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Mastering Options Basics — Long vs. Short, Covered Calls, and Zero DTE Risks | Live Webinar

• Michael A. Gayed, CFA

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Join me as I sit down with Greg Jensen, Founder of OptionsAnimal, and Eric Hale, Founder of Trader Oasis, to break down the foundations of smart options trading. After our last deep dive into the collar strategy, we’re going back to basics to answer the biggest questions every trader faces.

Greg and Eric explain when it’s appropriate to buy long options, why naked calls are among the riskiest trades you can make, and how to think through strategies like short puts vs. covered calls. They also reveal why zero DTE options are attracting retail traders, the hidden dangers behind them, and the adjustments that separate professional traders from gamblers.

In this webinar:

  • When to buy long calls or puts — and why conviction matters
  • Why selling options often beats buying them
  • Naked calls: unlimited risk and real-world horror stories
  • Covered calls vs. short puts — which strategy really makes sense
  • The truth about zero DTE options: opportunities vs. catastrophic risks

Lead-Lag Live Webinars give you exclusive access to deep-dive conversations with industry experts, portfolio managers, and strategists. Subscribe now to gain the insights you need to make smarter, more informed investment decisions.

#OptionsTrading #ZeroDTE #CoveredCalls #LeadLagLive #OptionsAnimal

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SPEAKER_02:

I'm joined again by Greg Jensen from Options Animal and Eric Hale from Trader Oasis. For those of you who listened in last time, we dug into how to trade around the stock positions with the caller strategy. This time we're going back to the basics. And if you're here for CFP credits, we'll email you for that info after the chat. And then for those of you who don't already know, Greg is the founder of Options Animal, a published author, former hedge fund manager, and RIA, known for his precise trade adjustments. Eric is the founder of Trader Oasis, a four-time forecasting award winner, recognized by the Chicago Fed and an active real-time educator. Guys, thanks so much for joining me.

SPEAKER_00:

Thank you, Melanie. It is a pleasure as always. Looking forward to today's discussion. Eric.

SPEAKER_01:

Yeah, yeah, it's good to be here. Thanks for uh for making the time. It was a lot of fun. We had a good time and a lot of people were interested and reached out to us after the last one. So we hope um hope we have a similar success this time. And at the end, we'll let people know how they can uh get a special offer if they're interested in learning more about what we do.

SPEAKER_02:

Exciting. Yeah, absolutely. So I just we don't have a lot of time, so I want to get right into it. Uh let's start with something every trader asks at some point, when is it appropriate to buy long options?

SPEAKER_01:

I'm gonna turn this one over to Greg, but before I address it, because Greg is he's one of the best traders I've ever met. Um, he has um, you know, he's this over 10,000 hours thing. You uh talk about when somebody is an expert and has a a sense of um just sort of intuition. And Greg really has it. I've seen Greg um like Apple, he's a very fan, he's one of the best Apple traders I've ever seen. He sometimes he buys calls on Apple, sometimes he buys puts, sometimes he buys both. Sometimes he's selling options around Apple earnings events. Um, so I I think I'd really like to hear Greg's response to this because I'll be honest with you, I think he's better at long options than I am.

SPEAKER_00:

For me, it long options require an enormous amount of conviction in my expectation of where the market's moving. So I I gotta be really confident because the problem with buying a long option, and this is true of both calls and puts, um, is when you're going long, you have all kinds of different things in the options world working against you from volatility decay to time decay. Uh and if you're wrong for very long, it can absolutely destroy your position. So I would say the most important thing is you're very strong on your conviction about I this thing's going up, and I'm very confident it's going up. So I'm gonna go a long option. Now, I'll throw out one other key thing I look for with long options too, is I I've traded them enough uh over the years. I think my first long option I did was uh it was on uh Nokia back in uh like 1996 was the first time I ever did a long call. And it it it's uh it's very influenced by emotion, but the thing I've found the most helpful is that even though I'm good at it and I've done it a lot, I'm wrong a lot too. And so I don't like to trade short dated options. When I'm going long on an option, whether it's again, whether it's a call or a put, I'm buying myself some time. Uh, three months, six months of time, so that if in the short term I'm wrong, I don't kill myself. I mean, the the fascination with zero DTE options right now and people trying to buy calls at 10 a.m. Eastern time and selling them by by 2 p.m. Eastern time, man, that is just absolutely the casino uh to me. So I don't I don't gamble in short-term options, but you know, give me a little bit of time and I'll I'll I'll take a long position.

