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To: Kayaker who wrote (92183)1/20/2001 10:20:41 PM
From: Jordan Levitt  Respond to of 152472
 
<<9 out of 10 options expire worthless.>>

Another often misrepresented part of the option expiry puzzle is the apparent implication of that 'statement'.

Whatever the correct percentage is,(of options contracts expiring worthless)gets extrapolated to the number of long options players who lose money. this is wrong. That overlooks how many made money when they sold their options prior to expiry. Many option buyers never hold that long.