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Politics : Ask Michael Burke -- Ignore unavailable to you. Want to Upgrade?

To: bluejeans who wrote (32974)	9/27/1998 4:38:00 PM
From: Knighty Tin	Respond to of 132070

Bob, But the calls had an inappropriate relationship with me. I never touched them. <G> Long calls, like long puts, go into the 90/10 portfolio. It is certainly possible for me to own both stock and call options on the same issue. In fact, if you throw in the income portfolio, it is possible for me to be long Intel calls in the 90/10, long Intel warrants in my cap gains portfolio and long Intel/short Motorola in a paired trade in the income portfolio. I know its possible because I was in that position about 3 or 4 years ago. <G> But, in general, the income positions stand on their own and have no relationship to 90/10 or Cap App. In fact, it would be possible for me to be long AMAT puts in 90/10 and long the stock, short Novellus in the income portfolio and not feel like a hypocrite. I haven't done that one, but it is a possible trade at some price relationship between those two issues. When market prices are near a bottom, I tend to own no puts and lots of calls. In general, I like to buy calls on larger issues while I buy stocks on smaller companies that have no options. So, back in 1991, when I was hot to trot on tech stocks, I owned calls on Analog Devices but was long stock on Parametric Technology. I have occasionally owned both calls and stocks on the same issue, but it is rare and it has never been at a full position in either. I'm not saying I'd never do it. I just have no plans to do it as I prefer to divvy up the two portfolios by purchasing established cos with call options and emerging cos with stock. MB