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> it's probably the easiest expressed with some long dated ITM calls on MSFT

Just buy equity. No need to sidecar long vol in the middle of a resolving banking crisis.

> if MSFT actually has equity in OpenAI or if its just a "mutual partnership"

Yes, Microsoft are taking a significant stake in OpenAI. But it’s not equity, because OpenAI isn’t a corporation. (Partnership interests. Economically similar.)

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> No need to sidecar long vol in the middle of a resolving banking crisis.

as a former options trader, yup excellently put. love that this kind of "sophistication" (its simple in the grand scheme of things, but it passes) is here on HN. +1. stop using options for leverage if dont have a view on vol. way cheaper ways to borrow money.

what ways are cheaper to borrow money / leverage to be long MSFT?

not at all being condescending but if you dont know you may be better off not knowing, leverage is a mean master.

answer is margin accounts at any brokerage.

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