Because our previous books covered the gamut on option theory and strategies, one might reasonably ask why we felt the need to publish a new book on the subject at this time. The answer to that is twofold: (1) because there have been material developments within the world of options—new durations, new rules, new volatility instruments, and (2) more important, because there have also been significant changes in the nature of the markets and the environment for securities investing. In the interest of brevity, we referred to the new environment in the title simply as volatile markets, but that understates how extensive we feel the changes are. What we are really saying (and we expound further on this subject in the Introduction) is that ...

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