crashy writes bhp calls, page-52

re: crashy writes bhp calls Red,

What you say assumes an efficient market and that everyone is equally capable of recognising and exploiting opportunities. It might be the case that one person is particularly good with their calls relative to the numerous others due and so makes good money due to better research or capability. The same thing happens in horse racing where the knowledgable make money from the mugs.

I guess in the derivatives market, the knowledable and capable have better leverage to make money from others.