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

In this edition, Austin and Alex talk Netflix. Austin likes the company's long-term potential but would like to insulate himself from what's been a wild ride lately with a company that still has big downside risk. To counter this, Alex offers an options strategy to limit downside while offering attractive gains.

Austin Smith and Alex Pape do not own shares of the companies listed above. The Motley Fool owns shares of Google,, and Apple. Motley Fool newsletter services have recommended buying shares of Netflix, Apple, Google,, and Coinstar. Motley Fool newsletter services have recommended 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.