Are naked calls/puts insanely +EV? What am I missing here?

[crazy canuck]

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What do you mean by true price if you mean something other than market price?

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By true price, I did not mean theoretical price....I meant fair value. Sometimes there are inefficiencies in the options markets too, so the market price is not the true price. However, on average it is very hard to beat the option markets, so market price is fair price.