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training_data/curated/text/03ca7237f2d56977a8c16888bb0c8da8f0bd74603e54a04bc8c655b6b631e21d.txt

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+LEAPS
+Options buyers have time working against them. With each passing day,
+theta erodes the value of their assets. Buying a long-term option, or a
+LEAPS, helps combat erosion because long-term options can decay at a
+slower rate. In environments where there is interest rate uncertainty,
+however, LEAPS traders have to think about more than the rate of decay.
+Consider two traders: Jason and Susanne. Both are bullish on XYZ Corp.
+(XYZ), which is trading at $59.95 per share. Jason decides to buy a May 60
+call at 1.60, and Susanne buys a LEAPS 60 call at 7.60. In this example,
+May options have 44 days until expiration, and the LEAPS have 639 days.
+Both of these trades are bullish, but the traders most likely had slightly
+different ideas about time, volatility, and interest rates when they decided
+which option to buy. Exhibit 7.1 compares XYZ short-term at-the-money
+calls with XYZ LEAPS ATM calls.
+EXHIBIT 7.1 XYZ short-term call vs. LEAPS call.
+To begin with, it appears that Susanne was allowing quite a bit of time for
+her forecast to be realized—almost two years. Jason, however, was looking
+for short-term price appreciation. Concerns about time decay may have
+been a motivation for Susanne to choose a long-term option—her theta of
+0.01 is half Jason’s, which is 0.02. With only 44 days until expiration, the
+theta of Jason’s May call will begin to rise sharply as expiration draws near.
+But the trade-off of lower time decay is lower gamma. At the current
+stock price, Susanne has a higher delta. If the XYZ stock price rises $2, the
+gamma of the May call will cause Jason’s delta to creep higher than
+Susanne’s. At $62, the delta for the May 60s would be about 0.78, whereas