Ask the Fool Naked or Covered Q: What are "naked calls"? - F.J., Keene, N.H.A: They represent an investing strategy using options. Remember that there are two main kinds of options: "calls" and "puts." Owning a call gives you the right to buy a set number of shares, at a set price, within a certain period of time (often just a few months). For this right, you pay a price premium. Puts give you the right to sell shares.

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