dzlab · 2021年03月06日
NO.PZ2018091705000067
问题如下：
Explain two drawbacks to write covered calls as a monetization strategy.
解释：
There are two potential drawbacks with this strategy: The investor retains full downside exposure to the shares (to the extent the share price decreases by more than the premium received), and the upside potential is limited (the call strike price plus the premium received).
Write call optoin 跟yield enhancement with covered call是一回事吗？
王暄_品职助教 · 2021年03月07日
我这里给同学再说一遍writed covered call，希望可以解答你的疑惑。
Write covered calla的头寸：
a) 若将来价格跌了一些些，buyer就不会行权，而我反而赚了一些premium的钱。（这里就是yield enhancement with covered call,所以yield enhancement with covered call就是附着在writed covered call上的一个小小好处，所以叫“yield enhancement")。但是如果价格下跌的幅度大于我收到的premium的钱，则有损失。也就The investor retains full downside exposure to the shares
b) 若将来价格涨了，且涨到了行权价格之上，那么buyer就会来找我行权，那么我就要把股票卖给buyer，我就无法享受到股价上涨带来的好处，也就是upside potential is limited
但为什么我们有时候还会选择write call option呢
1. 因为如果预计股价会跌，但就跌一点点，那么我就可以通过卖call option赚一些premium（前提是premium>股价跌的幅度，这样才会赚钱）-->即你题到的yield enhancement
2. 但如果就这么不巧，股价大涨，buyer来找我行权，那么我也就刚好把这一大笔single-stock position卖给buyer了，拿着钱我再去做别的分散化投资以达到monetization的目的
NO.PZ2018091705000067 Explain two awbacks to write coverecalls a monetization strategy. There are two potentiawbacks with this strategy: The investor retains full wnsi exposure to the shares (to the extent the share pricreases more ththe premium receive, anthe upsi potentiis limite(the call strike priplus the premium receive. coverecall本身就是买进股票，同时卖出看涨期权 write是卖出，那不是要反过来么
NO.PZ2018091705000067 Explain two awbacks to write coverecalls a monetization strategy. There are two potentiawbacks with this strategy: The investor retains full wnsi exposure to the shares (to the extent the share pricreases more ththe premium receive, anthe upsi potentiis limite(the call strike priplus the premium receive. 不明白最后一句，为什么最大收益是premium和strike price的和呢？ 股价下跌时候，若太多，premium覆盖不过来，最多也就赚premium； 股价上涨时候，最多也就是strike price。 为什么就是两个的和呢？
Explain two awbacks to write coverecalls a monetization strategy. There are two potentiawbacks with this strategy: The investor retains full wnsi exposure to the shares (to the extent the share pricreases more ththe premium receive, anthe upsi potentiis limite(the call strike priplus the premium receive. 请老师一下write coverecall
