This post is in response to the article "UBS Faces Client Backlash Over Options Strategy".
Here is a synopsis of this article as the options trader sees it:
Investment banks are always looking for a silver-bullet strategy that is repeatable and profitable with outsized gains. It is something may work for a while, like this condor strategy, but eventually the math catches up. Repeated processes ignore the fact that market dynamics and options dynamics change, and you need to change with them as well as sufficiently manage risk.