SPEAKER_01:

Did you make money on your first option trade?

SPEAKER_00:

I did actually.

SPEAKER_01:

See, that's the way it works. Like the first time you go to Las Vegas, everybody wins your first trip to Las Vegas, you get a front pass so that they can get their hooks in you. And I'll I I had a similar experience. The first time I traded long options, I made money, and I don't really knew I didn't really know why I made money. Um, I I want to just throw something out for everybody listening, just to give it, put things into perspective. If you've been trading long options, either calls or puts, um, then you've probably lost money. And and the reason is about somewhere between 65-70% probability that you're gonna lose money on a long option. Because it not only does it have to move, but it has to move a lot. You have to overcome um the extrinsic value, which is impacted by how much time is in the option, but also Greg mentioned volatility. So you've got the idea that, hey, Apple or Netflix or somebody has got a big earnings event coming up, and I think it's gonna make a big move. And you may decide, I'm gonna buy a call. You have to understand if that call is expensive. And if you look at 30-day calls throughout the year, they they're the price, you know, if you look at an at-the-money call, it varies throughout the year. Sometimes it's high, sometimes it's low. Because the market does a really good job anticipating that there's gonna be volatility in the future. That's what that's what implied volatility is implied volatility. Think of the words, implied volatility. It's the volatility that's gonna happen in the future. And it's the same notion, you folks already understand this a little bit, even if you don't know much about options. You understand that some insurance policies cost more when the risk is high. You think about buying insurance. I use the example of my son when Connor turns 16 and I called my state farm agent and asked for insurance on him. She gave me a price. And I said, Is that for the whole family? And she's like, No, that's just his price. Uh, why is he two and a half times more than my wife? And the reason is the odds of him using that insurance go up. So he costs more. It's the same thing in option pricing. The odds of it paying off, if it looks like it's going to pay off, the price goes up. So we see calls become expensive. And a lot of people trade long calls and puts experience this. Now, there are times, and maybe like if you own stock, buying a put, buying insurance is not a bad idea. So sometimes it might be prudent for you to buy a protective option around uh an earnings event. And maybe go back and watch this video we talked about last time, a caller trade. Since um since the puts are expensive, the calls are expensive too. And we'll explain a little bit more about that and mention that you can create a synthetic position. You can create a call using stock and a put. In fact, if you look at a stock and a put and looked at a call, they look exactly the same from a risk reward standpoint. So if puts become expensive, calls become expensive, or there's a free arbitrage for people that's out there. So um we do see a lot of people that try to get on the other side of that and and they sell options because if you've got a 65 to 70 percent chance of losing money, you've got a if you sell those options, you've got a 65 to 70 percent chance of making money. And I want to turn that to Greg and say, so why don't people just sell options then if you usually make money?

SPEAKER_00:

Because it's boring.

SPEAKER_01:

What you don't like making money?

SPEAKER_00:

I'll answer that question here in a minute, Eric. But I want to throw out one more thing on long options before we go away from them. Um, to to to answer another point of your or of your question, Melanie, was you know, why would you buy options? I think the the one of the reasons in the past was to get exposure maybe to a stock without as much capital requirement. You know, you know, you're trading some really high-valued equity, it can be hard to to buy it. Um, but with fractional ownership now offered by so many brokers, it's much easier to still trade those equities um and not expose yourself to just buying long options. So um I I would say so that that's I wanted to throw that in there before I went we went away from longs, but Eric to answer your question, um, you know, why don't people why don't more people sell options? Um the biggest reason why is they don't know how. They they don't know the risks associated with it, they don't understand the the strategy behind it. Um, they don't understand that they get it. I think there's a little of an intimidation factor uh in the idea of when you're selling an option, you have an obligation. Um, you know, that you're required to do something, whether it's when you're selling a put, you're required to buy stock, or if you're selling a call, you're required to sell stock. And so I think part of it's just a lack of education. Um, and they don't understand that to be honest, it's one of the best ways to make money, like you said, is is actually selling options versus buying options.

SPEAKER_02:

Wanted to ask you what about the strategy? How safe is the strategy? And then can you also, Eric, talk about uh naked calls?

