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Options by Michael C Thomsett

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Chapter 13 Combinations and Spreads: Creative Risk Management

To conquer without risk is to triumph without glory.

̶̶ Pierre Corneille, Le Cid, 1636

Options strategies are varied and flexible and run the gamut from highly speculative to extremely conservative. This explains a large part of the appeal of options when employed as portfolio management tools; it also explains their complexity. You can insure paper profits, take advantage of short-term price swings, or create double-digit returns with covered calls, but risk awareness and financial literacy are essential skills required to succeed with an advanced options system:

The growing complexity of financial products over the past decade, coupled with financial innovations and the increasing ...

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