pages 24/25 - soft american options exampledata provided: S=100, C(American)=20, r=6%, T=3 months; vol=1%sqrt(247)=15,7%. The author concludes: the intelligent investor can swap the call into the underlying asset and buy the put (to replicate the same initial structure at a better cost! True the profile is the same but the cost and therefore the return is no where near comparable. The call will have a total cost of $20,30. Buying the asset will have a total cost of $101,50. We admit he gets the put for free. If the underlying is at 110 in 3 months time the ROI from the call is nearly 50% while the replicating portfolio earns about 10%. What am I missing here? What's Taleb's point?