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+196  •   The Intelligent Option Investor
+the company is taken out. Just keep in mind that the buyout premium is 
+30 percent over the last price, not 30 percent over the price at which you 
+decided to make your investment. If you buy 20 percent OTM call options 
+and the stock decreases by 10 percent before a 30 percent premium buyout 
+is announced, you will end up with nothing, as shown in the following 
+timeline:
+$12-Strike Options Bought When the Stock Is Trading for $10
+•	Stock falls to $9.
+•	Buyout is announced at 30 percent above last price—$11.70.
+•	12-strike call owner’s profit = $0.
+However, there is absolutely no assurance that an acguirer will pay some-
+thing for a prospective acguiree. Depending on how keen the acquirer is to get 
+its hands on the assets of the target, it may actually allow the target company 
+to go bankrupt and then buy its assets at $0.30 on the dollar or whatever. It is 
+precisely this uncertainty that makes it unwise to commit too much capital to 
+an idea involving a bad company—even if you think it may be taken out.
+Portfolio Management
+I like to think of intelligent option investing as a meal. In our investment 
+meal, the underlying instrument—the stock—should, in most cases, form 
+the main course. 
+People have different ideas about diversification in a securities portfolio 
+and about the maximum percentage of a portfolio that should be allocated to 
+a specific idea. Clearly, most people are more comfortable allocating a greater 
+percentage of their portfolio to higher-confidence ideas, but this is normal-
+ly framed in terms of relative levels (i.e., for some people, a high-conviction 
+idea will make up 5 percent of their portfolio and a lower-conviction one  
+2.5 percent; for others, a high-conviction idea will make up 20 percent of their 
+portfolio and a lower-conviction one 5 percent). Rather than addressing what 
+size of investment meal is best to eat, let’s think about the meal’s composition.
+Considering the underlying stock as the main course, I consider the 
+leverage as sauces and side dishes. ITM options positions are the main