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Understanding LEAPS takes a practical, technique-oriented approach to one of today’s most fascinating yet little-covered trading vehiclesLong-term Equity AnticiPation Securities. The only comprehensive and up-to-date guidebook for understanding what LEAPS are and how best to use them in a diversified portfolio, this valuable resource explains complex strategies such as collars and covered writing, and includes an entire section on index LEAPSthe hybrid product that has become a favorite of both independent and institutional investors.

Contraportada

LEAPS—What They Are, and How to Use Them to Enhance the Performance of Your Investment Portfolio

LEAPS —L ong-term E quity A nticiP ation S ecurities—have become increasingly popular vehicles for investors looking to combine the advantages of option investing with the security of a longer timeframe. But the investment press hasn’t kept pace with the investing public in recognizing their popularity.

Understanding LEAPS addresses that disparity by providing a practical, technique-oriented guidebook to the what, when, where, why, and how of this surprisingly versatile security. From a clear explanation of what LEAPS are to examples of advanced strategies including spreads, straddles, collars, and more, this step-by-step book covers:

• Similarities—and key differences—between options and LEAPS, and the underlying stock

• Market-tested examples of techniques that work, those that don’t, and why
• Advanced topics including options pricing, volatility, and tax implications

Littleheralded at their introduction in 1990, LEAPS have grown to become one of the market’s most adaptable vehicles for increasing gains, limiting losses, and protecting profits. Discover the reasons why, and how you can seamlessly incorporate LEAPS into your own portfolio, with the straightforward and technique-filled Understanding LEAPS .

There are many similarities between ‘regular’ options and LEAPS. But there are differences, both in some of the theoretical aspects and in their applications. With the benefit of more than ten years of hindsight, we have concluded that LEAPS work best with certain strategies, and maybe not so well with others.

Our goal in this book was to concentrate on practical applications. —From the Introduction

By concentrating on practical applications while providing the nontechnical fundamentals necessary for a complete understanding of its subject, Understanding LEAPS becomes that rare investing book that satisfies both the cautious, long-term investor and the finger-on-the-trigger trader. Today’s most comprehensive and up-to-date handbook on understanding and using LEAPS, it describes:

• Puts and calls, the building blocks of both options and LEAPS
• Proven strategies for both investors and traders to profit from LEAPS
• Repair strategies for reducing a stock’s breakeven point without incurring additional risk

In addition, Understanding LEAPS features an entire section devoted to Index LEAPS, the innovative hybrid that has become a favorite of both individual and institutional investors. It discusses the reduced volatility of indexes versus individual equities, techniques for comparing the suitability of different LEAPS positions, futures contracts that may yield important clues concerning impending index movements, and more. For investors and traders looking for both complete understanding and fingertip reference on the powerful benefits of Index LEAPS, this section alone is worth many times the price of the book.

LEAPS remain one of today’s most misunderstood and underutilized securities. But judging from their rapidly growing acceptance among a wide variety of traders and investors, along with their ability to both augment portfolio income and shield investors from the whipsaw changes of today’s market, they are destined to become a common component of any well diversified portfolio. Find out why, and how you can take full advantage of this adaptable and easy-to-understand vehicle, in Understanding LEAPS .