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Income Investing: An Intelligent Approach to Profiting from Bonds, Stocks, and Money Markets by Jason Brady

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4OPTIONALITY AND SELLING THE UPSIDE

 

Success breeds confidence. But who has a right to confidence except the gods? I had a following wind, my last tank of petrol was more than three-quarters full, and the world was as bright to me as if it were a new world, never touched. If I had been wiser, I might have known that such moments are, like innocence, short-lived. My engine began to shudder before I saw the land. It died, it spluttered, it started again and limped along. It coughed and spat black exhaust toward the sea.

—Beryl Markham, West with the Night

 

We’ve spent some time so far discussing various asset classes and dynamics around fixed income, but I want to try to bring that together coherently around the concept of optionality. When people ...

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