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The answer is inline with what your friend is telling you. They are so efficiently priced that it would be like spending time betting on a coin flip. I once dedicated 20 hours a day to only options and had unlimited resources to dedicate to it. Whereas I would never argue I have any advantage...

Because you are giving up something to get it. Shouldn't reduce or add, do it thousands of times and it should be neutral. This guy. Only one here that knows what he is saying. Doesn't say it nicely, but nonetheless the only one here that makes sense.

Epicurious, The funny thing is that is backwards. It is almost impossible to effectively price volatility in the short term (instantaneous volatility), but pricing long-term is easy. It always amazed me how an issue that has a historical volatility tends to adhere rather tightly to that...

PKAY, I was always a net long options trader. Slept better that way. Mathematically options are priced in a manner where there is no advantage to being short or long. That is what 'Priced to Fair Value' signifies. Speaking as a professional options trader, my advice is to keep away from them...