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+164  •   The Intelligent Option Investor
+because of their lack of appreciation for the fact that the sword of lever -
+age cuts both ways. Certainly an option investor cannot be considered an 
+intelligent investor without having an understanding and a deep sense 
+of respect for the simultaneous power and danger that leverage conveys.
+New jargon introduced in this chapter includes the following:
+Lambda
+Notional exposure
+Investment Leverage
+Commit the following definition to memory:
+Investment leverage is the boosting of investment returns calcu-
+lated as a percentage by altering the amount of one’s own capital 
+at risk in a single investment.
+Investment leverage is inextricably linked to borrowing money—this 
+is what I mean by the phrase “altering the amount of one’s own capital at 
+risk. ” In this way, it is very similar to financial leverage. In fact, in my mind, 
+the difference between financial and investment leverage is that a company 
+uses financial leverage to fund projects that will produce goods or provide 
+services, whereas in the case of investing leverage, it is used not to produce 
+goods or services but to amplify the effects of a speculative position.
+Frequently people think of investing leverage as simply borrowing 
+money to invest. However, as I mentioned earlier, you can invest in options 
+for a lifetime and never explicitly borrow money in the process. I believe 
+that the preceding definition is broad enough to handle both the case of 
+investment leverage generated through explicit borrowing and the case of 
+leverage generated by options.
+Let’s take a look at a few example investments—unlevered, levered 
+using debt, and levered using options.
+Unlevered Investment
+Let’s say that you buy a stock for exactly $50 per share, expecting that its intrinsic 
+value is closer to $85 per share. Over the next year, the stock increases by $5, 
+or 10 percent in value. Y our unrealized percentage gain on this investment is