Subject: Re: S&P vs. Rodriguez-Chart
My number of shares "controlled" has been reduced, due to converting calls to shares. Does this account for any of your share reduction?

Personally, I count everything the same. So selling 1 call is the same as selling 100 shares. All long exposures are the same.
(I also count writing a covered call against existing long positions as equivalent to a stock sale)

I think of switches between shares and calls as a separate financing activity: borrowing money or paying it back.

Jim