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training_data/curated/text/68d2d0faa6b983a2609e75653b13b369c21c5eceed2a74518f572ac0ae3de5c0.txt

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+Gaining Exposure 	 	•	 193
+On the rare occasion in which we find a company that has a valuation 
+range that is far different from the present market price (either tight 
+or wide), I would rather commit more capital to the idea, and for me, 
+committing more capital to a single idea means using less leverage. In other 
+words, I would prefer to buy an ITM call and lever at a reasonable rate (e.g., 
+the −1.8 × /2.6 × level we saw in the Intel example earlier). Graphically, my 
+approach would look like this:
+Advanced Building Corp. (ABC)
+110
+100
+90
+80
+70
+60
+50
+40
+30
+20
+5/18/2012 5/20/2013 249 499 749 999
+Date/Day Count
+Stock Price
+GREEN
+ORANGE
+Here I have bought a deep ITM call option LEAPS that gives me lev-
+erage of about −1.5/2.0. I have maximized my tenor and minimized my 
+leverage ratio with the ITM call. This structure will allow me to profit as 
+long as the stock goes up by the time my option expires, even if the stock 
+price does not hit a certain OTM strike price.
+In the more common situation, in which we find a company that is 
+probably about fairly valued in most scenarios but that has an outlying 
+valuation scenario or two that doesn’t seem to be priced in properly by 
+the market, I will commit less capital to the idea but use more leverage. 
+Graphically, my approach would look more like this: