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yeah Euan's point here is also a good one, I was going in a different direction (see the continued thread), but there are option selling firms that describe their strategy as "market neutral alpha" because they delta hedge, for example -- v misleading
Achieving market neutrality by only selling out of the money naked calls on nattie gas.
http://optionsellers.com still amazes me in just how bad their risk management was 
It’s non-correlated. Pure alpha right there baby!
Or a chain of “market neutral” calendar spreads out a few years...good for blowing up a few $b.
I spit my coffee on this one.
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