Sorry to be 6 months late in the reply, but your post is one of the sanest I've read. Personally, I like Starbucks coffee, and it does seem that there are usually a fair number of customers "around" (I don't know how much they actually spend). That said, I own Puts simply because I think the stock price is overvalued. Any missteps or change of investor perceptions could cause the Street to rather quickly revalue the stock downward. Conversely, it's hard to envision a surprise that will propel the stock further to the upside.