Hi Billy,

I love the insider's view of the MM industry. I found the discussion around the Senior MM's focusing on the LT time frames (TF's) while the junior MM's focused on the daily TF's particularly interesting. I had a couple of Q's:

1. Back in the day, how were decisions made and coordinated between Senior MM's and Junior MM's at a firm to short a position nakedly such as to drive down prices and/or "fish for" for stops to takeout the retail holders?? Did individuals make these decisions and take action themselves without direction and coordination with others at the MM? I gather this is all done now via algo programs and HFT trading now, right?

2. How did the MM's make decisions about holding large inventories of a particular position for the LT time frames, monthly, quarterly, etc.? I don't suspect that a large client would leave their orders on the books for months, but perhaps I am wrong about that? In other words, weren't the Senior MM's making directional bets on particular positions without much clear visibility on the large institutional orders that would be needed to support them?

Thanks in advance,

Shawn