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2021-03-19

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How to Hedge Your Portfolio Against a Stock Market Plunge<blockquote>如何对冲您的投资组合以应对股市暴跌</blockquote>

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Record angst.Such is the predicament of many investors as the stock market keeps risin","content":"Record highs. Record angst.<blockquote>历史新高。记录焦虑。</blockquote>Such is the predicament of many investors as the stock market keeps rising higher and higher. The historic advance has left many investment accounts plump with unrealized gains, and that is starting to make some investors fret about what comes next.<blockquote>随着股市越来越高，这就是许多投资者的困境。历史性的进步让许多投资账户充满了未实现的收益，这开始让一些投资者担心接下来会发生什么。</blockquote>“Does a good thing go on forever? Human nature, and experience, suggest otherwise,”Michael Schwartz, Oppenheimer &amp; Co.’s chief options strategist, told&nbsp;Barron’s.<blockquote>“一件好事会永远持续下去吗？奥本海默公司首席期权策略师迈克尔-施瓦茨（Michael Schwartz）告诉《巴伦周刊》：”人性和经验表明并非如此。</blockquote>Though it has been hard to be bearish about stocks for a long time, some investors are beginning to fixate on the unrealized gains in their portfolios. Rather than selling securities to lock in those gains—which is a profoundly difficult decision for all but the most disciplined—investors are looking at protecting them with options.<blockquote>尽管长期以来很难看空股票，但一些投资者开始关注投资组合中未实现的收益。投资者没有出售证券来锁定这些收益——这对除了最自律的人之外的所有人来说都是一个极其困难的决定——而是考虑用期权来保护他们。</blockquote>It’s impossible to quantify hedging activity, but defensive trading patterns are starting to emerge in the market. For the first time in ages, says Schwartz, the dean of the Street’s options strategists, clients have begun asking how to hedge stock portfolios in case something upsets the historic rally.<blockquote>对冲活动无法量化，但市场上开始出现防御性交易模式。Street's options strategists 的院长施瓦茨说，多年来，客户们第一次开始询问如何对冲股票投资组合，以防历史性的涨势受到干扰。</blockquote>His clients aren’t citing any specific reason for a stock market decline. He says they just seem to have concerns that making money through investing won’t be as easy as it has been for so long.<blockquote>他的客户没有给出股市下跌的任何具体原因。他说，他们似乎只是担心通过投资赚钱不会像长期以来那样容易。</blockquote>The&nbsp;S&amp;P 500 index&nbsp;is up about 80% since its March 2020 lows, and many stocks have surged even more.<blockquote>标普500指数自 2020 年 3 月低点以来已上涨约 80%，许多股票的涨幅甚至更大。</blockquote>To hedge, Schwartz has advised some clientsto buy put options&nbsp;directly on the S&amp;P 500. A $1 million portfolio can be partially hedged against a 10% stock market decline by buying three S&amp;P 500 April $3,925 puts. Each contract cost about $6,530 when the benchmark index was at 3974. The total cost to hedge is about $19,590.<blockquote>为了对冲，施瓦茨建议一些客户直接在标普500上购买看跌期权。100万美元的投资组合可以通过购买三个标普500 4月3,925美元的看跌期权来部分对冲10%的股市下跌。当基准指数为 3974 时，每份合约的成本约为 6,530 美元。对冲的总成本约为19,590美元。</blockquote>If the index declines by 10%, the portfolio will decline by about 0.8%, Schwartz says. If the index declines 10%, to 3553, the puts would be worth about $92,009. If the index is above the put strike price at expiration, the hedge fails, and the money spent on the puts is probably lost or seriously diminished. During the past 52 weeks, the S&amp;P 500 has ranged from 2191.86 to 3981.04. The index is up about 6% so far this year.<blockquote>施瓦茨表示，如果指数下跌 10%，投资组合将下跌约 0.8%。如果该指数下跌 10%，至 3553，看跌期权价值约为 92,009 美元。如果指数到期时高于看跌期权执行价格，则对冲失败，花在看跌期权上的钱很可能会损失或严重缩水。过去52周，标普500在2191.86至3981.04之间波动。今年迄今为止，该指数已上涨约 6%。</blockquote>Over the years, we have rarely discussedhedging strategies. Our preferred approach since the 2007-09 financial crisis has generally been to sell puts and buy call options. The existence ofa massive “Fed put”minted by low interest rates has generally supported such a bullish posture. Ironically, this has helped to make hedging more reasonably priced for the first time in a long while.