These past few days, watching the options market, I finally understood: the buyer is actually racing against time, as each passing day’s time value is like paying rent—if the market doesn’t explode, it slowly gets eaten away; the seller, on the other hand, is collecting "rent" while risking a tail black swan, essentially hiding the liquidation risk somewhere unseen. I now prefer small positions as the buyer for insurance; if I really sell, I only dare to monitor margin with scripts—no reckless naked selling.

My mom listened to my rambling yesterday and said, "Aren’t you just buying something and making it shrink on its own?"… Well, that’s pretty much the idea.

By the way, that “compound yield” strategy also feels a bit like selling options—looks pretty good most of the time, but when things go wrong, everything shakes together layer by layer. The nested risks make it hard to tell who’s eating whose time and risk in the end. For now, that’s it; I won’t add positions today.