Oyster begins by describing the buy-write or covered call strategy. The ownership of a core position in a stock or an index combined with the sale of a call option can provide for stock market outperformance in many kinds of environments, a runaway bull market being one exception. By systematically capping upside returns, the buy-write strategy limits returns when stock market performance is particularly strong. Oyster analyzes the returns of the Cboe S&P 500 BuyWrite Index (BXM) recognizing underperformance versus the S&P 500 was due to tremendous stock market returns, and that in years when the S&P 500 posted below-average performance, the BXM almost always outperformed it. Oyster also describes how different risk/return exposures can be formed by modifying yet remaining within a buy-write construct.