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+Put Buying in Conjunction 
+with Com.m.on Stock 
+Ownership 
+Another useful feature of put options, in addition to their speculative leverage in a 
+downward move by the underlying stock, is that the put purchase can be used to limit 
+downside loss in a stock that is owned. When one simultaneously owns both the com­
+mon stock and a put on that same stock, he has a position with limited downside risk 
+during the life of the put. This position is also called a synthetic long call, because the 
+profit graph is the same shape as a long call's. 
+Example: An investor owns XYZ stock, which is at 52, and purchases an XYZ October 
+50 put for 2. The put gives him the right to sell XYZ at 50, so the most that the stock­
+holder can lose on his stock is 2 points. Since he pays 2 points for the put protection, his 
+maximum potential loss until October expiration is 4 points, no matter how far XYZ 
+might decline up until that time. If, on the other hand, the price of the stock should 
+move up by October, the investor would realize any gain in the stock, less the 2 points 
+that he paid for the put protection. The put functions much like an insurance policy with 
+a finite life. Table 17-1 and Figure 17-1 depict the results at October expiration for this 
+position: buying the October 50 put for 2 points to protect a holding in XYZ common 
+stock, which is selling at 52. The dashed line on the graph represents the profit poten­
+tial of the common stock ownership by itself. Notice that if the stock were below 48 in 
+October, the common stock owner would have been better off buying the put. However, 
+with XYZ above 48 at expiration, the put purchase was a burden that cost a small por­
+tion of potential profits. This strategy, however, is not necessarily geared to maximizing 
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