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+Cl,opter 3: Call Buying 97 
+RISK AND REWARD FOR THE CALL BUYER 
+The most important fact for the call buyer to realize is that he will normally win only 
+if the stock rises in price. All the worthwhile analysis in the world spent in selecting 
+which call to buy will not produce profits if the underlying stock declines. However, 
+this fact should not dissuade one from making reasonable analyses in his call buying 
+selections. Too often, the call buyer feels that a stock will move up, and is correct in 
+that part of his projection, but still loses money on his call purchase because he failed 
+to analyze the risk and rewards involved with the various calls available for purchase 
+at the time. He bought the wrong call on the right stock. 
+Since the best ally that the call buyer has is upward movement in the underly­
+ing stock, the selection of the underlying stock is the most important choice the call 
+buyer has to make. Since timing is so important when buying calls, the technical fac­
+tors of stock selection probably outweigh the fundamentals; even if positive funda­
+mentals do exist, one does not know how long it will take in order for them to be 
+reflected in the price of the stock. One must be bullish on the underlying stock in 
+order to consider buying calls on that stock. Once the stock selection has been made, 
+only then can the call buyer begin to consider other factors, such as which striking 
+price to use and which expiration to buy. The call buyer may have another ally, but 
+not one that he can normally predict: If the stock on which he owns a call becomes 
+more volatile, the call's price will rise to reflect that change. 
+The purchase of an out-of-the-money call generally offers both larger potential 
+risk and larger potential reward than does the purchase of an in-the-money call. 
+Many call buyers tend to select the out-of-the-money call merely because it is cheap­
+er in price. Absolute dollar price should in no way be a deciding factor for the call 
+buyer. If one's funds are so limited that he can only afford to buy the cheapest calls, 
+he should not be speculating in this strategy. If the underlying stock increases in price 
+substantially, the out-of-the-money call will naturally provide the largest rewards. 
+However, if the stock advances only moderately in price, the in-the-money call may 
+actually perform better. 
+Example: XYZ is at 65 and the July 60 sells for 7 while the July 70 sells for 3. If the 
+stock moves up to 68 relatively slowly, the buyer of the July 70 - the out-of-the­
+money call - may actually experience a loss, even if the call has not yet expired. 
+However, the holder of the in-the-money July 60 will definitely have a profit because 
+the call will sell for at least 8 points, its intrinsic value. The point is that, percentage­
+wise, an in-the-rrwney call will offer better rewards for a rrwdest stock gain, and an 
+out-ofthe-rrwney call is better for larger stock gains.