SPEAKER_01:

Yeah. Okay, so naked calls, which Michael's daughter's laughing now. Uh she's in the background listening, learning about options. So glad to hear that, Michael. Uh a naked call is a strategy where you are telling somebody, I will give you shares at a predetermined price if you want to buy them from me. So it's the opposite of a long call. So a long call is sort of like a coupon or a layaway certificate. You put a deposit down, and if the price of something goes up, you can buy it at the lower price. So that's a long call. A short call, you're on the other side of that transaction. If there's a short, if there's a long call, there's always a short call. So the one exists, and who delivers the stock is whoever has the short call. And again, these these trade trades have uh very high probability of working. And you know, Greg mentioned um that maybe people uh do them. Uh I think more people do them than probably should. I think it's one of these things where, well, if you understand what the lit, the limits are of risk of a short call. What's the limit of a of a short call? It's there is no limit to the risk. It's is undefined. There's no limit to how much money you could lose. And if we look at some of these scenarios, that we've seen some stocks lately, some mega cap stocks that you know move 20, 25% overnight with surprises and you know, act whether it's an acquisition or just you know, some oh, we got a relationship with NVIDIA or NVIDIA or AI or who, you know, pick the name. Um, we've seen these massive moves that have happened overnight. And that can happen on both directions, right? It can happen on the upside or the downside. And and I would argue that there's probably far too many people who are selling naked options who don't understand the risk that they have. And uh, my background as an engineer, and if you ask me, um, you know, how what what strategy would you never do? The one strategy I would, and I mean never, ever do is a naked call. And I know there are people out there that do it. And I like to use sort of analogies to put things into perspective. You think about probability games that we can play. Um if you um look at buying a lottery ticket, right? So you go buy a lottery ticket, you know, the mega millions, it cost you what, three bucks now, or I think the price went up to five or whatever they are. Two, it's not a lot of money, right? It's probably not going to affect your life. If you want it, it would really make a big difference in your life, right? So, what are would you be on the other side of that? Would you be willing to sell tickets to people? Um, and let's let's use another uh example, and that is Russian roulette. So there's there's this bias that happens where people do things and it works, and therefore they think it must have been safe. In Russian roulette, there are five players who uh you can call them smart. I don't know. There's there's five satisfied people in Russian roulette. There's only one dumb person, right? Uh that that that's that's a that's a harsh example, and I use it to to really shock people to get some attention because I the worst case that I know is one of our clients' mothers was selling calls and she was doing this for income, and she did really well. She was making about 25% annualized return for over a year. And Michael went to his mom and said, Hey, listen, you you probably should look at some other strategies here. You've got you've got no risk there. Um, she ended up losing$2.3 million. This no BS, this is a true story. Um, because the stock, the equity that she was trading had a massive move overnight. And uh, I mean, heartbreaking for me to hear that story. That's you want to talk about how much you can lose. Oh,$2.3 million might put a dent in your retirement account, I guess. Uh, and and it certainly did put a dent in hers. So I don't think traders should be looking at these strategies as as often as they do. So naked calls are just one straight strategy that I would I would never do. I think you always want to buy the call. My my point is if you're gonna sell calls, always make sure that you have the stock so you can deliver it already. That's a covered call, or you have a long call. So you have a long call which would allow you to acquire the shares and limit your risk.

SPEAKER_02:

I was just gonna ask you to compare shortcuts uh versus covered calls.

SPEAKER_00:

Let me let me take a shot at that one for just a minute, Eric. And I know you've got uh an opinion on this one as well, so I'm sure you'll you'll add you'll add some color to it. But for me, if if you look at them, if you're just looking at a risk graph uh of a strat on your on your strategy tables on your your brokerage platform, they look the same. You have a limited upside potential, uh uh it's not an unlimited downside, but it's a very large downside. I mean, the stock could go to zero, uh, whether you're short the put or whether you're long the stock, either way. So in theory, they're about the same. Uh for me, it sometimes depends on the marketplace as to when I do these. Um and what that means is when you've got really levels of high levels of vol, if we're in a really uncertain market, if this were 2020, if this were even 2022, you might find more benefit in doing a short put strategy versus a covered call strategy only because you're gonna have a little more volatility on the put side versus the call side. Most of the time, the markets are not in those types of scenarios. You know, almost all years the markets go up. And then we have that bearish correction one out of one out of every 10 years where we have this ugly market, and that's when there's gonna be more volatility on the put side. But most of the time, your call options usually have a tendency to have a little more vol in them. Uh, and so you make more money uh in a bullish market when you're doing a covered call versus a short put. In theory, they're the same. Um, in practicality, they they make a little bit more money that way. I like to own the stock. Um for me, it's a comfort level thing uh as well. Doesn't mean I don't do cash secured puts from time to time. I think there's a better way than a cash secured put. I'd rather leverage and do more contracts of a bull put than do a cash secured put because I can actually think I can outperform it that way, but that's a whole different discussion. We have a whole nother class on just that idea alone.

