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Show Me the Money: Covered Calls & Naked Puts for a Monthly Cash Income, by Ronald Groenke
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Are you leaving Cash on the table?
As an investor you have stocks in your portfolio. Those stocks, individually, will go up, down or remain about the same. Nothing really you can do about that. Market forces and corporate actions beyond your control will cause fluctuations in the value of your holdings.
But......
There is one important action you can take that will put cash in your brokerage account, today and month after month as time rolls by.
Selling Covered Calls and Naked Puts is a stock market strategy favored by many savvy investors. Here s how it works. Take one of your stocks, Stock ABC, which has a market price of $29. If you will agree to sell that stock (a Call option) for $30 on the third Friday of next month the market will pay you X amount of dollars today (the option premium). That s the money that you are currently leaving on the table. The premium X varies by stock and typically is two to three percent of the stock price.
Think about what can happen when you sell the option. Only one of two things will happen. If the stock price of ABC is above $30 on the third Friday you sell it for $30. That will happen about 30% of the time. The other possibility is that ABC is selling for $30 or less on the third Friday. In that case the option expires and you can sell another Call.
Either way the option premium Real Cash Money is in your brokerage account ready to be spent or reinvested.
Continue the process month after month for a constant cash income from your portfolio.
The Naked Put strategy also gives you immediate cash. Using the same example with Stock ABC, which is in your portfolio and has a market price of $29, if you agree to buy additional shares at a discounted price of $27.50 on the third Friday of next month (a Put option) the market will pay you Y amount of dollars today (the option premium). If the stock price is above $27.50 on the third Friday the option expires and you can sell another Put, generating more cash income. If the price does dip below $27.50 then you buy the additional shares and can now sell more Covered Calls. The put premium Y varies by stock and typically is one to three percent of the stock price.
This book will give you the basic skills to master the art of selling Covered Calls and Naked Puts.
Ron Groenke has developed software based on the investment concepts in his books. A free 21-day trial is available at RonGroenke.com
- Sales Rank: #128574 in Books
- Brand: Brand: Keller Publishing
- Published on: 2009-01-02
- Original language: English
- Number of items: 1
- Dimensions: .70" h x 6.00" w x 8.90" l, .70 pounds
- Binding: Paperback
- 200 pages
- Used Book in Good Condition
Review
Fifteen years ago a friend and I tried the options market and failed miserably. A year ago I read Ron's book and two comments hit me like a bolt of lightning:
1) You make money by selling, not buying; and,
2) With options, the goal is monthly cash flow, not long term increase in assets.
What simple concepts. I'm 72 and don t have time for the long-term. I use Ron's ideas and his VISIONS software and have steadily increased my monthly cash flow.
You can download a free 21 day trial of VISIONS at RonGroenke.com
Javin Taylor Las Cruces, NM 88007 --An Investor
My experience with Ron Groenke has been very positive:
I picked up Ron's book at Barnes & Noble a few months ago. It was well written and easy to read. Even though I consider myself an experienced investor as I was in the financial planning business for over 10 years, this was the first time I had heard of Ron's concept of using covered calls and naked puts. The concept immediately made sense to me and I have implemented it with a good deal of success. His Visions software - RonGroenke.com - is a great compliment to the strategy. Not only has Ron come up with a great investment strategy, he is a very nice, honest man who is obviously passionate about his system.
Mike Conlon Cary, NC 27511 --An Investor
My experience with Ron Groenke has been very positive:
I picked up Ron's book at Barnes & Noble a few months ago. It was well written and easy to read. Even though I consider myself an experienced investor as I was in the financial planning business for over 10 years, this was the first time I had heard of Ron's concept of using covered calls and naked puts. The concept immediately made sense to me and I have implemented it with a good deal of success. His Visions software - RonGroenke.com - is a great compliment to the strategy. Not only has Ron come up with a great investment strategy, he is a very nice, honest man who is obviously passionate about his system.
Mike Conlon Cary, NC 27511 --An Investor
Fifteen years ago a friend and I tried the options market and failed miserably. A year ago I read Ron s book and two comments hit me like a bolt of lightning:
1) You make money by selling, not buying; and,
2) With options, the goal is monthly cash flow, not long term increase in assets.
What simple concepts. I m 72 and don t have time for the long-term. I use Ron s ideas and his VISIONS software and have steadily increased my monthly cash flow.
