That's true, in BS terms, but expirationless does not necessarily mean exerciseless. An exerciseable, yet expirationless, put would be worth something.
Agreed, it should be, but it can't be. This is precisely where Put-Call parity breaks down. This is total b*llocks IMHO. Again, why has this "expirationless" never been done before ?
What do you guys think of some of the justifications of http://www.xpotrade.com/pdf/XPOpricing_1.pdf regarding pricing
Probably would be most usefull as a tax dodge. If you own 10,000 shares of msft sell a 10 expirationless call pocket the money and could avoid taxation.