Automotive Holiday Deals Books Holiday Gift Guide Shop Men's Athletic Shoes Learn more nav_sap_SWP_6M_fly_beacon Prime Music Sweepstakes egg_2015 All-New Amazon Fire TV Subscribe & Save Gifts for Her  Fine Art Deals Amazon Gift Card Offer cm15 cm15 cm15 $30 Off Amazon Echo $30 Off Fire HD 6 Kindle Cyber Monday Deals Classics and Essentials in CDs & Vinyl Outdoor Deals on HTL

Enter your mobile number or email address below and we'll send you a link to download the free Kindle App. Then you can start reading Kindle books on your smartphone, tablet, or computer - no Kindle device required.

  • Apple
  • Android
  • Windows Phone
  • Android

To get the free app, enter your email address or mobile phone number.

Sell yours for a Gift Card
We'll buy it for $11.03
Learn More
Trade in now
Have one to sell? Sell on Amazon
Flip to back Flip to front
Listen Playing... Paused   You're listening to a sample of the Audible audio edition.
Learn more
See all 2 images

Options as a Strategic Investment Hardcover – March 1, 2002

65 customer reviews

See all 4 formats and editions Hide other formats and editions
New from Used from
"Please retry"
$45.00 $20.35
Unknown Binding
"Please retry"

There is a newer edition of this item:

Special Offers and Product Promotions

  • Take an Extra 30% Off Any Book: Use promo code HOLIDAY30 at checkout to get an extra 30% off any book for a limited time. Excludes Kindle eBooks and Audible Audiobooks. Restrictions apply. Learn more | Shop now

Editorial Reviews

From the Publisher

The options world has a lot to offer investors and traders alike, but it can be dauntingly hard to understand. Since its original publication, Options as a Strategic Investment has answered many a question; and each succeeding edition has answered many more. It is the options reference in our office.

John Bollinger, CFA, CMT, President

Bollinger Capital Management, Manhattan Beach, California Larry McMillan’s Fourth Edition of Options as a Strategic Investment is a must read. This latest version of his original classic presents his latest thinking on options. McMillan is truly the master of his field.

John Murphy, President

Murphy Morris, Inc., Dallas, Texas

Larry’s book is the bible of the options community. It has established the benchmark by which all other option books are compared - and none measure up. Alex Jacobson, Vice President International Securities Exchange, New York, New York Larry has taken options education into the 21st century with this book. His insights into trading concepts will always stand the test of time. Keeping up with the latest information on options is mandatory and no one does it more masterfully than Larry.

Mark D. Cook, Professional Options Trader

Mark D. Cook Trading Instruction, East Sparta, Ohio

The options product is the premier tool for managing risk, but most professionals are no longer taught about it, and individual investors shun it because of its supposed complexity. Mr. McMillan not only makes this risk management tool easy to understand, but fun to learn. Did you realize that if you own a car you own a put? Read the book and find out how you are already using options as a risk management tool without realizing it. This book should be read by everyone - professionals and individual investors alike. Thomas J. Dorsey, President Dorsey, Wright & Assoc., Richmond, Virginia The best one-stop source of understandable option information that you can act on immediately. Every serious investor should read this book.

Ken and Daria Dolan

Heard daily across America on the WOR radio network.

About the Author

Lawrence G. McMillan is the editor of The Option Strategist Newsletter and the author of numerous articles on options and investment trading. Formerly senior vice president of the Equity Arbitrage Department at Thomson McKinnon Securities, he currently publishes newsletters and gives seminars on options, manages money for private clients and trades his own account.

Looking for the Audiobook Edition?
Tell us that you'd like this title to be produced as an audiobook, and we'll alert our colleagues at If you are the author or rights holder, let Audible help you produce the audiobook: Learn more at

Product Details

  • Hardcover: 1001 pages
  • Publisher: Prentice Hall Press; 4 Sub edition (January 1, 2001)
  • Language: English
  • ISBN-10: 0735201978
  • ISBN-13: 978-0735201972
  • Product Dimensions: 7.5 x 2.1 x 9.5 inches
  • Shipping Weight: 4 pounds
  • Average Customer Review: 4.8 out of 5 stars  See all reviews (65 customer reviews)
  • Amazon Best Sellers Rank: #262,371 in Books (See Top 100 in Books)

More About the Authors

Discover books, learn about writers, read author blogs, and more.

