You did not follow the posts I made. I don't have any losses as I did not play WBC for the last 6 months. I sold the puts in order to build a position in WBC in the near future. I want to be assigned so I will buy at a further discount from the current price or I just keep the premium. The decision to participate in the buyback depends on each person's personal situation so it's not for everyone. Many here have posted the possible situations where the buyback will work.
The put at strike 23 pays about 4.1% for just 6 weeks! I think that's so good. This means I can get 4.1% premium now and if the share price is under 23 by Dec 16, I will buy around 22. That's a great price. If it is higher than 23, I will keep the premium and buy on the market. However, I have made sure I will buy with discounts so I sold puts at 24, 25 and 26 too. This means the shares will be assigned at about 2.5% - 4% discount when the options expire on Dec 16.
WBC Price at posting:
$23.13 Sentiment: None Disclosure: Held
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