问题如下：
Hill refers his friend, Richard Morrison, the former CEO of Masury Bridge and Iron (MBI), to Keller to discuss his wealth goals.
Keller realizes that the Morrisons’ decision making is influenced by psychological considerations and decides to use a goal-based planning approach. Keller constructs the table below to simplify the discussion at their next scheduled meeting.
Table：Morrison Family Wealth Distribution
Keller and Richard Morrison discuss several hedging techniques. To lock-in a floor price and retain unlimited upside potential, Morrison decided to use a protective put position.
Explain one drawback of this hedging strategy.
选项： 解释：
There are two potential drawbacks with this hedging strategy. The strategy requires an outof- pocket expenditure to purchase the put options, which can be significant depending on a number of factors, including the volatility of the stock, the strike price, and maturity. Another potential drawback is the credit risk of the counterparty. Counterparty risk is greater for an over-the-counter (OTC) derivative because the investor incurs the credit risk of a single counterparty. With respect to exchange-traded instruments, because a clearinghouse is the counterparty and guarantees the instrument, the investor incurs significantly less counterparty risk.
请问为什么会有信用风险呢，这种put不都是交易所买卖的么，要去OTC单独设置么？
另外，这种hedging，protective put是看涨collar是区间看涨，那么他们什么时候卖出股票呢，不卖的话怎么有钱做goal base投资，难道是要质押？这个明显没有yield enhancement有明显卖出准备好吧。