SPEAKER_01:

We do. We should have one. So there's a lot of folks that I meet uh that are put sellers. Uh I hear this term naked put and um cash secured put, which are really the same thing. They're the difference somebody might use a cash secured put as uh there's actually a question here about selling puts to acquire shares at a lower price. And that's uh let's start with a long put. So long put is the right to sell your shares. It's you know, you buy insurance on your car, you total your car, the insurance company buys your car from you at a pre-agreed price. You buy put on a stock, if the stock price goes down, you can make somebody buy your stock at a higher price. Um, I had this happen to me one time where I had a collar trade on Apple. My wife knew that we traded a lot of Apple. And um, she said, Honey, I heard Apple dropped a lot. I said, Yes. I said, She's like, You don't seem upset. I'm like, well, I've got it in a collar trade. I've got a put. And she said, Well, I don't know what that means. I mean it means somebody can buy the stock. Somebody I can, I'm sorry, I can sell the stock at a higher price than where it's trading right now. She said, What do you mean? I said, I said, I bought a put. And she said, What's a put? I said, What's it's a and she said, what if they don't want to do it? I said, It's a contract, honey. They have to do it. She says, You signed a contract without telling me. I said, honey, let's sit down. We'll talk about what it is that I do here. And she's like, No, no, no, that's okay. But the concept of a put is you pre you agree on the price, and I'm going to sell my stock to you at that price. And I have the choice to make you buy my stock, or I can turn around and sell the put. So it's a it's a good strategy to you know, couple with stock ownership because it gives you protection and the downside move. But um, people will sell the puts with the notion that I want to buy the stock and I'm okay buying the stock. So you sell a put at 100, and if the stock drops to 95, you buy it at 100. Okay, so it's only down by five. But what if it's at 80? Or what if it's down to 75? You're still buying it at 100. So naked puts, again, high probability trade. They normally make money, but the sort of risk that you have is really um, to me, I I don't think it's, I don't think you get paid enough for the risk that you take. Again, we've seen some of these mega moves that have happened in large cap stocks, and it's gone in both directions. And so you might find yourself in a trade where maybe I'm making 200 or 400,$600, somewhere like that uh on a on a monthly basis, but then you take a$3,000 or$4,000 loss and it wipes out all the money that you've made. And this is why, you know, Greg mentioned the put spreads. I like doing uh a bull put spread. So that's I sell a put and buy a put. That's a great strategy. But I want to I want to educate people who are in this space of selling naked puts or cash secured puts. You're not good at math. That's the bottom line. Um, if you're doing a cash secured put, you're setting aside all the money that's required to buy the shares. So why don't you just buy the shares and sell a call at the same strike? And the reason is you haven't done the math. And I before this session, I was looking at NVIDIA. And let's assume that you wanted to sell an at-the-money call in NVIDIA or an at-the-money put or slightly out of the money put on NVIDIA. I'm looking out 30 days, it's um 597 is what you can sell the put for. So the risk in the trade would be 179.40. That's where you're gonna end up buying NVIDIA. If you did a covered call at the same strike, um, your cost basis is a little bit lower, 178.34. And the profit on that would be 667. The profit works out to be about 5%. It's actually a little bit better than 5% annualized. And if I talk to any portfolio manager and said, hey, listen, there's a simple tweak that you can do to your strategy that's going to give you 5%, four to typically it's four to five percent. Annualized return is better. They would jump at it. Yeah, so you you need to be looking at now the the thing with covered calls, so this is a covered call and an ACID put, same strike, go compare them. You'll see that the pricing is different. I'd I'd very, very smart people have a hard time believing this is true, but the math is all there for you to go take a look at. So pull up a you know, a covered call that's in the money. So it would be that this short call is lower than where the stock is trading now. And the chart, the chances are pretty good, 67% chance you're gonna sell your stock. And this is what a lot of people have a hard time getting past is that I might actually sell my stock. This is not somebody asked me if this is skew. This is not skew. This is actually closer to row. This has to do with the cost of carry on the stock. So in one side, you are getting the the uh risk-free interest rate, cost of carry. So this is not skew. Skew has to do with up or down. So implied volatility, if you look at implied volatility going up versus implied volatility going down. Say you pick$20 higher,$20 lower, the puts are usually more money. It's not a call thing or a put thing. It's that's skew is options to the low side. And there's a there is a slight difference between the implied volatility of a call and a put at the same strike. The reason why, though, is because of the risk-free interest rate. And that's basically if you buy the stock, you're getting uh paid. The difference between that is the cost of carry. That's how that's where the math comes from. That's where it works out. So if you and if you look at a covered call, when I think about adjusting, and this is I want everybody here to think in terms of um, I think it's is a Blaise Pascal. Well, a more modern philosopher who used the same thing was Charlie Munger. Charlie Munger used this notion of invert. Invert. Invert, invert, invert, always invert, Charlie says. And I think people should look at the opposite of not think about winning, think about losing. And not that you should focus on losing, but ask yourself what happens when this thing that should work 70% of the time, that means 30% of the time it's not gonna work. The success that you're going to have and how you're gonna beat the rest of the crowd is when you're okay with that 30%, when you can improve upon that 30%. When a covered call goes down, what happens? So covered call, the price of the call that you sold is getting cheaper. So you're making money on the call. Now you're losing money on the stock, but you can easily roll that call down, especially if it's in the money. You've got a wide berth, it's an easy adjustment. Why does the same adjustment not work for a naked put? Because the equivalent in a naked put would mean you are gonna think about it from a covered call standpoint. If I have a cover call, I close the whole covered call, buy back the call, sell the stock, and then buy the stock again and sell another call. You would never do that, you would just roll the short calls down. If you close a naked put, that's what you're doing, and it makes no sense. The the naked put, what you need to do is get the stock assigned to you right away, and then you can sell calls on it. So Greg does naked puts. This is maybe I I don't know if this is coming through, but it's adjusting a covered call in the downward direction. Anybody that's done is like, oh, this is I'm good with this, as opposed to a naked put. You're gonna, if you close the naked put, you permanently booked a loss, and then you sell another put someplace else. You can never make that money back. A covered call, you can. So with a naked put, I would if I'm gonna do a naked put, and I I didn't say that I would not do naked puts, I do do them. Naked calls, I won't do naked puts, I do, but I want to buy the stock and I want to get assigned, I want the shares right away, or have it go up. Um, if it does start dropping down, I'm looking at other potential adjustments, like maybe adding the put to it. But in Greg's case, when I think about that, Greg mentioned a bull put, uh, which is a put credit spread. That's where I'm looking. That that's what I'm I when I think this through, I I invert. I invert. I've got a naked put. What if it goes against me? I have been doing this for 23 years. If I have that strategy, I want to buy that. As soon as the stocks go down, I want to buy the put. The sooner I buy the put, the better that trade is. So why not buy the put now?

