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To: PAL who wrote (109588)	3/15/1999 11:27:00 PM
From: edamo	Respond to of 176387

paul...re: puts...thanks the kind words... your analogy to an insurance company is excellent (a bit of mutual admiration!)... too many view options as a risk, or as you say, "easy money"...not understood by most...the sell side is the consistent win side...sure you may lose "opportunity" by tying up your cash/margin capacity, ...but in reality, the consistency of winning at least 90% adds up to a great deal of "opportunity"... just like the insurer, learn to lay the liability off if necessary to another... i believe buffet said (paraphrase) " i'd sell insurance in the emergency ward of a hospital....if they allowed me to set the premiums!".... options are SERIOUS INVESTMENT TOOLS, which enhance cash flow and help to grow a portfolio...if you are on the sell side....on the buy side they offer leverage with speculation...but remember the last buyer holding will always lose come the third friday of the month when the grim reapers sweep the table clean! good luck, ed a.