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training_data/curated/text/d3f31c754f9f8399554c3b5fc50c78ee93efe9cd5bd07480c769b37e2cf6308b.txt

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+Chapter 17: Put Buying in Conjundion with Common Stock Ownership 
+TABLE 17·2. 
+Comparison of regular and protected covered writes. 
+XYZ Price at Stock October 40 October 35 
+Expiration Profit Call Profit Put Profit 
+25 -$1,400 +$300 +$950 
+30 900 + 300 + 450 
+35 400 + 300 - 50 
+36.50 250 + 300 - 50 
+38 100 + 300 - 50 
+40 + 100 + 300 - 50 
+45 + 600 - 200 - 50 
+50 + 1,100 - 700 - 50 
+FIGURE 17-2. 
+Covered call write protected by a put purchase. 
+C 
+0 
+e ·5. 
+X 
+LU 
+co $0 CJ) 
+CJ) 
+0 .J 
+0 
+~ -$150 a.. 
+,, 
+},.,,' 
+; 
+,, 
+Regular 
+Covered ,,' 
+Write/ 
+36 / , , 
+;
+,,' 
++$400 
+,----------➔ ,,,' _____ ...,.. 
+, +$350 
+,,,' 
+40 
+Stock Price at Expiration 
+277 
+Total 
+Profit 
+-$150 
+- 150 
+- 150 
+0 
++ 150 
++ 350 
++ 350 
++ 350 
+The longer-term effects of buying puts in combination with covered writes are 
+not easily definable, but it would appear that the writer reduces his overall rate of 
+return slightly by buying the puts. This is because he gives something away if the 
+stock falls slightly, remains unchanged, or rises in price. He only "gains" something if 
+the stock falls heavily. Since the odds of a stock falling heavily are small in compari­
+son to the other events (falling slightly, remaining unchanged, or rising), the writer 
+will be gaining something in only a small percentage of cases. However, the put buy­
+ing strategy may still prove useful in that it removes the emotional uncertainty of