Jeff Chang (@jeffchanginvest) / X

The collar + loan structures from the 90s were pioneering. The geeks won. 📊😎

Nov 21, 2025

lol I was doing these in the 1990s, mainly via collar + loan or prepaid forward main idea was to help someone reduce exposure and get cash without having to report and not trigger tax loan rate was Merrill's cost of capital + a small spread..usually worked out to LIBOR + 40-60

Brent Sullivan

@TaxAlphaInsider

Nov 21, 2025

When investors need cash, they can sell things or borrow. Borrowing via box spread is the decades-old strategy that's disrupting the $1-$2 trillion portfolio lending market. A box spread is a 4-legged options trade used for financing. The P&L at expiration is fixed. The

Great thread @TaxAlphaInsider. We tend to agree with your approximation of $1-2T in addressable opportunity for box trades—$1T in SBLOC/margin refinancing and another $1T in mortgages. Here's why mortgages could be a compelling use case 🧵

Brent Sullivan

@TaxAlphaInsider

Nov 21, 2025

When investors need cash, they can sell things or borrow. Borrowing via box spread is the decades-old strategy that's disrupting the $1-$2 trillion portfolio lending market. A box spread is a 4-legged options trade used for financing. The P&L at expiration is fixed. The

Interesting convo with @OJRenick @TDANetwork this morning discussing what shape the US economic recovery might look like and how should investors be positioning themselves. Catch the full segment here: bit.ly/2URl9A4

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Jeff Chang

@jeffchanginvest

Jun 14, 2017

Come by and see us at booth 613 @jeffchanginvest @CBOEVest #realINSITE