Today's discussion is on futures and the London Metal Exchange. The nickel futures market experienced a massive short squeeze in early March, driving the price up 250% in two days. The exchange responded by reversing trades and halting trading. We discuss futures and forwards markets, why the exchange's explanation for reversing trades is mighty fishy, and what opportunities this presents to challenge a 145-year-old institution. Please enjoy this breakdown of futures and the London Metal Exchange.

Shoutout to @CliffordAsness for his unfiltered coverage as these events unfolded!

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