Lesson 1Ambiguity in Futures PricingJudgment in uncertain pricing environments.Start2 Micro-lessonsMicro lesson 1Misreading Market SignalsMicro lesson 2Overconfidence in Model Outputs
Lesson 2Risk Transfer and Hidden CostsRecognizing indirect consequences in risk transfer.Start2 Micro-lessonsMicro lesson 1Ignoring Counterparty Risk EvolutionMicro lesson 2Hidden Funding Costs
Lesson 3Timing and Liquidity TrapsRestraint in volatile and illiquid markets.Start2 Micro-lessonsMicro lesson 1Liquidity MirageMicro lesson 2Premature Entry and Exit