I'm not going to speculate on revenues, iPhone sales, the costs of rare earth metals or rumors about upcoming releases.

A common premise running through my articles is that investors should be invested 100% in the market 24/7/365 and hedge with put options for the downside.

So, one is neutral on principal exposure, and gains or loses depending on the relative direction of the two offsetting positions.

I fully accept that some readers will put forth call spreads and other devices they use to rev up returns.

Now, if one is really worried about a drop below the breakeven point, they could add a third protective leg, turning the ratio spread into a butterfly.