Thank you! It was.

> No creativity makes it sound like the market has been figured out

That was my bet. It has, so far, been a good one.

> does that mean that the risk/reward of strategies has flattened off (I.e. same risk for less reward) because there are less opportunities to exploit?

Your instinct was on point. You don’t need someone with a feel for volatility to make money (or not lose it) in options market making anymore. The work consists of, and will for some time, re-implementing existing ideas. There are still mis-pricings. But they aren’t inherent to the pricing model. The commodity component can be isolated and run with an eye towards costs and economies of scale.

(This has been a fun conversation, by the way. Thank you.)

Thanks for your perspective and no worries! It's always interesting to hear the opinions of people with domain expertise.