Before the 1970s, age had not brought options respectability. Sometimes they were seen simply as wagers on stock-price movements. Options also seemed the perfect tool for the speculator. Because the cost of an option was and is typically much less than that of the underlying stock, a speculator who correctly anticipated price increases could profit considerably by buying calls, or benefit from decreases by buying puts. Sometimes such speculators themselves caused prices to move in the direction they wanted by spreading false rumors, for example so options also became associated with market manipulation.

Donald MacKenzie, An Engine, Not a Camera, loc. 523