The following video is part of a special series in which Motley Fool analyst Austin Smith and "Options Whiz" Nick Crow discuss how to make 2012 the year YOU master the market.

In this edition, Austin and Nick discuss Barnes and Noble. Austin's concerned that in the short term and long term Barnes and Noble may be on the path to bankruptcy. Nick offers a few options on how to make a profit from a potential demise. If Nick's strategy of risk mitigation and potentially high returns seems exciting to you, be sure to check out the free Options Whiz material below, where you can learn more about this strategy and others.

Nick Crow owns shares of Apple. The Motley Fool owns shares of Apple, Best Buy, and Amazon.com. Motley Fool newsletter services have recommended buying shares of Apple and Amazon.com; writing covered calls in Best Buy; and creating a bull call spread position in Apple. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.