What is Margin in Trading? | Meaning and Example | IG UK

#Learningmondays CRYPTO GLOSSARY Margin trading accounts are used to create leveraged trading It increases your risk of loss in trading due to high leverage position in the market

#Learningmondays CRYPTO GLOSSARY Margin trading accounts are used to create leveraged trading It increases your risk of loss in trading due to high leverage position in the market submitted by digitalticks to u/digitalticks [link] [comments]

Summary of changes to the CBA outlined in the Memorandum of Understanding

With NHL PR's press release on the CBA extension and return-to-play plan, they linked a 71 page PDF of the Memorandum of Understanding passed by the NHL and NHLPA. Let's review and discuss what changes are outlined here. For reference, here is a link to the original Collective Bargaining Agreement (CBA). Friedman's How the NHL and NHLPA found labour peace in a pandemic.

Economic Issues

1) The CBA extension runs through September 15, 2026 (unless there are insufficient funds in the Escrow Account on June 30, 2025, in which case the CBA is extended an additional year)
2) The upper limit for the 2020/21 season is $81.5M, midpoint is $70.9M, and lower limit is $60.2 (same as the 2019/20 season). The cap will remain at $81.5M until Hockey Related Revenue (HRR) for a completed season reaches $3.3B. It will be between $81.5M and $82.5M on a pro rata basis in seasons where Preliminary HRR is between $3.3B and $4.8B. Then will increase by $1M per year until the Escrow Balance is paid off, unless agreed upon by both parties. After Escrow has been repaid but not earlier than the establishing of a cap for the 2023/24 season, a lag formula will be used such that the year-over-year increase in the cap will be between a maximum of the lesser of 5% and the trailing two-year average HRR growth percentage and a minimum (except for the 2026-27 season) of the lesser of 2.5% and the trailing two-year average HRR growth percentage.
3) Escrow is caped at:
Season Escrow Cap
2020/21 20%
2021/22 14% if Preliminary HRR for 2020/21 exceeds $3.3B. 18% if it is below $1.8B. Pro-rata rate in between.
2022/23 10%
2023/24-2025/26 6%
Entirety of April 15, 2020 payroll deposited into Escrow. 100% of funds held in Escrow Account for 2019/20 season; and for future seasons until 1) the Escrow Balance is less than $125M or the beginning of the 2023/24 season (whichever is sooner), and 2) HRR exceeds $4.8B in a season; are released to the League. The NHL waives it's right to reduce or eliminate player salaries for the 2019/20 and 2020/21 seasons based solely on the COVID-19 pandemic.
4) 10% of each player's 2020/21 NHL salary plus signing bonus are deferred without interest to be paid (in full) in 3 equal payments on October 15 of 2022, 2023, and 2024. This does not affect calculations of AAV towards the payroll range.
5) If the 2020/21 regular season starts after November 15, "Roster Freeze Players" (players in the NHL at 5pm ET on March 16 and who played at least 1 NHL regular season game in the 2019/20 season) signed to an SPC for the season on October 31st receive 8.1% (15/186) of their 2020/21 salary by October 31.
6) Increases the benefits credit for the 2020/21 and 2021/22 seasons and provides values for seasons through 2025/26.

Player Benefit Issues

7-31) Various changes to health insurance, life insurance, retirement plans, senior player gifting, and accounting related to those benefits.

Medical-Legal Issues

32-37) Changes to how second opinions are handled
38) Clubs cannot enter into commercial agreements that restrict their ability to select medical staff or refer players to third party service providers.
39) Parties will forma a task force to advise on minimum standards for Club medical resources and staffing on road trips
40) Changes to off season rehabilitation.
41-43) Changes to post-career medical treatment.
44) The NHL and Clubs will not oppose legislation, in Canadian provinces, to extend workers compensation benefits to professional athletes.
45) Changes to worker's compensation.
46-49) Changes to the Performance Enhancing Substances Program
50) Parties will negotiate a revised Substance Abuse and Behavioral Health Program

Player Contracting Issues

51) ELC compensation limits are:
Draft Year Maximum
2019-21 $925K
2022-23 $950K
2024-25 $975K
2026 $1M
52) Minor league compensation limits (for entry-level players):
Draft Year Maximum
2019 $70K
2020-21 $80K
2022-23 $82.5K
2024-25 $85K
2026 $87.5K
53) League-Paid Individual "B" NHL Awards Bonuses (for entry-level players) are amended (starting with the 2020/21 season) to include the Art Ross, Masterton, Messier, and Clancy Awards. These bonuses will not be counted against league-wide player compensation. The amount paid will be increased by 50% starting in the 2022/23 season.
54) Club-Paid Individual "A" and "B" Performance Bonuses are amended to include the Art Ross trophy (starting with the 2020/21 season). Starting with ELCs signed after the 2022 draft, "A" bonus maximums are increased from $850K to $1M, and the maximum per category increases from $212.5K to $250K; "B" bonus (Club-paid) maximums are increased from $2M to $2.5M.
55) NHL Minimum Salary is amended:
Season Minimum Salary
2019/20-2020/21 $700k
2021/22-2022/23 $750k
2023/24-2025/26 $775k
56) UFAs who play for a club outside North America do not need to clear waivers before December 15.
57) Revised tryout agreements.
58) No-trade and no-move clauses always travel with the player in the event of the contract moving.
59) Salary arbitration briefs are limited to: 1) 42 pages (exclusive of indices, glossaries, tables of contents, and exhibits), and 2) size 12-point Times New Roman font, double-spaced, one-inch margins (except charts, tables, headings, footnotes, citations). Arbitration may not be settled after the hearing has commenced.
60) The UFA Interview Period shall be eliminated.
61) Starting with the 2020/21 season, a "Projected Off-Season Cap Accounting" rule shall replace the "Tagging Rule". From the beginning of the regular season through June 30, Clubs may not exceed the current Upper Limit plus 10% in AAV relevant for the following season. Any amounts based on rate reflective of a player's time on the roster uses the current projected time.
62) The Performance Bonus Cushion remains in the final year of the CBA
63) Cap Advantage Recapture is charged against a Club by either: 1) equal proportions in each season over the remaining term of the SPC, or 2) in an equal amount to the contract's AAV in as many seasons required to account for the full amount (the last season is the remaining amount). The later formula (2) is applied if the value in the former (1) exceeds the AAV.
64) The 35 or older cap counting rule does not apply to contracts that have: 1) total compensation (salary and bonuses) that is either the same or increases from season-to-season, and 2) a signing bonus that is payable in the first year only.
65) Clubs cannot make trades with conditions based on a player signing with a Club (if the player has a current or future contract at the time of the trade) or based on the subsequent assignment of the traded player.
66) Players signed through the subsequent trade deadline can sign an 8-year contract without waiting until the trade deadline.
67) For "Front-Loaded SPCs" the difference in the player's salary and bonuses cannot change by more than 25% year-to-year, and the salary and bonuses be less than 60% of the highest season.
68) For contracts signed after this agreement, if the minimum qualifying offer would otherwise be greater than 120% of the AAV of the contract, the minimum qualifying offer will instead be 120% of the AAV.

Working Conditions Issues

69) Changes to how days off are accounted.
70) Changes to bye week accounting.
71) All-Star Game Weekend events will be created by the NHL in consultation with the NHLPA. There will be no All-Star Game in a season in which the NHL and NHLPA agree to participate in an international tournament.
72) Parties will discuss minimizing travel by scheduling back-to-back road games in the same city
73-82) Changes in travel, moving costs and compensation.
83-84) Changes/restrictions to fitness testing and compulsory off-season training.
85-86) Clubs will make two complimentary game-worn jerseys available to each player, provided they are for personal or charitable use rather than commercial. NHLPA will agree to restrictions on player's use of Club-provided game-used equipment.
87) Clubs will give the NHLPA electronic player payroll records.
88) The Playoff fund will be as follows:
Season Fund
2019/20 $32M
2020/21-2021/22 $20M
2022/23 $21M
2023/24 $22M
2024/25 $23M
2025/26 $24M

Other Issues

89) The NHL and NHLPA will participate in the 2022 and 2026 Winter Olympics, subject to negotiation of acceptable terms to each of the NHL, NHLPA, and IIHF (and/or IOC).
90) Changes to the maintenance of the Industry Growth Fund.
91) The NHL has a one-time option to modify revenue sharing on or before June 30, 2021. In the CBA, Recipient Clubs receive either a full or half share of the revenue sharing based on if their "Designated Market Area" has fewer or more than 3 million households (defined by Nielsen in the USA and BBM in Canada). This allows the NHL to change it so all Recipient Clubs receive a full share.
92) NHL will discuss providing footage and still images of NHL players to the NHLPA free-of-charge for non-commercial, editorial, and internal uses.
93) Parties will negotiate a 2020/21 calendar and schedule. Most statistics are pro-rated with a 70/82 factor for "Roster Freeze Players", but not for other players.
94) Tentative Critical Dates Calendar:
Date Event
July 1 2020/21 season begins (for contract signing purposes)
July 13 Training camps open
July 26 Travel to Hub Cities
July 28-30 Exhibition Games
August 1 Stanley Cup Qualifiers Begin
August 11 First Round Begins
August 25 Second Round Begins
September 8 Conference Finals Begin
September 22 Stanley Cup Finals Begin
Later of September 26 or Beginning of SCF First Buy-Out Period Begins
October 4 Last Possible Day of Final
Later of October 4 and 2 days following the last game in the final Playoff round the team plays Deadline for First Club-Elected Arbitration Notification (5pm ET)
October 9-10 2020 NHL Draft
Later of October 6 and 4 days following the last game in the final Playoff round the team plays Deadline for Qualifying Offers (5pm ET), which are not open for acceptance prior to the “Qualifying Offers Open for Acceptance (12pm ET)” date"
Later of October 8 or SCF + 6 days First Buy-Out Period Ends
Later of October 9 or SCF + 7 days Qualifying Offers Open for Acceptance (12pm ET); RFA/UFA Signing Period Begins (12pm ET)
Later of October 10 and 8 days following the last game in the final Playoff round the team plays Deadline for Player-Elected Salary Arbitration Notification (5pm ET); Deadline for RFA Offer Sheets for Players for whom Clubs have elected Salary Arbitration pursuant to First Club-Elected Salary Arbitration (5pm ET); Commencement of Second Club-Elected Salary Arbitration Notification (5:01pm ET)
Later of October 11 and 8 days following the last game in the final Playoff round the team plays Deadline for Second Club-Elected Salary Arbitration Notification (5pm ET)
October 12 Scheduling of Salary Arbitration Hearings
Later of October 18 or SCF + 16 days Qualifying Offers Expire Automatically (5pm ET)
October 20 First Day of Salary Arbitration Hearings
November 8 Last Day of Salary Arbitration Hearings
November 17 Training Camps Open
December 1 2020/21 Regular Season Begins
95-97) Phases 2-4 Protocols (not included in the document)
98) Disputes regarding Leafs broadcasting rights agreement and Pittsburgh non-resident sports facility usage fee have been settled.
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EVEN MORE miscellaneous tidbits about the 2019-20 NBA season that you probably already knew about but I decided to write about anyway:

Previous "Miscellaneous tidbits" posts:

