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To: edamo who wrote (6101)	4/6/2000 11:35:00 AM
From: SecularBull	Read Replies (1) \| Respond to of 8096

OK, allow me to clarify. Here is the crux of my point... Upon the completion of the transaction, from that point forward, owning a call does not affect margin. While, the put, as a short position, can. Do you agree? It is the variable risk, beyond what is invested (or received), that makes put selling much more complicated and potentially more risky than buying a call. When you buy a call, your deal is done on the front side, come hell or high water. Selling a put is just the first step in a series of risk-reward steps that could go with you or go against you, all the while impacting margin. My thought is that most put sellers who are lulled into believing that selling puts is the same as buying calls are not as sophisticated as you and Paul, and therefore might get in over their heads. Do not get me wrong on this point. I am not against selling puts. My argument is that it is not the "equivalent of buying calls". Regards, LoF LoF