My Nomination for Hat Tip of the Year

This one required a shout to the tech guy to see if he could save the keyboard.

...The reg cap advantage, which the above also benefits from, will now be discussed below, using a different trade — one that the Basel letter hinted at.

Trade #2 – The reg cap optimiser, aka “deathstar” (H/T Enron)

From FT Alphaville's More Angry Birds, less regulatory arbitrage, please