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Dave Collum: One-day options trading is pure gambling in current market
Dave Collum, professor / financial commentator at Cornell University (Emeritus), criticized the trading of one-day options, calling it gambling rather than speculation.
Collum argued that neither buyers nor sellers of these extremely short-dated options can truly justify their strategies, highlighting what he describes as an unprecedented mood of risk-taking among market participants today.
Collum has previously argued that demand for indexing has contributed to market overvaluation, citing developments since the growth of index investing in earlier commentary. He has also pointed out that investment returns have historically included dividend yields around 4 to 5 percent and fees close to 1 percent in a separate analysis. Collum noted that estimating taxes on these returns remains challenging.
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