call

Where it is explained in full

Covered calls: the whole position, not just the premium. Selling a call against stock you own puts money in your pocket today and gives something up tomorrow. Look at both halves, or the premium will look like free money when it is not.

Cash secured puts and the wheel. Selling a put with cash set aside is a paid promise to buy stock at a price you chose. The wheel chains that promise to a covered call. Both deserve a full accounting.

When size changes the answer: ten dollars, ten thousand, and a hundred million are not the same money. Arithmetic scales in a straight line. The world does not. Past certain sizes, insurance runs out, prices move against you, rules change, and the cheap thing becomes expensive or the expensive thing becomes cheap. This page names the lines.

How the wealthy pay less tax: the line between income and wealth, and the empty suite that does not exist. A friend earning two million a year asked how the very rich pay so little. The answer is not a secret and not a loophole. It is one line in the code, and everything else hangs on it. This page explains it, and corrects a story about commercial property that gets told at every dinner where the question comes up.

Bonds and Treasuries: lending money, with a price that moves. A bond is a loan you make. The interest is fixed, the price is not, and the relationship between the two confuses nearly everyone the first time.

Options from the beginning: calls, puts, and the Greeks in plain words. What a contract actually is, what the numbers on the screen mean, and why an option's value before expiration is not the same as its payoff at expiration.

A definition says what a thing is; it never says whether it fits you. The guides explain how it works and name the professional who confirms it for a particular person. The No Advice Disclosure.