Part 1

Part 2

#Some terms#
per 75 = per 75 possessions, i.e. points per 75 possessions = measure of a player's scoring rate, an alternative to PPG. Each team plays at a different pace (and the league as a whole plays slightly faster or slower each season), so adjusting for pace like this allows us to compare players' scoring more fairly than PPG will. (Question: Why 75 possessions? - Answer: The average high-usage modern NBA player simply uses roughly 75 possessions/game, so "per 75" stats are perhaps easier to intuitively understand for most people than "per 100" stats, which are available on Basketball Reference.)
TS% = true shooting percentage, i.e. a player's scoring efficiency, basically FG%, but accounting for 3-pointers and free-throws
rTS% = relative TS%, i.e. how efficient a player's scoring is compared to league average scoring efficiency, which is 56.4 TS% in 2019-20 according to Basketball Reference
ORTG and DRTG are a team's offensive and defensive rating, respectively, with numbers taken from Basketball Reference.
rORTG/rDRTG = relative ORTG or DRTG, i.e. how good a team's offense is compared to league average offensive and defensive rating, which are 110.4 in 2019-20 according to Basketball Reference
  • #1: Nikola Jokic, clutch god
I've talked about Chris Paul in an earlier post, but Jokic is right there with him as one of the clutchest players in the NBA. Joker is 3rd in points scored in the clutch, only behind CP3 and Trae Young, and the Nuggets are 2nd in the league in clutch wins, with a 26-14 record (65.0 win%) in clutch situations. In the clutch, Jokic has a personal net rating of +13.7, a 2.7 clutch AST/TO ratio, and shoots 60 TS%. Whether it be methodically bullying his way to the basket for a contested finish, a game-winning tip-in, or one of his ridiculous one-legged fadeaways (cries again in Sixers), simply giving the ball to Big Honey late in the 4th has proven to be winning formula for Denver.
  • #2: Anthony Davis, future Hall-of-Famer
According to Basketball Reference's Hall-of-Fame (HoF) tracker, after this year, at age 27, his 8th season in the NBA, Lakers superstar big Anthony Davis has a 91.27% chance of entering the Hall of Fame.
Just as a comparison, here's how BBRef's HoF tracker stacks up AD against other active likely Hall-of-Famers (left out the Warriors trio, and any players above >98% probability):
Player HoF Probability Age Experience (years) All-Star awards Others
Vince Carter 94.55% 43 21 8 2 x All-NBA
Pau Gasol 93.35% 39 18 6 2 x NBA Champ, 4 x All-NBA
Anthony Davis 91.27% 27 7 7 3 x Blocks Champ, 3 x All-NBA, 3 x All-Defensive
Kyle Lowry 85.74% 34 13 6 1 x NBA Champ, 1 x All-NBA
Damian Lillard 68.62% 29 7 5 4 x All-NBA
Paul George 65.44% 30 9 6 1 x Steals Champ, 5 x All-NBA, 4 x All-Defensive
Kyrie Irving 64.77% 28 8 6 1 x NBA Champ, 2 x All-NBA
Kawhi Leonard 54.77% 28 8 4 1 x Steals Champ, 2 x NBA Champ, 3 x All-NBA, 5 x All-Defensive, 2 x DPOY, 2 x Finals MVP
Giannis Antetokounmpo 23.82% 25 6 4 3 x All-NBA, 2 x All-Defensive, 1 x MVP
  • #3: That Bron-Brow thing
Borrowing this quote from my "unicorns" post featuring Anthony Davis a while back,
Vertical spacer: AD is arguably the GOAT lob-finisher (75 FG% from 0-3 feet). Davis's catch-radius is one of the best in NBA history. Just throw it up in the general direction of the rim and he'll make it work somehow with his touch and athleticism. His addition to the Lakers is a major reason why LeBron's leading the league in assists (2.8 of LeBron's 10.6 assists/game go to AD).
The Lakers' chemistry this season has been fabulous, with the team exceeding all expectations and leading the West. At the head of the team, the LeBron-AD connection, in particular, has been even better that people probably imagined coming into the season--- of all 2-man assist-combos in the league this year, James to Davis ranks 1st by a vast margin, with 172 assists between the two leading the league, far ahead of Lillard-Whiteside with 130 and Lou-Trez with 127.
LeBron hits AD in a variety of ways: in the pick-and-roll, with lobs and snappy interior dishes; pick-and-pop or drive-and-kick, with AD positioned in the midrange or out on the 3-point line; simply dumping it to AD in the post and letting him go to work; hitting AD quickly and accurately in transition as part of a new-age "Showtime" ; in semi-transition, or off made-field goals, LeBron lets AD leak out early in the shot clock to establish good post position quickly, and then hits him with a long-range outlet pass so that AD can ISO against an unprepared defense. The Lakers often get 1-2 buckets per game in this fashion alone.
  • #4: Mitchell Robinson, making history
(By Popular Demand!)
The Knicks' young shot-eraser averaged 10 points, 7 rebounds, and 2 blocks on historic, league-leading, 74.2 FG% (alongside also-league-leading 74.2 eFG% and 72.6 TS%). It's the first figure we're concerned about here, as Robinson has potentially beaten Wilt Chamberlain's single-season FG% record of 72.7 FG%, set in 1972-73.
The biggest hurdle standing in the way of Mitchell's record being officially ratified by the NBA is, unfortunately, COVID-19.
The nba.com website provides a glossary of statistical minimums to qualify as a league-leader in any particular category. Under the assumption of an 82-game season, a player would need to make 300 field goals to qualify as the league leader in FG%. Through 66 games, Mitch made 253 field goals. In the absence of a shortened season, Mitch would be 47 made baskets short of qualifying as the league leader.
What muddies the question even further is that most teams will end the 2019-20 season playing an uneven number of games. NBA teams played anywhere from 64-67 games at the time of the shutdown.
The league needs to determine the number of games that will become the baseline for qualifying as a league leader in any statistical category. Will the league go with the higher threshold (72-75 games) or will the league consider that nearly a 1/3 of the league played a shorter schedule (64-67 games)?
Through 64 games – the fewest number of games played by an NBA team – a qualifying player would need to play in 45 games and make a minimum of 235 field goals to qualify as a league leader in FG%. Mitch would qualify based on a 64-game schedule. Additionally, Mitch would breakeven and qualify even if the NBA increased the qualifying games from 64 to 69.
However, if the NBA determines eligibility based on a 72-game schedule, a qualifying player would need to make 264 field goals to become the league leader in FG%, leaving Mitch 11 field goals short or breaking Wilt’s record.
Soooo, yeah. C'mon Adam Silver, do your thing. Let the Knicks fans have this.
  • #5: Brandon Ingram's historic single-season shooting improvement
It often takes NBA players multiple years to rewrite flawed shot mechanics, and improvement likely won't be linear. LeBron, for example, took a solid 6-7 seasons to develop a reliable jumper, and his free throw shooting remains inconsistent to this day.
Sometimes, though, very rarely, players can show unprecedented jumps in shooting improvement (both free-throw and 3-point shooting) over the course of 1 or 2 seasons.
A good example of this is Pascal Siakam:
Season 3PA 3P% FTA FT%
2017-18 1.6 22.0% 1.1 62.1
2018-19 2.7 36.9% 3.8 78.5
2019-20 6.0 35.9% 5.2 80.0
Within 2 seasons, Spicy P has gone from a terrible 3-point shooter who barely took any 3s, to a consistent on-ball and off-ball threat from 3 this season, pulling up this season from deep with impunity. Similarly, he went from a horrendous free-throw shooter in 2018 to shooting above-average from the line on a significantly higher number of attempts. This is wonderful improvement from Pascal, in both free-throw and 3-point shooting, which is something we've rarely seen - FT% generally remains pretty stable over a player's career.
Now, while this is very cool, how is it relevant to Ingram? Well, what Ingram has done in 2019-20 is reproduce what Siakam did over the course of two seasons, within a single season, to an even higher degree:
Season 3PA 3P% FTA FT%
2018-19 1.8 33.0% 5.6 67.5
2019-20 6.3 38.7% 5.9 85.8
Within one season, Ingram:
    • Almost quadrupled his 3-point volume, and went from a below-average to elite 3-point threat in terms of 3P%, jumping 3 percentage points from 33% to 39%, all while --- hold my drink here--- taking much much harder threes: pull-up 3s, 3s off PnR and PnP, 3s around screens, stepbacks, deep threes, contested 3s, 3s off handoffs.
    • (Perhaps even more incredibly) Completely reworked his jumper to the point that his FT% improved by almost 20 percentage points. Twenty. Like, what?! And this isn't a fluke or low-sample-size improvement, either - he's taking almost 6 free throws a game!
These are staggering improvements.
Now, some Lakers fans are certain to chime in at this point that Ingram, in fact, shot 39% from 3 in his sophomore season, in 2017-18!
However, that season, he only shot 68% from the line, which, combined with his very low 3P volume (only 1.8 3PA), suggests that this season was more of a fluke. This is supported by the fact that his FT% and 3PA remained pretty unchanged in the following season (2018-19).
No, what Ingram's accomplished this season is pretty much completely unheard-of. Simply watching him shoot this season is a different experience altogether: "His motion is faster and more efficient now, he's no longer releasing this near the top of his jump, and so he doesn't pause the ball back at his right ear. The whole thing's just smoother now."
The credit for this unlikely improvement should go to Brandon and New Orleans's awesome assistant coach slash shot-doctor Fred Vinson, who worked very closely with both Ingram and Lonzo Ball this offseason, and allowed both of them to experience massive single-season shooting improvements.
  • #6: Luka Dončić, the rightful 2019-20 Most Improved Player?
For some reason, it's seemingly become almost taboo amongst voters to include sophomore players in MIP voting discussions. Perhaps this is due to rookies being supposed to struggle, especially on defense, as part of "hitting the rookie wall", hence leading to their improvements in their sophomore years being almost expected, and nothing to write home about.
There's some validity to this idea, of course. A recent notable example is Sacramento Kings lottery pick DeAaron Fox, who struggled in his rookie year before exploding in his sophomore season (last year) as a top young point guard in the West.
However, those assumptions simply don't make sense for Dončić.
For one thing, Luka was the runaway Rookie of the Year. He averaged 21.2/7.8/6.0 as the number one option on a decent Mavericks side, and was even a fringe-mention in All-Star discussions. He was incredibly clutch, too. If there were any 'rookie struggles', Luka basically sidestepped them all.
Furthermore, and more importantly, Dončić has just had perhaps the greatest sophomore season in NBA history.
In the span of one season , Luka's gone from a sub-All Star to an undisputed top 5-10 player. With all due respect to Brandon Ingram, Jayson Tatum, Bam Adebayo, Pascal Siakam, Devonte' Graham, or any other MIP candidate who is out there, Luka's improvement this season across the board trumps them all. Compared to his rookie year, he's scoring much more often, more efficiently, facilitating more, facilitating more efficiently, rebounding more, leading a much more efficient offense, and just has a much higher impact on the court overall:
. 2019-20 Luka Dončić 2018-19 Luka Dončić
Summary: PTS/AST/REB, FG%/3P%/FT% 29/9/9, on 46/32/75 shooting, 53 eFG% 21/8/6, on 43/33/71 shooting, 50 eFG%
Scoring rate (Points scored/75 possessions) 31.3 PTS/75 (3rd) 23.9 PTS/75
Scoring efficiency 58.4 TS% (+2.0 rTS%), 53.1 eFG% 54.5 TS% (-1.5 rTS%), 49.7 eFG%
Assists/75, Assist % 9.5 AST/75 (4th), 45.3 AST% (2nd) 6.8 AST/75 (19th), 31.6 AST% (17th)
Turnover %, AST/TO ratio 14.6 TO%, 2.07 AST/TO 15.0 TO%, 1.76 AST/TO
Passer Rating (Backpicks) 8.3 7.0
Rebounding 9.3 RPG, 15 TRB% 7.8 RPG, 13 TRB%
On/Off +1.3 -3.7
Team ORTG + How much it improves when he's on the court 116.7 ORTG (1st); +4.7 109.8 ORTG (20th); +0.0
Box Plus Minus (Backpicks) 6.9 2.3
Box Plus Minus (Basketball Reference) 8.4 3.9
WS/48 (Basketball Reference) .205 .101
Real Plus Minus (ESPN) 3.80 (5th) 1.29 (86th)
RAPTOR (538) +6.6 (7th) +2.2 (57th)
To finish this section off, I thought I'd conclude with an excellent excerpt from The Ringer's Dan Devine, who wrote up a superb article on who he thinks deserves to win Most Improved Player (featuring Dončić, Adebayo, Ingram, and Tatum):
Ultimately, I came back to what I felt after the first quarter of the season: As impressive and valid as all the other brands of improvement are, and as difficult as all of those leaps are to make, there’s nothing more impressive or difficult than becoming a top-five player in the league. While I wound up leaving Doncic just outside my top five in MVP balloting, it was by the slimmest of margins; he’s fucking unreal, in a way that even the heady early days of “Halleluka” hype didn’t quite project.
This season, Doncic became just the fifth player ever to average 28 points, eight rebounds, and eight assists per game, joining Oscar Robertson, James Harden, Michael Jordan, and Russell Westbrook. He led not only this season’s no. 1 offense, but statistically the no. 1 NBA offense ever, and did it while combining usage and scoring efficiency to a degree matched only by Harden and Giannis.
...as John Hollinger noted at The Athletic, Doncic has also worked diligently to improve his left hand, opening up angles that defenses used to be able to close off to attack, probe, pass, and shoot. Now, the whole floor is unlocked, and opponents have to fear Doncic picking them apart from all over the court.
No player in the league made a bigger or more significant leap this season than Doncic. He returned Dallas to playoff contention, teaming with Kristaps Porzingis, sideline genius Rick Carlisle, and a deep roster of complementary role players to create an offensive juggernaut—one that promises to get even scarier as Doncic continues to work on his jumper. If Luka and the Mavericks offense are already this good while he shoots 31.8 percent from 3, what fresh hell can they unleash if he follows in Harden’s footsteps and gets up to 35 or 36, or even higher?
