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To: William L. Oppenheim who wrote (11013)	2/8/1998 11:33:00 PM
From: SJS	Respond to of 95453

Bill, I think you're getting there with your analysis. In fact the whole concept revolves around mitigating risk. I will gladly give up some upside to protect the downside in a long world. I know many trading professionals who never take positions naked long or short, especially with big money. They are always hedged partially against sudden downturns (or upturns). Direction and timing are important, but as a writer, timing might work for me better (it's the buyer that has to scale the mountain), and if he gets to the top, he gets my stock. It's an age old concept. Options are cheap ways to provide risk protection, as they impart leverage because of the way options work (1 contract represent 100 shares). They are an essential part of risk management, and the way I think, the more bullets in the gun, the better. You might find some exposure to them via many sources, and I am not advocating being a gambler (some think options are gambling and I can see why...........) but....it's good to have some additional ammo. Regards (and glad to see you've got an open mind).