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training_data/curated/text/7d02f4041ff5e0b1bbf305979648201fe313b68df06d19f989cd6b8d4b35c361.txt

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+Chapter 25: LEAPS 
+Costs of switching: 
+Time value premium 
+Loss of dividend 
+Stock commissions 
+Option commissions 
+Total cost: 
+Fixed benefit from switching: 
+Interest earned on 
+credit balance of $3,760 
+at 5% interest for one year= 0.05 x $3,760: 
+Net cost of switching: 
+317 
+-$200 
+-$ 50 
+-$ 25 
+- .l__Ll_ 
+-$290 
++ $188 
+- $102 
+The stock owner must now decide if it is worth just over $1 per share in order 
+to have his downside risk limited to a price of 39½ over the next year. The price of 
+39½ as his downside risk is merely the amount of the net credit he received from 
+doing the switch ($3,760) plus the interest earned ($188), expressed in per-share 
+terms. That is, if XYZ falls dramatically over the next year and the LEAPS expires 
+worthless, this investor will still have $3,948 in a bank account. That is equivalent to 
+limiting his risk to about 39½ on the original 100 shares. 
+If the investor decides to make the substitution, he should invest the proceeds 
+from the sale in a 1-year CD or Treasury bill, for two reasons. First, he locks in the 
+current rate - the one used in his calculations - for the year. Second, he is not tempt­
+ed to use the money for something else, an action that might negate the potential 
+benefits of the substitution. 
+The above calculations all assume that the LEAPS call or the stock would have 
+been held for the full year. If that is known not to be the case, the appropriate costs 
+or benefits must be recalculated. 
+Caveats. This ($102) seems like a reasonably small price to pay to make the switch 
+from common stock to call ownership. However, if the investor were planning to sell 
+the stock before it fell to 39½ in any case, he might not feel the need to pay for this 
+protection. (Be aware, however, that he could accomplish essentially the same thing, 
+since he can sell his LEAPS call whenever he wants to.) Moreover, when the year is 
+up, he will have to pay another stock commission to repurchase his XYZ common if 
+he still wants to own it ( or he will have to pay two option commissions to roll his long 
+call out to a later expiration date). One other detriment that might exist, although a 
+relatively unlikely one, is that the underlying common might declare an increased 
+dividend or, even worse, a special cash dividend. The LEAPS call owner would not 
+be entitled to that dividend increase in whatever form, while, obviously, the common