Week 1 Session: Opening positions

The first session, in which everyone chooses a track, opens something, and files four answers they are not permitted to revise.

22 February 2027

Nothing is prepared for this session. Read the bounded-loss policy before you arrive and bring a device you can transact on.

Before the session#

Decide one thing only: paper or real. The paper track issues you a notional $10,000 and is the default. The real-money track is capped at $20 for the whole semester, is long-only and fully paid, is set once today, and is never topped up. Both are marked identically.

If you are unsure, take the paper track. You can move to it later and you cannot move away from it.

In the session#

Three parts, about fifty minutes.

The policy, out loud (10 min). The cap, why it is a cap, and what the real-money track is not permitted to buy. This is asked about every year, so it is said first.

The opening record (15 min). Four questions, on the records page, answered on paper before you open anything. Write the answers in the order they are printed. Do not discuss them with the person next to you, do not ask a tutor whether an answer is a good one — there is no wrong answer today — and do not go back and change one after you have moved on.

You will be told in week 3 why the order mattered.

Opening (25 min). Open the position. Then put the first row in your position log, including the bid and the ask at the moment you transacted, which is the field everyone omits and the field week 2 is about.

Afterwards#

Your record is filed and stays filed. The position stays open until week 12 unless you choose to close it, which you may do at any time for any reason.

You will be asked to read question 1 again in week 3, question 2 in week 7, question 3 in week 8 and question 4 in week 10. Nothing else in the course depends as heavily on a single sheet of paper, so do not lose it; if you would rather not rely on paper, photograph it today.