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To: Lazlo Pierce who wrote (10849)	2/6/1998 11:17:00 AM
From: SJS	Respond to of 95453

David, I agree that in the pure sense, you do them at the same time. While I never came across a texbook definition that said this was the buy/write strategy, I've expanded the scope to include buy/writes as more generic: Buy stock, then sometime in the future write calls. In fact, I've written calls on stock 3 or 4 times with established stock positions and never gotten called. For new postions and with careful analysis, I usually try to "leg into" the position by buying the stock, and trying (as I did with MDCO) to ride the stock up to get more premium from the call. There's more risk in this approach, granted, but 1 3/8 is better than 3/4. Regards,