微软的备兑看涨策略既能产生收入，也能保留上行空间，而滚动操作则提供了一种继续持有该股票的方式。
逐段跳播
路径一是你持有微软，比如说。你卖出一个看涨期权，收取权利金，发生行权，你就出局了。股票再涨20%，你已收取权利金。你总共上涨18%。还不错。你转向下一只股票。
Path one is you own Microsoft, let's say. You sell a call, you collect premium, assignment happens and you're out. Stock runs another 20% and you collected your premium. You're up 18% total. Not bad. You move on to the next stock.
路径二是你再次持有微软或任何其他股票，然后你卖出一个看涨期权。你收取权利金。股票朝你的行权价运行。你进行展期。你买回该期权。你卖出一个更高行权价的期权。你收取更多权利金，股票进一步上涨，然后你再次展期。同一只股票，不同的收入流。
Path two, you own Microsoft again or whatever and then you sell a call. You collect premium. The stock runs towards your strike. You roll. You buy the call back. You sell a higher call. You collect more premium and the stock runs further and then you roll again. Same stock, different income stream.
这个频道对 $MSFT 的历次判断
Cash Flow Machine | Mark Yegge | Wealth Architect 在这只股票上共 2 条判断，这里只列相邻的几条。