Ari Levy

speaker

238 appearances 1 recordings 1 series first heard Feb 2026 last heard 12 Feb

Ari Levy’s voice in public audio — every appearance, attributed to the second.

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recordings per month · last 12 months

Recordings per month over the last 12 months — 1 in all, peaking in Feb 2026 with 1.

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How I Invest with David Weisburd · E303: What Blackjack Taught Me About Investing w/Ari Levy · 12 Feb 2026 podcast

So VXX, if you just look on a Bloomberg machine at any given time, typically isn't below 10 basis point discount or above a 10 basis point premium.

And they charge a fee to create and redeem it.

And so it's not...

There's another cost, but that's what keeps it alive.

So if you could buy that at a 50 basis point discount and redeem it that day, you'd make 50 basis points in that day.

And that would be obviously credible if you spread it to something that was trading it now.

Now, in this example, I'm talking about a sort of idiosyncratic risk where

The underwriters of VXX, this happened a few years ago, had not properly registered new share issuances with the SEC.

No one could effectively know that, I guess, unless you're a super smart lawyer and could figure out that they hadn't registered something correctly.

And so what happened was they could not issue new shares.

You couldn't create redeem.

And...

there was effectively like a, like a squeeze, a short squeeze on it where it traded at a 20% premium for an extended period of time until they resolved their SEC issues.

Uh, and so, um,

that mechanism went away so you so if you have this rule that you can create redeem and that's going to keep it at nav well what else could go wrong that was an example of something that was kind of out of left field there's however many thousands of etfs out there that that do it right with the sec and the xx underwriters eventually got it back in line and now it trades in line but could that happen again something like that in the case of long-term capital yeah could there be you know

sovereign risk or whatever you're trading that, that things come out of left field.

You think you're trading something that is the same as some other thing, but the underwriter of one of those things had fraud and they were, they were buying something else.

We've, you know, we've seen that in different cases throughout history.

There was the MF global, which was a perfect arb there, but that you thought you were buying something that was something else.

And someone was going rogue with the investment that you made.

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