Sep 25 2020 22 mins 4
In today’s Tastytrade Options Crash Course episode, we begin to put all the pieces together at the portfolio level, and the first thing we learn is that you can be bullish, bearish, or neutral. For traders who want to be bullish, they will have the [positive drift](https://www.tastytrade.com/tt/shows/the-skinny-on-options-abstract-applications/episodes/positive-drift-mathematics-01-29-2018 ) of Geometric Brownian Motion in their favor (which can help [buffer the shocks of GBM](https://www.tastytrade.com/tt/shows/the-skinny-on-options-abstract-applications/episodes/random-shock-mathematics-02-05-2018 )). For traders who prefer a bearish bias in the market, the [short vega hedge](https://www.tastytrade.com/tt/shows/from-theory-to-practice/episodes/a-natural-hedge-02-22-2016 ), [tail risk, and downside velocity](https://www.tastytrade.com/tt/shows/the-skinny-on-options-abstract-applications/episodes/downside-tail-risk-06-11-2018 ) arguments all make this a viable option. And for traders who would rather be neutral (simply because [“nobody knows anything”](https://www.tastytrade.com/tt/shows/wdis-options-101/episodes/nobody-knows-anything-01-17-2017 )), that too, is a great portfolio strategy.
