shyang1620 發表於 2013-2-28
沒看過這書，所以只能從自己的經驗回答，我的作法是找預期報酬率高，但尚未跌到購入價位的股票來研究要不要賣put，賣put的gain對我是short term capital gain，稅率會比較高，而且要一兩個月搞一次，有些煩瑣。
舉例而言，CIG March 16, 2013 strike price $10就好像有2-3%權利金。 但是好像是因為option market， liquidity不那麼好，成交量有時是沒有的。
Let's say we write, CIG March 16 put with a strike priceat $10 for $0.3. There are several scenarios that could happen,
1) CIG closes on March 16th at $10.01 or above, we pick $0.3 up. 3% for half month, not bad! I think this is what
the book is telling people to do.
2) CIG closes on March 16th at at $9.99 but higher than $9.7, stock got put to us, but since we received $0.3 up front, you make money.
3) CIG closes on March 16th at a price <$9.7, then we lose money "temporarily."
Now scenario 3 has 2 sub scenarios.
3a) let say CIG close on March 16th, not so much below $9.7. Let say $9.5. Then we can try to sell covered call to make it back.
3b) How about CIG closes at $8 per share on March 16th? Since we paid $9.7 for the stock,
now we have to write quite covered calls for 5-6 times to just earn the money back. If the much lower price is not due to the general market becomes lower but due to company specific issues, we probably can not make the money back.
Here (senario 3b) lies the real risk!
To reduce the company-specific risk, we can try to do this on SPY or QQQ. However, with the low VIX nowadays, I don't think we can get 2-3% a month even if we are lucky and that these ETFs were to be never put to us.
For this reason, I would only write puts when I am willing to buy the stock at the strike price for the put.
說到VIX很低，interest rate 現在也很低，結果LEAP也變得很便宜。
BRK-B LEAP Jan 2015 strike 45, bid 55.25 ask 57.8,
假如買在57.8，借錢投資的年利率是~2% per year
假如買在56.55 (~mid point of bid and ask)，借錢投資的年利率是~0.3% per year。
This is much better than borrowing margin loan to invest.