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The proctors just offered me a position as a time-limit enforcer. I'm thinking about taking the job: if you mess with the buffalo, you'll get the horns...LITERALLY.

Options: Good, Bad, Ugly

Options: Good, Bad, Ugly

"Good answer, but I lied. I do have more questions for you. What's an option? Now let's talk about derivative securities. My stomach will wait; I'll do mind control."

"Uh, okay. Basically, an option is a contract giving the holder the right to buy (call) or sell (put) the underlying security at an agreed-upon price (the strike price). The holder has this right up until the expiration of the contract, or the exercise date.

"The person selling the contract is called the option writer, and the...

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