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+Theta
+Option buying is a veritable race against the clock. With each passing day,
+the option loses theoretical value. Refer back to Exhibit 4.3 . When three
+weeks pass and the time to expiration decreases from 44 days to 23, what
+happens to the call value? If the stock price stays around its original level,
+theta will be responsible for a loss of about 30 percent of the premium. If
+Disney is at $35 with 23 days to expiration, the call will be worth $0.73.
+With a big enough move in either direction, however, theta matters much
+less.
+With 23 days to expiration and Disney at $39, there is only 0.12 of time
+value—the premium paid over parity for the option. At that point, it is
+almost all delta exposure. Similarly, if the Disney stock price falls after
+three weeks to $33, the call will have only 0.10 of time value. Time decay is
+the least of Kim’s concerns if the stock makes a big move.