Several widely-cited empirical studies have shown that approximately (75 %) to (80 %) of stock options held

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Several widely-cited empirical studies have shown that approximately \(75 \%\) to \(80 \%\) of stock options held until expiration expire worthless (out of the money). Based on these studies, many have concluded that long option positions are on the whole unprofitable. Give two counter-arguments that these data do not show that option buying is a losing strategy.

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