Nelg

I've also been looking at buying ~1-year out of the money puts as well - but the problem I have had is trade execution as they are extremely illiquid. For example, there may be 1-year puts on Company X at $10, 13, 15, 17, 20, etc. I might be happy buying all of these puts (obviously depending on the price), but I don't want to put limit orders in for all of these in the off-chance that they get filled and I'm left with a huge outsized put position in 1 stock. I've seen some ridiculous prices being filled, but was unlucky to have "chosen" the wrong strike price. Does anyone have ideas on how to better execute longer-dated options?

Does anyone have a compilation of Kerr Neilson's old investor letters, specifically during his time at BT in the 1980s? I've tried looking for it but no luck, so if any of you fine people have it I'd appreciate it!