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Politics : Ask Michael Burke

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To: Knighty Tin who wrote (37850)	12/1/1998 12:38:00 PM
From: accountclosed	Read Replies (1) of 132070

MB. I now have 4 buy/writes on arc, abx, nem, and slb. All four are jan 2001 leap calls. 3 of the 4 stocks are above the call price slightly: arc, abx, nem. Slb is trading at 43 and the leap call is 50. Please describe to me the thinking process that you do in deciding whether to make the position more conservative by buying a lower dollar put, making it into a spread conversion. Alternatively, you sometimes decide the thing has gone far enough and you do an early unwind. How much do each of these factors matter: 1. Your belief in the underlying 2. The price of the puts 3. The price action of the underlying and the call 4. The overall risk tolerance of your portfolio at the time. 5. The overall market risk level. 6. whatever else you factor in. you options bible, you <g>

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