SPEAKER_00:

So exactly. Sometimes even buying the put before assignment even occurs.

SPEAKER_01:

Right. Oh, absolutely. I that's I mean, as soon as it starts going down, I want to buy that put. And when you have been there, um, you realize, like, wow, it would have been better if I bought the put sooner. It would have been better. And I get to the point that, like, well, just buy the put now. When you sell the put, buy the put. You will use far less capital or far less risk and have much better opportunities for adjusting. Now you bring in less money than a naked put, but I think the reward is far better, far better. And we have a free class that we offer at the end. We'll let people uh know how they can tune in to a to understand more about that strategy. We have another free class that people can attend.

SPEAKER_02:

Because we don't have a lot of time left, I really wanted to uh touch on zero DTE options. What do you think? Guys think the biggest thing traders need to know about both the opportunities and the risks.

SPEAKER_01:

We get a lot of people who are interested in zero T DT options. Mentioned the story about Michael and his mother. Uh, I've had a few of those where regular people here who doing it in the IRA, one guy, I don't want to, I'll use his initials because he might actually be here, uh, reached out to me and he said, Eric, I'm I'm gonna lose$30,000 at the end of the day if this doesn't work out for me. What should I do? Um,$30,000 is probably not, you know. I mean, that's a good year for your 401k, I guess, for most people, or maybe two years. So there's, you know, people are putting significant risk. They're again high probability trades, but they can really go against you. But Greg, I want to hear your thoughts.

