Options are probably as old as history. The early Phoenician merchants, and later the Romans, sold what we would term "options" on the goods in their incoming argosies. Later, some three centuries ago, options were used in various ways in Holland and became an important factor in many markets. What options strategies were at this time is a much older question to the one this book addresses and better researched within history books.

Mr. Herbert Filer has dedicated his business life to the subject of options strategies, particularly for Puts and Calls. The author of this book has been not only one of the largest option dealers in the world, but he has also been recognized as the top authority. He has lectured and written pamphlets on this seemingly abstruse subject for many years. There are so many facets to the use of options that no single lecture or pamphlet can cover the subject—a full-scale book is required. We can all be grateful to Mr. Filer for composing this comprehensive book, which will be useful to tyros and also serve as a noteworthy addition to the desk of anyone interested in securities.

—OLIVER J. GINGOLD

New York, N. Y.
September, 1959.