Options As A Strategic Investment Lawrence G. Mcmillan __top__ | Trusted Source
What sets McMillan apart from other financial authors is his pragmatic, no-nonsense tone. He avoids "get rich quick" narratives. Instead, he provides:
The title itself— Options as a Strategic Investment —signals McMillan’s primary thesis. He does not treat options merely as high-stakes gambling instruments or simple leverage tools. Instead, he views options as a mechanism for and strategic portfolio management.
McMillan's book covers several key concepts that are essential for understanding options trading, including: options as a strategic investment lawrence g. mcmillan
McMillan also covers more advanced strategies, including:
Lawrence G. McMillan’s Options as a Strategic Investment is not a get-rich-quick guide; it is a masterclass in financial engineering and risk management. It teaches that options are the only asset class that allows you to manufacture your own risk/reward profile. For the strategic investor—whether hedging a stock portfolio, generating monthly income through covered calls, or speculating on volatility—McMillan provides the vocabulary, the toolkit, and the discipline. Any trader who internalizes his framework will no longer ask “Will the market go up or down?” but rather “What is my strategy, and how do options make it more efficient?” That shift in thinking is McMillan’s enduring legacy. What sets McMillan apart from other financial authors
Booknition 36:34 Options as a strategic investment: A comprehensive analysis of ... Lawrence G. McMillan ... This revised and updated edition of "Options as Strategic Investments" encompasses the latest options tra... Goodreads Reviews of Options as a Strategic Investment by Lawrence G ... by Lawrence G McMillan. A recognized expert on options builds from a solid foundation in the basic properties and advantages of op... Alibris Options as a Strategic Investment Reviews & Ratings - Amazon.in Please reload the page. * Pradeep. 5.0 out of 5 starsVerified Purchase. Good book on options. Reviewed in India on 29 November 201... Amazon.in Top 10 Best Options Trading Books to Read in 2025 Aug 15, 2023 —
Lawrence G. McMillan is a well-known author, investor, and options trading expert. He has written several books on options trading, including "Options as a Strategic Investment" and "The Options Course." McMillan is also the president of The Option Strategist, a registered investment advisor that provides options trading advice and research. He does not treat options merely as high-stakes
Perhaps McMillan’s most significant contribution to the literature is his focus on volatility. He differentiates between historical volatility and implied volatility. He teaches traders to view implied volatility as "expensive" or "cheap," advocating for buying options when volatility is low (options are cheap) and selling them when volatility is high (options are expensive). This contrarian approach to volatility is a cornerstone of his strategic methodology.
| Strategy | Primary Use | Market Outlook | Risk Profile | | :--- | :--- | :--- | :--- | | | Income generation, downside cushion | Neutral to slightly bullish | Limited upside, downside to zero | | Protective Put | Portfolio insurance | Bullish (but hedging against crash) | Cost of put (premium) | | Straddle / Strangle | Profit from large move (either direction) | Highly volatile, direction unknown | Limited to premium paid | | Bull Call Spread | Lower-cost bullish bet with defined risk | Moderately bullish | Limited loss (net debit), limited gain | | Bear Put Spread | Lower-cost bearish bet with defined risk | Moderately bearish | Limited loss, limited gain | | Ratio Write | Neutral to bearish income | Neutral with slight downside bias | Unlimited loss if price rallies | | Iron Condor | Time decay profit in range-bound market | Neutral, low volatility | Limited, defined risk | | Delta Neutral / Gamma Scalping | Pure volatility play | No directional view; profit from changes in implied volatility | Complex; requires active management |
