The question bluntly: Does owning stocks in individual companies (i.e. long stock, not options) make sense? I ask because after years of trading option spreads I've become used to taking only limited risk positions. Based on this it seems like owning stocks is nuts because your risk is losing it all potentially. Even if you use puts to limit risk it's very expensive and the long stock uses up margin quickly. I've had a few arguments with traditional investors who thought I was crazy trading "risky options" and said I should be buying and holding stocks in good companies. Does it make sense to master and apply a set of profitable, well-understood option strategies exclusively with all my capital? Or am I missing something by not playing the stock-picking game? Or does a mix of option trading and a long stock portfolio make the most sense?