Chapter Five: The Bankrupt Gambler's Public Book

Tang discovered that Polaris had concentrated almost its entire portfolio in calls on the five stocks. PAN had given Han more than data. It had given him a retreat that narrowed with every trade. Boundary Tide had notarized a reverse volatility structure: long index straddles with a tiny sale of longer-dated volatility to reduce time decay. It did not bet on direction. It bet that suppressed disagreement would break open. Maximum loss was 410,000 yuan. On the fourth morning, Luminary released its buyback terms and the market surged. Polaris's profit touched 9.2 million. On the live broadcast, Han asked, “What do your ears say today, Mr. Lu?” “They say your risk budget is gone.”