  • #7: Patrick Beverley hates the Rockets
The Rockets and Clippers split their season-series 2-2, but Patrick Beverley managed to get himself ejected during 3 of their 4 matchups. I mean, that's just incredible consistency and deserves recognition.
  • #8: The Goddess of Fortune also hates the Rockets
We all know about the infamous, unfathomable 27 consecutive missed-3s in 2018 WCF Game 7 that cost Houston a 15-point lead, and, effectively, the 2018 NBA championship as well, two seasons ago, but ill fortune has haunted the Rockets this season as well:
In the Sixers' 6th-ranked defensive scheme (-2.2 rDRTG), Josh Richardson marks the speediest guards, while Horford and Embiid share the responsibility of walling off the rim and guarding opponent bigs. Simmons, meanwhile, is in charge of just about everyone else.
Krishna Narsu's Defensive Versatility Index ranks players by time spent guarding all 5 positions. Among players who've guarded at least 1500 possessions, Simmons ranks 6th in the league, notably guarding each of the guard and forward positions at least 18% of the time. He guards everyone from Bradley Beal and James Harden, to Aaron Gordon and Pascal Siakam.
Simmons moves his feet with the fluidity of a guard but also has the bulk and length of a big (6-10 and 240 pounds with a 7ft wingspan), able to shadow slippery jitterbugs around screens and have the footwork and IQ to deny Luka and Harden their stepbacks, but also able to bang with behemoths in the post.
Of course, no discussion of Simmons's defense would be complete without mentioning his hustle. Ben ranks 1st in steals/game (2.1), 3rd in deflections/game (4.0), and 2 in loose balls recovered/game (1.7). Though he hasn't offered too much in the way of rim protection this year (0.6 blks/G), Simmons is tremendously disruptive off the ball, constantly poking players' dribbles away from behind, reading passes before they happen, harassing ball-handlers, denying handoffs, ambushing passing lanes, and battling for rebounds (7.8 rebs/game, him and Embiid have helped the 6ers to the 2nd-best DRB% in the league).
Joel Embiid is still the most impactful defender on the team - the Sixers' defensive rating is 6.7 points better when he's on the court - but with him missing 21 games this season, it's been up to veteran defensive big Horford, and crucially, Simmons, to plug in the gaps, play multiple positions, and help maintain a passable team defense in JoJo's absence.
*Bonus:
  • #10: Midrange Mastery
In this golden age of 3-point shooting, the historically-revered but objectively less efficient midrange shot (~ 40 FG% on average) has been largely eschewed from the league as a viable shot for the average NBA player.
For high scoring players, though, it remains a key component of the offensive arsenals of many stars - the ability to make these shots when defenses give them up in clutch situations or in the playoffs has been often discussed among fans and analysts.
.
This season, the 5 most efficient midrange scorers (minimum 100 midrange shots attempted) have been:
5. Damian Lillard's sharpshooting Portland running-mate CJ McCollum (49.3 FG%),
4. "50-40-90 club" inductee Malcolm Brogdon (50.6 FG%),
3. Cleveland's veteran star power-forward Kevin Love (52.0 FG%),
2. Milwaukee Bucks All-Star Khris Middleton (52.3 FG%), who's had an excellent season co-starring alongside likely-MVP Giannis leading Milwaukee to a historing winning pace, and is a literal hair away from "50-40-90 club" induction himself this year (49.9/41.8/90.8 splits),
1. and finally, last but certainly not least, with an incredible bounce-back season in Oklahoma at age 34, Chris Paul, who shot a scorching 53.9 FG% from his favourite zone on the court.
.
The 5 least efficient midrange shooters are a fun and varied bunch as well (these dudes should really be taking fewer of these particular shots):
5. brand-new Golden State Warriors employee Andrew Wiggins (33.8 FG%),
4. Chicago's promising young rookie guard Coby White (33.6 FG%),
3. the defending champion Raptors' newly minted All-Star Pascal Siakam (32.1 FG%),
2. a fellow All-Star who's perhaps finally found his perfect home in Miami and has had an excellent season overall, Jimmy Butler (31.0 FG%),
1. and finally, last and most certainly least, shooting a putrid 25.4 FG% from the midrange: full-time rapper, part-time Slam Dunk Contest runner-up, the Orlando Magic's do-everything-except-shooting-quite-well Power Forward... Aaron Gordon.
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Now, efficiency is all nice and dandy, but you might be wondering at this point - who's actually taking the most midrange shots in the league? Most of these names will likely be some familiar to fans as well-seasoned practitioners of the midrange - the 5 most prolific midrange shot-takers in the league in 2020:
5. CJ McCollum (280 attempts, 49.3 FG%), who we've mentioned previously,
4. defending Finals MVP Kawhi Leonard (282 attempts, 44.0 FG%), who led the nation of Canada to their maiden title last year with the midrange fadeaway as a trusty and now iconic weapon in his arsenal (cries in Sixers),
3. the newest entry in the top three (he was 15th last season), Phoenix's 1st-time All-Star Devin Booker (288 attempts, 44.4 FG%), who's had an excellent offensive campaign (25.7 points and 6.5 assists per 75 on awesome +5.3 efficiency) leading the oft-maligned Suns to a league average offense,
2. the guy who replaced Kawhi Leonard on the Spurs, fellow midrange enthusiast DeMar DeRozan (331 attempts, 44.7 FG%), whose game is now synonymous (to a slightly unhealthy degree) with his love for the midrange,
1. and finally, DeMar's fellow San Antonio running-mate and stretch big LaMarcus Aldridge (352 attempts, 44.9 FG%). Fun-fact: these two finished 1st and 2nd in last year's list as well.
  • #11: Yo speaking of DeMar... what's he been up to recently?
We've always known him as Toronto's beloved All-Star guard who shares Ben Simmons's aversion to the 3-point shot, but since the fateful 2018 Kawhi Leonard trade that sent him to San Antonio, DeMar DeRozan has faded from the spotlight somewhat as the Spurs now face an annual struggle to make the playoffs in a brutal Western Conference. So, how's he been faring in his second year donning the black and silver?
    • The first thing you probably notice about 2020 DeMar DeRozan is that this is easily the most efficient version of him we've ever seen - he's averaged 23.3 points and 5.9 assists per 75 on 53% shooting from the field and 60 TS%, 3.3 points higher than league-average efficiency (i.e. +3.3 rTS%). His previous most efficient volume-scoring output was in 2015-16, where he scored 25.3 points per 75 on +0.9 efficiency (55 TS%). DeMar's shooting percentage at the rim has been incredible for his position - 70.7 FG% in the restricted area, which is similar at-rim efficiency to someone like LeBron James (69 FG%) or Anthony Davis (73 FG%) - on far fewer attempts, of course, but still highly impressive.
    • The second thing you might is that this season has been a tale of two DeMars. Including and prior to 12-22-2019, a 25-point loss to the Clippers, DeRozan averaged 20.7 points and 4.7 assists on 56 TS% (-0.4 rTS%). Since that date, over 33 games, he's averaged 23.4 points and 6.3 assists on blistering hot efficiency, 55/27/87 splits, or 63 TS% (+6.3 rTS%). As a result, DeMar DeRozan now holds the record for the longest streak of 20+ points and >50 FG% by guards in NBA history. Cool stuff!
    • This wasn't a random change, though. Coach Pop made two key changes after that horrific Clippers loss. First, he moved DeMar to Power Forward, to reduce Rudy Gay's playing time and veer away from having LaMarcus Aldridge and non-shooting center Jakob Poeltl share the court, to try and improve spacing. Second, he moved LMA to the 3-point line and implored LMA to shart shooting 3s. The effect was near-instantaneous - all of a sudden, with LMA bombing away from 3 (4.2 3PA, 42 3P% in 23 games since 12/23/19), DeRozan has had more driving lanes to work with, abusing more mismatches and drawing more fouls (5.8->7.3 FTA/G), having more midrange real-estate to find clearer looks and also finishing more cleanly at the rim (49.9->55.0 FG%), and attracting more defensive attention as a result to facilitate the Spurs offense (4.7->6.3).
    • The third thing you might realize is that DeMar is still a very poor defender. The Spurs are a whopping 5.9 points better on defense with DeMar off the court, and most available defensive metrics available all paint DeMar as a bottom 10th-15th percentile defender - D-PIPM (17th-worst), D-RAPM (449th), D-RAPTOR (226th out of 250), D-RPM (469th). He consistently ranks near the bottom of the league in hustle stats, is terrible at fighting over screens, is a non-factor in transition defense (he has a penchant for complaining for missed calls), is inconsistent in closing out to shooters, strikes out when gambling for steals, has questionable decision-making and often finds himself a step or two behind opponent plays, stuck in no-mans-land, making him a poor team defender. He's not terrible at man defense, and the move to power forward actually helped his defense somewhat, as opponent PFs only have a 15.1 PER (around league average) when facing DeRozan, whereas opponent SFs have an excellent 19.7 PER with DeMar as the primary defender. Not all of San Antonio's defensive woes can be attributed to DeMar. The team is in a constant state of defensive flux - a dearth of shooting forces Popovich to often play proven floor-spacer but absolute defensive sieve Bryn Forbes, while inconsistent shooting and offensive production limit the Spurs' best all-round defender, Dejounte Murray's, court time, and a lack of spacing also stops excellent rim protector Jakob Poeltl from earning consistent minutes as lineups pairing him and LMA have been awful on offense.
    • The fourth and final thing, perhaps, is that the situation in San Antonio is very tenuous for both DeMar and the team alike. The Spurs are currently stuck between eras, trying to churn out winning seasons and maintain their streak of 22 consecutive playoff appearances by playing veterans like DeMar, LMA, and Gay large minutes while simultaneously trying to develop younger promising players like Murray, White, Lonnie Walker, Lyles, and Poeltl. This has yielded mixed results this season because of a lack of spacing and inconsistent defense. Meanwhile, DeMar is on the wrong side of 30 and has a possible contract extension looming ($150M, 4 years, if I'm not mistaken). Some say he'll leave, some say a potential cap-drop resulting from COVID-19 could convince him to opt-in. Either way, this season is a turning point for the team and for DeMar.
  • #12: The Memphis Grizzlies' Funky Big Trio
Three of Memphis's four best players might be bigs, with Jonas Valančiūnas (28 y/o), Jaren Jackson Jr. (20 y/o), and Brandon Clarke (23 y/o) hoping to continue the Grizzlies' tradition of producing elite bigs like ZBo and Marc Gasol. What makes these 3 so fun is in how different they all are, and yet so effective in their roles. Valančiūnas (15/11/2 on +6.7 rTS%) is an old-school low-post monster, slow and methodical with his back to the basket, an elite rebounder, and brutally effective against teams with undersized bigs. To loosely quote Zach Lowe, I really enjoy watching Grizzlies unleash JV every 2 or 3 games to mash teams with below average rim protection. He is solid in his defensive role in the Grizzlies drop coverage and can move his feet decently, but is vulnerable against strong pick-and-pop and pick-and-roll teams (e.g. Blazers, Wolves, Mavs). Jaren Jackson Jr (17/5/1.5 on +2.6 rTS%), meanwhile, is easily the 2nd most important offensive piece on the team, mainly due to his elite floor-spacing - he's frighteningly adept at his role, hitting 40% of his 6 to 7 3 point attempts per game, making these off-the-dribble, pick-and-pop, as stepbacks, traditional catch-and-shoot, inverted PnR, or even the odd hail mary yeet the moment he crosses half-court, the whole package. He also remains adept at the rim, scoring 70 FG% from 0-3 feet. He has yet to fulfil his defensive potential, however, held back by fouling concerns. Brandon Clarke (12/6/1.5 on +10.6 rTS%) is perhaps the best value-for-money pick in the draft, selected as no. 21 but all but guaranteed to make an All-Rookie team. His skillset has transferred shockingly well to the NBA, as a crazy-efficient scorer, athletic rebounder, and being able to defend just about every position on the court. Clarke is money at the rim (74.4 FG% in the restricted area) with dunks, alley-oops, finger-rolls, and tip-ins; he has a gorgeous floater which he unleashes further away in the paint (elite 56.8 FG% in the non-restricted area of the paint); and he's capable of knocking down the odd open above-the-break 3 (43.3 FG%) on very low volume (30 3PA). Both he and Jaren have highly varied and scale-able skillsets that mesh with a variety of teammates and lineup types. The Grizzlies' future is bright.
  • #13: Marcus Smart vs Terry Rozier, as 3 point shooters
These two players, former teammates during their fairytale run to the conference finals in 2018, are now very different players on very different teams - Scary Terry has had himself a decent season at Charlotte as a primary scoresecondary playmaker (18/4/4 on 55 TS%), while Smart is a defensively-elite "stretch-6" in Boston as a key contributor on both ends and part-time PG. However, what I'm interested in today is the ways these two players contrast in terms of 3-point shooting.
This season, Rozier has hit an elite 41% of his 6.7 3PA while Smart has connected on a decent 35% of his 6.9 3PA. To be more precise, Terry Rozier is one of the league's best catch-and-shoot players, hitting an incredible 45.7% of his catch-and-shoot 3s, with a more pedestrian 34% on his pullup 3s.
On the other hand, Marcus Smart is one of the league's best pull-up shooters, hitting an elite 40.4% of his pull-up 3s, but a horrendous 31.4% on catch-and-shoot 3s. A fun contrast!
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11 Miscellaneous Tidbits about the 2019-20 NBA season you probably knew about but I decided to write about anyway, PART THREE

