The following commentary comes from an independent investor or market observer as part of TheStreet's guest contributor program, which is separate from the company's news coverage.
NEW YORK ( TheStreet) -- I have spent a considerable portion of the last week discussing several media stocks on TheStreet. My article history contains stories that explain why I am bearish Netflix (NFLX) and Sirius XM (SIRI) and bullish Bell Canada (BCE), Rogers Communications (RCI - Get Report), Time Warner (TWX), Madison Square Garden (MSG - Get Report) and Pandora (P - Get Report).
In this article, I outline a portfolio of media stocks that could work for some long-term investors who like to speculate a little and use options frequently, but conservatively as part of a growth-and-income portfolio. These are the same types of strategies we discuss each week with subscribers in my Options Investing Newsletter. As always, use these ideas as a starting point for your own research. Your unique circumstances might warrant a different approach.
Ultimately, I hope to illustrate how to work options into your portfolio at a basic, but worthwhile and productive level. You might use different stocks or methods to achieve similar goals. Follow TheStreet on Twitter and become a fan on Facebook. In a portfolio like this, I want to keep a core of about 75% to 80% in dividend-paying growth stocks. In the remaining 20% to 25%, I take things in a progressively speculative direction.