I came to the same conclusion with out the need of advanced math. The math is just a way to demonstrate what I understood purely from observation.
That's not what I asked.
Your reply actually confirmed what I suspected, i.e., “The novice option traders like you are often stopped by their inability to answer targeted questions.”
Many years ago I was studying Taleb’s Dynamic Hedging, and
I admit that most of it was way over my head, and I realised that there are much easier ways to make money in options, and I decided to stick with more the practical Charles Cottle’s teachings of dissections and stuff like that.
So once I gain, I challenge you to explain to us Taleb’s maths and conclusions in your own words, otherwise, in Nassim’s own words you’re just about
muscles without strength and
teaching without experience . .
“No muscles without strength,
friendship without trust,
opinion without consequence,
change without aesthetics,
age without values,
life without effort,
water without thirst,
food without nourishment,
love without sacrifice,
power without fairness,
facts without rigor,
statistics without logic,
mathematics without proof,
teaching without experience,
politeness without warmth,
values without embodiment,
degrees without erudition,
militarism without fortitude,
progress without civilization,
friendship without investment,
virtue without risk,
probability without ergodicity,
wealth without exposure,
complication without depth,
fluency without content,
decision without asymmetry,
science without skepticism,
religion without tolerance,
and, most of all: nothing without skin in the game.”
~Nasim Taleb~
