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+19: The Sale of a Put 299 
+YING STOCK BELOW ITS MARKET PRICE 
+addition to viewing naked put writing as a strategy unto itself, as was the case in 
+previous discussion, some investors who actually want to acquire stock will often 
+te naked puts as well. 
+bmple: XYZ is a $60 stock and an investor feels it would be a good buy at 55. He 
+places an open buy order with a limit of 55. Three months later, XYZ has drifted 
+down to 57 but no lower. It then turns and rises heavily, but the buy limit was never 
+reached, and the investor misses out on the advance. 
+This hypothetical investor could have used a naked put to his advantage. 
+Suppose that when XYZ was originally at 60, this investor wrote a naked three-month 
+put for 5 points instead of placing an open buy limit order. Then, if XYZ is anywhere 
+below 60 at expiration, he will have stock put to him at 60. That is, he will have to buy 
+stock at 60. However, since he received 5 points for the put sale, his net cost for the 
+stock is 55. Thus, even ifXYZ is at 57 at expiration and has never been any lower, the 
+investor can still buy XYZ for a net cost of 55. 
+Of course, if XYZ rose right away and was above 60 at expiration, the put would 
+not be assigned and the investor would not own XYZ. However, he would still have 
+made $500 from selling the put, which is now worthless. The put writer thus assumes 
+a more active role in his investments by acting rather than waiting. He receives at 
+least some compensation for his efforts, even though he did not get to buy the stock. 
+If, instead of rising, XYZ fell considerably, say to 40 by expiration, the investor 
+would be forced to purchase stock at a net cost of 55, thereby giving himself an 
+immediate paper loss. He was, however, going to buy stock at 55 in any case, so the 
+put writer and the investor using a buy limit have the same result in this case. Critics 
+may point out that any buy order for common stock may be canceled if one's opinion 
+changes about purchasing the stock. The put writer, of course, may do the same thing 
+by closing out his obligation through a closing purchase of the put. 
+This technique is useful to many types of investors who are oriented toward 
+eventually owning the stock. Large portfolio managers as well as individual investors 
+may find the sale of puts useful for this purpose. It is a method of attempting to accu­
+mulate a stock position at prices lower than today's market price. If the stock rises 
+and the stock is not bought, the investor will at least have received the put premium 
+as compensation for his efforts. 
+SOME CAUTION IS REQUIRED 
+Despite the seemingly benign nature of naked put writing, it can be a highly dan­
+gerous strategy for two reasons: (1) Large losses are possible if the underlying stock