pˌʊt kˈɔːl pˈæɹᵻɾi: ɐ lˈɔŋ jˌʊɹɹəpˈiən kˈɔːl sˈiː təɡˌɛðɚ wɪð ɐ ʃˈɔːɹt jˌʊɹɹəpˈiən pˌʊt pˈiː æt ðə sˈeɪm stɹˈaɪk pɹˈaɪs kˈeɪ ɪz ɪkwˈɪvələnt tə bˈɑːɹoʊɪŋ ænd bˈaɪɪŋ ðə stˈɑːk æt pɹˈaɪs ˈɛs. ɪn ˈʌðɚ wˈɜːdz, wiː kæn kəmbˈaɪn ˈɑːpʃənz wɪð kˈæʃ tə kənstɹˈʌkt ɐ sɪnθˈɛɾɪk stˈɑːk:
Put call parity: A long European call c together with a short European put p at the same strike price K is equivalent to borrowing  and buying the stock at price S. In other words, we can combine options with cash to construct a synthetic stock: