For whoever is interested in expressing their view on a fundamental aspect of options (if anyone)... This arose from an argument we were having with someone on another forum. It is often posited that realized vol is lower than implied vol and that relationship is statistically significant. This would imply that options are systematically overpriced. You could think of a few reasons why this might, in fact, be the case (aversion to mtm volatility, various behavioral biases etc). However, given this is a known condition, it should be arbed away, unless there's a fundamental supply/demand imbalance. So, here's my question, in your view are options systematically too rich or too cheap?