Word: putting
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Dates: during 1950-1959
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...purchaser loses when the stock does not move enough to cover the costs of the put or call, or when it moves the wrong way. Then the buyer loses the amount he paid for the option. While puts and calls are primarily used for speculating, they are also being used more to limit losses, protect paper profits, and for tax advantages. Primarily, they are for the stock market sophisticate who can afford to lose the premiums he must pay to speculate...
Premiums for Sophisticates. But there is another group of market sophisticates whose risk in dealing with puts and calls is much less. These are the people who make options available from the stocks in their portfolios. To find them, Filer, Schmidt and the nation's 20 other put and call dealers turn to investment trusts, pension funds and individual portfolio holders who intend to hold their stock for long periods. For selling a put or call the stockholder receives a premium ranging from $112.50 on 100 shares and up, depending on the price of the stock and length...
...option seller to avoid big losses, Filer cites two rules: 1) never sell a call option unless you own the stock, since you may have to buy it at a higher price if the call is exercised; and 2) never sell a put option unless you have the money to pay for the stock if the stock is put to you. "Following these rules," says Filer, "the risk in selling options is no greater than the risk in owning stocks...
...post put Greenough in line as heir to James M. Symes, who moved up from president to chairman and remained chief executive officer. Symes, 62, plans to retire in 2½ years, in Pennsy fashion wanted to pick his successor well ahead of time...
...manuscript of Ulysses, bit by bit, from Zurich to London, and for a time British censors suspected the book of being an enemy code. It was a prophetic incident; for decades Joyce would inspire battles between the code sniffers and the cult worshipers. Once when asked why he put so many puzzlers into his works, Joyce replied: "To occupy my critics for 300 years." Richard Ellmann, professor of English at Northwestern University, worked a mere seven years on this huge biography, but its great and fascinating merit is that it demystifies Joyce without debunking him. It will be read...