КАК Инвесторы применяют ОПЦИОНЫ? | ИнвестГРОГ с Солодиным

Solodin discusses a scenario where an investor bought PayPal at $100 and it crashed to $60 (and lower). He explains his personal strategy of holding a Protective Put at the time of entry. Instead of suffering the full -40% drawdown, the investor sells the appreciated Put option (which gained value during the crash) and buys a new, cheaper Put at a lower strike. The profit from this transaction is used to mathematically lower the cost basis of the stock (e.g., from $100 to $53). LONG (Recovery Play). This "rolling down" strategy allows investors to hold high-conviction assets through deep drawdowns without realizing full losses, positioning for a rebound with a lowered breakeven point. The stock continues to zero or stays flat below the new breakeven for an extended period, expiring the new hedges.

Solodin identifies a pricing anomaly due to interest rates: Calls are expensive and Puts are cheap. He proposes a "Collar" strategy: Buy Stock at $255, Buy Jan 2027 Put (Strike 270), and Sell Jan 2027 Call (Strike 300). Because the Call is expensive, selling it generates enough premium to pay for the Put and lock in a guaranteed profit. The structure creates a position with zero downside risk (due to the Put) and a capped upside (due to the Call), yielding ~13% annualized—better than risk-free rates with equity exposure. LONG (Risk-Free Structure). This exploits the interest rate skew to create a bond-like return profile using equities. Opportunity cost if Apple skyrockets above $300; the investor is capped and misses out on excess gains.

Solodin highlights Adobe trading around $256. He notes that buying 100 shares requires ~$25,600, whereas a deep ITM LEAPS Call (Strike 150, Jan 2026) costs only ~$8,000. Alternatively, selling a Cash Secured Put at Strike 230 yields significant premium. Using LEAPS provides 3x leverage with a similar P&L profile to the stock but less capital at risk in a catastrophic failure. Selling the Put allows the investor to monetize the willingness to buy the dip, generating ~20% annualized yield if the stock stays flat or rises, or acquiring the stock at a steep discount ($200 net cost) if it falls. LONG via LEAPS for capital efficiency or Short Puts for income/acquisition. For LEAPS, time decay if the stock stagnates for years. For Short Puts, assignment of stock during a massive market crash.

Oracle experienced a "flash crash" (drop from $170 to $140), pushing Implied Volatility (IV) to the 100th percentile (2-year high). Buying calls is too expensive due to the IV spike. Selling naked puts is risky in a crash. The optimal move is a "Credit Put Spread" (Sell ATM Put / Buy OTM Put). This strategy sells the expensive volatility to the market while capping downside risk. LONG (Volatility Short). As the stock stabilizes and IV crushes (reverts to mean), the spread becomes profitable even if the price doesn't rebound significantly. The stock continues to crash through the protective put strike, resulting in a max loss on the spread.

Solodin uses Pfizer as an example of a "dead money" stock—trading between $22 and $29 with a high dividend yield (7%). Investors holding for the dividend face price risk. By selling Covered Calls (e.g., Strike 35) when volatility spikes (like during earnings), the investor collects extra yield (~5%) on top of dividends. NEUTRAL/INCOME. If the stock falls, the call premium buffers the loss. If it rises, the investor is happy to exit at the strike price. The stock rallies aggressively past the strike, forcing the investor to sell their shares and lose the dividend stream.