That's exactly what I mean by "relatively more difficult." There is no premium if you buy and hold, in fact that's the baseline situation from which the premiu

That's exactly what I mean by "relatively more difficult." There is no premium if you buy and hold, in fact that's the baseline situation from which the premium is calculated. And buy-and-hold works for arbitrary timescales, while even long term puts come only in certain flavors. That starts to seem a lot like structurally built-in upward pressure on prices.