Sorry to drag this earlier replay back from a few days ago, but I'm just learning about options and this post stood out to me. Options provide additional value besides exposure to underlying... i.e. ATM options have no intrinsic value; but they still have value because of the other things they provide like leverage, risk reduction, etc.. So there's... not edge per se... but consistent premium offered to option writers for providing this service, sort of akin to how liquidity providers more or less collect the spread? So some strategies are built around this premise; we just need to model all likely scenarios well enough to remain solvent and cover our tail risk adequately so we can keep collecting the premium over the long haul. Also to find a way to do this effectively enough that you get enough returns to make it a worthwhile use of capital while not over-leveraging or absorbing too much risk. Are those mostly accurate statements/assumptions?