For Wal-Mart shareholders, 2015 has been, in the words of Queen Elizabeth, an Annus Horribilus. Trading at over $90 per share in January, by mid-August, it had slipped by over 20% to below $70 per share, and value-oriented investors were starting to get interested. Readers and clients began asking me what option investment strategy I would suggest.

My answer: None.

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