Having traded options for thirty years, I’ve seen the same pattern repeat across decades and market regimes: what looks like consistency is often just risk being deferred. A strategy can look disciplined, consistent, and “low risk” right up until the moment it isn’t. The Captain Condor $50 million collapse wasn’t caused by a market crash or bad luck — it was caused by a hidden asymmetry in the risk itself. This observation explains how smooth returns, high win rates, and “defined risk” trades can still produce catastrophic outcomes when portfolio risk is left undefined — and why true asymmetry always starts with survival, not consistency. Read the observation: Captain Condor Blowup and the Illusion of Asymmetry