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+382 Part Ill: Put Option Strategies 
+whether the move is feasible at all, and if it is, whether to use the call substitution 
+strategy or the put protection strategy. 
+LEAPS INSTEAD OF SHORT STOCK 
+Just as in-the-money LEAPS calls may sometimes be a smarter purchase than the 
+stock itself, in-the-money puts may sometimes be a better purchase than shorting the 
+common stock. Recall that either the put purchase or the short sale of stock is a bear­
+ish strategy, generally implemented by someone who expects the stock to decline in 
+price. The strategist knows, however, that short stock is a component of many strate­
+gies and might reflect other opinions than pure bearishness on the common. In any 
+case, an in-the-money put may prove to be a viable substitute for shorting the stock 
+itself. The two main advantages that the put owner has are that he has limited risk 
+(whereas the short seller of stock has theoretically unlimited risk); and he does not 
+have to pay out any dividends on the underlying stock as the short seller would. Also, 
+the commissions for buying the put would normally be smaller than those required 
+to sell the stock short. 
+There is not much in the way of calculating that needs to be done in order to 
+make the comparison between buying the in-the-money put and shorting the stock. 
+If the time value premium spent is small in comparison \vith the dividend payout that 
+is saved, then the put is probably the better choice. 
+Professional arbitrageurs and other exchange members, as well as some large 
+customers, receive interest on their short sales. For these traders, the put would have 
+to be trading with virtually no time premium at all in order for the comparison to 
+favor the put purchase over the stock short sale. However, the public customer who 
+is going to be shorting stock should be aware of the potential for buying an in-the­
+money put instead. 
+SPECULATIVE OPTION BUYING WITH LEAPS 
+Strategists know that buying calls and puts can have various applications; witness the 
+stock substitution strntegies above. However, the most popular reason for buying 
+options is for speculative gain. The leverage inherent in owning options and their lim­
+ited risk feature make them attractive for this purpose as well. The risk, of course, 
+can be 100% of the investment, and time decay works against the option owner as 
+well. LEAPS calls and puts fit all of these descriptions; they simply have longer matu­
+rities. 
+Time decay is the major enemy of the speculative option holder. Purchasing 
+LEAPS options instead of the shorter-term equity options generally exposes the