Recently, I’ve been scanning the open positions across the options chain, and the more I look, the more it feels like this: time value—if we put it simply—is basically just eating away at the buyer’s patience. What you’re buying is “possibility.” Even if you wake up every day and do nothing, you’re still bleeding. The seller is like collecting rent—the thing they fear most is a sudden big move that punches through the account, which is why they keep fixating on volatility and margin.

Over these past couple of days, there’s been talk in some region about that same package of higher taxes / tighter compliance. Once expectations for deposits and withdrawals get tighter, everyone’s mood turns even more conservative. Volatility hasn’t been released, but the insurance premium has already gotten more expensive… making it even harder for buyers to endure. Anyway, I’m not pretending—if I’m not confident, I chase fewer long-dated ones. I’d rather do something smaller, and if I get it wrong, I’ll admit it. I’ll add it later on.