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+Appendix A: Choose Your Battles Wisely   • 277
+very little money to buy a cheap call. It may happen that the money we 
+receive for selling the put actually may be greater than the money we 
+pay for the call, so we actually get paid a net fee when we make this 
+transaction!
+We can sell the put confidently because we know that our worst-case 
+valuation is $70 per share; as long as we are confident in our valuation—a 
+topic covered in Part II of this book—we need not worry about the price 
+declining. We do not mind spending money on the call because we think 
+that the chance is very good that at expiration or before the call will be 
+worth much, much more than we paid for it.
+Truly, the realization that the BSM is pricing options on inefficiently 
+priced stocks as if they were efficiently priced is the most profound and 
+compelling source of profits for intelligent investors. Furthermore, finding 
+grossly mispriced stocks and exploiting the mispricing using options rep-
+resents the most compelling method for tilting the risk-reward equation in 
+our direction.
+The wonderful thing about investing is that it does not require you to 
+swing at all the pitches. Individual investors have a great advantage in that 
+they may swing at only the pitches they know they can hit. The process of 
+intelligent investing is simply one of finding the right pitches, and intel-
+ligent option investing simply uses an extremely powerful bat to hit that 
+sweet pitch.
+Bimodal Outcomes
+Some companies are speculative by nature—for instance, a drug company 
+doing cancer research. The company has nothing but some intangible as-
+sets (the ideas of the scientists working there) and a great deal of costs 
+(the salaries going to those scientists, the payments going to patent attor -
+neys, and the considerable costs of paying for clinical trials). If the research 
+proves fruitful, the company’s value is great—let’s say $500 per share. If 
+the clinical trials show low efficacy or dangerous side effects, however, the 
+company’s worth goes to virtually nil. What’s more, it may take years before 
+it is clear which of these alternatives is true.