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Add training workflow, datasets, and runbook

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Rushabh Gosar
2025-12-23 21:17:22 -08:00
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Accepting Exposure   • 221
Downside: Fairly valued
Upside: Overvalued
Execute: Sell a call contract (short call); sell a call contract while
simultaneously buying a call contract at a higher strike
price (short-call spread)
Risk: Unlimited for short call; difference between strike prices
and premium received (short-call spread)
Reward: Limited to the amount of premium received
Margin: Variable for a short call; dollar amount equal to the differ-
ence between strike prices for a short-call spread
The Gist
The market overestimates the likelihood that the value of a firm is above its pre-
sent market price. An investor accepts the overvalued upside exposure in return
for a fixed payment of premium. The full amount of the premium will only flow
through to the investor if the price of the stock falls and the option expires OTM.
There are two variations of this investment—the short call and the
short-call spread. This book touches on the former but mainly addresses
the latter. A short call opens up the investor to potentially unlimited capital
losses (because stocks theoretically do not have an upper bound for their
price), and a broker will not allow you to invest using this strategy except
for the following conditions:
1. Y ou are a hedge fund manager and have the ability to borrow
stocks through your broker and sell them short.
2. Y ou are short calls not on a stock but on a diversified index (such
as the Dow Jones Industrial Index or the Standard and Poor’s 500
Index) through an exchange-traded fund (ETF) or a futures con-
tract and hold a diversified stock portfolio.
For investors fitting the first condition, short calls are margined in the
same way as the rest of your short portfolio. That is, you must deposit initial
margin on the initiation of the investment, and if the stock price goes up, you
must pay in variance margin to support the position. Obviously, as the stock
price falls, this margin account is settled in your favor. For investors fitting the
second condition, when you originally sell the call option, your broker should