I run my money in two halves, and options do a completely different job in each. The first half is a long only portfolio I've built over many years. My pension, savings, that kind of thing, allocated across equities, commodities, cash and crypto. I don't change that allocation very often. I pivot it a bit based on what I'm seeing, and I use options around it to protect it when things look overbought. Or when the market's rallying and there's no risk priced in at all, because that's when hedges are cheap to put on. The second half is alpha generation. That's where the tools I've built come in, looking for opportunities cross-asset, and it breaks into three types of trade. Delta trades, which are directional. Theta trades, trying to earn premium. And vega trades, taking a view on volatility itself. Keeping them separate stops the long term money getting dragged into short term decisions. I teach it as the Delta, Theta and Vega frameworks, because each one asks a different question.