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Value Options: How Warren Buffett Uses Options to Buy Wonderful Businesses at Better-Than-Fair Prices
Warren Buffett sells options. Most investors don't know this. The ones who do know how to get paid to wait.In Value Options, Tobias Carlisle and Tim Travis reveal a simple but overlooked options are not just speculative instruments—they are a disciplined extension of value investing. Used correctly, they allow you to generate income, lower your purchase price, and turn time into an ally instead of an enemy.
Drawing on real-world examples—from Coca-Cola to Burlington Northern—this book shows how Buffett has quietly used options for decades to express his deepest convictions about value, price, and patience.
Inside, you’ll learn how
Build a value-first watchlist of businesses worth owningSell cash-secured puts to get paid while waiting for your priceGenerate consistent income with covered calls and the Wheel strategyUse volatility, position sizing, and discipline to manage riskHandle assignment with confidence—not fearThink like an insurer, not a gamblerThis is not a book about trading faster, predicting markets, or chasing volatility.
It’s about doing what Buffett does
Understanding value, demanding a margin of safety—and getting paid while you wait.
Because the big money isn’t in the buying or the selling.
It’s in the waiting.
Drawing on real-world examples—from Coca-Cola to Burlington Northern—this book shows how Buffett has quietly used options for decades to express his deepest convictions about value, price, and patience.
Inside, you’ll learn how
Build a value-first watchlist of businesses worth owningSell cash-secured puts to get paid while waiting for your priceGenerate consistent income with covered calls and the Wheel strategyUse volatility, position sizing, and discipline to manage riskHandle assignment with confidence—not fearThink like an insurer, not a gamblerThis is not a book about trading faster, predicting markets, or chasing volatility.
It’s about doing what Buffett does
Understanding value, demanding a margin of safety—and getting paid while you wait.
Because the big money isn’t in the buying or the selling.
It’s in the waiting.
85 pages, Paperback
Published May 8, 2026
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