If I were CEO of a public corporation instead of doing outright share buybacks, I'd probably just sell puts each time my firm's stock goes down 1% from the HW mark. If it goes down another 1% I'd sell another round of puts. Put sales would be cash secured (no leverage) and I would never commit more than like 15% of cash on hand per month. If the puts expire, the premium collected helps reduce cost basis of future buybacks. If the puts get exercised, the premium reduces the cost basis on shares I would of bought anyway. I was thinking of this the other day when I heard Apple has 70+ billion in cash that is earning sub 1% interest. What will they do will all that money? They're not going to pay a dividend anytime soon and that is way more cash than they need to acquire some of the biggest firms in world. So why not sell puts as a way of doing share buybacks since the stock is still pretty cheap?