The buying of a security such as a stock, commodity or currency, with the expectation that the asset will rise in value. For example, an owner of shares in McDonald's Corp. is said to be "long McDonald's" or "has a long position in McDonald's."
In the context of options, the buying of an options contract. For example, buying a call (or put) options contract from an options writer entitles you the right, not the obligation to buy (or sell) a specific commodity or asset for a specified amount at a specified date.
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