Lately, observing options has made me a bit emotional again: buyers are buying the illusion that "time is on my side," while sellers are selling patience, believing that "time will gradually help me collect rent." Others think that being a buyer is just betting on direction, but in reality, it's more about tug-of-war with time value; others think that as a seller, you win by collecting premium, but when a black swan appears, that little "rent" you've accumulated could be wiped out overnight.

Honestly, time value erodes every day, but not necessarily in your favor. Buyers are most obviously affected by it, so they have to rely on sudden volatility spikes to turn things around; sellers seem more comfortable, but in fact, they are exchanging tail risk for stability.

Recently, the "compound yield" from pledging and shared security systems has been criticized as a layered trap, and I can understand... Time value is like another layered trap: gradually thinning out, and in the end, it depends on who can handle unexpected events. Anyway, I plan to reduce strategies that look "more stable," leave more room for flexibility, and take it slow.