Javin Taylor Las Cruces, NM 88007 --An Investor
About the Author
Ron Groenke moved from Minnesota to the sunny gulf coast community of Marco Island after twenty-five years in the communications systems and software development environment. He has been active in the stock options market for over twenty five years and developed the concepts and techniques provided in this book.
On Marco, he and wife, Jean, are active in their church and busy entertaining family and friends who visit from the north.
Besides options investing/advising, other activities include personal computing, walking, boating, and volunteer work.
Most helpful customer reviews
41 of 46 people found the following review helpful.
An interesting method but it understates the risks involved
By Individual Investor
Ronald Groenke rightfully stresses the importance of cash flow but he understates the risks involved. This is a book written for option beginners and, as such, a little more emphasis on the risk involved would be appropriate. The book is mostly about covered calls and while there is not much additional risk in selling covered calls there is an important trade-off that should be considered. When you sell covered calls you give up the possibility of a Peter Lynch style multi-bagger replacing it with an income stream.
There is not much discussion about selling naked puts but if they are suggested it should be made clear that they are a lot more risky than covered calls. The first caveat is that unless you are called Warren Buffett you have secure the puts. The puts are "naked" in that they are not covered by stock short sales but they are secured with cash or margin. On page 54 Groenke says: "And you get paid up front when you sell a Call or a Put. That money is yours no matter what." This not true for puts, the premium you get plus another amount is retained by the broker as a guarantee against being assigned. If assigned, that money goes to pay the shares you are buying.
Groenke also overstates the income you get from the puts. In effect he ignores the amount of money you put at risk when selling the naked put which is the strike price less the premium you receive. From page 43: Jake asks "With Career Education you sold numerous Puts and they expired. How would you computer your return on that?" to which Graham replies: "Perhaps with the potential investment of an assigned put." That is the correct answer but that is not how he computes the rates of return on the puts. On page 45 there is the case for Plexus which shows a gain of 9.96% based on $17.604.50 invested in 800 shares at $22.00. But the total amount of money put at risk is $17.604.50 for the shares and $19,462.02 for the puts, $20,000 strike less $537.98 premium received. Using $37,066.52 as your base, the return is only 4.84%. My calculation assumes that the stock goes to zero and while that is not likely, had you invested in Lehman Bros. or Enron, well...
I bought the book because I too like selling covered calls and cash (margin) secured naked puts. Frankly the story of Jake and his professor is a bit corny but don't let that put you off, it helps pace the real stuff. One reviewer complained that the book is really an infomercial, which it is. One of the big difficulties in investing is finding stocks to invest in, one should have an inventory of potential candidates. If the software Groenke has for sale, which I have not tested, lives up to what he claims for it, then it makes a lot of sense for him to offer that software and explain what it does. A lot of books are long on theory and short on practice. Show Me the Money is short on theory but, with the help of the software, long on practicality.
As a closing comment, if you are going to sell naked puts, make sure not to overextend your margin, the money you got for the puts has not been earned until either the puts are bought back or they expire worthless.
25 of 28 people found the following review helpful.
A Written Infomercial
By T. John
The first few pages are an advertisement for his website/software and I knew right away it was going to be "another one of those books." I love reading stock books though, so I chose not to judge a book by its cover or by the first few pages. It didn't get better... It was basically an infomercial, literally; it even had fake characters telling their story. The story is about a couple and their rich friends and in the beginning of the book the character even thinks to himself, "Hmm... I wonder which one of my rich friends that new bentley belongs too" (not literally word-for-word but that is the basic idea. From the title "Show Me the Money" I was expecting an advertisement, but like I said, I dont judge books by their cover. I feel like my intelligence has been insulted. Let me get one thing clear: selling monthly options IS a good strategy and that is why I bought this book - I wanted to learn more about the strategy, but this book quickly ended up in my garbage can. If you want to learn about selling options then I encourage you to keep researching, however, save yourself the time and try other books first.
14 of 15 people found the following review helpful.
A 200 page advertisement
By B Priz
If you're already familiar with covered calls, this book is elementary. It really could have been condensed into about 25 pages, just including the stock search criteria and the explanation of the key indicators. I tried out the trial of the free software also. It was all right, but nothing your brokerage couldn't give you. I paper traded a couple of the recommendations and they did all right, but the problem was the option premiums on the selected stocks were too low to make any money.
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