(reupload because I f-ed up the title)
Previous "Miscellaneous tidbits" posts, if you're interested:
Part 1
Part 2

Some terms

per 75 = per 75 possessions, i.e. points per 75 possessions = measure of a player's scoring rate, an alternative to PPG. Each team plays at a different pace (and the league as a whole plays slightly faster or slower each season), so adjusting for pace like this allows us to compare players' scoring more fairly than PPG will. (Question: Why 75 possessions? - Answer: The average high-usage modern NBA player simply uses roughly 75 possessions/game, so "per 75" stats are perhaps easier to intuitively understand for most people than "per 100" stats, which are available on Basketball Reference.)
TS% = true shooting percentage, i.e. a player's scoring efficiency, basically FG%, but accounting for 3-pointers and free-throws
rTS% = relative TS%, i.e. how efficient a player's scoring is compared to league average scoring efficiency, which is 56.4 TS% in 2019-20 according to Basketball Reference
ORTG and DRTG are a team's offensive and defensive rating, respectively, with numbers taken from Basketball Reference.
rORTG/rDRTG = relative ORTG or DRTG, i.e. how good a team's offense is compared to league average offensive and defensive rating, which are 110.4 in 2019-20 according to Basketball Reference

1: Nikola Jokic, clutch god

I've talked about Chris Paul in an earlier post, but Jokic is right there with him as one of the clutchest players in the NBA. Joker is 3rd in points scored in the clutch, only behind CP3 and Trae Young, and the Nuggets are 2nd in the league in clutch wins, with a 26-14 record (65.0 win%) in clutch situations. In the clutch, Jokic has a personal net rating of +13.7, a 2.7 clutch AST/TO ratio, and shoots 60 TS%. Whether it be methodically bullying his way to the basket for a contested finish, a game-winning tip-in, or one of his ridiculous one-legged fadeaways (cries again in Sixers), simply giving the ball to Big Honey late in the 4th has proven to be winning formula for Denver.

2: That LeBron-Davis thing

Borrowing this quote from my "unicorns" post featuring Anthony Davis a while back,
Vertical spacer: AD is arguably the GOAT lob-finisher (75 FG% from 0-3 feet). Davis's catch-radius is one of the best in NBA history. Just throw it up in the general direction of the rim and he'll make it work somehow with his touch and athleticism. His addition to the Lakers is a major reason why LeBron's leading the league in assists (2.8 of LeBron's 10.6 assists/game go to AD).
The Lakers' chemistry this season has been fabulous, with the team exceeding all expectations and leading the West. At the head of the team, the LeBron-AD connection, in particular, has been even better that people probably imagined coming into the season--- of all 2-man assist-combos in the league this year, James to Davis ranks 1st by a vast margin, with 172 assists between the two leading the league, far ahead of Lillard-Whiteside with 130 and Lou-Trez with 127.
LeBron hits AD in a variety of ways: in the pick-and-roll, with lobs and snappy interior dishes; pick-and-pop or drive-and-kick, with AD positioned in the midrange or out on the 3-point line; simply dumping it to AD in the post and letting him go to work; hitting AD quickly and accurately in transition as part of a new-age "Showtime" ; in semi-transition, or off made-field goals, LeBron lets AD leak out early in the shot clock to establish good post position quickly, and then hits him with a long-range outlet pass so that AD can ISO against an unprepared defense. The Lakers often get 1-2 buckets per game in this fashion alone.

3: Ultimate Moreyball

You have probably heard that 2013 7th-pick Ben McLemore has made a heartwarming return to NBA relevance, as the newest addition to the Houston Rockets's armada of shooters. He's been capable in his role, scoring 9.8 points per game with excellent 40% 3P shooting (solid 6.2 attempts/game) and athletic finishes at the rim, combined with below average but passable defense. What you may not have heard is that McLemore's NBA stats shooting page reads like a Daryl Morey wet dream come to life: Ben has taken the Moreyball approach of "only threes, FTs, and layups" to new and obscene heights - of his 470 field goal attempts, he has attempted exactly zero midrange shots. The rest of the Rockets were no slouches in this department either - Covington had 21 midrange attempts, Tucker had 19, House had 13, Gordon had 9, Rivers had 7, and the NBA's soon-to-be 3-time scoring leader James Harden, with 1386 field goal attempts this season, tried 16 midrange shots this season (1.2% of his total attempts), by far a new career-low. All this anti-tradition black-magic continues to work for Houston - the Rockets rank 2nd in offensive rating. I am both impressed and horrified.

4: Mitchell Robinson, making history

(By Popular Demand!)
The Knicks' young shot-eraser averaged 10 points, 7 rebounds, and 2 blocks on historic, league-leading, 74.2 FG% (alongside also-league-leading 74.2 eFG% and 72.6 TS%). It's the first figure we're concerned about here, as Robinson has potentially beaten Wilt Chamberlain's single-season FG% record of 72.7 FG%, set in 1972-73.
The biggest hurdle standing in the way of Mitchell's record being officially ratified by the NBA is, unfortunately, COVID-19.
The nba.com website provides a glossary of statistical minimums to qualify as a league-leader in any particular category. Under the assumption of an 82-game season, a player would need to make 300 field goals to qualify as the league leader in FG%. Through 66 games, Mitch made 253 field goals. In the absence of a shortened season, Mitch would be 47 made baskets short of qualifying as the league leader.
What muddies the question even further is that most teams will end the 2019-20 season playing an uneven number of games. NBA teams played anywhere from 64-67 games at the time of the shutdown.
The league needs to determine the number of games that will become the baseline for qualifying as a league leader in any statistical category. Will the league go with the higher threshold (72-75 games) or will the league consider that nearly a 1/3 of the league played a shorter schedule (64-67 games)?
Through 64 games – the fewest number of games played by an NBA team – a qualifying player would need to play in 45 games and make a minimum of 235 field goals to qualify as a league leader in FG%. Mitch would qualify based on a 64-game schedule. Additionally, Mitch would breakeven and qualify even if the NBA increased the qualifying games from 64 to 69.
However, if the NBA determines eligibility based on a 72-game schedule, a qualifying player would need to make 264 field goals to become the league leader in FG%, leaving Mitch 11 field goals short or breaking Wilt’s record.
Soooo, yeah. C'mon Adam Silver, do your thing. Let the Knicks fans have this.

5: Patrick Beverley hates the Rockets

The Rockets and Clippers split their season-series 2-2, but Patrick Beverley managed to get himself ejected during 3 of their 4 matchups. I mean, that's just incredible consistency and deserves recognition.

6: The Goddess of Fortune also hates the Rockets

We all know about the infamous, unfathomable 27 consecutive missed-3s in 2018 WCF Game 7 that cost Houston a 15-point lead, and, effectively, the 2018 NBA championship as well, two seasons ago, but ill fortune has haunted the Rockets this season as well:

7: Ben Simmons, good at defense

This season, Ben Simmons has graduated a level on defense, becoming, as The Ringer's Rob Mahoney succinctly summarised in an excellent article, "one of the NBA’s very best defenders, full stop and without caveat."
In the Sixers' 6th-ranked defensive scheme (-2.2 rDRTG), Josh Richardson marks the speediest guards, while Horford and Embiid share the responsibility of walling off the rim and guarding opponent bigs. Simmons, meanwhile, is in charge of just about everyone else.
Krishna Narsu's Defensive Versatility Index ranks players by time spent guarding all 5 positions. Among players who've guarded at least 1500 possessions, Simmons ranks 6th in the league, notably guarding each of the guard and forward positions at least 18% of the time. He guards everyone from Bradley Beal and James Harden, to Aaron Gordon and Pascal Siakam.
Simmons moves his feet with the fluidity of a guard but also has the bulk and length of a big (6-10 and 240 pounds with a 7ft wingspan), able to shadow slippery jitterbugs around screens and have the footwork and IQ to deny Luka and Harden their stepbacks, but also able to bang with behemoths in the post.
Of course, no discussion of Simmons's defense would be complete without mentioning his hustle. Ben ranks 1st in steals/game (2.1), 3rd in deflections/game (4.0), and 2 in loose balls recovered/game (1.7). Though he hasn't offered too much in the way of rim protection this year (0.6 blks/G), Simmons is tremendously disruptive off the ball, constantly poking players' dribbles away from behind, reading passes before they happen, harassing ball-handlers, denying handoffs, ambushing passing lanes, and battling for rebounds (7.8 rebs/game, him and Embiid have helped the 6ers to the 2nd-best DRB% in the league).
Joel Embiid is still the most impactful defender on the team - the Sixers' defensive rating is 6.7 points better when he's on the court - but with him missing 21 games this season, it's been up to veteran defensive big Horford, and crucially, Simmons, to plug in the gaps, play multiple positions, and help maintain a passable team defense in JoJo's absence.
*Bonus:

8: Midrange Mastery

In this golden age of 3-point shooting, the historically-revered but objectively less efficient midrange shot (~ 40 FG% on average) has been largely eschewed from the league as a viable shot for the average NBA player.
For high scoring players, though, it remains a key component of the offensive arsenals of many stars - the ability to make these shots when defenses give them up in clutch situations or in the playoffs has been often discussed among fans and analysts.
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This season, the 5 most efficient midrange scorers (minimum 100 midrange shots attempted) have been:
5. Damian Lillard's sharpshooting Portland running-mate CJ McCollum (49.3 FG%),
4. "50-40-90 club" inductee Malcolm Brogdon (50.6 FG%),
3. Cleveland's veteran star power-forward Kevin Love (52.0 FG%),
2. Milwaukee Bucks All-Star Khris Middleton (52.3 FG%), who's had an excellent season co-starring alongside likely-MVP Giannis leading Milwaukee to a historing winning pace, and is a literal hair away from "50-40-90 club" induction himself this year (49.9/41.8/90.8 splits),
1. and finally, last but certainly not least, with an incredible bounce-back season in Oklahoma at age 34, Chris Paul, who shot a scorching 53.9 FG% from his favourite zone on the court.
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The 5 least efficient midrange shooters are a fun and varied bunch as well (these dudes should really be taking fewer of these particular shots):
5. brand-new Golden State Warriors employee Andrew Wiggins (33.8 FG%),
4. Chicago's promising young rookie guard Coby White (33.6 FG%),
3. the defending champion Raptors' newly minted All-Star Pascal Siakam (32.1 FG%),
2. a fellow All-Star who's perhaps finally found his perfect home in Miami and has had an excellent season overall, Jimmy Butler (31.0 FG%),
1. and finally, last and most certainly least, shooting a putrid 25.4 FG% from the midrange: full-time rapper, part-time Slam Dunk Contest runner-up, the Orlando Magic's do-everything-except-shooting-quite-well Power Forward... Aaron Gordon.
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Now, efficiency is all nice and dandy, but you might be wondering at this point - who's actually taking the most midrange shots in the league? Most of these names will likely be some familiar to fans as well-seasoned practitioners of the midrange - the 5 most prolific midrange shot-takers in the league in 2020:
5. CJ McCollum (280 attempts, 49.3 FG%), who we've mentioned previously,
4. defending Finals MVP Kawhi Leonard (282 attempts, 44.0 FG%), who led the nation of Canada to their maiden title last year with the midrange fadeaway as a trusty and now iconic weapon in his arsenal (cries in Sixers),
3. the newest entry in the top three (he was 15th last season), Phoenix's 1st-time All-Star Devin Booker (288 attempts, 44.4 FG%), who's had an excellent offensive campaign (25.7 points and 6.5 assists per 75 on awesome +5.3 efficiency) leading the oft-maligned Suns to a league average offense,
2. the guy who replaced Kawhi Leonard on the Spurs, fellow midrange enthusiast DeMar DeRozan (331 attempts, 44.7 FG%), whose game is now synonymous (to a slightly unhealthy degree) with his love for the midrange,
1. and finally, DeMar's fellow San Antonio running-mate and stretch big LaMarcus Aldridge (352 attempts, 44.9 FG%). Fun-fact: these two finished 1st and 2nd in last year's list as well.

9: So... What's DeMar been up to recently?

