I'm very familiar with option spreads and trying to minimize time decay, directional bias and basically trying to capitalize on what is probable versus what is not probable. But let's say you wanted to buy a lottery ticket. Something improbable, with a high likelihood of not panning out. It might pan out over time and it might not. I think Mr. Black Swan probably talked about this in his books, but let's put the theory into practice. He thinks far out of the money options are underpriced because they don't consider the black swan. So let's assume this is true ... If you had $100 or $1,000 month after month to put on red/black in Vegas vs. an option strategy month after month, what would you do? Would you put it on a roulette wheel? Or would you put it in options ... if in options what sort of strategy and where? This is a very hypothetical question that is an attempt to stimulate constructive conversation, not to berate strategies or ideas. In other words, do you believe in Taleb's assertion and if so, how would you take advantage of this market inefficiency? A spread? Outright puts/calls? Do this on a single stock, an index? Leverage it?