1. You are a portfolio manager who uses options positions to customize the risk profile of your clients. In each case, what strategy is best given your clients objective?
   1. Performance to date: Up 16%. Client objective: Earn at least 15%.

Your scenario: Good chance of large stock price gains or large losses between now and end of year.

1. Long straddle.
2. Long bullish spread.
3. Short straddle.