We've always known him as Toronto's beloved All-Star guard who shares Ben Simmons's aversion to the 3-point shot, but since the fateful 2018 Kawhi Leonard trade that sent him to San Antonio, DeMar DeRozan has faded from the spotlight somewhat as the Spurs now face an annual struggle to make the playoffs in a brutal Western Conference. So, how's he been faring in his second year donning the black and silver?
  • The first thing you probably notice about 2020 DeMar DeRozan is that this is easily the most efficient version of him we've ever seen - he's averaged 23.3 points and 5.9 assists per 75 on 53% shooting from the field and 60 TS%, 3.3 points higher than league-average efficiency (i.e. +3.3 rTS%). His previous most efficient volume-scoring output was in 2015-16, where he scored 25.3 points per 75 on +0.9 efficiency (55 TS%). DeMar's shooting percentage at the rim has been incredible for his position - 70.7 FG% in the restricted area, which is similar at-rim efficiency to someone like LeBron James (69 FG%) or Anthony Davis (73 FG%) - on far fewer attempts, of course, but still highly impressive.
  • The second thing you might is that this season has been a tale of two DeMars. Including and prior to 12-22-2019, a 25-point loss to the Clippers, DeRozan averaged 20.7 points and 4.7 assists on 56 TS% (-0.4 rTS%). Since that date, over 33 games, he's averaged 23.4 points and 6.3 assists on blistering hot efficiency, 55/27/87 splits, or 63 TS% (+6.3 rTS%). As a result, DeMar DeRozan now holds the record for the longest streak of 20+ points and >50 FG% by guards in NBA history. Cool stuff!
    • This wasn't a random change, though. Coach Pop made two key changes after that horrific Clippers loss. First, he moved DeMar to Power Forward, to reduce Rudy Gay's playing time and veer away from having LaMarcus Aldridge and non-shooting center Jakob Poeltl share the court, to try and improve spacing. Second, he moved LMA to the 3-point line and implored LMA to shart shooting 3s. The effect was near-instantaneous - all of a sudden, with LMA bombing away from 3 (4.2 3PA, 42 3P% in 23 games since 12/23/19), DeRozan has had more driving lanes to work with, abusing more mismatches and drawing more fouls (5.8➡️7.3 FTA/G), having more midrange real-estate to find clearer looks and also finishing more cleanly at the rim (49.9➡️55.0 FG%), and attracting more defensive attention as a result to facilitate the Spurs offense (4.7➡️6.3 assists/game). The Spurs are now a decent overall offensive unit (111.9 ORTG, +1.5 rORTG).
  • The third thing you might realize is that DeMar is still a poor defender. The Spurs are a whopping 5.9 points better on defense with DeMar off the court, and most available defensive metrics available all paint DeMar as a bottom 10th-15th percentile defender - D-PIPM (17th-worst), D-RAPM (449th), D-RAPTOR (226th out of 250), D-RPM (469th). He consistently ranks near the bottom of the league in hustle stats, is terrible at fighting over screens, is a non-factor in transition defense (he has a penchant for complaining for missed calls), is inconsistent in closing out to shooters, strikes out when gambling for steals, has questionable decision-making and often finds himself a step or two behind opponent plays, stuck in no-mans-land, making him a poor team defender. He's not terrible at man defense, and the move to power forward actually helped his defense somewhat, as opponent PFs only have a 15.1 PER (around league average) when facing DeRozan, whereas opponent SFs have an excellent 19.7 PER with DeMar as the primary defender (PER is a pretty terrible stat, but it at least broadly captures player performance so you'll forgive its use here). Now, not all of San Antonio's defensive woes can be attributed to DeMar. The team as a whole is ranked 25th in defense, with a -3.3 rDRTG, and objectively poor overall defense like this is a systemic issue rather than due to any single player. The Spurs are in a constant state of defensive flux - a dearth of shooting forces Popovich to often play proven floor-spacer but absolute defensive sieve Bryn Forbes, while inconsistent shooting and offensive production limit the Spurs' best all-round defender, Dejounte Murray's, court time, and a lack of spacing also stops excellent rim protector Jakob Poeltl from earning consistent minutes as lineups pairing him and LMA have been awful on offense.
  • The fourth and final thing, perhaps, is that the situation in San Antonio is very tenuous for both DeMar and the team alike. The Spurs are currently stuck between eras, trying to churn out winning seasons and maintain their streak of 22 consecutive playoff appearances by playing veterans like DeMar, LMA, and Gay large minutes, while simultaneously trying to develop younger promising players like Murray, White, Lonnie Walker, Lyles, and Poeltl. This has yielded mixed results this season because of spacing issues and more importantly, inconsistent defense. Meanwhile, DeMar is on the wrong side of 30 and has a possible contract extension looming ($150M, 4 years, if I'm not mistaken). Some fans say he'll leave, while others say a potential cap-drop resulting from COVID-19 could convince him to opt-in. Either way, this season is a turning point of sorts, for both the San Antonio Spurs and for DeMar DeRozan.

10: The Memphis Grizzlies' Funky Big Trio

Three of Memphis's four best players might be bigs, with Jonas Valančiūnas (28 y/o), Jaren Jackson Jr. (20 y/o), and Brandon Clarke (23 y/o) hoping to continue the Grizzlies' tradition of producing elite bigs like ZBo and Marc Gasol. What makes these 3 so fun is in how different they all are, and yet so effective in their roles.
Valančiūnas (15/11/2 on +6.7 rTS%) is an old-school low-post monster, slow and methodical with his back to the basket, an elite rebounder, and brutally effective against teams with undersized bigs. To loosely quote Zach Lowe, I really enjoy watching Grizzlies unleash JV every 2 or 3 games to mash teams with below average rim protection. He is solid in his defensive role in the Grizzlies drop coverage and can move his feet decently, but is vulnerable against strong pick-and-pop and pick-and-roll teams (e.g. Blazers, Wolves, Mavs).
Jaren Jackson Jr (17/5/1.5 on +2.6 rTS%), meanwhile, is easily the 2nd most important offensive piece on the team, mainly due to his elite floor-spacing - he's frighteningly adept at his role, hitting 40% of his 6 to 7 3 point attempts per game, making these off-the-dribble, pick-and-pop, as stepbacks, traditional catch-and-shoot, inverted PnR, or even the odd hail mary yeet the moment he crosses half-court, the whole package. He also remains adept at the rim, scoring 70 FG% from 0-3 feet. He has yet to fulfil his defensive potential, however, held back by fouling concerns.
Brandon Clarke (12/6/1.5 on +10.6 rTS%) is perhaps the best value-for-money pick in the draft, selected as no. 21 but all but guaranteed to make an All-Rookie team. His skillset has transferred shockingly well to the NBA, as a crazy-efficient scorer, athletic rebounder, and being able to defend just about every position on the court. Clarke is money at the rim (74.4 FG% in the restricted area) with dunks, alley-oops, finger-rolls, and tip-ins; he has a gorgeous floater which he unleashes further away in the paint (elite 56.8 FG% in the non-restricted area of the paint); and he's capable of knocking down the odd open above-the-break 3 (43.3 FG%) on very low volume (30 3PA). Both he and Jaren have highly varied and scale-able skillsets that mesh with a variety of teammates and lineup types. The Grizzlies' future is bright.

11: Weirdly effective - OKC's 3-Point Guard lineup

A huge reason for the Thunder's elite clutch play --- OKC have 3 more wins than expected based on their net rating, and are a league-leading 29-13 this season in clutch scenarios, with an extraordinary +30.3 net rating in the clutch, tops in the NBA --- has been the delightful, unexpected, and unprecedented success of Coach Billy Donovan's crunch-time 3-PG lineup, with Paul/SchrödeGilgeous-Alexander playing the 1-3, the eternally-underrated Gallinari at 4, and the ever-solid Steven Adams at 5.
There are 536 three-man lineup combinations that have logged at least 200 minutes this season, and Paul, Schröder, and Gilgeous-Alexander lead all in net rating, outscoring opponents by 26.7 points per 100 possessions, clocking in slightly ahead of the Clippers' potent Beverley/Kawhi/Harrell triumvirate. This awesome SB Nation article by Michael Pina breaks it down beautifully, but I'll try to include the main points here.
1) CP/SGA/Schröder are all excellent shooters, especially from midrange (all 3 rank among the top 11 volume midrange shooters in the league, shooting above 47.7% from there), which opponent defenses unwisely give up to CP3 and co. in crunch-time. They take advantage of this brilliantly, shooting more midrangers than any other shot type in the 4th quarter, with Oklahoma City’s effective field goal percentage still being a remarkable 58.7 eFG% when all 3 share the floor, which is nearly 3% better than the first-place Milwaukee Bucks.
2) CP/SGA/Schröder are all capable PnR ball-handlers as well, able to hunt mismatches with ruthless efficiency, so this lineup is incredibly rich with capable shot creators and passers.
3) They don't give up anything defensively, with Paul being as solid as ever, Schröder being a pest by hounding ball-handlers, picking them up at 94 feet, SGA's length affording him the ability to guard the post at a passable rate, and Adams stonewalling the rim and gobbling up rebounds. All three guards are all highly switchable, too. The 3-PG lineup has a defensive rating of 98.6, 3 points better than the Bucks' historic league-leading defense.
4) Gallinari was one of the best shooters in the league this year, hitting an incredible 41% of his 7.1 3P-attempts/game, and him playing at PF opens up the floor considerably for OKC's guards to cook from midrange/3 or the paint.
submitted by KagsTheOneAndOnly to nba [link] [comments]

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submitted by PersonalDoctor to u/PersonalDoctor [link] [comments]

