Tim Whatley makes the following statement: "I finally realized that I was wasting time and money by trying to make my portfolio delta neutral and...

Tim Whatley makes the following statement: “I finally realized that I was wasting time and money by trying to make my portfolio delta neutral and gamma neutral at the same time. Since gamma tells me how much delta changes when the underlying’s price moves, all I really need is making my portfolio gamma neutral and not delta neutral. After all, I learnt that delta neutrality only protects my portfolio against small changes in the underlying’s price”Using no more than 4 sentences, comment on Tim’s statement. Make sure you indicate whether you agree or disagree and why.