Customer Reviews

Most Helpful Customer Reviews

137 of 140 people found the following review helpful By The Honest Conn Man on July 15, 2002
Format: Hardcover
Try as I might, I cannot understand the negative reviews here. This is THE book on options. McMillan writes clearly and well. There is nothing glib here -- no promises of great wealth, no hype, no pandering to fools. What is here is solid information presented well and thoroughly.
A criticism that came up more than once (copy cat reviews?) is that the book doesn't show practical stuff. What! It provides all the information that any reasonably intelligent person needs to UNDERSTAND exactly what the strategies are and when to apply them. To ask for more is to ask for easy and oversimplified answers that will part you from your money.
The book is thick. True. You don't need all that is in it. True. The book is frightening or dull or not as useful as (gimme a break!) Wade Cook!!!
Hey! It's a text book, not a novel. Wake up! You can use it to find what YOU want to know.
There is more useful information in this book than in any hustler's high-priced and hype-filled seminar. It's all you need and it's currently selling for less $. Don't get scared off by the negative reviews or you'll miss out on the most respected and best of all the many books written on options.
If you're not willing to spend $ and a little effort to learn about options, you're not likely to profit from them. Buy the book. Then, sit down and read in it to find the definitive answers to your option questions. It simply doesn't get any more accurate, any clearer, or any better.
(Oh yes, one or two reviewers suggested that the book is out of date.
Comment Was this review helpful to you? Yes No Sending feedback...
Thank you for your feedback.
Sorry, we failed to record your vote. Please try again
Report abuse
72 of 72 people found the following review helpful By A Customer on December 21, 2003
Format: Hardcover
I won't say I've read every book on Options out there, but I've looked at a range, from the very complex, full of calculus equations and whatnot, to the very simple, and to my mind, this is the best. First of all, it is very thorough and well organized. It goes step by step through virtually every option strategy, analyzing the various payoffs, follow-up actions if the market goes against you, etc. It is written clearly and concisely, with lots of examples. One reviewer says it's too complicated. If you think this book is too complicated, then you simply should not be trading options. Period. Another critic says there are too many examples. Yes, there are a lot of examples, and if you find you understand the concepts the author describes just fine without the example, then you'll probably just skip them. However, if there is something you don't quite get, the examples are a real help. I think some reviewers were hoping for a book that would tell them how to get rich in a few months trading options. Well, good luck, and let me know when you find it. But for a terrific reference that every serious amateur will go back to time and again, then this book should be the first on your Options bookshelf.
3 Comments Was this review helpful to you? Yes No Sending feedback...
Thank you for your feedback.
Sorry, we failed to record your vote. Please try again
Report abuse
35 of 35 people found the following review helpful By R. TANAKA on August 9, 2004
Format: Hardcover
I've browsed/read a number of equity options related books and this is the best one I've come across for someone that is kind of at the intermediate level. It's very much a "how to" book that goes really in-depth on strategy. Almost as if the author were reading your mind, he addresses what the options trader/speculator is thinking and breaks everything down in a nice, simple manner. For instance, he has sections on what the alternatives and their pros and cons are if you have an option that has moved in-the-money and what things you need to consider. This book focuses on strategy, application, and practice...not much, if at all, on theory (Black Scholes, etc.) and that's what I like so much about this book.
Comment Was this review helpful to you? Yes No Sending feedback...
Thank you for your feedback.
Sorry, we failed to record your vote. Please try again
Report abuse
17 of 17 people found the following review helpful By Peter J. Hewson on January 21, 2005
Format: Hardcover
Other books may--but probably don't--deal with specific topics relating to options trading better but this is by far the best all rounder. I've read it cover to cover in this edition (4th) and also the 3rd yet I still, even as a fulltime options trader, refer back to it. The insight, experience and answer is always there.

I recommend it to strategists who attend my seminars and I recommend it now.
Comment Was this review helpful to you? Yes No Sending feedback...
Thank you for your feedback.
Sorry, we failed to record your vote. Please try again
Report abuse
16 of 16 people found the following review helpful By ShahinK on September 12, 2003
Format: Hardcover
This is the most comprehensive book written on options and its strategies. There is nothing missing in here. The book covers all the strategies and each includes all the calculations needed to figure out what you have at risk. After reading this book I was able to calculate margin requirements, profit, loss, and risk.
Comment Was this review helpful to you? Yes No Sending feedback...
Thank you for your feedback.
Sorry, we failed to record your vote. Please try again
Report abuse
14 of 14 people found the following review helpful By K. J. Higgins on November 23, 2007
Format: Hardcover
This is a review for the non-professional investor or for the new full time investor who is considering a possible 2nd career or full time activity with their personal funds.

As an individual investor for over 30 years, I thought I knew the ropes about Options and Stocks. The first 94 pages opened my eyes to what I did not know! These pages alone have changed my investment strategy profoundly and for the better.

This is a best of breed book. It's pithy and precise. It's not a breezy read. But the good news is that it's comprehendable to the non-professional. I was delighted with excellent concept presentations, examples, and well defined terminology.

In exchange for the effort of reading and re-reading - yes plowing through it -- you are rewarded with the techniques of the pros. You'll see options investing in a very different and profitable way.

You might consider investing your time an money in this book before plunging thousands of dollars into "investor education" which is marketed so aggressively today. Once you know the fundamentals that this book provides, you'll be in a better position to assess the value of these other alternatives.

I can't give this book enough praise.
Comment Was this review helpful to you? Yes No Sending feedback...
Thank you for your feedback.
Sorry, we failed to record your vote. Please try again
Report abuse

Most Recent Customer Reviews

Want to discover more products? Check out these pages to see more: brand strategy examples, best options for traders, options as a strategic investment