Leverage

Where it is explained in full

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.

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.

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.