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training_data/curated/text/b3ebd5ecdbaf499a02d6d8e4b93d296528a87ed1b3fb035507b9bf69321456e0.txt

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+246  •   The Intelligent Option Investor
+No. Buy/Sell Instrument
+Price of 
+Instrument
+Effective 
+Buy (Sell) 
+Price of 
+Stock Note
+1 Buy Stock $17/share $17/share Original purchase
+2 Sell Call option $1/share $16/share Selling a covered call 
+to take profits when 
+stock reaches $20/
+share leaves the 
+investor with down-
+side exposure and $1 
+in premium income.
+3 Sell Call option $0.75 ($11.75/
+share)
+Stock falls to $11, and 
+investor sells another 
+covered call to 
+generate income to 
+ameliorate the loss.
+In transaction 1, the investor buys the shares for $17. In transaction 2, 
+when the stock hits $20 per share, the investor sells a covered call and receives 
+$1 in premium. This reduces the effective buy price to $16 per share and 
+means that the investor will have to deliver the shares if the stock is trad-
+ing at $20 or above at expiration. When the stock instead falls to $11, the 
+investor—wanting to cushion the pain of the loss—sells another ATM cov-
+ered call for $0.75. This covered call commits the investor to sell the shares 
+for $11.75. No matter how you look at it, buying at $16 per share and sell-
+ing at $11.75 per share is not a recipe for investing success.
+The first step in such a situation as this—when the price of a stock 
+on which you have accepted downside exposure falls—is to look back 
+to your valuation. If the value of the firm has indeed dropped because 
+of some material negative news and the position no longer makes sense 
+from an economic perspective, just sell the shares and take the lumps. 
+If, however, the stock price has dropped but the valuation still makes 
+for a compelling investment, stay in the position; if the investment is