Ingensoma. Phone interview questions (assumedly)
1) Tell me me about about your yourse self lf My name is Viacheslav Viacheslav ay!ov (you can call me "lava)# I$m %& years old recent graduate from '" usiness "chool. I was born in "yberia " yberia but grew u in Moscow# where I finished high school with honours having algebra# geometry# hysics hysics and astrohysics as my favorite modules. *fter that# I entered +inance niversity. niversity. There I studied finance and credit# and discovered quantitative finance alications on financial mar!ets as the best ractical imlementation for my theoretical s!ills obtained so far. I secifically fell in love with derivatives, -ord witness me# I couldn$t live a day without thin!ing about them haha. In the end# I graduated a ons with a graduation wor! focusing on high,frequency trading overview. Meanwhile# I have comleted summer /onsultancy internshi in Pw/# which was not very informative# unfortunately. Then I had a half,year emloyment with 0en an! Moscow as a unior *nalyst on derivatives mar!et (crude oil futures at most). I was assisting a senior trader with the technical and fundamental analysis an alysis of relevant roducts# and I found this 2ob challenging yet e3tremely interesting. Thereafter# I was sent by my niversity to wor! with an! for 4eveloment and an d +oreign 5conomic 5cono mic *ffairs *ffairs (the largest governmental financial cororation in 6ussia)# where I stayed for 1.7 years as an Investment Pro2ect analyst. *lthough this 2ob was tough, something I do li!e, it was not as interesting as the revious one. 8et# 8et# I was let to introduce a coule of o f ad2ustments to my resonsibilities, e.g. mar!et ris! analysis was not the one among them, the m, it was fully my initiative. *fterwards# I had the feeling to move on and study abroad. I discovered '" as the most aroriate lace for me to continue my education# and so I comleted Masters with onours in usiness "chool. My rimary modules were 96M# 5conometrics and 4erivatives# and I started learning rogramming languages synta3. I also articiated in a 4erivatives Trading Trading /ometition held among students with my team won the first ri:e; ust recently# on the %1st of May# I comleted +6M 53am Part 1, it was sohisticated and rigorous# but# according to my feelings# I managed to ass it successfully. It It reminded me how genuine my interest in wor!ing within quantitative finance is. In the end# I have to admit that after reading a boo! written by Mi!e ellafiore# the /50 of "M /aital entitled <0ne good trade= I was swallowed by the atmoshere of cometition and non,stoable self,develoment that accomanies rorietary trading. %) >hat >hat ma!e ma!ess a good good tra trader der??
>ell# it is a really sub2ective question. *arently# you have to be a shar analytical mind# fast,thin!er under stressful conditions and# no doubts# assionate about financial mar!ets and trading. ut# through my revious e3erience# I inferred & so,called
hen you win# it means that the mar!et let you do that because your strategy was right# unless it is 2ust a luc!y coincidence. 8ou lose, the mar!et tells you that something is flawed in your aroach. In the end# a good trader always remembers this rule. *nd finally# 6ule B@ 'ever sto learning@ this I can tell is the obvious one. * good secialist# regardless of the 2ob he does# never reaches the erfection, there are always new obstacles to overcome# new heights to conquer. *nd you have to be equied to face a changing realities. &) >hat trading strategy are you most interested in? *s far as I$m interested in derivatives# the most aroriate strategies are day,or swing trading# if we tal! about the time,frame. Position trading simly doesn$t wor! most of the time as it is too long,term. I also thin! that one should combine technical analysis aroach with quantitative analytical models. +or instance# otions evaluation is better done with bi,trinomial tree ad2usted for volatility calculated by A*6/ (1#1), this aroach was used b y my suervisor in 0en an! Moscow. +or futures# however# technical analysis is a slightly better use. ere I li!e most two articular strategies@ when the mar!et is trending (and you$re doing swing trading)# the M*/4 histogram divergence is a very good signal of a change in direction, from my e3erience# it wor!ed almost CDE of the time with crude oil rent futures (on a wee!ly
