Coleman Church

So 2000, like the 2000 small midsize companies, 300 million to 2 billion market cap companies in the United States.

And that doubled, I think, from 2022 and then doubled again.

So you've got an insane amount of leverage.

You've got margin debt at all-time high.

Because it's not just the options market's huge, it's also the structure of the options.

They've moved to zero-day to expiry options.

It used to be weekly or monthly options, and now it's same-day options.

So the retail...

With the gamification sort of... Yeah.

In the direction with... And you get an immense amount of leverage.

An immense amount of leverage.

So... How does that work?

How do I...

So let's say that you want to buy a call betting that NVIDIA is going to go up between now and the close.

And at the money, NVIDIA call, meaning let's say it's trading at $177 right now, and you think it's going to go up $177.

And the price of the at the money, the 177 call is till now to the end of day is 75 cents, let's just say.

So you're betting that it's going to go up more than 75 cents.

If it goes up $1.50, you've...

doubled your money, you're not just making 75 cents on 177, which would be whatever, 31%, you're making 100% of your money.

So you're getting, all you can lose is the premium, the 75 cents you pay for that option,