One to ten at 14 basis points

The long slope.  The cost of trading, we found a few years ago, was 15 basis points. Wall Street is packed with volunteers at the moment.

A flat curve is like a flat spectrum, unsustainable without energy input. The risk of trading the small things, more frequently, is higher than the risk of doing fewer, but larger, trades. It cannot last, we do not have the energy,the productivity.