A+(-A)=0, why hedge?

Holding a security is for the final exiting price.

- Turbulances en route to destination are irrelevant. Why care about price en route, and why need protection?

- Or, if destination is uncertain, why need to pick the security to begin with?

- Or, if one needs small drawdown as required by high leverage, protection may be needed to avoid being wiped out. But the protection comes at a price, which defeats the original purpose of high leverage. So why use high leverage to begin with?

 

所有跟帖： 

• 卖掉有税的问题，用期权可以小资金保护大资金 -吴门说禅- ♂ (77 bytes) () 10/27/2019 postreply 10:44:29

• but again, if you don't sell, why need protection? -Labourse- ♂ (0 bytes) () 10/27/2019 postreply 10:54:01

• 比如一个股我有利，在财报前可能用部分利润买扑保护下 -吴门说禅- ♂ (0 bytes) () 10/27/2019 postreply 10:58:23

• 这不违背我之前的说法，你希望路途平坦，但如果没卖，平坦是无意义的 -Labourse- ♂ (0 bytes) () 10/27/2019 postreply 11:06:09

• 你看下Macy FA 怎么样，房地产超过enterprise value 了 -吴门说禅- ♂ (0 bytes) () 10/27/2019 postreply 10:46:47

• I already hold M for a while, at -20% below water right now, but -Labourse- ♂ (106 bytes) () 10/27/2019 postreply 10:52:12

• 一定是-A, how about -B, -C. If we don't understand,let't learn to u -水明善- ♂ (0 bytes) () 10/27/2019 postreply 10:46:55

• Understand -水明善- ♂ (0 bytes) () 10/27/2019 postreply 10:49:39

• If there is sure difference, that's called arbitrage, not hedgin -Labourse- ♂ (230 bytes) () 10/27/2019 postreply 10:51:19

• well, the term may be not correct. For me, it is much more impor -水明善- ♂ (72 bytes) () 10/27/2019 postreply 10:56:22

• open mindedness to theories is good, including my theory -Labourse- ♂ (204 bytes) () 10/27/2019 postreply 11:02:46

• 对冲基金需要超过一般投资的回报，需要用杠杆，就得有更好的风险管理。好多做不好效果并不佳，尤其是在大牛市。到了熊市，对冲基金就不一 -五谷不分- ♂ (0 bytes) () 10/27/2019 postreply 10:55:49

• 其实是很矛盾的，用杠杆是为了大起大落，而用对冲又是为了削弱这种起落 -Labourse- ♂ (0 bytes) () 10/27/2019 postreply 11:52:47

• HEDGE 最大的好处是避免回报大起大落 -mythought2007- ♂ (0 bytes) () 10/27/2019 postreply 11:48:43