Subject: Re: Second quarter comments
re covered calls
If the market goes against you and you're losing money, you can "improve" your position by closing it at a loss and replacing it with a new position which is longer dated with a higher strike. Maybe another 3 months later.

Anybody want an example I did today?

The underlying stock was Berkshire, but fancy-shmancy option trading is otherwise OT so I'll skip it if nobody's interested

Jim