SPEAKER_00:

In my opinion, there are there's very little upside for zero DT op zero DTE options for the retail investor, even though that, even though the retail investor seems to be embracing it with open arms, they're jumping in. In my opinion, the biggest risk people are making or taking, I should say, is they are doing these this idea of I'm gonna go do a short-term one-day uh iron condor where I'm gonna sell one standard deviation and expect it to not move during the day. And man, you gotta be number one, you gotta be glued to your computer all day long. You have enormous gamma risk um of this the the the trade absolutely blowing up on you. And like Eric said, it's one of those things you could win 50 trades in a row, and then if you miss on one, you blow up 50 trades. Uh and so for me, the risk way outweighs the opportunity uh that is created by zero DTE options. I mean, if I have an equity that I'm selling it against, if I'm covered, different story. I I'll sell I'll buy and sell a stock every day and use a zero DTE if I actually have it hedged with the underlying. But for me, trading them alone, again, that's that's the roulette table. And if you're gonna gamble, go to Vegas. There you at least get free drinks.

SPEAKER_01:

So when you're most most of the people who trade zero to ease are institutions, and there's an institutional reason why it makes sense for for institutions to trade those options because they get there's a there's a benefit. Um, they don't have to pay margin fee if they don't hold it overnight. So they can get exposure to the SP 500 futures. So the vast majority of option volume that's in the zero to E's, DTEs, are institutions. Now, retail traders have really taken off, and it's a significant portion of it is retail traders. But I want to use another probability model, and that is if you go to the casino, if you go to the casino and you get to the craps table, you can bet on snake eyes. So a$10 bet will pay off$320 if you're at a good casino, some only$300. Uh so or$10, yeah,$10. So it's three, it's$30 or$32 to 1 is what they pay off. Now, what are the odds of rolling snake eyes? Rolling a one. One in 36. One in 36, because there's six times six. So it should pay out 36 to 1, but it pays out 30 or 32 to 1, depending on the casino you go to. Would you be willing to go to the casino and say, I will take your$10 bet and pay you$50 to one? Now, most of the time people don't roll a two, but people do occasionally. So if you win money in that situation, uh, because you know you got to keep your bet, and this is this is what people really need to understand is what is the probability model that option prices are based on. And I think you really have to understand um that at a level better than most people are doing it. So just because you win at doing something, Russian roulette, doesn't mean you made a decision. I we really focus on good process and good outcomes. You can have a bad process and have a good outcome. And the problem is that reinforces bad behavior. That's a quote from Annie Duke, which is a really good book if you get a chance to read it. Annie Duke's um thinking and bets. It's a way better book than I thought. So I highly recommend because there's a lot of application to trading, trading, not from a gambling standpoint, but about that is that following a good process is really what is going to get you to having consistently good outcomes.

SPEAKER_02:

Great. We're coming to the end. Uh, one person has asked uh if uh people will get a recording of it. This will be edited and then published on uh League Lake Live on YouTube, so you can go and watch it there. But uh Greg and Eric, this has been a great session. But can you tell everybody where they can go to find you and about the uh deal that you're offering?

SPEAKER_00:

Well, the best place to find us is uh optionsanimal.com slash LLM. Right? I get it right, Eric. Yeah, you did.

SPEAKER_01:

Yeah.

SPEAKER_00:

So this large language model, right? Yeah, large language model, yeah.

SPEAKER_01:

Now is that the name of the company, Michael? Large language model? No, lead lag media, L L N.

SPEAKER_00:

Yeah, go there. We we've got a lot of different uh classes that you can sign up for there as well that are free. That'll give you a little more information about who we are at Options Animal and how we as a as an education company teach people how to employ these different strategies into their individual portfolios. Um, so yeah, go check us out.

SPEAKER_01:

We're also on social media. Uh, I'm Eric714 on Twitter, and Greg, you can see at Options Animal 34. What's the 34?

SPEAKER_00:

Charles Barkley.

SPEAKER_01:

Oh, okay. I thought it is. I thought it was because you're 34 years old.

SPEAKER_00:

You look young. When I was in high school, Barkley was my guy. So okay. Now he's just old and funny on TNT.

SPEAKER_02:

Thanks, Melanie. This was a lot of fun. It was awesome. And and I uh I suggest that highly suggest people go back and look at the uh last webinar that we did uh with the color strategy.

SPEAKER_01:

It's been great, and I look forward to next time.com backslash LLM. Optionsanimal dot com backslash LLM.

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Michael A. Gayed, CFA

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