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training_data/curated/text/49858642ba8db13181afa7bb1f59b30113a1eb0bef480a636e143523dceccf74.txt

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+Synthetic Stock
+Not only can synthetic calls and puts be derived by manipulation of put-call
+parity, but synthetic positions for the other security in the equation—stock
+—can be derived, as well. By isolating stock on one side of the equation,
+the formula becomes
+After accounting for interest and dividends, buying a call and selling a put
+of the same strike and time to expiration creates the equivalent of a long
+stock position. This is called a synthetic stock position, or a combo. After
+accounting for the basis, the equation looks conceptually like this:
+This is easy to appreciate when put-call parity is written out as it is here.
+It begins to make even more sense when considering at-expiration diagrams
+and the greeks.
+Exhibit 6.6 illustrates a long stock position compared with a long call
+combined with a short put position.
+EXHIBIT 6.6 Long stock vs. long call + short put.
+A quick glance at these two strategies demonstrates that they are the
+same, but think about why. Consider the synthetic stock position if both
+options are held until expiration. The long call gives the trader the right to
+buy the stock at the strike price. The short put gives the trader the obligation