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training_data/curated/text/d6b71c29cfbe965558049a55a664d95ebf3c553aa9f8cd0cc6e84056da5900c8.txt

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+220  •   The Intelligent Option Investor
+The decision to leave the position open must depend on what other 
+potential investments you are able to make and how the stock position that 
+will likely be put to you at expiration of the option contract stacks up on a 
+relative basis. For instance, let’s assume that you had received a premium 
+of $2.50 for writing the puts struck at $50. This gives you an effective buy 
+price of $47.50. The stock is now trading at $43 per share, so you can think 
+of your position as an unlevered, unrealized loss of $4.50, or a little under 
+10 percent of your EBP . Y our new worst-case valuation is $55 per share, 
+which implies a gain of about 15 percent on your EBP; your new best-case 
+valuation is $65 per share, which implies a gain of 37 percent.
+How do these numbers compare with other investments in your port-
+folio? How much spare capacity does your portfolio have for additional 
+investments? (That is, do you have enough spare cash to increase the size 
+of this investment by selling more puts at the new market price or buying 
+shares of stock? And if so, would your portfolio be weighted too heavily on a 
+single industry or sector?) By answering these questions and understanding 
+how this presently losing investment compares with other existing or poten-
+tial investments should govern your portfolio management of the position.
+An investor cannot change the price at which he or she transacted 
+in a security. The best he or she can do is to develop a rational view of the 
+value of a security and judge that security by its relative merit versus other 
+possible investments. Whether you ever make an option transaction, this 
+is a good rule to keep in mind.
+Let us now take a look at short calls and short-call spreads—the 
+strategy used for accepting upside exposure.
+Short Call (Call Spread)
+RED