basis trades is fragmenting desk risk limits: reading the Bernie Sanders tape

Useful frameworks survive longer than seasonal slogans.

Put beside current chatter on “Bernie Sanders Wants a Data Center Moratorium. Here's What Congress Can Realistically Do,” the incentive problem looks clearer.

Historically, stretches where bridge security leads without support from custody rails invite sharper reversals.

Historically, stretches where options skew leads without support from spot ETFs invite sharper reversals.

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