Tìm hiểu làm thế nào lựa chọn thực sự làm việc này giới thiệu đầy đủ các tùy chọn định giá và kinh doanh. Trong ấn bản này sửa đổi và mở rộng, lựa chọn chuyên gia hàng đầu của Courtney Smith chi tiết các ins and outs của cụ này, sinh lợi tài chính mà phức tạp,. Từ các nguyên tắc cơ bản làm việc với các mô hình định giá sáng tạo nhất, chiến lược lựa chọn cho bạn những thông tin bạn cần phải thực hiện một đầu tư khôn ngoan và thành công | 34 WHY AND HOW OPTION PRICES MOVE However you should use the annualized yields to compare two similar strategies not to compare one strategy with other types of investments. For example you make 9 percent for a one-month investment but you do not know what your return will be for the remaining 11 months of the year. You might be able to reinvest at only 5 percent and would have been better off investing in a certificate of deposit at 8 percent for a year. All discussions of return should also be tempered with the risk. One strategy might make 10 percent while another strategy makes 9 percent. It might be that the second strategy is still the best strategy because the risk is significantly lower. Think in terms of the amount of risk you are taking for each unit of profit. Return-if-Exercised The return-if-exercised is the return that the strategy will earn if one or all of the short or written options are exercised. The return-if-exercised is not used if you have not sold short or written any options. The return is calculated by making the assumptions that the option is exercised and no other factor changes. The return is also affected by the type of transaction and account which affect the carrying costs and the final position that the investor owns after the option is exercised. For example in a covered call position the return-if-exercised is the return on the investment if the underlying stock was called away. Suppose you are long 100 General Widget stock at 50 and short one General Widget 45 call options at 7. The option expires in three months. The return if exercised would be the 2 profit on the option divided by the 50 price of the stock. The annualized return would be 2 50 X 12 3 or 1 25 X 4 or 16 percent. Note that the initial investment was assumed to be 50 for the stock. The return-if-exercised would be significantly different if the stock had been bought on margin. The cost of borrowing the money would then have to be taken into account. Also note that
