{"id":247122,"date":"2018-11-27T18:23:26","date_gmt":"2018-11-28T02:23:26","guid":{"rendered":"https:\/\/nai500.com\/?p=247122"},"modified":"2019-01-18T17:19:27","modified_gmt":"2019-01-19T01:19:27","slug":"%e5%8d%96%e5%87%ba%e5%a4%a7%e5%b8%88%e9%83%bd%e7%88%86%e4%bb%93%e4%ba%86%ef%bc%8c%e4%b8%ba%e4%bd%95%e8%bf%98%e8%a6%81%e6%8e%a8%e6%9c%9f%e6%9d%83%e4%ba%a7%e5%93%81","status":"publish","type":"post","link":"https:\/\/nai500.com\/zh-hans\/blog\/2018\/11\/%e5%8d%96%e5%87%ba%e5%a4%a7%e5%b8%88%e9%83%bd%e7%88%86%e4%bb%93%e4%ba%86%ef%bc%8c%e4%b8%ba%e4%bd%95%e8%bf%98%e8%a6%81%e6%8e%a8%e6%9c%9f%e6%9d%83%e4%ba%a7%e5%93%81\/","title":{"rendered":"\u5356\u51fa\u5927\u5e08\u201d\u90fd\u7206\u4ed3\u4e86\uff0c\u4e3a\u4f55\u8fd8\u8981\u63a8\u671f\u6743\u4ea7\u54c1"},"content":{"rendered":"

\u534e\u5c14\u8857\u4ece\u6765\u4e0d\u76f8\u4fe1\u773c\u6cea\uff0c\u4e00\u573a\u9488\u5bf9James Cordier\u7684\u96c6\u4f53\u8bc9\u8bbc\u6b63\u5728\u53d1\u8d77\u3002\u4f5c\u4e3a\u4e00\u4e2a\u79c1\u52df\u57fa\u91d1\u7ba1\u7406\u4eba\uff0c\u4ed6\u7ba1\u7406\u7684290\u4f4d\u5ba2\u6237\u7684\u671f\u6743\u6295\u8d44\u7206\u4ed3\uff0c\u4e0d\u4ec5\u635f\u5931\u4e86\u6240\u6709\u672c\u91d1\uff0c\u8fd8\u6b20\u4e0b\u8bc1\u5238\u516c\u53f8\u4e0d\u83f2\u7684\u8ffd\u52a0\u4fdd\u8bc1\u91d1\u3002<\/p>\n

\u4ed6\u5bf9\u5ba2\u6237\u53d1\u51fa\u7684\u5e26\u7740\u54ed\u8154\u7684\u9053\u6b49\u89c6\u9891\u5e76\u6ca1\u6709\u8d62\u5f97\u4efb\u4f55\u540c\u60c5\uff0c\u6bd5\u7adf\uff0c\u51fa\u6765\u6df7\uff0c\u603b\u5f52\u8981\u8fd8\u7684\uff0c\u8fd9\u662f\u4e98\u53e4\u4e0d\u53d8\u7684\u6c5f\u6e56\u6cd5\u5219\u3002<\/p>\n

\u00a0<\/strong>James Cordier<\/strong>\u4f55\u8bb8\u4eba\u4e5f\uff1f<\/strong><\/p>\n

James Cordier\u7b97\u662f\u671f\u6743\u5356\u51fa\u64cd\u4f5c\u7684\u8001\u70ae\uff0c\u662f\u671f\u6743\u5356\u7a7a\u7f51\u7684\u521b\u7acb\u4eba\uff0c\u4ed6\u7ba1\u7406\u7684\u8d44\u91d1\u4e13\u95e8\u901a\u8fc7\u671f\u6743\u5356\u7a7a\u64cd\u4f5c\u83b7\u5229\u3002<\/p>\n

Cordier 14\u5c81\u5c31\u8fdb\u5165\u671f\u8d27\u5e02\u573a\uff0c\u5728\u4ece\u4e8b\u505a\u5e02\u4ea4\u6613\u5458\uff08market-making trader\uff09\u7684\u5de5\u4f5c\u4e2d\uff0c\u53d1\u6398\u51fa\u201c\u5356\u51fa\u671f\u6743\u201d\u7684\u4ea4\u6613\u7b56\u7565\uff0c1999\u5e74\uff0c\u4ed6\u6210\u7acb\u4e86\u81ea\u7531\u4ea4\u6613\u96c6\u56e2\uff08Liberty trading group\uff09\uff0c\u5f00\u542f\u4e86\u81ea\u5df1\u7684\u4ea4\u6613\u4e4b\u8def\u30022004\u5e74\uff0c\u4ed6\u7684\u300a\u671f\u6743\u51fa\u552e\u5b8c\u5168\u6307\u5357\u300b\uff08The complete guide to option selling\uff09\u4e00\u4e66\u51fa\u7248\uff0c\u6b64\u540e\u4e09\u6b21\u518d\u7248\uff0c\u8db3\u4ee5\u8bc1\u660e\u5176\u53d7\u5e02\u573a\u6b22\u8fce\u7a0b\u5ea6\u3002<\/p>\n

