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+Put Option Buying 
+The purchase of a put option provides leverage in the case of a downward move by 
+the underlying stock. In this manner, it is an alternative to the short sale of stock, 
+much as the purchase of a call option is a leveraged alternative to the purchase of 
+stock. 
+PUT BUYING VERSUS SHORT SALE 
+In the simplest case, when an investor expects a stock to decline in price, he may 
+either short the underlying stock or buy a put option on the stock. Suppose that XYZ 
+is at 50 and that an XYZ July 50 put option is trading at 5. If the underlying stock 
+declines substantially, the buyer of the put could make profits considerably in excess 
+of his initial investment. However, if the underlying stock rises in price, the put buyer 
+has limited risk; he can lose only the amount of money that he originally paid for the 
+put option. In this example, the most that the put buyer could lose would be 5 points, 
+which is equal to his entire initial investment. Table 16-1 and Figure 16-1 depict the 
+results, at expiration, of this simple purchase of the put option. 
+The put buyer has limited profit potential, since a stock can never drop in price 
+below zero dollars per share. However, his potential profits can be huge, percent­
+agewise. His loss, which normally would occur if the stock rises in price, is limited to 
+the amount of his initial investment. The simplest use of a put purchase is for specu­
+lative purposes when expecting a price decline in the underlying stock. 
+These results for the profit or loss of the put option purchases can be compared 
+to a similar short sale of XYZ at 50 in order to observe the benefits of leverage and 
+limited risk that the put option buyer achieves. In order to sell short 100 XYZ at 50, 
+assume that the trader would have to use $2,500 in margin. Several points can be ver-
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