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[Music] welcome back everyone to mike and his whiteboard my name is mike this is my whiteboard and today were going to be talking about hedging so we talked a little bit about this when i covered delta and we talked about delta hedging which is what were going to talk about today but were also going to talk about some other aspects of hedging that arent so orthodox were going to look at some unorthodox ways of hedging our portfolio and i think its going to be very revelatory in that sense so lets get right into it and well talk about the difference between just buying stock and using a covered call instead to hedge because at the end of the day a covered call is a form of hedging stock so when we look at hedging were basically looking at minimizing risk so when were looking at minimizing risk when were talking about long stock ive got this full circle here and its signifying directional risk so if im just buying long stock and im fully exposed with long stock im also fu