[dixonge]

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Originally Posted by ERD50 OK, I agree with that (although I think you reversed buy/sell on the put, or meant call). And part of my point is, when discussing returns, they really need to be risk adjusted to put them in perspective.-ERD50

To clarify, if I buy a put there is risk, specifically that the stock might rise. If I then *sell* a put at a different strike price I help offset any losses the bought put might incur. One rises as the other falls. It is in that sense that risk is somewhat offset.