James Cordier\u7206\u4ed3\u7684\u539f\u56e0\uff0c\u5728\u4e8e\u88f8\u5356\u7a7a\u7f8e\u56fd\u5929\u7136\u6c14\u770b\u6da8\u671f\u6743\uff08naked short on call\uff09\uff0c\u65e0\u4efb\u4f55\u5bf9\u51b2\u4fdd\u62a4\u3002\u5c31\u5728Cordier\u516c\u5e03\u7206\u4ed3\u7684\u524d\u4e00\u5929\uff0c\u7f8e\u5929\u7136\u6c14\u4e00\u5ea6\u66b4\u6da822%\uff0c\u8fd9\u53ef\u80fd\u5c31\u662f\u8ba9\u5176\u7206\u4ed3\u7684\u76f4\u63a5\u539f\u56e0\u3002<\/p>\n

\u6240\u8c13\u7684\u201c\u5356\u51fa\u770b\u6da8\u671f\u6743\u201d\u5c31\u662f\u6536\u53d6\u201c\u770b\u6da8\u671f\u6743\u4e70\u5165\u8005\u201d\u7684\u6743\u5229\u91d1\uff0c\u5982\u679c\u6807\u7684\u5728\u884c\u6743\u671f\u8fbe\u4e0d\u5230\u7ea6\u5b9a\u4ef7\u683c\uff0c\u6536\u53d6\u7684\u6743\u5229\u91d1\u5c31\u662f\u76c8\u5229\u3002\u4f46\u662f\uff0c\u5982\u679c\u6807\u7684\u7269\u5728\u884c\u6743\u671f\u8d85\u8fc7\u7ea6\u5b9a\u4ef7\u683c\uff0c\u4e70\u65b9\u80af\u5b9a\u8981\u884c\u6743\uff0c\u4e70\u65b9\u5fc5\u987b\u627f\u62c5\u884c\u6743\u7684\u4e49\u52a1\u3002<\/p>\n

\u5982\u679c\u6807\u7684\u7269\u6da8\u5e45\u8fc7\u5927\uff0c\u800c\u5356\u51fa\u8005\u53c8\u662f\u201c\u88f8\u5356\u201d\uff0c\u5373\u5728\u5356\u51fa\u7684\u65f6\u5019\uff0c\u624b\u4e0a\u5e76\u6ca1\u6709\u4ea4\u6613\u6807\u7684\u7269\uff0c\u4e70\u5165\u8005\u884c\u6743\uff0c\u5356\u51fa\u8005\u5fc5\u987b\u6309\u7167\u5df2\u7ecf\u66b4\u6da8\u7684\u5e02\u573a\u4ef7\u4e70\u5165\uff0c\u518d\u5c06\u5176\u8f6c\u7ed9\u201c\u671f\u6743\u4e70\u5165\u8005\u201d\u3002<\/p>\n

\u53ef\u4ee5\u770b\u51fa\uff0c\u5356\u51fa\u770b\u6da8\u671f\u6743\u5c5e\u4e8e\u6536\u76ca\u5c01\u9876\uff08\u524d\u671f\u6536\u53d6\u7684\u4fdd\u8bc1\u91d1\uff09\u3001\u98ce\u9669\u65e0\u9650\uff08\u6807\u7684\u7269\u5feb\u901f\u4e0a\u6da8\uff09\u7684\u64cd\u4f5c\u7b56\u7565\uff0c\u4f46\u5176\u4f18\u52bf\u5728\u4e8e\u65e0\u4efb\u4f55\u4ed8\u51fa\u8fd8\u53ef\u5148\u671f\u83b7\u5f97\u8d44\u91d1\uff0c\u80fd\u591f\u201c\u7a7a\u624b\u5957\u767d\u72fc\u201d\u7684\u6e38\u620f\u3002\u800c\u88f8\u5356\u770b\u6da8\u671f\u6743\u7edd\u5bf9\u662f\u627e\u6b7b\u7684\u6e38\u620f\u3002<\/p>\n