basis). owever# when the mar!et is flat and volatile# this strategy is not useful at all, in this case# I thin! stochastic oscillator roduces more or less right signals. ut# as I said# one should combine technical analysis with quantitative models aroach. "ometimes a good quantification may reflect a nice discreancy arbitrage, and I with my team used this aroach when trading in 'asdaq otions during 4erivatives Trading Aame in '". B) >hat do you !now about our comany? This osition? >hy do you want to wor! for us? 8our comany is a rorietary trading firm focusing on derivatives# and seciali:ing in *sian mar!ets where you are a leading layer (es. in Fosi mar!et). 8our aroach to trading are highly structured algorithms which you use for automated e3ecution of deals. 8ou also mention high,frequency trading that rovides low ris!Ghigh return, do you rimarily use this aroach? I li!e the fact that you use sohisticated valuation models and ay strong attention to ris! management, it hels you find the reliable discreancies in the mar!ets and arbitrage on them. I also areciate the dynamic atmoshere of friendly cooeration and non,stoable develoment that your comany rovides. +inally# you don$t narrow the range of roducts you deal with and always loo! for the new mar!etsGinstruments to caitali:e on, e.g. you a lso trade on cash mar!et# which is interesting as well. /oncerning unior Trader osition, I really li!e the range of resonsibilities attributed to this role in a !ic!,start manner. 8ou have only %,& months of training rearation, and then you are e3ected to become a fully resonsible art of a mechanism# roviding ricing and trading of roducts# erforming osition management and ris! analysis# imroving the strategies and develoing new ones. This requires strong quantitative and ana lytical s!ills# oen mindset and ability to deal with ressure and ma!e quic! decisions. I thin!# this is what ma!es a 2ob interesting, challenges# imortance of what you are doing# and# for myself# sohisticated valuation models a secialist has to deal with. I also believe that my involvement in this shere# my addiction to quantitative finance# will hel me to ma!e a significant contribution to the comany$s erformance as a unior Trader. +inally# this is the rofession that ushes you on for a continuous learning# imroving your caabilities and testing your limits. 7) >hy do you thin! you are a good fit for this role? +irst of all# it$s my genuine interest in financial mar!ets. I do not only deal with them on a wor!ing basis, I love reading financial documentariesH meeting eole from this shere regularly as they share their e3erience and oinionsH in the end# I li!e watching movies of a related scrit# e.g. recent The ig "hort, very funny and instructive# although there were lenty of drawbac!s. I never sto educating myself within financial mar!ets.
"econd# my develoed quantitative and analytical s!ills. My favorite sub2ect was and remains mathematics, I even read boo!s on# for instance# toology and stochastic calculus 2ust for my own leasure. I articiated in 6ussia,wide mathematical cometition <-omonosov %D1D= where I won the 1st grade laureate (aart from many other smaller cometitions). I even wanted to enter M"# MathematicsMechanics 4eartment# but my dad insisted on going to +inance niversity# and I feel much obliged for it now. +inally# I have an astrohysics among my recreational scientific interests# so I believe I am caable of dealing with rigorous valuation analytical models. Third# I am a good fit because I can deal with a high ressure environment# ma!e quic! decisions and able to learn fast# whenever alicable. I am good at wor!ing in a team as well as on my own# and I love mutually sharing oinions and e3eriences. To conclude# I believe that my bac!ground may well bring some fresh vision to rocesses you emloy and challenges you comany might face. I thin! that I can hel you with your current activity, as far as you are a startu# you definitely have a lot of administrative stuff and so on# and I could give you a hand on this; J) Tell me about your wor!ing e3erience "ure. +irstly# during % months of summer %D1% I wor!ed as an /onsulting intern at Pw/# but I don$t have much to share about it. >e didn$t have time to do anything relatively imortant, we were 2ust taught how to erform mar!et research and P- analysis using a revious years case,studies. 'eedless to say# I didn$t li!e it and reali:ed that I wanted to do something else. *t that moment I came across with Mile ellafiore$s <0ne good trade= boo!# and I understood, this is what I wanted to do. "o# I started wor!ing art,time at 0en an! Moscow as a unior analyst# where I was assisting senior trader with derivatives valuation and technical analysis. I was wor!ing with crude oil rent futures and was doing M*/4 histogram divergence recognition to decide whether it was a time to roll,over a osition. Then my suervisor comared my outcomes with his own thoughts and made an aroriate ad2ustment. "till# we were also using valuation models to rice derivatives, you can not rely only on technical analysis. 0en an! has an affiliate connection with Aa:rom oldings# so we had a reliable source of the figures we needed to calculate@ mar!et,wide convenience and lease rates# commodity sread fractions# conve3ity ad2ustments. Then# by inferring the e3ected rice for future delivery# we could tell with more or less strong level of confidence which side of arbitrage discreancy could we emloy. I have to admit that roughly CDE of deals made on these calculations roduced ositive results. "o# I found a 2ob a wanted to do. ut then# I was arranged to wor! with an! for 4eveloment and +oreign 5conomic *ffairs as a art of learning rogram. There I acted as Investments Pro2ect *nalyst at the 4eartment of 'atural 6esources# and# although I li!ed this 2ob less than the revious one# it taught me