Inheritors of Eschaton, Part 24 - Some Flawed Place in the Iron Dark

First | Previous
”Of course I have heard the contention that scriptsmithing is an art, but those who say such things are invariably somewhat poor artists.”
Vumo Ra, possibly apocryphal.
The massive stone rolled up, pausing for a moment before toppling sideways and fracturing into a few large chunks. The small crew of Aesvain gave a cheer that was equal parts triumphant and weary, and Mark clapped the nearest on the shoulder appreciatively with a dusty hand.
“That’s the last one on this stretch!” he said. “I think we’re clear to move up all the way through to the plaza.” He grinned, looking around at the disheveled refugees. “You guys want to ride in the back? We’ve got some water, too.”
They perked up at the offer and followed Mark back to the truck. Jackie peered back from the driver’s seat with a grin as the diminutive workers hesitantly took their seats and shared a cup from the reservoir as they stared wide-eyed around the interior.
“That never gets old,” she said. “So that’s it, right? If we can get to the plaza we should be able to pick out a path clear through to the city center.”
Mark nodded and took a swig of water. “That’s the idea,” he confirmed. “Just take it slow, there’s a lot of tall grass in the plaza. Could be ruts, rocks, whatever.”
Jackie snorted. “Don’t worry about me,” she said, putting the truck into gear. “They only built a paved road to a survey site if I found something that justified the expense. For me, this is a normal day at the office.”
She moved the truck gently forward, smiling again at the hushed noises of awe their passengers made as a result. “You know, I’m going to miss this thing,” she said. “Of all the places I’ve almost died, this truck is my favorite.”
“Yeah, if we ever get back I’m going to write a really nice letter to the manufacturer,” Mark said, patting the dashboard affectionately. “She’s held up pretty well, even though I’m almost certain we’ve voided the warranty.”
They trundled along in silence for a bit before Jackie glanced at Mark. “It’s funny,” she said, “but hearing you say that made me realize that I don’t really think we’re going back. Probably haven’t believed it for a while now, if I’m being honest.”
Mark turned to look back at her, then shrugged. “I haven’t really thought about it much,” he admitted. “Been focused on other shit. I guess I figured that if we’d either work it out or we wouldn’t. Besides, if it does happen it won’t be me doing the heavy lifting. Maybe you and Arjun will science it out, maybe Jesse will go on a vision quest or some shit and have a revelation. Me, I’m just out here trying to keep us all from getting blowed up.”
“To your credit, that hasn’t happened once,” Jackie said. “Yet.” The street they were following opened up into the plaza, and she turned the truck to drive slowly up the hill. Warm sunlight lanced through the windows as they rose above the confining mass of buildings and began to ascend the grassy slope in earnest.
Mark turned to the back, where the Aesvain had gone very still and were holding on to their seats as they crossed the rougher terrain. “Careful,” he said, “I think if you take a bump too hard those guys are going to piss themselves.”
“Oh no, the upholstery,” Jackie deadpanned. She craned her neck to look down at the city spreading around them as they rose to the crest of the rise. Wind buffeted the truck sharply and drew streamers of dust from the ruins, giving the vague impression that the buildings were crumbling away to nothing before their eyes.
Mark grabbed the radio handset and gave it a couple experimental clicks. “I bet we can pick them up now that we’re over the hill,” he said, holding it to his mouth. “Jesse, Arjun, you there?”
A few seconds passed before a staticky but understandable burst of noise came back over the radio. “-to press the-” Gusje’s voice said, sounding exasperated. “-just give it to-”
There were a few quiet seconds as Mark and Jackie stifled laughter. “There,” Gusje said. “Mark, is that you?”
“Yes, hi,” Mark said, switching to Ceiqa and struggling to keep a straight face. “Everything okay over there?”
“We’re fine,” she replied. “Arjun and Tesu are busy examining the keystone, Jesse is resting. Tasja and I have returned from searching the building for information that may be helpful with the keystone.”
Mark quirked an eyebrow. “Neat,” he said. “We’re on our way down, I think the path should be mostly clear. Hopefully we’ll reach you before it gets too dark.”
“I’ll tell Arjun,” Gusje replied quickly, with a noise of shuffling and footsteps as she began walking at a hurried pace. When she spoke next, her voice was hushed. “We found several very old items in our search. Tasja has been informing me about the differences between archaic formal script and modern writing in detail. Extensive detail.” There was a lingering pause. “If you need help with anything when you arrive-”
“We’ll let you know,” Mark promised.
---
“All right,” Arjun said, backing up with a grim look on his face. “I think that’s about as good as we’re going to get it.”
Before him on the stone floor of the gateway hall was one of the dull crystals from Gusje’s gauntlet, removed from its socket. On either end of the crystal was a strip of electrical tape that secured a hastily modified extension cord tight against the faceted surface. The cord trailed back towards the truck, which had been carefully driven into the hall and now stood with several maintenance panels removed.
Jackie looked at it skeptically. “I still don’t think this is going to work,” she said. “These crystals are designed to be charged in a kiln, not zapped. We don’t even know if they had electrical power when they built these.”
“You may well be right,” Arjun sighed. “But we don’t have a lot of other options. Tesu said that the scriptsmiths had to build a special kiln to charge the Ce Raedhil gate because the standard sajam-powered ones didn’t get hot enough.” He shrugged, gesturing to the wires. “I’m actually more optimistic about using electricity specifically because the charging requirements are so extreme. The truck batteries are three hundred volts, direct current.”
“Yeah, but - oh,” Jackie muttered, considering. “You think it’s all about resistance.”
Arjun nodded vigorously, his eyes twinkling. “Yes, most likely. You can’t charge the crystals in a fire because the heat is too low. Raise the heat and energy can get through. My theory is that the crystals’ resistance to energy transfer is what allows them to retain their charge in the first place.”
Jackie nodded. “The energy is trapped inside because it’s not enough to overcome the barrier,” she said. “So the heat needed to charge it is just a bit hotter than the maximum temperature the interior is designed to reach. High voltage could definitely be a way around that. Just one problem, though.” She gestured to the crystal. “It’s crystalline. Not generally the most conductive group of materials.”
“Yes, well,” Arjun said, “Perhaps if we were on Earth. As it stands I’m not willing to make any assumptions about the material properties of those crystals, and given our depressingly limited choices I figure it’s at least worth a shot.”
“Worst case scenario, it doesn’t work,” Jackie said. She blinked, then looked askance at the crystal. “Or works too well. You know, I’m suddenly remembering that time I got the cheap knockoff charger for my phone and learned a very exciting lesson about why you shouldn’t do that.”
Arjun winced. “Yes, that’s part of the reason we’re doing a test first,” he admitted, clearing his throat loudly. The others turned to look at him. “I’m going to recommend that we all stand very far back from the crystal and get behind something sturdy.”
“Are you blowing up the crystal?” Mark asked, helping Tesu to his feet so the bound scriptsmith could hobble behind the truck with the rest of them. “Those things don’t grow on trees, you know.” He paused and cocked his head to the side. “I realize I have no proof of that, but I’m fairly confident.”
Jackie punched him lightly on the shoulder. “That’s not the plan, but you know how plans tend to work out for us,” she said. “Just trying to see if it’s safe before we go messing with the big one.”
“Please try not to break the crystal,” Gusje grumbled. “I doubt the scriptsmiths will be eager to give us more in the future.”
“Okay, connecting the power,” Arjun warned them. “Three, two, one-”
There was a brief spark from the wire as he touched the end to the battery terminal. He held it for a few seconds before pulling it away and peering around the corner of the truck at the crystal. It appeared unchanged from before.
“Hm,” Arjun said. “Does someone want to get in the truck so they can monitor the crystal through the window?”
“Jesse’s napping in there,” Jackie objected.
“I don’t particularly know what happens if we pop that crystal, but I’m betting it’ll wake him up,” Mark drawled. “Hop on in, let us know if anything changes.”
Jackie complied, carefully edging around Jesse’s insensate form sprawled across two seats. When she was in place Arjun resumed carefully applying current to the crystal. It took around thirty seconds before Jackie noticed a faint reddish tinge at its center.
“That’s incredible,” Tesu muttered. “Kiln-charging crystals usually takes most of a day, you’ve brought it to a visible glow almost instantly. How did you say this power was generated?”
“We didn’t,” Mark replied pointedly. “Haven’t really been in the sharing mood insofar as scriptsmiths are concerned.”
“Understandable, but this is a revolutionary discovery,” Tesu said, growing animated. “Do you realize how many things run on charged energy? This has the potential to dramatically expand its footprint. The benefits in sea freight alone-”
“Tell you what,” Mark said, cutting him off. “Let’s focus on not being dead in the short term, and after we’ve figured that one out we’ll tell you anything you want to know - within reason.” He grinned at Tesu. “That is, assuming you can play by the rules that whole time.”
Tesu snorted and shook his head. “For this?” he said incredulously. “If the guild found out that I passed up the opportunity they’d probably expel me for not helping you.”
“Oh, sure, but if you ask to bring one little refugee camp through the magic portal…” Mark grumbled.
“I’m starting again,” Arjun announced. “Jackie, please keep an eye out.” He connected the leads once more and the glow slowly began to intensify, building from dull red to orange and shading up towards yellow.
“How are we doing on power?” Mark asked.
Arjun waved a hand dismissively, gesturing to the mammoth bulk of the truck. “The energy in the battery packs is immense,” he said. “Even at relatively inefficient conversions-”
“Smoke,” Jackie whispered urgently.
Mark looked up at her, confused, and she turned to look at them with wide eyes. “Guys, there’s smoke, it’s smoking!” she said. “Turn it off, turn it off-”
Arjun hurriedly disconnected the wires and they stood huddled behind the truck for a few tense seconds. “Well,” he said eventually. “I think if it was going to explode it would have done so.” Mark nodded and made to straighten up, but Arjun grabbed his shoulder before he could move.
“Nevertheless, I find it’s always good practice to give it a few seconds after saying something like that,” Arjun added. He cocked his head, listening, but there was only silence under the airy dome. “Excellent, now we can take a look.”
They cautiously made their way around to the other side of the truck, where it became apparent that the smoke was issuing from the acrid, bubbling remnants of the electrical tape as they sizzled on the surface of the crystal. The crystal itself appeared to be intact, and was shining with a vibrant golden glow.
“All right, Tesu,” Mark called out. “What’s your opinion, they supposed to get this hot?”
“Crystals can get quite hot if they’re charged near to capacity,” he answered. “That one is very bright, so it should remain hot for some time. Eventually it will find a more stable point and become cool to the touch.”
“Dangerous?” Arjun asked.
Tesu shrugged. “Well, it’s very hot,” he said. “Past that, probably not. The more recent attempts at charge crystals have been less stable, but that is an original. Those have rather broad safety margins.”
Mark raised an eyebrow at him, but Arjun clapped his hands together with a broad smile. “Well,” he said. “I think that went all right. It should take substantially longer to charge the larger crystal, though. I recommend that we start soon.”
“Loud,” Jesse complained, poking his head through the door. “I miss anything important?”
“Nah, just hotwiring magic,” Mark said. “Go back to bed.”
“I’m already up,” Jesse replied, stretching. “The asolan did the trick, I feel pretty normal now. Anything I can do to help?”
Arjun shook his head. “At this point we’re just going to charge the large crystal, then probably as many of the small ones as we can without dropping the battery too low. Tasja is looking over a few things they found around the building, but much of the text is in some archaic format that even Gusje can’t read so I doubt we’d be of much use.”
“Jyte is still getting people situated around the square,” Mark suggested. “I think he’s got everything pretty much under control but I guess we could see if he needs us to carry some stuff, open a jar of pickles or something.” He jerked his head toward the door, and Jesse nodded before falling into step beside him.
“So, really,” Mark said quietly. “You good?”
Jesse shrugged. “I feel better,” he said. “Headache is gone, I’m not as tired. Groggy, yeah, but I’ve been napping all day.”
“Yeah, poor baby,” Mark snorted. The two men passed through the arched entryway to look out over the small plaza in front of the gateway hall. Before, it had been desolate and grassy, the wind whipping at a few hillocks of sand that accrued over fallen pillars or the odd natural rise.
Now it was a frenetic hive of activity. Jyte had been working the Aesvain tirelessly, both the soldiers and the civilian refugees. Boxes of reappropriated Sjocelym supplies had been moved from the fort to a few buildings near the hall, and the people had been likewise squirreling themselves away in the nearest stable structures they could find.
There had been a few unpleasant surprises, and already there were injuries when the day’s fierce winds caused a wall to collapse in one of the newly inhabited buildings. The worst by far, however, was discovering proof of Arjun’s conjecture on the nature of the old city’s dangers. They found the bodies of those who had gone exploring for treasure laid unceremoniously in a building to the leeward side of the hall, accompanied by an even greater number of older dead that had decayed to little more than skeletal remnants. Jyte had made no comment, but Mark noted that his hand gripped his halberd with furious, white-knuckled force for a long, long while thereafter.
Now, though, his ramshackle command tent was the nexus of activity in the crowded square. They had staked it deep into the soil behind a half-crumbled wall, putting it out of the driving wind and deep into the cool shadows of the evening. The air behind the windbreak was chill and turbid with motes of dust that eddied in time with the gusts above them.
Jyte saw them approach and motioned them closer. “I’ve been so busy telling people where to stack boxes that I’d nearly forgotten why we came down here,” he said, giving them a long-suffering look leavened with a slightly delirious smile. “Good of you to come by, though. Any word on the gateway?”
“Some progress,” Mark said. “We figured out the charging portion, now we just need to see what happens when we fire it up.” He looked around the tent, noting the haphazard stacks of documents and equipment scattered on the trampled grass. “I’m not sure how long the gate remains open if neither end gets exploded, so your folks should be ready to grab what they can and head through. If anyone doesn’t have supplies to carry then we have a few crates from the truck that should go through as well.”
The Aesvain captain gave a weary nod. “I’ve made sure everyone is ready,” he said. “How long until you’re able to make your first attempt?”
Mark shrugged and scratched his head. “Not too long,” he said. “First attempt is going to be trying to open it as-is, wherever it was set to connect when they left it. If that works and it’s not in the middle of some Sjocelym city, great. If not, we’re going to have to figure out how to point it somewhere else.”
“I’d wager that’s difficult,” Jyte said.
“That’s my impression,” Mark confirmed, gesturing back toward the gateway hall. “They’re going over the keystone and whatever they were able to find in the area, but I get the sense there’s not much to work with.”
“Ah, I’d forgotten in all the madness,” Jyte said, turning abruptly to grab a small stack of tattered documents and small leatherbound folios that tottered precariously atop one of the crates. “We’d sent some men down to attend to those the scriptsmiths killed,” he said. “There’s not much we’re able to do but make certain they get a respectful rest, as I see it. They came back with these, said that a few of the older bodies had them hidden on their person. I’d laid them aside here on the chance they’d prove useful.”
Jesse took the pages gingerly from Jyte, moving them to better light. The material they were written on was oddly rigid and covered with a fine craquelure where some sort of protective laminate had deteriorated. Underneath lay finely rendered lines of text in a stylized, ornate variant of the local script.
“Mark,” he said quietly. “These are printed. On plastic.”
Mark hurried over to look, sucking in his breath when he got a close look at the ragged plasticine sheets. “Huh, no shit,” he said wonderingly. “All those years they’ve been telling us the stuff doesn’t biodegrade. Guess they knew what they were talking about.”
Jesse gave him a tired look and began to carefully thumb through the pages. Some were utterly illegible, the pigments having faded or blurred into indistinct smudges. Others were only partial scraps of material, most of those collected in the leather folios. There was the sense that some of them had been vibrantly colored before age ravaged them, or that others had been filled with neatly typed text that had since bled into a cloudy dark mass over the page.
A few, though, were remarkably well preserved. One page had rows of numerals in matched sequences, another with cramped blurry text surrounding diagrams. “We should give this to Tasja and Tesu, see if they can make anything of it,” Jesse said.
“Yeah, Tasja was talking about some sort of ancient script before. I bet he’s going to totally geek out at these,” Mark said, holding out his hand for the papers. “I’ll take them back. I can just see Tesu going googly-eyed over these, assuming they’re actually useful. Want to remind him that he and I have an understanding.”
Jesse nodded and handed over the sheaf. “I’ve got my radio on,” he said. “Let me know if something comes up.”
Mark nodded and strode out of the tent, while Jyte raised an eyebrow. “Couldn’t help but notice the look on your face,” he said. “Those pages meant more to you than you’ve spoken aloud.”
“They had… significance,” Jesse said hesitantly. He met Jyte’s eyes briefly, trying to choose his words. “You know your people used to live differently, right? Before something happened in the place that is now Asu Saqarid?”
Jyte grunted a short affirmative. “Aye, before the opening of the eye. Not sure what the Sjocelym would have told you about that, but it’s likely skewed from the truth somewhat. That story is our history more than theirs.”
Jesse frowned. “I’m not sure I understand,” he said.
“Well, let me think back on my lessons so I can tell it proper,” Jyte mused. “To start with, my folk have not always lived in Tinem Aesvai. The great city of Sahao stood on the plains to Sun’s Height from here.”
“Wait, Vumo mentioned that,” Jesse said. “He said it was a center of trade and learning. Never said anything about it being Aesvain, though.”
“It wasn’t,” Jyte shrugged, “since neither were those who lived there. My distant fathers were Sahaon. When the city was destroyed it took all but the farthest scraps of land with it.”
“So they went to the outlands,” Jesse said, nodding. “Aesvaim.
“Just so,” Jyte confirmed. “And as for the city, the plains that once lay around it were scoured bare and riven to the bones of the world. The sky wept black tears that formed a sea over the city’s corpse, poisonous water with an unnatural stillness to it - which is more than one can say about the dead who rise from it. Now the arrogance of old Sahao reaches out to claim our home once again.” He sneered down at the page in Jesse’s hand. “I’d wager something on the page marks it as touched by deep scriptsmithing?”
“The material,” Jesse said, taken aback at the open disgust in Jyte’s tone. “It’s similar to something from my homeland, although we make it without scriptsmithing.”
“Bah, and for this we traded our future,” Jyte spat. “Pretty pictures and flying chariots. Trinkets.”
Jesse looked at the Aesvain captain and quirked an eyebrow at his sour expression. “Are you saying you’d turn down a flying chariot?” he asked.
Jyte barked a quick laugh and shook his head, letting the tension bleed out of him. “Aye, can’t deny that’d come in useful right now,” he admitted. “Don’t think it’s likely, though. Just legends and sailor stories-”
He cut off as an alarmed shout came from outside the tent, followed by a deep, echoing boom. Jesse and Jyte exchanged a look before scrambling through the entryway into the plaza. All around them Aesvain were staring and pointing toward the south. Jesse tensed and raised his rifle, looking for ragged bodies sprinting from the shadows of ruined buildings - but none emerged.
Jesse relaxed his grip on the rifle and straightened up, warily panning his gaze across the plaza. A small flash of lightning drew his attention upward to the sky, where a thin line of gold reflected from the clouds barely visible past the crest of the hill. As he watched, however, the clouds swelled higher and higher until they revealed themselves as a vast wall of billowing dust sweeping north toward the city. Lightning crackled and discharged as the dust roiled higher into the sky, seeming to gather deep within the cloud. For a moment the stormy wall seemed to freeze solid, and it was silent.
Suddenly a massive bolt of lightning tore out from the cloud to strike somewhere in the south plains. Jesse could still see the shape of it in his eyes when the thunder hit, deep and abrupt. Jesse turned to Jyte, who was staring at the approaching storm with a grim look.
“Do your histories mention anything like this?” he asked, raising his voice over the wind.
Jyte shook his head slowly. “Can’t say as they do, but that doesn’t mean much. History is a tale of all the trials that folk live through, and that,” he said, raising a hand to point at the swirling wall of dust and lightning, “that looks like the trial you don’t.”
---
Arjun - Page 60
Next
Yeah, the lull was too good to last. If you want a visual aid for that last bit, think of a haboob - then add angry lightning. This chapter is dedicated to the excellent history curriculum in Mosatel, without which an important chunk of exposition would not have been possible.
ALSO. My dear readers, it has been brought to my attention that this story is, frankly speaking, becoming a bit of a tangled web of odd jargon and proper nouns what with the Sjatels and Sjogydhus and Sjan Saals all sjostling for sjpace in Tinem Sjocel. I’d like to announce that I’m totally not changing that - but what I did do is compile a reference sheet that has an author-indexed list of all the chapter supplements thus far, a character list, and a glossary of most terms that are presented in Ceiqa throughout the story.
Check it out here! Let me know if there’s an entry I’m missing, I probably missed a few characters or terms when I was going through.
Please feel free to join the Discord if you’d like to discuss or check Patreon for the next chapter!
submitted by TMarkos to HFY [link] [comments]