\u800cJames Cordier\u5728\u6b64\u524d\u7684\u91c7\u8bbf\u4e2d\u66fe\u7ecf\u8868\u793a\uff1a\u201c\u6211\u4eec\u7684\u76ee\u6807\u5c31\u662f\u91c7\u7528\u6700\u6fc0\u8fdb\u7684\u5de5\u5177\u5e76\u4e14\u4fdd\u5b88\u5730\u7ba1\u7406\u5b83\u3002\uff08Our goal is to take an aggressive vehicle and manage it conservatively\uff0e\uff09\u201d\u4f46\u8fd9\u6b21\u7206\u4ed3\u7684\u7ed3\u679c\uff0c\u8ba9\u6211\u4eec\u770b\u5230\u4ed6\u5b8c\u5168\u6ca1\u6709\u505a\u5230\u4fdd\u5b88\uff0c\u800c\u662f\u7edd\u5bf9\u7684\u201c\u627e\u6b7b\u201d\u3002<\/p>\n

\u98ce\u9669\u5de8\u5927\uff0c\u671f\u6743\u4ea4\u6613\u7684\u610f\u4e49\u4f55\u5728\uff1f<\/strong><\/p>\n

\u671f\u6743\u4ea4\u6613\u81ea\u8eab\u8574\u85cf\u7684\u5de8\u5927\u6760\u6746\u5438\u5f15\u7740\u65e0\u6570\u4ea4\u6613\u5458\u8d8b\u4e4b\u82e5\u9e5c\uff0c\u4eba\u4eba\u90fd\u8ffd\u5bfb\u4e00\u591c\u66b4\u5bcc\u7684\u673a\u4f1a\uff0c\u4f46\u662f\uff0c\u62e5\u6709\u8f89\u714c\u5386\u53f2\u6700\u7ec8\u8f93\u7684\u4e00\u65e0\u6240\u6709\u7684\u7edd\u4e0d\u5728\u5c11\u6570\uff0cJames Cordier\u53ea\u4e0d\u8fc7\u5176\u4e2d\u4e00\u4e2a\u5c0f\u6d6a\u82b1\u3002\u4e8b\u5b9e\u4e0a\uff0c\u5386\u53f2\u4e0a\u7684\u91d1\u878d\u5371\u673a\u5927\u90fd\u7531\u6760\u6746\u8fc7\u9ad8\u7684\u884d\u751f\u54c1\u53d1\u751f\u95ee\u9898\u5f15\u53d1\u3002\u90a3\u884d\u751f\u54c1\u5b58\u5728\u7684\u610f\u4e49\u5728\u54ea\u91cc\u5462\uff1f<\/p>\n

\u4e2d\u56fd\u7684\u91d1\u878d\u884d\u751f\u54c1\u6b63\u5728\u84ec\u52c3\u53d1\u5c55\u4e2d\uff0c2018\u5e749\u6708\uff0c\u4e0a\u6d77\u671f\u8d27\u4ea4\u6613\u6240\u83b7\u6279\u5f00\u5c55\u94dc\u671f\u6743\u4ea4\u6613\uff1b11\u6708\u53c8\u6709\u6d88\u606f\u4f20\u51fa\uff0c\u4e0a\u4ea4\u6240\u3001\u6df1\u4ea4\u6240\u6b63\u5728\u79ef\u6781\u7b79\u5907\u6caa\u6df1300ETF\u671f\u6743\u3001\u6df1100ETF\u671f\u6743\u7b49\u65b0\u54c1\u79cd\uff0c\u90e8\u5206ETF\u671f\u6743\u65b0\u54c1\u79cd\u5df2\u51c6\u5907\u5c31\u7eea\uff0c\u6709\u671b\u4e8e\u8fd1\u671f\u63a8\u51fa\u3002\u96be\u9053\u76d1\u7ba1\u90e8\u95e8\u6279\u51c6\u8fd9\u4e9b\u65b0\u4ea7\u54c1\u53ea\u662f\u4e3a\u4e86\u7ed9\u6295\u673a\u8005\u8fdb\u884c\u66f4\u591a\u6fc0\u8fdb\u64cd\u4f5c\u7684\u5de5\u5177\uff1f<\/p>\n