<blockquote>多年来，我们很少讨论对冲策略。自2007-09年金融危机以来，我们的首选方法通常是卖出看跌期权并买入看涨期权期权。低利率带来的大量 “美联储看跌期权 ”的存在总体上支持了这种看涨态势。具有讽刺意味的是，这在很长一段时间以来首次帮助对冲定价更加合理。</blockquote>In the past, the stock market needed to experience a massive correction for hedges even to be worth the expense. Now, hedging expenses have moderated for reasons that reflect deep changes in the options market.<blockquote>过去，股市需要经历一次大规模的对冲调整，即使是值得的。现在，由于反映期权市场深刻变化的原因，对冲费用有所放缓。</blockquote>Rather than just buying stocks, a new breed of investors is also buying loads of upside calls to further cash in on the rising stock market. This incredible bullishness among investors means that calls are often more expensive than puts. In other words, the market mob is arguably more greedy than fearful at this current moment.<blockquote>新一代投资者不仅购买股票，还购买大量上涨的评级，以进一步从上涨的股市中获利。投资者令人难以置信的乐观情绪意味着评级通常比看跌期权更贵。换句话说，目前市场暴徒可以说是贪婪多于恐惧。</blockquote>Still, anyone who considers hedging must understand that hedges must be managed. They are not “set and forget” positions.<blockquote>尽管如此，任何考虑对冲的人都必须明白，对冲必须进行管理。它们不是 “一劳永逸 ”的职位。</blockquote>Many investors fail to realize profits on hedges because they get greedy, and hedges expire with little profit when the market rebounds. Determine in advance at what point you would monetize the hedge. Some investors will take profits at a 100% gain; others at 50%.<blockquote>许多投资者无法在对冲中实现利润，因为他们变得贪婪，当市场反弹时，对冲到期时几乎没有利润。提前确定你将在什么时候将对冲货币化。有些投资者会以100%的收益获利了结；其他人占50%。</blockquote>The key is just to take the profits, which can be as difficult to do on the downside as it is on the upside.<blockquote>关键是获利，这在下行时和在上行时一样困难。</blockquote>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>How to Hedge Your Portfolio Against a Stock Market Plunge<blockquote>如何对冲您的投资组合以应对股市暴跌</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nHow to Hedge Your Portfolio Against a Stock Market Plunge<blockquote>如何对冲您的投资组合以应对股市暴跌</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nBarrons2021-03-19 14:45\n\n</h4>\n</header>\n<article>\nRecord highs. Record angst.<blockquote>历史新高。记录焦虑。</blockquote>Such is the predicament of many investors as the stock market keeps rising higher and higher. The historic advance has left many investment accounts plump with unrealized gains, and that is starting to make some investors fret about what comes next.<blockquote>随着股市越来越高，这就是许多投资者的困境。历史性的进步让许多投资账户充满了未实现的收益，这开始让一些投资者担心接下来会发生什么。</blockquote>“Does a good thing go on forever? Human nature, and experience, suggest otherwise,”Michael Schwartz, Oppenheimer &amp; Co.’s chief options strategist, told&nbsp;Barron’s.<blockquote>“一件好事会永远持续下去吗？奥本海默公司首席期权策略师迈克尔-施瓦茨（Michael Schwartz）告诉《巴伦周刊》：”人性和经验表明并非如此。</blockquote>Though it has been hard to be bearish about stocks for a long time, some investors are beginning to fixate on the unrealized gains in their portfolios. Rather than selling securities to lock in those gains—which is a profoundly difficult decision for all but the most disciplined—investors are looking at protecting them with options.<blockquote>尽管长期以来很难看空股票，但一些投资者开始关注投资组合中未实现的收益。投资者没有出售证券来锁定这些收益——这对除了最自律的人之外的所有人来说都是一个极其困难的决定——而是考虑用期权来保护他们。</blockquote>It’s impossible to quantify hedging activity, but defensive trading patterns are starting to emerge in the market. For the first time in ages, says Schwartz, the dean of the Street’s options strategists, clients have begun asking how to hedge stock portfolios in case something upsets the historic rally.<blockquote>对冲活动无法量化，但市场上开始出现防御性交易模式。Street's options strategists 的院长施瓦茨说，多年来，客户们第一次开始询问如何对冲股票投资组合，以防历史性的涨势受到干扰。</blockquote>His clients aren’t citing any specific reason for a stock market decline. He says they just seem to have concerns that making money through investing won’t be as easy as it has been for so long.