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+258 Part Ill: Put Option Strategies 
+chase can achieve. If the underlying stock remains relatively unchanged, the short 
+seller would do better because he does not risk losing his entire investment in a lim­
+ited amount of time if the underlying stock changes only slightly in price. However, 
+if the underlying stock should rise dramatically, the short seller can actually lose more 
+than his initial investment. The short sale of stock has theoretically unlimited risk. 
+Such is not true of the put option purchase, whereby the risk is limited to the amount 
+of the initial investment. One other point should be made when comparing the pur­
+chase of a put and the short sale of stock: The short seller of stock is obligated to pay 
+the dividends on the stock, but the put option holder has no such obligation. This is 
+an additional advantage to the holder of the put. 
+TABLE 16-2. 
+Results of selling short. 
+XYZ Price at Put Option 
+Expiration Short Sale Purchase 
+20 + $3,000 (+ 120%) +$2,500 (+ 500%) 
+30 + 2,000 (+ 80%) + 1,500 (+ 300%) 
+40 + 1,000 (+ 40%) + 500 (+ 100%) 
+45 + 500(+ 20%) 0( 0%) 
+48 + 200(+ 80%) 300 (- 60%) 
+50 0( 0%) 500 (- 100%) 
+60 - 1,000 (- 40%) 500 (- 100%) 
+75 - 2,500 (- 100%) 500 (- 100%) 
+100 - 5,000 (- 200%) 500 (- 100%) 
+SELECTING WHICH PUT TO BUY 
+Many of the same types of analyses that the call buyer goes through in deciding which 
+call to buy can be used by the prospective put buyer as well. First, when approach­
+ing put buying as a speculative strategy, one should not place more than 15% of his 
+risk capital in the strategy. Some investors participate in put buying to add some 
+amount of downside protection to their basically bullishly-oriented common stock 
+portfolios. More is said in Chapter 17 about buying puts on stocks that one actually 
+owns. 
+The out-ofthe-nwney put offers both higher reward potentials and higher risk 
+potentials than does the in-the-nwney put. If the underlying stock drops substantial-