Dr. Stan Miles research explores financial strategies and in particular the constant-collateral pyramiding trading strategies, which can be implemented in the futures markets. For these strategies, he derives expressions for effective constraints on the number of futures contracts in the trader’s portfolio and on the trader’s wealth. Dr. Miles draws implications regarding the degree of pyramiding adopted by a subgroup of noise traders who underestimate the probability of receiving a margin call when they engage in positive feedback strategies. Suggestions are made regarding how market regulators can use margin requirements to encourage these traders to adopt less aggressive pyramiding strategies. His research was recently accepted for publication in Financial Markets and Portfolio Management.