chris_vasil...
My argument was that the same number of units (ie 1,000,000) in either the heads or the options would provide the same return (in dollar value).
In this scenario, a smaller investment in the options (ie $38,000) will reap the same profits (in dolar value) as $110,000 invested in the heads.
I fear you did not understand the vaguaries of that particular options argument.
Cheers!
