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To: edamo who wrote (2536)	2/9/2000 10:37:00 AM
From: Greg Jung	Read Replies (3) \| Respond to of 8096

Way back when I put out a whole $240 to buy 10 calls on Wcom at strike 15. So I wiped a whopping $480 of spending power to get a handle on 1000 shares (then going for about $12) for 3 months. I sold the lot for 2 and change. How would you get the equivalent result via selling covered calls or buying puts? maybe at one point the 12.5 puts sold for 2.x, or the 12.5 calls sold for 2.x, and expired worthless in December. The equity required at the 12.5 strike on 10 contracts is $12,500. Dig yourself into a depper hole and explain how that is covered easier by the $240 cash outlay. Additionally, holding the calls had a potentially unlimited upside and max $240 down. If wcom had decided to go belly up the $12,500 margarine would be all burnt up.