Just saw a friend in the group calculating theta from an options P&L chart. As for “time value,” it’s like the buyer is paying rent for time, while the seller is collecting rent. Put simply, the buyer is betting on volatility, and the seller is betting on time. What looks “cheap” to the buyer may be “premium” to the seller. In the end, it’s usually time that slowly eats away at the option premium—like a swimmer who gets left exposed when the tide goes out. The recent back-and-forth over NFT royalties has been pretty interesting too. With weak liquidity in the secondary market, creators’ income is a bit like the option’s time value: both are paid for the future, but the future is always uncertain. I’m just talking nonsense, though. Anyway, I’m still figuring things out—so be cautious first, and don’t let time cut you up like you’re just a leek waiting to be harvested.