Nick,

You are right -- if you would only trade the robot then the even distribution would not work.

But I think most of us, don't have Billy's discipline and only trade robot calls. I suspect most of us (me included) will enter other trades. And I have to admit - when the though of richness enters my mind - most of the time I will have the biggest loser of the year on my hand.

With your background you have some unique insight in the human mind. You could probably lecture us on how inaccurate the mind is as tool for unemotional decision making.

And yes, you could short puts on short stock.