Primer on the oil and gas industry, demand destruction and the price war

TL;DR Oil demand may fall by as much as 20 million barrels a day this year, which is insane. The price war is leading to oversupply and probably won’t end soon. So you have a demand shock and a supply shock creating a perfect shit storm. It is not impossible for oil to fall into the single digits. There will be blood.
Just to get it out of the way: SPY $200p 4/24 and F $4p 4/17. I know, I’m a fucking idiot.
Edit: I recommend reading clangdo3's comments below, he adds some great color as well.
I’ve been getting questions about oil trickling in since fuzzyblankeet started writing his outstanding corporate debt threads and I wrote about it in one of them, so I figured I would give you guys a (short, but terribly long for you autists) primer on the oil and gas industry, demand destruction and the price war. TL;DR’s will be provided in sections for the lazy or can’t be bothered.
I’m not giving you trades because 1) you need to do your own DD on specific companies (I briefly looked at finances for Oxy and Devon in fuzzy’s first thread if you want to go find that); fuzzy’s suggestions are a good place to start, particularly for US shale companies 2) I’m not an experienced options trader and you don’t need me giving you full-retard plays.
As far as my background, my full-time job involves covering the news in the sector for an industry-specific data and analytics company. You have to pay more than pocket change to read my good stuff, but I'm several orders of magnitude less expensive than fuzzy. I mainly cover the Canadian and international upstream markets, but I have dabbled in the rest of it, including capital markets, and I understand the broad strokes of US shale.
Definitions
TL;DR If you know nothing of the oil and gas industry, you may need a bit of a down-and-dirty glossary to get started. I wrote this first, so I may not use all the terms listed (and I certainly didn’t list all the terms there are), but they are good to know anyways. Skip if you have at least a passing familiarity with the industry.
· Upstream – Essentially exploration and production. These are the companies (or divisions of supermajors) that find the oil and gas and pull it out of the ground.
· Midstream – Transportation and storage. Moving produced oil and gas by pipeline, truck, ship, railcar, etc. and when needed, storing them.
· Downstream – Refineries and plants. These are the guys that turn unprocessed crude and gas into end-use or intermediate products.
· Oilfield Services – These are the companies that help upstream companies get their shit. They may shoot seismic to help find prospects, run land or offshore rigs to drill wells, build infrastructure, provide drilling fluids or other chemicals, and a whole host of other shit.
· Conventional – These wells are the traditional image of how oil and gas gets produced. You drill a well (mostly) straight down and you find a pocket of oil and/or gas or you don’t. Good rock with high permeability and porosity. Most offshore production is conventional. It also typically has lower decline rates.
· Unconventional – This is essentially shale. Tight rock with low permeability and porosity. You drill down to the rock and then drill a lateral section, so you have as much pipe in the pay zone as possible. Then you use that evil fracking shit to break the rock up so oil and gas flow. These wells are often comparatively more expensive to drill, and the output declines quickly, so you have to constantly drill new wells if you want to maintain or grow production. Unconventional shale is what led to the US boom in production in recent years.
· Oilsands – Canada. This can either be mined to produce bitumen or extracted through things like steam-assisted gravity drainage (pump steam into ground to heat up the bitumen and make it less viscous). It has to be blended with diluent (very light oil or condensates) to move in pipelines and is processed into synthetic crude.
· Light vs Heavy oil – API gravity says how light or heavy oil is. High API is lighter, low API is heavier. One isn’t necessarily better than the other, they have different uses. For example, heavy oil makes better fuel oil for ships. Sometimes oil can have high sulfur content, which is expensive but necessary to remove. “Sweet” oil means low sulfur content. WTI and Brent are light crudes, a lot of Middle Eastern, Canadian and Venezuelan oil (as examples) is heavy.
· Condensate and Natural Gas Liquids – C2-C5+ (ethane, propane, butanes, pentanes, etc.) found in some gas fields. Exist as liquids at ambient temperatures and often more valuable than the gas itself.
· Gas – Natural gas, not gasoline. Most oil fields have associated gas production, which may be flared (burned off) or reinjected into the reservoir to enhance recovery (keeps pressures higher so production doesn’t decline as fast).
· LNG – Liquefied Natural Gas. If you’re exporting gas overseas and can't use a pipeline, you send it to a terminal that makes it really fucking cold to liquefy it and then send it to export markets by ship, where it is turned back into gas.
· OPEC and OPEC+ - You all should have heard of the OPEC cartel, but OPEC+ was a group of non-member countries (Russia chief among them) that worked with OPEC to protect oil prices by reducing their output. That ended early in March and led to the price war.
· NOCs – National Oil Companies. Most producing countries have a state-owned oil company that will typically control large portions of the country’s reserves or all of it; sometimes there are a few state-owned companies in one country. They’ll also partner in assets outside of their country. Saudi Aramco in Saudi Arabia, Rosneft and Gazprom in Russia, Petrobras in Brazil, ONGC in India, Equinor in Norway, etc. The US, obviously, does not have a NOC. Not all NOCs are created equal. Pemex, Mexico’s NOC, is a steaming pile of shit and the one of the most indebted companies in the world.
· Supermajors – There are five: ExxonMobil, Chevron, Royal Dutch Shell, BP and Total. Huge, valuable companies that have been around forever and will probably be around until the Sun swallows the Earth or we all kill each other. Even after we transition away from hydrocarbons as our energy source, these behemoths will adapt and endure.
Industry Background
TL;DR Very brief history, skip if you don’t care
The oil and gas industry has always been more boom and bust than a lot of other sectors. The world wants exactly as much petroleum as it wants and not a drop more. When supply does not match demand, prices fluctuate widely. OPEC (essentially led by Saudi Arabia) was formed in 1960 and as of 2018, its 14 member countries control nearly half of global production and over three-quarters of proven reserves. Since the 1980s, the organization began setting production targets to protect oil prices and market share. This has led to a series of price wars, with the previous occurring in 2014-2016.
US oil production peaked in the 1970s and had been in steady decline until about 2009, when the shale revolution began. The early days were the wild west, with small independents springing up like weeds and spending years and billions focused on growth over returns. Oil output climbed to 8-9 MMbo/d in 2014 and was over 12 MMbo last year, making the US the largest producer in the world.
The price war in 2014 began when Saudi Arabia and OPEC moved to protect market share by allowing themselves to exceed their production quotas. The goal of the price war was to reign in US shale. US output fell from a peak of 9.5 MMbo/d to a low of 8.5 MMbo/d. However, companies were backstopped by an inflow of new capital from lenders, private equity and others under the promise of future returns. Oil prices dipped into the high $20/bbl range before the end of the war. The price war was ultimately abandoned by Saudi Arabia after King Salman was warned that the country would be bankrupt within three to four years if it continued and major economic reforms weren't implemented.
In the years since the 2014-2016 price war, consolidation has begun in the US shale patch. New capital is harder to come by and investors have shifted focus from continued growth to positive cash flow and returns. Smaller or over-levered companies have started folding or been bought out by larger, stronger competitors, including supermajors.
In order to curb oversupply issues and protect prices, OPEC+ (OPEC, Russia and ten other non-members) began curtailing production in 2017. Those original cuts have been extended and expanded multiple times, all the way through March 2020. The current cuts that expire Wednesday amount to 1.7 MMbo/d, or 2.1 MMbo/d when including voluntary reductions from Saudi Arabia.
Demand Destruction: Who needs oil when you are knocking back a cold bottle of beer flu
TL;DR Oil demand could fall by 20 MMbo/d YOY at the peak. Bad for prices.
Covid-19 threw a wrench into oil markets, which should be painfully obvious. Industrial production in China—one of Russia and Saudi Arabia’s primary customers—fell off a cliff. China is the largest energy consumer in the world and accounted for over 80% of global oil demand growth last year. Demand for transport fuels has also been pummeled with 3 billion people on lockdown and fewer goods moving around. As an example of how important that is, 70% of US petroleum consumption, or 14 MMbo/d, is used for transportation. Petroleum is also used for hundreds of intermediate and end-use products such as plastics, polyurethane and solvents, which aren't being made. Power generation is also important, but a fairly small slice of the pie, and I don’t have time to get into electrical grids, baseload power and everything else it involves.
In early March, the IEA estimated oil demand this year would fall by 90,000 bo/d from 2019 to a total of about 100 MMbo/d, compared to its previous estimate of 825,000 bo/d of growth. This forecast was based on an assumption of 2.5 MMbo/d less demand in Q1 with a gradual rebound the rest of the year. At the time, its best case scenario was that oil demand would grow by 480,000 bo/d. In the worst case, demand would fall by 730,000 bo/d.
This was pretty bad, but far too rosy an outlook. Since then, numerous analysts have projected declines in demand ranging from 7 to 10 MMbo in Q2. Goldman Sachs and Vitol (world’s largest independent oil trader) estimate oil demand could fall by 15-20 MMbo/d YOY at its peak. The IEA has since said much the same thing. Even if the price war ended tomorrow, it would be too late to avoid an oversupply issue, which I’ll talk about later.
Price War: “Fuck US Shale” -Putin probably, but in Russian
TL;DR Saudi Arabia and Russia are fighting for market share, with the added benefit of knee-capping US Shale. Oversupply could be several million barrels per day. Both of them are equipped to draw this out. Even worse for prices.
Saudi Arabia and OPEC knew how bad the pandemic was going to be for oil prices, so they sought to extend and expand production cuts again in late February and early March. The cuts would have taken another 1.5 MMbo/d off the markets through 2020, for a total of 3.6 MMbo/d. The proposal required the approval of OPEC+ (mainly Russia), as the non-members would have been responsible for 500,000 bo/d of the cuts.
Russia, as we all know, did not agree to the cuts. Their argument was that any production cuts were quickly replaced by growth in US shale oil production. Which is true, we’ve added about 3 MMbo/d in the three years that OPEC+ has cut production by, at most, 2.1 MMbo/d. There have been reports that new sanctions against Rosneft regarding commercial relations with Venezuela were what ultimately caused Putin to tell his energy minister to reject the cuts.
Saudi Arabia responded quickly. Russia rejected the deal on March 6, and by March 8 the Saudis cut their official selling prices and kicked off the war, leading to the March 9 oil route. In a bid to recover market share they lost in the previous war, Saudi Arabia cut prices for their flagship Arab Light crude by $8/bbl for northwest Europe in April—directly challenging Russia—setting a discount of $10.25/bbl under Brent, compared to a $2/bbl discount for Russia’s Urals blend. The Saudis also reduced their prices to Asia and the US by $6-7/bbl.
