Philosophy, not investment advice

Everything on project-ouranos.net is education and philosophy. It is written for general interest, it is not tailored to anyone's circumstances, and it is not investment, financial, legal or tax advice.

Nothing here is an offer or solicitation to buy or sell any security or option, or to provide any investment service. The site mentions that its author runs the philosophy as an automated trading system; that is a description, not an offer.

Options carry substantial risk. A long option can expire worthless, and the whole premium paid for it can be lost. The concepts described here, including convexity, out-of-the-money options, Black Swans and the barbell, can lose money, sometimes for long periods. Past results, whether real, backtested or imagined in a myth, do not guarantee future results.

Decide for yourself, with a qualified professional where appropriate, before acting on anything you read here.