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+934 Part VI: Measuring and Trading Volatility 
+provides the stock/put holder with an additional alternative of choosing to extend his 
+position for a longer period of time by buying another put or possibly by just contin­
+uing to hold the stock after the original put expires. 
+Many equivalent positions have similar characteristics. The straddle purchase 
+and the reverse hedge (short stock and buy calls) have similar profit and loss poten­
+tial when measured in dollars. Their percentage risks are substantially different, how­
+ever. In fact, as was shown in Chapter 20, another strategy is equivalent to both of 
+these-buying stock and buying several puts. That is, buying a straddle is equivalent 
+to buying 100 shares of stock and simultaneously buying two puts. The "buy stock and 
+puts" strategy has a larger initial dollar investment, but the percentage risk is small­
+er and the stockholder will receive any dividends paid by the common stock. 
+In summary, the investor must know two things well: the strategy that he is con­
+templating using, and his own attitude toward risk and reward. His own attitude 
+represents suitability, a topic that is discussed more fully in the following section. 
+Every strategy has risk. It would not be proper for an investor to pursue the best 
+strategy in the universe (such a strategy does not exist, of course) if the risks of that 
+strategy violated the investor's own level of financial objectives or accepted investment 
+methodology. On the other hand, it is also not sufficient for the investor to merely feel 
+that a strategy is suitable for his investment objectives. Suppose an investor felt that 
+the T-bill/option strategy was suitable for him because of the profit and risk levels. 
+Even if he understands the philosophies of option purchasing, it would not be proper 
+for him to utilize the strategy unless he also understands the mechanics of buying 
+Treasury bills and, more important, the concept of annualized risk. 
+WHAT IS BEST FOR ME MIGHT NOT BE BEST FOR YOU 
+It is impossible to classify any one strategy as the best one. The conservative investor 
+would certainly not want to be an outright buyer of options. For him, covered call 
+writing might be the best strategy. Not only would it accomplish his financial aims­
+moderate profit potential with reduced risk-but it would be much more appealing 
+to him psychologically. The conservative investor normally understands and accepts 
+the risks of stock ownership. It is only a small step from that understanding to the 
+covered call writing strategy. The aggressive investor would most likely not consider 
+covered call writing to be the best strategy, because he would consider the profit 
+potential too small. He is willing to take larger risks for the opportunity to make larg­
+er profits. Outright option purchases might suit him best, and he would accept, by 
+his aggressive stature, that he could lose nearly all his money in a relatively short time