\u9519\uff01\u6b63\u597d\u76f8\u53cd\uff0c\u671f\u6743\u8bbe\u7acb\u7684\u672c\u610f\uff0c\u662f\u4e3a\u73b0\u8d27\u6295\u8d44\u8005\u548c\u671f\u8d27\u6295\u8d44\u8005\u63d0\u4f9b\u66f4\u4f4e\u6210\u672c\u7684\u98ce\u9669\u5bf9\u51b2\u5de5\u5177\u548c\u4fdd\u9669\u5de5\u5177\u3002\u968f\u7740A\u80a1\u52a0\u5165MSCI\u548c\u5bcc\u65f6\uff0c\u673a\u6784\u6295\u8d44\u8005\u5fc5\u987b\u62e5\u6709\u826f\u597d\u7684\u4f4e\u6210\u672c\u5bf9\u51b2\u5de5\u5177\uff0c\u4ed6\u4eec\u624d\u6562\u4e8e\u5927\u91cf\u6301\u80a1\uff0c\u505a\u5e02\u573a\u7684\u7a33\u5b9a\u5668\uff0c\u800c\u4e0d\u4f1a\u50cf\u6709\u4e9b\u65f6\u5019\u90a3\u6837\u7ade\u76f8\u5356\u51fa\u80a1\u7968\u800c\u5bfc\u81f4\u5e02\u573a\u4e0d\u7a33\u5b9a\u3002<\/p>\n

\u671f\u6743\u64cd\u4f5c\u901a\u5e38\u4e0e\u6301\u6709\u6b63\u80a1\u76f8\u7ed3\u5408\uff0c\u6210\u4e3a\u4f4e\u98ce\u9669\u7ec4\u5408\uff0c\u662f\u4e3a\u80a1\u7968\u6301\u4ed3\u8d2d\u4e70\u7684\u4fdd\u9669\uff0c\u5bf9\u6574\u4e2a\u5e02\u573a\u6765\u8bf4\u5219\u8d77\u7740\u7a33\u5b9a\u5668\u7684\u4f5c\u7528\u3002\u4ee5\u201c\u6536\u76ca\u5c01\u9876\uff0c\u98ce\u9669\u65e0\u9650\u7684\u201d\u7684\u5356\u51fa\u770b\u6da8\u671f\u6743\u4e3a\u4f8b\uff0c\u901a\u5e38\u201c\u5356\u51fa\u770b\u6da8\u671f\u6743+\u6301\u6709\u6b63\u80a1\u201d\uff0c\u5982\u679c\u6b63\u80a1\u5927\u6da8\u5bf9\u624b\u76d8\u884c\u6743\uff0c\u4e0d\u9700\u8981\u9ad8\u4ef7\u4e70\u5165\u3002\u5982\u679c\u6b63\u80a1\u6ca1\u6709\u6da8\u5230\u7ea6\u5b9a\u4ef7\uff0c\u5219\u53ef\u4ee5\u8d5a\u53d6\u6743\u5229\u91d1\uff0c\u5bf9\u4e8e\u957f\u671f\u6295\u8d44\u8005\u6765\u8bb2\uff0c\u610f\u5473\u7740\u6301\u4ed3\u6210\u672c\u964d\u4f4e\u3002\u53ea\u8981\u6301\u6709\u6b63\u80a1\uff0c\u5356\u51fa\u770b\u6da8\u671f\u6743\u662f\u4e00\u79cd\u5f88\u597d\u7684\u5bf9\u51b2\u7b56\u7565\u3002<\/p>\n

\u5de5\u5177\u672c\u8eab\u662f\u628a\u53cc\u5203\u5251\uff0c\u53d1\u6325\u4ec0\u4e48\u6837\u7684\u4f5c\u7528\uff0c\u8fd8\u662f\u8981\u770b\u6295\u8d44\u8005\u5982\u4f55\u9009\u62e9\u4f7f\u7528\u5de5\u5177\u3002\u5356\u51fa\u770b\u6da8\u671f\u6743\u672c\u8eab\u6ca1\u9519\uff0c\u4f46\u88f8\u5356\u770b\u6da8\u671f\u6743\uff0cJames Cordier\u5373\u4fbf\u8fd9\u6b21\u4e0d\u7206\u4ed3\uff0c\u603b\u6709\u4e00\u6b21\u4f1a\u88ab\u5e02\u573a\u6559\u8bad\u7684\u3002\u6295\u8d44\u4e0e\u4eba\u751f\u4e00\u6837\uff0c\u53ea\u6709\u6d3b\u7740\u624d\u6709\u673a\u4f1a\u3002<\/p>\n","protected":false},"excerpt":{"rendered":"

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