I think the option calculation on buying the COP calls (listed further above) is not entirely fair. It looks easy when choosing a stock that has gone up 10% in one month. But there can be so many other scenarios. What if it goes down 8%, down 2%, or up 4%? That’s not unreasonable since stocks might go up about 1%/month on average. Sure, I understand the volatility and downside protection, but you still need to make many decisions along the way when to sell or hold. E.g it could go up 20% in three months and then loose 15% in the remaining two months. Or it could loose 15% first and then gain 25%. I am just saying making money in options is not easy.