the high resonsibility to ma!e decisions on your own in a lac! of e3ternal hel. 'evertheless# let me describe the role@ *fter having several months training of what I was suosed to do# I wor!ed on the analysis of two highly,caitali:ed ro2ects of a governmental imortance, this an! seciali:es in financing infrastructural ro2ects that ordinary ban!s cannot go for. The first ro2ect was named as <4eveloment of new oron e3traction oints and imlementing advanced methods of roducing oron acid and roducts= and required %.7 billion 6 in a first investment round. 0f course# I didn$t have to go into the technical details of a ro2ect, my art reflected the analysis of 'PV statement of a ro2ect and comaring the calculations to the standards set by the an!. 5.g. >*// was used as a standardi:ed discount rate. I also investigated a comany$s financials in loomberg to ma!e sure they were not lying in a Prosectus. +inally# I made a reort and resented it to an Investment /ommittee with my decision whether we should consider this investment oortunity or send it bac! for comletion. The second ro2ect# <4eveloment of new bia3ially,oriented olyroylene tae=# required % billion 6. 0ne more thing I li!ed about that time was my fully initiative mar!et,ris! analysis of the comanies. My boss li!ed the idea# and although I was not basing my reort on the outcome of such analysis# it was a good hel in ma!ing a final call. In the end# I had to quit the an! because I entered '" usiness "chool and returned to studies %BGC. 'ow# after graduating with "econd er onours degree and hav ing +6M Part 1 53am comleted# I$m ready to start wor!ing again# and I would really love to go bac! into trading shere.
C) Tell me more about '" 4erivatives Trading Aame %D17 "ure. It was held among students of a relevant disciline "etember through 'ovember %D17. >e were slit into teams of B,7# each of us was given K1 mln and aro3. % months to trade. 0ur rofessor develoed a secial real,time trading latform so he co uld easily chec! our activity. The instruments available were crude oil rent futures# 'asdaq 1DD otion# aanese 8en futures and Treasury 1D,year note futures. I$m hay that you as!ed me about this game because it is a very good e3amle of several atitudes@ leadershi# teamwor! and ma!ing quic! decisions. 0ur team couldn$t agree uon a articular strategy, some even wanted to trade indeendently and then combine our result. I told I was ready to ut myself in charge of develoing trading technique. The deadline was ne3t day, we had to start trading as soon as ossible. "o# I sent all the day and night long to choose which instrument to trade and stoed at crude oil futures and 'asdaq 1DD otions. I chose scaling for the former (it was e3tremely volatile# but flat) and discreancy arbitrage
for otions, comaring theoretical rice with the mar!et rice and see whether it is over, underriced. 'e3t day# I resented the outcome to my teammates# and# I have to admit# the team was nice and cometent. They introduced some efficient ad2ustments to the model, e.g. using binomial tree with VL' inde3 for volatility instead of manually calculated volatility. *ll in all# it wor!ed the best# and we finished with the first ri:e and B7E return, CDE of it contributed to futures# than!s to the e3treme fluctuations at that time. This case taugh t me several things, teamwor! really matters and hels achieving best resultsH also you have to be ready to ma!e quic! decisions and ta!e the leadershi in something you are cometent# but always listen to your mates. ) Tell me about a time when you had to ma!e quic! decision *art from '" 4erivatives Trading Aame# I recall 2unior analyst 2ob in 0en an! Moscow. My suervisor# senior trader I was wor!ing with# a coule of times gave me some sort of fire,calls. It was li!e that@ <"lava# I$m loo!ing at this futures now# and I need your oinion. 8ou have one hour# then I$ll do whatever you say=. 0f course# I had to ma!e no wrong decision# because if I had done that# I would have been enali:ed or even fired; 8et# everything wor!ed out nice, I was using the analysis technique which my suervisor taught me# and# in the end# the ositions turned out to be rofitable (not so much# due to insignificant timeframe, only several days). ut I received a warm raise from the senior trader. I really li!ed this style of wor!