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training_data/relevant/text/147e45103926a34ccf16b90961a1d92996f67d0e1cc77eb4c6f5d7b54f3af71e.txt

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+occurred in the Reagan Crash of 1987; the money puts bought at $0.625 on
+October 16 were worth hundreds of dollars on October 19—if you could get
+the broker to pick up the telephone and trade them. (The editor had a client
+at Options Research, Inc. during that time who lost $57 million in three
+days and almost brought down a major Chicago bank; he had sold too many
+naked puts.)
+The most sophisticated and skilled traders in the world make their livings
+(quite sumptuous livings, thank you) trading options. Educated estimates
+have been made that as many as 90% of retail options traders lose money.
+That combined with the fact that by far it is the general public that buys
+(rather than sells) options should suggest some syllogistic reasoning to the
+reader.
+With these facts firmly fixed in mind, let us put options in their proper
+perspective for the general investor. Options have a number of useful
+functions, such as offering the trader powerful leverage. With an option, he
+can control much more stock than by the direct purchase of stock—his
+capital stretches much further. So options are an ideal speculative
+instrument (Exaggerated leverage is almost always a characteristic of
+speculative instruments.), but they can also be used in a most conservative
+way—as an insurance policy. For example, a position on the long security
+side may be hedged by the purchase of a put on the option side. (This is not
+a specific recommendation to do this. Every specific situation should be
+evaluated by the prudent investor with professional assistance as to its
+monetary consequences.)
+The experienced investor may also use options to increase yield on his
+portfolio of securities. He may write covered calls or naked puts on a stock
+to acquire it at a lower cost (e.g., he sells out of the money put options. This
+is a way of being long the stock; if the stock comes back to the exercise
+price, he acquires the stock. If not, he pockets the premium.)
+There are numerous tactics of this sort that may be played with options.
+Played because, for the general investor, the options game can be
+disastrous, as professionals are not playing. They are seriously practicing
+skills the amateur can never hope to master. Many floor traders, indeed,
+would qualify as idiot savants—they can compute the “fair value” of