Beyond prices, Saudi Arabia promised to increase production to 10 MMbo/d from their current 9.7 MMbo/d, once the existing OPEC+ production cuts fell off on April 1. Since then, they have doubled down and said they would increase production to 12.3 MMbo/d and begin increasing capacity to 13 MMbo/d. Now, it is estimated that 12 MMbo/d is the Saudi’s current production capacity, meaning they would have to dip into their stored reserves and couldn’t maintain 12.3 forever.
The UAE, primarily Abu Dhabi’s ADNOC, said they would increase production by 1 MMbo/d. Russia promised to increase their production by 300,000 bo/d. The other 12 members of OPEC and 10 non-member countries of OPEC+ also have no reason to hold back anymore. This won’t happen overnight on April 1, but you still have promises to add something like 3.5-4 MMbo/d to a market that doesn’t need it, which is a nightmare in the best of times.
Unlike previous price wars, which were started by Saudi Arabia to protect market share, Russia started this one for geopolitical and economic reasons. Putin pulled the trigger, and he is obviously not some replaceable energy minister, so this will go on as long as he wants or until everyone else capitulates. Russia is also far less reliant on oil revenue than Saudi Arabia.
According to the IMF, Russia needs $42/bbl to balance its budget, compared to $82/bbl for the Saudis. Oil and gas revenue account for 1/3 of Russia’s budget and about half its exports, compared to 80% and 2/3 for Saudi Arabia. Russia has also said it could withstand $25-30/bbl for 6-10 years (remember SA ended the 2014-16 war because they were going to be bankrupt in 3-4). Saudi Arabia’s advantage is that they have the cheapest production costs in the world, at $2.80/bbl. Their budget requires $82/bbl because they are using the revenues to try to diversify their economy, which they can also put on the back burner.
To quote analyst Vincent Lauerman, “If oil consumption was to decline by a conservative 2.5 million bbls/d this year, oil production by Saudi Arabia, UAE and Russia was to increase by 2.57 million bbls/d on an annualized basis, and given the initial 1.65 million bbls/d surplus forecasted by OPEC, global oil supply would exceed consumption by an insane 7.88 million bbls/d in 2020. In the heart of the previous three oil price wars, global oil supply exceeded consumption by no more than 1.76 million bbls/d, in 1998.”
He went on to say that the surplus won’t be that high, for several reasons, which will be explained next. But it’s a good summation of how impactful a price war during a pandemic is.
Impacts on Industry: We’re all fucked (by popular request)
TL;DR WTI oil prices could fall to $10/bbl or even single digits. Shale companies are fucked, OFS companies are fucked, downstream companies may be fucked. Midstream companies may actually be ok.
The most obvious impact are oil prices. WTI briefly hit its lowest price since 2002 once already since March 9 and again today, when it fell below $20/bbl. WCS (Canadian benchmark) costs less to buy—about $8-9/bbl—than it does to ship it. I won’t spend much time on Canada, they’ve been fucked since 2016 as they don’t have enough takeaway capacity and too much regulatory uncertainty, and now they’re just a gaping, bloody mess. But the prices aren’t stopping here. With the massive oversupply that is coming and limited storage, many analysts are forecasting prices as low as $10/bbl or even single digits if the price war and pandemic are drawn out.
Several US shale basins were marginally economic to begin with (remember unconventional wells are expensive), and with prices falling so far they are entirely uneconomic. Almost every company, although not all of them, have cut capital expenditures (and sometimes dividends and executive/employee pay) to reduce their cash outflows. Remember, new capital saved shale in the last war, but it isn’t happening this time. Shale is no longer in the good graces of lenders it enjoyed in previous years.
The companies will be able to prop up production for a while with DUC inventories, which are wells that were drilled but uncompleted, meaning they can be brought on stream for relatively small amounts of capex. But eventually those will run out, and uneconomic production will be shut in regardless. Russia (Putin) is actually likely to get what they want, at least for a while, as independent producers in the US who don’t have the state backing of a NOC will let production decline to try to survive.
Many producers, including US shale companies, have been hedging their production in recent years to protect against low oil prices. Many of them also used three-way collars to do it. An example of a three-way collar would be buying a put at $45/bbl, then selling a call at $55/bbl and another put at $35/bbl to offset premiums. They’re fine between $45-$55—or whatever they expected oil's price range to be—and protected from $35-$45, but once it falls below that, the put they sold wipes out any gains from the one they bought and then some. Some, like Devon, used costless collars and swaps to hedge, so their positions will be fine (Devon’s position is worth about $800MM right now). And a few, like Continental, didn’t hedge at all, so they get to take $20 or $10/bbl right in the nuts.
Storage is also finite and quickly running out, which is and will further depress prices. The Texas Railroad Commission (regulates O&G in Texas) said some pipeline operators have issued warnings to producers to reduce production because storage is filling up. Midstream companies, I think, will actually weather this storm fairly well. Pipelines are typically anchored by long-term firm service (take-or-pay) contracts, and as storage becomes more scarce it becomes more expensive. Enbridge, a Canadian midstream company that is North America’s largest, has already said it is in a strong position to get through this.
Oilfield services companies are particularly vulnerable. Unlike producers and midstream companies, their product is their work. If they don’t have work, they don’t have cash flow, whereas the others can sit on their thumbs and the oil and gas provides cash flow. Halliburton has reduced hours for 3,500 employees in Houston, as an example. And Aker Solutions and some other OFS companies that operate in the North Sea have issued layoff warnings to all of their employees and sent foreign contractors home. Downstream companies are also being affected, as refineries are preparing for run cuts (falling demand, no one wants what they are selling) and slowing deliveries (they’re onsite storage is running out too).
Once all this blows over, oil and gas will recover. Again, it won’t be overnight. Production will have to be cut across the industry until demand recovers (probably next year will be ok). They will have to wait for storage levels to fall too before prices will recover fully. There will be bankruptcies during and a wave of consolidation after.
As an aside, the adminstration’s promise to buy 77 MMbo for the Strategic Petroleum Reserve is a crock of shit. The SPR is already 90% full, and 77 MMbo, if they can even buy that much, is a drop in the proverbial bucket. It would accomplish nothing and will not protect oil prices or US companies at all.
So what do we do with this asshole?
TL;DR I don’t know. I’m a dumbass and I only know about oil and gas, but I can’t directly participate in energy markets. Figure it out for yourself.
Again, I’m not doing DD for you on specific companies, that’s on you. As I said before, fuzzyblankeet threads are a good place to start, and I did talk about Devon and Oxy a bit in his first thread. A lot of US shale companies have debt up to their eyeballs, much of it bad. I’m restricted by my company from participating directly in energy markets, so I haven’t looked as closely at companies as I have in other sectors, other than for those I’m writing about for work (and 75% of what I write is focused specifically on E&P operations).
It should already be priced in, but I think there may be some more movement on April 1 when the OPEC+ cuts fall off and a deal hasn’t been reached (they aren’t even talking, it’s not going to happen). Saudi Arabia can turn on the taps quickly from 9.7 MMbo/d, as their current production capacity is estimated at 12 MMbo/d, but by and large the increases in output will take weeks or months to materialize. This will be offset to some extent by falling production among independent producers all over the world, but it won’t be enough.
Upstream US company stocks are sure to go lower, especially if WTI goes to $10/bbl or below, and some of them will go bankrupt. Might be a good opportunity to buy in for them sweet dividends (when they come back), but also carries a risk.
Some of my sources for the specifics (not all, some are paywalled, some are from work)
https://www.opec.org/opec_web/en/press_room/5797.htm
https://www.iea.org/news/global-oil-demand-to-decline-in-2020-as-coronavirus-weighs-heavily-on-markets
https://www.upstreamonline.com/production/brace-for-the-carnage-oil-hits-18-year-low-on-demand-collapse-and-flood-of-supplies/2-1-783812
https://www.eia.gov/energyexplained/oil-and-petroleum-products/use-of-oil.php
https://oilprice.com/Energy/Energy-General/Goldman-Sachs-Prepare-For-A-Massive-Oil-Demand-Shock.html
https://oilprice.com/Latest-Energy-News/World-News/IEA-Boss-Warns-Demand-Will-Plunge-By-20-Million-Barrels-Per-Day.html
https://oilprice.com/Latest-Energy-News/World-News/Pipeline-Operators-Un-Texas-Urge-Producers-To-Stop-Pumping.html
Edit: News came out this morning reporting that Trump and Putin agreed to have their energy officials sit down and talk about stabilizing energy markets. Not bad news, but it's unclear what will come of it.
submitted by Tirikemen to wallstreetbets [link] [comments]

Talking Financial Glossary - YouTube Trading Glossary - YouTube Learn to Trade! Stock Market Basics! - YouTube What is The Dividend Payout Ratio (DPR) ? What is Position Trading?

This article aims to provide a glossary to explain all the commonly used terms in leverage trading. Assets. Balance in the account of that margin trading pair:Balance in the account of that margin trading pair, including available balance and balance on hold. The ratio of margin to the maximum position size. With a deposit of $5000 and a leverage of 50:1, a trader could enter a position with a face value of $250,000. The high degree of leverage can work against you as well as for you. Trading leveraged products is not suitable for all investors. Margin trading glossary. By Liquid In Guides June 1, 2019. Margin trading is a way for cryptocurrency traders to borrow funds to increase the power of their trades. It can be very lucrative, but just like margin trading increases proportional gains, it also increases proportional losses. What is margin in trading? Margin in trading is the deposit required to open and maintain a leveraged position using products such as CFDs and spread bets. When trading on margin, you will get full market exposure by putting up just a fraction of a trade’s full value. The amount of margin required will usually be given as a percentage. Margin trading is a double-edged sword - it cuts both ways. If the stock price rises , the investor makes twice as much profit as with his own cash only. Similarly, if the stock price falls, the investor loses twice the amount.

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Talking Financial Glossary - YouTube

Welcome to the Investors Trading Academy Talking Glossary of financial terms and events. Skip navigation Sign in. ... What is a Margin Account? by Investor Trading Academy. Welcome to the Investors Trading Academy talking glossary of financial terms and events. Our word of the day is “Position Trading” Position trading takes the momentum style of trading and ... Welcome to the Investors Trading Academy talking glossary of financial terms and events. Our word of the day is “Series 7 License” The Series 7 license is known as the general securities ... Stock market basics for Starters and those completely new to trading and investing in the stock market. ... 9 Tips for Trading on Margin 👊 by ... Trading Jargon: The Basic Glossary for the ... Trading Glossary Tackle Trading; 120 videos; 1,837 views; Last updated on Apr 2, 2019; ... What is Gross Profit Margin by Tackle Trading. 2:36. What is Operating Profit Margin by Tackle Trading. 2:25.

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