# because I had to quic!ly ma!e a decision which was not the one among my resonsibilities. Aoing out from your comfort :one is a good way to train your ability to act under ressure. N) >hat are the main challenges you have faced so far? 4erivatives trading game %D17 '" >ell# it$s a good question. I can remember a coule# though there were much more. +irst one coming to my mind was a 6ussia,wide mathematical cometition <-omonosov %D1D=. It consisted of three e3tremely tough and e3haustive tours, calculus# three, dimensional geometry and logical tas!s which were not so difficult in their solution# but insanely hard to come u with it. It too! almost two months to comlete and# after assing all three stes# I gained enough to win the first laureate ri:e. 'eedless to say# the rearation eriod was a nightmare, I had almost no slee and# even considering that mathematics is my favorite module# sometimes felt nearly vomiting from all these calculations and hard, thin!ing. I sometimes 2o!e that if I were to do it again# I would never go for it haha. It$s not true# aarently, I areciate great challenges. 'e3t one actually reflects one of my wea!nesses, I$m too dee into details when it comes to dealing with any tas!. It was my first ro2ect in an! for 4eveloment and +oreign 5conomic *ffairs# and I literally read through all the sentences in the Prosectus and analy:ed every single calculation of an enormous financial model accomanied. My boss
told me not to bother myself with anything aart from several main oints# but I 2ust couldn$t slee !nowing that there was something I didn$t understand roerly. "o# I was wor!ing 1B, 17 hours a day for some wee!s to ma!e a reort on time. In the end# I made it great# and luc!ily# my conciseness never faded when I was resenting to a igher Investment /ommittee haha. "till# it was a tough time for my hysics. In conclusion# I want to mention something very distant. I lay several musical instruments, accordion and guitar rofessionally, and# aarently# I articiated in several Moscow and 6ussia,wide musical cometitions where I was winning first and second ri:es mostly. 0f course# each one was a resonsible and imortant contest and required a lot of rehearsals. /ombining it with a lot of studies at school and the fact that I was also laying volleyball and visiting tae!wondo# I had no time for recreational activity# but I don$t regret it. *t least# I can attract a lot of girls with my guitar s!ills haha. 1D) >hat are your strengthsGwea!nesses? I$m a very fast learner# esecially when it concerns financial mar!ets, I never sto educating myself. I have strong quantitative and analytical s!ills that I !ee on develoing throughout my whole life. Then# I never retreat in the resence of challenges, oositely# it forces me to go beyond my limits and ass it. +inally# I can maintain control under ressure and ma!e quic! cold,minded decisions. /oncerning my wea!nesses# I may be too dee into details. 5ven when my suervisors tell me that you should not bother yourself with anything e3cet this main oints# I cannot live eacefully !nowing that there is something in my wor! I didn$t understand roerly. 'e3t# I li!e being ahead of deadlines. 0f course# the quality comes the first# but if I can get everything done before the scheduled time# no doubts I will do this. -astly# I have too many interests in many sheres. It sometimes irritates me because I cannot choose which boo! to start with e.g. and so I read B,7 boo!s at a time# still maintaining all the info in my head. 11) >here do you see yourself in 7 years? *arently# I see myself wor!ing as a senior trader (if 7 years is enough to become o ne). I areciate the atmoshere of non,stoable education and tough challenges you face doing this 2ob. I would also li!e to develo my own trading strategies basing on the materials I analy:e and my own e3erience. 0f course# I see myself ma!ing a significant contribution to a comany$s erformance# dedicating most of the recreational time to imroving my wor!ing s!ills and# what also attracts me# heling younger generation in this shere to become rofessionals. 1%) 4escribe a tyical day of a trader
+rom conversations with traders I had and from secific boo!s I read li!e <0ne good trade=# I somewhat constructed a ercetion of a tyical trader$s day. +irstly# you get u early in the morning. Trading session starts at# say# am# but you have be awa!e at J something (li!e J.17). Then# you ma!e a quic! research of what haened in the mar!ets during the night# and wor! out briefly your tactics for a day. *fter squee:ing in a morning bus# you come to an office and start chatting with your colleagues on thoughts e3changes and so on. Then# a head of the floor comes and ma!es a seech about some fresh news and instructions for a trading session. +inal insiring words, and the wor!ing day starts. 8ou !ee a shar eye on three monitors# for instance# oen ositions# rolling them over and closing whenever aroriate. In the end of a session# a trader ma!es quic! reresentation of his erformance (P- statement) and then leaves. * good trader then dedicates some time in the evening to analy:e what he has done so far# loo!ing for flaws in the model he imlemented# and ma!ing aroriate ad2ustments to it. *nd# if there is a recreational time, well# it$s urely individual, going to the gym# watching movie and so on.
