Options are hedging instruments. He is providing a service. Just because you’re midcurve and don’t understand the value of options doesn’t mean that he isn’t doing something “of value”.
We can all agree that financial derivatives get muddier and muddier, and maybe some do exist solely to intimidate the layperson unwilling to learn into hiring an active manager, gross.
Essentially don't hate the player, hate the game. But you gotta play to score.
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