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+EXHIBIT 1.3 Naked Target call.
+If TGT is trading below the exercise price of 50, the call will expire
+worthless. Sam keeps the 1.45 premium, and the obligation to sell the stock
+ceases to exist. If Target is trading above the strike price, the call will be in-
+the-money. The higher the stock is above the strike price, the more intrinsic
+value the call will have. As a seller, Sam wants the call to have little or no
+intrinsic value at expiration. If the stock is below the break-even price at
+expiration, Sam will still have a profit. Here, the break-even price is $51.45
+—the strike price plus the call premium. Above the break-even, Sam has a
+loss. Since stock prices can rise to infinity (although, for the record, I have
+never seen this happen), the naked call position has unlimited risk of loss.
+Because a short stock position may be created, a naked call position must
+be done in a margin account. For retail traders, many brokerage firms
+require different levels of approval for different types of option strategies.
+Because the naked call position has unlimited risk, establishing it will
+generally require the highest level of approval—and a high margin
+requirement.
+Another tactical consideration is what Sam’s objective was when he
+entered the trade. His goal was to profit from the stock’s being below $50