1&) >hat mar!ets do you follow? >ell# nowadays energy mar!et and esecially crude oil futures are being at the centre of worldwide attention. +or e3amle# when we had our trading game ("et 0ct last year) this mar!et was e3treeemly volatile li!e almost never before, I guess the seculators gained a lot from it. *nyway# I$m not only following this mar!et because of it$s storming activity, I$m doing that rather because I$m being concerned about 6ussian economy. *s you !now# 6ussian financials li!e currency or budget deficit highly deen d on energy mar!et level, the remainder from "oviet nion, and as far as it has deressed a lot# our currency droed and we suffered. I hoe# still# that this gonna get better soon# and right now I$m raying that the fact crude oil rice crac!ed K7D from below signifies an ucoming trend. There is actually much more about olitics# and I !ee an eye on it. *s a consequence# I follow 6ussian currency and 6T"I inde3, the former used to be so stable for such a long time, around &D 6 er K# but after these olitical scandals with /rimea and civil war in !raine it lost more than 1DDE# then gained bac! &DE# then last it again, it$s the most volatile eriod of all times since our default in 1 NN. *nd 6T"I inde3# which is a nice reresentative of 6ussian mar!et activity# has been declining since %D1% when it was %DDD down to NJD now. ut# it has e3erienced a long term double,bottom which is a great signal of trend change. /ombining it with ositive e3ectations on oil# it is about to seed u. I$m also very fascinated by the develoment of *sian mar!et through the last %D,&D years, it$s been an incredible result. The flow of +4Is and ortfolio investments is now refocusing
from the >est to the "outh,5ast# ste by ste. +or instance# /hinese mar!et 2ust recently was very restrictive, and now it is widening the borders to let the foreigners in. *lthough this half,year is somewhat tough, for all mar!ets, *sian business environment is very attractive. +inally# develoing new analytical models to aro3imate vanilla and e3otics$ rices in the mar!et is something that interests me. /oncerning our derivatives trading game# we used binomial tree ad2usted for VL' volatility to simulate the rice of 'asdaq1DD otions# and# I should say# it redicted an otion to be overvalued# and later on it decreased in value. 8et# it was a fairly simle model# there are much more sohisticated ones that use imroved *6/# Aeometric rownian motions. There is one articularly interesting, neural networ!s in redicting time series data. I$m very new to this shere# but the main idea how to construct a financial variable simulation alongside with human brain rocesses is itself very intriguing.
