Reading Ignoto on the corp fin currriculum, Bill asks: is "optionality" now a word?
Answer: I guess so. Google offers a string of definition entries. And language Troglodyte though I am, I would argue that we need to admit this new word because it identifies a new (or not hitherto identified) concept.
Specifically: let's stipulate that we're living in a conceptual revolution as to our understanding of options. Black-Scholes taught us how to understand options. Once you understand options, you start finding them everywhere. And if you can't find them, you make them.
Hey, I didn't say this was a good thing. Understanding the power to make options means we now live in a world where you can slice and dice the probability spectrum into a near-infinite number of pieces. Which may not be a good thing. But Ebola is not a good thing, and yet we let it have a name.