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Message: [QUOTE="Forza Azzurri, post: 3707580, member: 1452"] I'm not sure I agree with this. He says he own cash-secured puts against covered calls. I am not 100% sure what a cash-secured put is but I will assume that it means he is long a fully paid-for put (if I am wrong about this, then the rest of this post becomes irrelevant). So, if he is long a put and is long a covered call (ie. long stock, short call), then he is long put, long stock, short call. From put-call parity, it really means he is long a riskless asset (ie. cash). If the skew is inverted (which I understand it has been for stocks like Gamestop due to all the retail call buying), then there is some juice in the inverted skew. How have you come to the conclusion that he is long 203K of stock from his post? [/QUOTE]