What value the Oppies?, page-55

If all you have is $10k, for example, then by spending it all on options, you have no doubt leveraged for greatest gains that's possible from your $10k, but you have also proportionally increased your risk.

If you only use a proportion of that $10k to buy options so that the remainder can cover for conversion to heads should your options fall into trouble, then you have not leveraged at all. The only benefit here would then be cashflow.

And if you buy options with a strike price way above the current SP at a price anything higher than infinitesimally above zero, your risk/reward ratio vs buying heads at current prices would go into inverse.

So I maintain that at the current SP, the options are worth exactly one billionth of a cent.