逸园遐思
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正文
来源: The New Market Wizard by Jack Schwager
Jack Schwager: Covered calls [buying a stock and selling a call against it] are freqnently promoted as trading strategies. As we both know, doing a covered call is identical to selling a put. Is there ever any strategic rationale for implementing a covered call instead of a short put, or is the former promoted because it involves a double commission, or perhaps for semantic reasons - that is, even though the two trades are identical, the covered call sounds like a less risky proposition than a short put position?
Blair Hull: I don't know how to articulate the fraud that is sometimes perpetrated on the public. A lot of strategies promoted by brokers do not serve the interest of their clients at all. I almost feel guilty when taking the other side of a covered call position, because it's obvious that the customer is operting under a misconception.
Jack Schwager: Then you agree that anyone who wants to do a covered call would be better off simply selling a put, assuming that he plans to initiate and liquidate the stock and call positions simultaneously?
Blair Hull: Right. If you want to guarantee an inferior strategy, do covered calls.
Jack Schwager: I could never understand the logic ...
Blair Hull: You've got the game.
Jack Schwager: Covered calls [buying a stock and selling a call against it] are freqnently promoted as trading strategies. As we both know, doing a covered call is identical to selling a put. Is there ever any strategic rationale for implementing a covered call instead of a short put, or is the former promoted because it involves a double commission, or perhaps for semantic reasons - that is, even though the two trades are identical, the covered call sounds like a less risky proposition than a short put position?
Blair Hull: I don't know how to articulate the fraud that is sometimes perpetrated on the public. A lot of strategies promoted by brokers do not serve the interest of their clients at all. I almost feel guilty when taking the other side of a covered call position, because it's obvious that the customer is operting under a misconception.
Jack Schwager: Then you agree that anyone who wants to do a covered call would be better off simply selling a put, assuming that he plans to initiate and liquidate the stock and call positions simultaneously?
Blair Hull: Right. If you want to guarantee an inferior strategy, do covered calls.
Jack Schwager: I could never understand the logic ...
Blair Hull: You've got the game.
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