Yes, I have read the Cottle discussions and unfortunately lost the book 2 years ago(little did I know it would become such a hot book since then)... But yes I have done some work on the "rent" part of the equation and the thing that I find the biggest obstacle(obviously the one the floor does not deal with) is the simple fact that with the index options much of the "hedge" or "security" with having the insurance to scalp gamma's against is something of an illusion because the numbers never work as expected with the spreads, etc...(I guess that's why these MM/Arb firms pay all this $$$ to pull this stuff off)... Regardless, I continue to watch this market drain premium out of the index options and wonder whether what I perceive as an opportunity to buy what I would consider cheap insurance is really just a sea change in the longer term volatility trend... It really is a shame that the ES options market has never caught on...I believe that would be a great opportunity to trade apples to apples instead of apples to oranges...