Recently, I've been observing options markets and feeling a bit emotional: buyers wake up every day first being bitten by time value, losing money even when nothing happens; sellers seem like they’re collecting rent, but actually they’re betting on “nothing going wrong.” Once volatility suddenly spikes, all the gains they made earlier have to be given back, and they might even end up losing money. To put it simply, who is time really eating? I think it’s eating the “hesitant” people: buyers who hesitate get worn down, while sellers who hesitate become vulnerable. By the way, I’ve also been thinking about the recent controversy over pledging that shared security and compounded yields—many people are also selling “time” and “stability,” but once stability breaks, they crash. Right now, I care more about profit-taking rules; otherwise, after all the fuss, time ends up working for me.