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Have you given any thought to LEAPs in conjunction with Special Situations? Its one of the more interesting parts of the Greenblatt book and I think that LEAPs are not great for some investements but they are very helpful risk management tool in Special Situations which have a wider variety of possible outcomes. Control the downside risk in bearish scenario (SVU) and have a bigger position if the bull case (RRGB) comes to pass.

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