"We roughly spend 55% of our P&L on slippage" @multistratmark (Mark Anderson) on where the money in 0DTE actually goes. Mark trades one of the largest 0DTE books I know of. Before this he was doing construction and fixing up rental properties. 0:00 From Construction Sites to Running a 0DTE Fund 2:21 Why 0DTE Isn't the Casino Everyone Thinks It Is 3:55 What His Book Really Is at the Tail 6:27 Why He Buys 80-Vol Options on Purpose 10:37 Is the Risk Premium Broken? 13:34 Where I Disagree With Him 15:02 Why "High VIX" and "Low VIX" Are Meaningless 16:48 The Three Volatility Factors Nobody Separates 19:03 55% of His Profit Goes to Slippage 20:08 Fifteen Strategies, Only One That Works 30:56 There's No Such Thing as an Uncorrelated Strategy 32:16 What He Does on FOMC Day 35:04 Is the Edge Structurally Decaying? 40:41 The Cost No Trader Can Control 44:56 Using Anything as Collateral 48:19 Captain Condor and the Target on Your Back 50:10 Why Market Makers Don't Just Do This 55:22 What Retail Gets Most Wrong 1:01:50 The Truth About GEX