+low Traders questions@ 1) >hat do you !now about our comany? This osition? >hy do you want to wor! for us? 8our comany is a globally recogni:ed liquidity rovider on 5TPs mar!et founded in %DDB in *msterdam and having offices in " and "ingaore as well. In other words# you are an authori:ed articiant or# secifically# mar!et ma!er. y ossessing high buyingGselling ower# you are eligible to continuously quote bidGas! sreads for thousands of 5TPs on different mar!ets all over the world# which !ees you attached to continuous activity %B hours a day. 8ou are indeendent rincial (or rorietary) trading firm acting fully on your behalf with your own account. 5TPs were created in ND,s and have gained high oularity so far. They tyically include mostly 5T+s# 5T's and others li!e 5T/s. "till# in the absence of global liquidity roviders# these instruments become very hard to trade. This is where your art comes in@ you contribute to overall 5TP ecosystem by roviding fair quotes for investors. 8ou also try to fully and instantaneously hedge your e3osure by ta!ing an oosite osition in the underlying whenever you buyGsell a articular 5TP. 8our activity lets you caitali:e on arising arbitrage oortunities (using rimarily 5T+ arbitrage strategy)# as for well, being# and bring liquidity to the mar!et. The unior Trader osition comrises J,months intensive in,house training scheme in 9s in *msterdam# followed by an enrollment on a trading des! with "enior trader in "ingaore. *s far as I inferred from other comanies# unior Trader actually assists "enior trader in develoing strategy# monitoring mar!ets and ricing instruments. "ometimes he is challenged to go beyond the scoe of his resonsibilities (e.g. maintain
all the rocess on his own). This osition requires genuine interest in financial mar!ets and trading# assion for e3cellence and ability to quic!ly act under ressure. I want to wor! for your comany because of several reasons@ a) It$s a worldwide recogni:ed trading firm with a highly develoed internal infrastructure that always see!s for a erfectionH b) 8ou offer team,collaborative mutually,assistant environment where all individuals act as a unity rather than solelyH being in your team is being surrounded by the brightest assionate rofessionals# which ma!es you become the best yourselfH c) +inally# I$m assionate for trading and almost everything related to it. *nd I believe that my s!ills and !nowledge will hel me ma!e a well,ositive contribution to your comany %) >al! me through an 5T+ arbitrage 5T+ is an investment vehicle that aims to follow a articular benchmar! by comrising a ortfolio of underlying instruments in relevant roortions (e.g. "P7DD inde3 fund buys shares of comanies in this inde3 in the ercentages these shares are reflected in the inde3). 5T+ holds assets li!e stoc!s# derivatives and so on and is traded throughout a day at a rice very close to its 'et *sset Value# which is (*ssets,-iabilities). In this sense it is very similar to close,end funds. "till# there are usually discreancies between 5T+ share rice and '*V, this is where arbitrage oortunity arises. +or authori:ed articiants (which mar!et ma!ers are to be) there is /reation and 6edemtion mechanism to caitali:e on these discreancies. +or instance# if 5T+ share rice is higher that '*V# it is said to be overriced and *P shorts this share. e hedges by ta!ing a osition in the underlying roduct so his overall e3osure is offset. In the end of an arbitrage# he will sell the underlying and redeem the 5T+ shares# which closes his short osition. *ll in all# concerning it is a :ero,cost investment (or even negative,cost investment# as far as he has some rofit from the discreancy in the beginning) that tends to create some ris!,free rofit at the end# this is clearly an 5T+ arbitrage. This articular technique is called /reation. 6edemtion is symmetrically the oosite# when 5T+ rice if less than '*V. 5T+ arbitrage follows two uroses@ to gain small ris!,free rofit from the arising discreancy and to maintain 5T+ rice and '*V closest to equilibrium# therefore bringing liquidity to the mar!et. &) >hy do you want to become a trader (at our comany)? >hy not trading for yourself? My favorite module has been mathematics, I loved quantification and dee analysis that comrised my studies at school. *t university# I discovered finance# and esecially financial mar!ets to be the best imlementation of my quantitative s!ills obtained so far.
I started reading boo!s about it# searching for a secific shere that suited me most, and then I came across with Mi!e ellafiore$s <0ne good trade=. *nd I told myself, this is it; This is what I want to do as my rofession. Trading requires e3cellent quantitative and analytical s!illsH it deals with quic! resonse to changing circumstances# need to be the best# and continuous learning, and I highly value this features. They ma!e the 2ob tough yet e3tremely interesting. I rather refer being in a team. >hen you wor! among your colleagues who also share the inner need for e3cellence and thrive for it# you are insired to become the best yourself. +inally# it is always much more fun and 2oy; B) >hat might be a otential difficulty to become a trader? It$s definitely when your quantitative s!ills# and esecially quic! mental calculations abilities are not develoed. "econdly# an inability to thin! clearly and act fast under stressful condition otentially harms the traders activity. *nd finally# even if one has everything mentioned# but doesn$t ossess genuine assion for financial mar!ets and trading# he will doubtfully become a good secialist. 7) ow do you coe with stress? >ell# it$s a tough question haha. I assume that my calmness under stress was develoed since I started articiating in musical cometitions. I went through do:ens of them and even articiated in a world,wide accordion cometition# and# ste by ste# I reali:ed that I$m only worrying before something. >hen it actually comes# I become if not eaceful# but calm and shar. I also tell myself that anic will never hel# only distract your attention# so I throw all bad thoughts from my head.