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Message: [QUOTE="Da_Aisijimo_Gou, post: 4323713, member: 264"] My reference to calls was not entirely clear, and it should have been on a separate line or in a separate sentence. To hedge against anticipated declines, I referred to puts bought to provide some cover on overall LT holdings. [I]Separately[/I], the calls comment was intended to reference Call BUYS to 1. enable [I]right to buy [/I]some quality large caps, 2. IF the specific companies potentially dropped to desired BUY exercise prices 3. IF overall US equities declined significantly. Did, exercised. [/QUOTE]