Erik’s Book

The Intelligent Option Investor

The Intelligent Option Investor

Published in 2014 by McGraw-Hill Educational, The Intelligent Option Investor is the only book available that provides a step-by-step methodology for effecting value investing strategies using listed option contracts.

The book was written by Erik Kobayashi-Solomon, a professional investor with over 21 years of experience. You can find out more about Erik’s background in the next section.

Download the introduction, look through online appendices, and browse through the book’s errata in the bottom section of this page. You can also download the Framework Investing Valuation Model and the Framework Investing BSM Cone Application.

Erik Kobayashi-Solomon, Framework Investing’s Founder

Erik’s broad range of expertise in investments is built from his nearly 20 years on the sell-side, buy-side, and in third-party research and analysis.

Erik has been invited to speak at distinguished universities such as the University of Chicago’s Booth School of Business and Northwestern University’s Kellogg School of Management as well as to influential industry groups such as the New York Society of Securities Analysts (NYSSA) and at the Value-X Investor Conference.

Wall Street & Hedge Fund Alumnus
  • Head of Listed Derivatives Operations – Morgan Stanley in Tokyo, Japan only one year after joining the firm. Erik worked for Morgan Stanley in Tokyo & New York.
  • Owner, Principal Architect – QED Capital Partners index hedge fund.
  • Chief Risk Manager – Ironbound Capital ($800M) global long-short equity hedge fund. Erik designed and traded option-based hedges, worked on quantitative strategies, and conducted fundamental analysis of Japanese equities.
Research & Consulting Professional
  • Head – Semiconductor Industry Analyst Team – Morningstar Investor Services
  • Co-Head Morningstar OptionInvestor Service – Morningstar Investor Services. Driving force behind the newsletter analyst service and OptionInvestor Education curriculum.
  • Market Strategist – Morningstar Institutional Investor Services
  • Director of Research – YCharts Investment Services
  • Principal Consultant – The World Bank Group’s International Finance Corporation (IFC) – commissioned to create a model to value the institution’s emerging market private equity investments. Erik’s model is used by World Bank analysts and portfolio officers the world over.
The Intelligent Option Investor

“Erik knows–and lays out here–that to use options successfully, you need to understand the underlying stock and its valuation first. This is one of few books on options that teaches this fruitful, combined approach. And that’s why it works.” Jeff Fischer, advisor, Motley Fool Options

“In addition to showcasing Erik’s expertise in developing option investment strategies…, this book delivers the information in a way that’s accessible to individual investors.” Joe Mansueto, founder, chairman and CEO, Morningstar, Inc.

Read Intro

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