed the popular trading platform, Thinkorsome, which is still in use today. Michael Jordan was a rookie player on the Bulls when Sosnoff and his team made this advantageous decision.
00:15:00 Tom Sosnoff is a world-renowned stock options expert and the Michael Sartain Podcast host. He talks about how he became better than his friends and rivals, and how he made a lot of money off them over the years.
00:20:00 Tom Sosnoff is the world's foremost stock options expert, and he shares some incredible stories about his career in the stock market. He first made a name for himself as a player on the basketball court, and he and his buddy ended up playing against four other top players in the world. He eventually won a championship in Chicago, and then started making money on the pits - the unofficial stock market - in the early 1980s. When the markets tightened up in the late 1990s, his trading skills became much more important. He now runs Thinkorswim, one of the first platforms to offer option spreads.
00:25:00 Tom Sosnoff is the world's foremost stock options expert. He is the author of professional trading software that was used by sunguard. In 2008, Swim was sold to TD Ameritrade for 750 million dollars, and at the time, the majority of the stock was in stock, rather than cash.
00:30:00 Tom Sosnoff is a world's foremost stock options expert, and before he left his position at TD Ameritrade to create tastytrade, he had a conversation with his boss about the idea for the company. They offered him a deal to stay for five more years, which he accepted. The company has since grown to be one of the largest online financial networks in the world.
00:35:00 Tom Sosnoff founded and built the world's first high frequency stock options trading platform, tastyworks. The platform was later copied by the Chicago Mercantile Exchange. Sosnoff now offers a similar platform, tastyworks 2.0, which is simpler, more standardized, and less confusing for individual investors.
00:40:00 Tom Sosnoff is the world's foremost stock options expert, and he shares his insights in a discussion with Michael Sartain. The company he sold his exchange licenses to, Crypto.com, needs more customers, so Sosnoff is now focusing on his core businesses. Tastytrade has been around since 2000, and while traditional financial media tries to ignore them, the network of traders who have learned from Sosnoff are doing well without having to pay for anything.
00:45:00 Tom Sosnoff is the world's foremost stock options expert and the Michael Sartain podcast host. He discusses his strategy for profitable stock options investing, which involves engaging retail investors and teaching them mathematical models to increase their chances of success.
00:50:00 Tom Sosnoff discusses the world's foremost stock options expert and how traditional finance is slowly transitioning to digital assets. He also talks about how options on digital assets are currently not possible due to regulatory clarity. He predicts that this will eventually change and that a derivatives marketplace for digital assets will be created.
00:55:00 Tom Sosnoff, a world's foremost stock options expert, discusses how regulatory clarity would help to improve the liquidity and competitiveness of the option market. He also discusses his theory that, once the 50 biggest players in the world are involved in the options market, the market will become much more efficient.

01:00:00 - 02:00:00

Tom Sosnoff, the world's foremost stock options expert, discusses liquidity in the market, the importance of economists, normal distributions, volatility, and how to use research to improve one's trading skills. He also shares his views on the changing landscape of regulation and celebrity status among professional traders.

01:00:00 Tom Sosnoff discusses liquidity in the market, and how it is an important factor in stock prices. He also discusses Karen Brewton, a retail trader who manages 300 million dollars, and how tight bid-ask spreads are necessary for her to make such large trades. Finally, he talks about technical analysis and how it has no bearing on the market.
01:05:00 Tom Sosnoff, a world-renowned stock options expert, discusses the importance of having economists in the business world. He says that while they may be good for quotes, their main purpose is anti-litigation insurance. Additionally, he says they are good for engagement in the business and for getting you excited about the business.
01:10:00 Tom Sosnoff, the world's foremost stock options expert, explains how normal distributions work and how they can be used to make better investing decisions.
01:15:00 Tom Sosnoff, the world's foremost stock options expert, discusses how volatility is a math equation and how price is not always mean reverting. He also discusses how selling stock options when volatility goes up is a high percentage chance of making more money.
01:20:00 Tom Sosnoff, the world's foremost stock options expert, discusses the importance of research and how it helps to improve one's trading skills. He also discusses the importance of option scripting, which is a technique used to increase the chances of achieving a successful trade.
01:25:00 Tom Sosnoff, the world's foremost stock options expert, explains why he holds short positions in the stock market. He also describes how contrarianism helps him make money in the market.
01:30:00 Tom Sosnoff is a world-renowned stock options expert, and he is known for having a contrarian view of the stock market. He keeps a short delta position and sells long delta when volatility contracts. He also discusses his opinion of financial media, which he believes to be useless.
01:35:00 Tom Sosnoff, the world's foremost stock options expert, discusses the changing landscape of regulation and celebrity status among professional traders. He shares his thoughts on Twitter personality Joe Rogan, saying that he is a "douchebag," and how this affects his opinion of the radio host. Next, Sosnoff discusses Mark Zuckerberg, Elon Musk, and President Trump, discussing the various controversies they have been involved in. He concludes the interview by discussing the importance of experience and how it helps traders become better at their craft.
01:40:00 Tom Sosnoff is a stock options expert who has progressive views on global warming and other important topics. His views on the metaverse, a virtual reality world, are not clear to him yet.
01:45:00 Tom Sosnoff discusses how social media platforms like Facebook and Google are similar to companies like Apple and Amazon, and how they should be considered public utilities. He warns of the dangers of a concentration of wealth, and recommends that monopolies be broken up.
01:50:00 Tom Sosnoff discusses the dangers of wealth inequality and the risk of a liquidity event, such as a stock market crash. He warns that younger, less experienced traders are at a greater risk of losing everything in a market downturn.
01:55:00 Tom Sosnoff, world's foremost stock options expert, discusses the volatility of the crypto markets and how it can affect stocks. He also discusses the recent short squeeze and how it can effect stocks. He feels that the events were a positive for the future of finance.

02:00:00 - 02:15:00

Tom Sosnoff, the world's foremost stock options expert, talks about the coronavirus, the decline in edginess, and his book "Scottie Pippen: The World's Foremost Stock Options Expert". He also gives his thoughts on Michael Sartain's recent interview with Karen Finerman.