问题如下：
An option portfolio exhibits high unfavorable sensitivity to increases in implied volatility and while experiencing significant daily losses with the passage of time. Which strategy would the trader most likely employ to hedge the portfolio?
选项： Sell short-dated options and buy long-dated
options.
Buy short-dated options and sell long-dated options.
C.Sell short-dated options and sell long-dated options.
D.Buy short-dated options and buy long-dated options.
解释：
ANSWER: A
Such a portfolio is short vega (volatility) and short theta (time). We need to implement a hedge that is delta-neutral and involves buying and selling options with different maturities. Long positions in short-dated options have high negative theta and low positive vega. Hedging can be achieved by selling short-term options and buying long-term options.
这道题纠结了一两个钟头还是不明白。既然题目说不喜欢波动率，那就应该short vega高的option，或者long vega低的option。maturity越长vega越大，所以不是应该sell long dated 或者 buy short dated吗？
