Hi Gerald,

Thanks for sharing your views. I have been on vacation for the past month so apologize for my delayed response : ) I see that I have touched on an issue for which you have passion.

In response to your points, I was very careful in my use of language in this article. I specifically focused on investors, rather than traders. In fact, if you execute a "ctrl-f" on the piece your mentioning of "trading" is the only reference. Also, I circulated this piece among my pals who work in derivatives and all thought this was an interesting piece with helpful observations. Last, I actually cut out a long section from the post that quoted important comments made by one of the Godfathers of derivatives, former US Treasury Secretary, Robert Rubin, in which he suggested that a fudge factor always be included by derivatives investors (and traders) because the future is always unknowable.

Again, thanks for your sharing your passion with everyone.

Yours, in service,

Jason