<blockquote>他的客户没有给出股市下跌的任何具体原因。他说，他们似乎只是担心通过投资赚钱不会像长期以来那样容易。</blockquote>The&nbsp;S&amp;P 500 index&nbsp;is up about 80% since its March 2020 lows, and many stocks have surged even more.<blockquote>标普500指数自 2020 年 3 月低点以来已上涨约 80%，许多股票的涨幅甚至更大。</blockquote>To hedge, Schwartz has advised some clientsto buy put options&nbsp;directly on the S&amp;P 500. A $1 million portfolio can be partially hedged against a 10% stock market decline by buying three S&amp;P 500 April $3,925 puts. Each contract cost about $6,530 when the benchmark index was at 3974. The total cost to hedge is about $19,590.<blockquote>为了对冲，施瓦茨建议一些客户直接在标普500上购买看跌期权。100万美元的投资组合可以通过购买三个标普500 4月3,925美元的看跌期权来部分对冲10%的股市下跌。当基准指数为 3974 时，每份合约的成本约为 6,530 美元。对冲的总成本约为19,590美元。</blockquote>If the index declines by 10%, the portfolio will decline by about 0.8%, Schwartz says. If the index declines 10%, to 3553, the puts would be worth about $92,009. If the index is above the put strike price at expiration, the hedge fails, and the money spent on the puts is probably lost or seriously diminished. During the past 52 weeks, the S&amp;P 500 has ranged from 2191.86 to 3981.04. The index is up about 6% so far this year.<blockquote>施瓦茨表示，如果指数下跌 10%，投资组合将下跌约 0.8%。如果该指数下跌 10%，至 3553，看跌期权价值约为 92,009 美元。如果指数到期时高于看跌期权执行价格，则对冲失败，花在看跌期权上的钱很可能会损失或严重缩水。过去52周，标普500在2191.86至3981.04之间波动。今年迄今为止，该指数已上涨约 6%。</blockquote>Over the years, we have rarely discussedhedging strategies. Our preferred approach since the 2007-09 financial crisis has generally been to sell puts and buy call options. The existence ofa massive “Fed put”minted by low interest rates has generally supported such a bullish posture. Ironically, this has helped to make hedging more reasonably priced for the first time in a long while.<blockquote>多年来，我们很少讨论对冲策略。自2007-09年金融危机以来，我们的首选方法通常是卖出看跌期权并买入看涨期权期权。低利率带来的大量 “美联储看跌期权 ”的存在总体上支持了这种看涨态势。具有讽刺意味的是，这在很长一段时间以来首次帮助对冲定价更加合理。</blockquote>In the past, the stock market needed to experience a massive correction for hedges even to be worth the expense. Now, hedging expenses have moderated for reasons that reflect deep changes in the options market.<blockquote>过去，股市需要经历一次大规模的对冲调整，即使是值得的。现在，由于反映期权市场深刻变化的原因，对冲费用有所放缓。</blockquote>Rather than just buying stocks, a new breed of investors is also buying loads of upside calls to further cash in on the rising stock market. This incredible bullishness among investors means that calls are often more expensive than puts. In other words, the market mob is arguably more greedy than fearful at this current moment.<blockquote>新一代投资者不仅购买股票，还购买大量上涨的评级，以进一步从上涨的股市中获利。投资者令人难以置信的乐观情绪意味着评级通常比看跌期权更贵。换句话说，目前市场暴徒可以说是贪婪多于恐惧。</blockquote>Still, anyone who considers hedging must understand that hedges must be managed. They are not “set and forget” positions.<blockquote>尽管如此，任何考虑对冲的人都必须明白，对冲必须进行管理。它们不是 “一劳永逸 ”的职位。</blockquote>Many investors fail to realize profits on hedges because they get greedy, and hedges expire with little profit when the market rebounds. Determine in advance at what point you would monetize the hedge. Some investors will take profits at a 100% gain; others at 50%.<blockquote>许多投资者无法在对冲中实现利润，因为他们变得贪婪，当市场反弹时，对冲到期时几乎没有利润。提前确定你将在什么时候将对冲货币化。有些投资者会以100%的收益获利了结；其他人占50%。</blockquote>The key is just to take the profits, which can be as difficult to do on the downside as it is on the upside.<blockquote>关键是获利，这在下行时和在上行时一样困难。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.barrons.com/articles/how-to-hedge-your-portfolio-against-a-stock-market-plunge-51616065221?mod=RTA\">Barrons</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".DJI":"道琼斯",".SPX":"S&P 500 Index"},"source_url":"https://www.barrons.com/articles/how-to-hedge-your-portfolio-against-a-stock-market-plunge-51616065221?mod=RTA","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1120004991","content_text":"Record highs. Record angst.Such is the predicament of many investors as the stock market keeps rising higher and higher. The historic advance has left many investment accounts plump with unrealized gains, and that is starting to make some investors fret about what comes next.