The regulatory environment for margin trading has shifted. The 6th edition updates its readers on Portfolio Margin (PM) accounts. Unlike the rigid Regulation T margin requirements of the past, PM allows traders to use risk-based margining, often providing significantly more leverage for hedged positions. McMillan explains the risks and rewards of this capital efficiency, a crucial topic for traders looking to maximize return on equity without taking on catastrophic risk.
At over 1,000 pages, "Options as a Strategic Investment" is a commitment. However, it is an investment that pays dividends. It transforms the often-confusing world of derivatives into a structured, logical system. By the end of the text, a reader moves from "guessing" to "strategizing." options as a strategic investment 6th edition
In an age of YouTube gurus selling "$10k/month option courses," McMillan’s $80–100 price tag feels like a steal. Why? The regulatory environment for margin trading has shifted
McMillan doesn’t just list strategies; he dissects them. You’ll find everything from basic covered calls and protective puts to esoteric plays like the ratio spread, the iron condor, the reverse Christmas tree, and the gut spread. Every strategy includes: McMillan explains the risks and rewards of this
While the book focuses on regulated equity and index options, the 6th edition acknowledges the "optionitization" of every asset class. There is a nuanced discussion on how rising interest rates change the theoretical pricing (Rho) of LEAPS, and how the volatility smile of Bitcoin options (now a mature market via CME and ProShares) diverges from traditional equities.
