The Options Collar: A Cheap Hedge
A collar hedges a concentrated stock cheaply: own the shares, buy a put for a floor, sell a call for a cap. We trace a real SPY collar through June's selloff.
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Protective Puts: Portfolio Insurance
A protective put is insurance for stock you already own. Watch one real SPY put hold a floor under a $75,000 position when the market fell in June 2026.