“Does a good thing go on forever? Human nature, and experience, suggest otherwise,”Michael Schwartz, Oppenheimer & Co.’s chief options strategist, told Barron’s.Though it has been hard to be bearish about stocks for a long time, some investors are beginning to fixate on the unrealized gains in their portfolios. Rather than selling securities to lock in those gains—which is a profoundly difficult decision for all but the most disciplined—investors are looking at protecting them with options.It’s impossible to quantify hedging activity, but defensive trading patterns are starting to emerge in the market. For the first time in ages, says Schwartz, the dean of the Street’s options strategists, clients have begun asking how to hedge stock portfolios in case something upsets the historic rally.His clients aren’t citing any specific reason for a stock market decline. He says they just seem to have concerns that making money through investing won’t be as easy as it has been for so long.The S&P 500 index is up about 80% since its March 2020 lows, and many stocks have surged even more.To hedge, Schwartz has advised some clientsto buy put options directly on the S&P 500. A $1 million portfolio can be partially hedged against a 10% stock market decline by buying three S&P 500 April $3,925 puts. Each contract cost about $6,530 when the benchmark index was at 3974. The total cost to hedge is about $19,590.If the index declines by 10%, the portfolio will decline by about 0.8%, Schwartz says. If the index declines 10%, to 3553, the puts would be worth about $92,009. If the index is above the put strike price at expiration, the hedge fails, and the money spent on the puts is probably lost or seriously diminished. During the past 52 weeks, the S&P 500 has ranged from 2191.86 to 3981.04. The index is up about 6% so far this year.Over the years, we have rarely discussedhedging strategies. Our preferred approach since the 2007-09 financial crisis has generally been to sell puts and buy call options. The existence ofa massive “Fed put”minted by low interest rates has generally supported such a bullish posture. Ironically, this has helped to make hedging more reasonably priced for the first time in a long while.In the past, the stock market needed to experience a massive correction for hedges even to be worth the expense. Now, hedging expenses have moderated for reasons that reflect deep changes in the options market.Rather than just buying stocks, a new breed of investors is also buying loads of upside calls to further cash in on the rising stock market. This incredible bullishness among investors means that calls are often more expensive than puts. In other words, the market mob is arguably more greedy than fearful at this current moment.Still, anyone who considers hedging must understand that hedges must be managed. They are not “set and forget” positions.Many investors fail to realize profits on hedges because they get greedy, and hedges expire with little profit when the market rebounds. Determine in advance at what point you would monetize the hedge. Some investors will take profits at a 100% gain; others at 50%.The key is just to take the profits, which can be as difficult to do on the downside as it is on the upside.","news_type":1,"symbols_score_info":{".DJI":0.9,".SPX":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":930,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":4,"xxTargetLangEnum":"ORIG"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/350013943"}