How to Trade TLT Calls

The positioning around TLT calls right now has got crazy. People need to understand that if you will, let's say you expected a retire in 20 years and you have two options. You could buy a 20-year bond and then you'll definitely get your money at the end of 20 years. Meanwhile, if you buy the TLT, they're going to own a 20- year bond. So your risk will be going up versus when you wanted to decline.