The article presents the author's views on the dealer hedging strategy in Black-Scholes-Merton valuation for equity call options where dealer risk relative to hedge re-balance period Δt, confirming zero variance in Profit and Loss as Δt approaches zero, revealing substantial risk dependence on Δt for practical values. It mentions the creation of a simple model to test and portray risk-neutral derivative valuation, which was named "hedge strategy model."