Other copy "Every open-minded conservative investor should read this book." --Lawrence G. McMillan, author of Options as a Strategic Investment "The author's option trading guidelines include important issues often overlooked by investors. Attention conservative investors! Michael Thomsett's Options Trading for the Conservative Investor has hit a bulls eye...for you!" --Marty Kearney, The Options Institute, Chicago Board Options Exchange "Michael Thomsett has done a terrific job of showing how a conservative investor can use certain option strategies to his advantage. He spells out how that investor can utilize options to provide income, to protect stock holdings, or even as a substitute for stock itself. Every open-minded conservative investor should read this book." --Lawrence G. McMillan; publisher, The Options Strategist newsletter; president, McMillan Analysis Corporation; author, Options as a Strategic Investment "This book is a must for the diligent investor. Perfectly timed for these uncertain markets, Michael Thomsett provides a lucid guide for how to approach options trading conservatively, yet also focuses on the fundamental need for good returns and provides real examples throughout." --Guy Cohen; author ofThe Bible of Options Strategies and creator of OptionEasy (www.optioneasy.com) If you're an investor concerned with preserving capital, maximizing predictability, and maintaining consistently strong returns, your best solution just might surprise you: Options. In Options Trading for the Conservative Investor, Michael C. Thomsett reveals a narrow band of options strategies that can help you improve results as you systematically reduce unnecessary risk throughout your portfolio. Thomsett, author of the global best-seller Getting Started in Options, writes in simple, nontechnical language, uses real examples, and guides you through every strategy--one easy step at a time. He's made this book simple and visual enough for any experienced investor to use, even if they have no experience trading options. Thomsett is also the author of Stock Profits: Getting to the Core (Financial Times-Prentice Hall 2004), The Leaps Strategist (Marketplace Books 2004), and Investment and Securities Dictionary (McFarland & Company 1986). Thomsett systematically covers several options strategies optimized for conservative investors, including covered call writing on carefully selected stocks, contingent purchase strategies, and powerful "combination" strategies that produce cash to bolster current income. No matter how cautious an investor you are, this book will give you powerful new tools for achieving your financial goals--without losing a moment of sleep. * Fundamental ground rules for conservative options investors * What you should know and believe before you get started * How options fit into your conservative trading strategy * Deciding what stocks to buy or sell options on--and what to avoid * Examples and case studies based on an actual model portfolio * Practical guidance for leveraging each strategy with your own portfolio * Practical "rescue" strategies * Recovering your investments when market values have fallen * How to take profits without selling stock * Step-by-step techniques based on long puts and short calls Improve Returns--Without Added Risk! * Easy, step-by-step options strategies for increasing income and protecting capital * Preserving your spending power after inflation and taxes * Avoiding unacceptable market, liquidity, and diversification risks * Protecting your profits without losing invested positions * No options experience necessary! * By Michael C. Thomsett, author of the worldwide best-seller Getting Started in Options, 6th Edition (John Wiley & Sons 2005) The world's #1 options author has written the definitive options guide for conservative investors! One step at a time, you'll discover how to use options to increase yields, reduce risks, protect existing positions, and ride safely through any market down cycle. Want double-digit returns without heart-pounding risk? Here are the options you've been searching for! A(c) Copyright Pearson Education. All rights reserved.
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这本书的封面设计得非常朴实,一看就是那种专注于内容、不玩虚头巴脑花架子的实用型指南。我得说,我最初翻开这本书时,心里其实是有点忐忑的,因为“期权交易”这个词汇本身就带着一股子高风险、高杠杆的精英气息,总感觉它和我的“保守投资”理念格格不入。然而,作者的开篇几章,非常耐心地将期权的基础概念——看涨期权、看跌期权、行权价、到期日——用一种近乎白话的语言进行了阐释。他没有急于跳入复杂的希腊字母和波动率模型,而是先构建了一个坚实的地基。我特别欣赏作者在解释“时间价值衰减”时所使用的类比,那个关于“新鲜水果保质期”的比喻,一下子就让原本抽象的金融概念变得鲜活起来。对于一个像我这样,多年来一直信奉价值投资、对衍生品市场敬而远之的传统投资者来说,这种循序渐进的引导是至关重要的。它有效地消解了我对期权市场固有的一些恐惧,让我开始正视这套工具并非洪水猛兽,而仅仅是另一种可以被审慎使用的金融工具。这本书的开篇,成功地做到了“去神秘化”,这是我阅读体验中非常积极的一个部分。
评分从排版和结构上看,这本书的实用性设计得非常到位。它在每个策略介绍的末尾,都附带了一个“保守投资者检查清单”。这个清单通常包含三到四个关键问题,例如:“你是否完全理解该策略的最大潜在损失?”、“你是否有意愿在特定价格卖出标的资产?”等等。这些问题设计得非常具有反思性,迫使读者在实际操作前,必须重新审视自己的交易动机和承受能力。我个人利用这些清单,成功地避免了两次冲动交易。一次是关于卖出看跌期权(Cash-Secured Puts)的,我原本看好某只股票,但清单提醒我,如果市场真的大幅下跌,我是否有足够的现金来按时接盘,最终我决定暂缓操作。这本书的价值,并不仅仅在于传授知识,更在于它提供了一个“暂停键”和“理性过滤器”,帮助保守的投资者抵抗市场情绪的干扰。
评分这本书的叙述风格,可以说是平实到有点“沉闷”,但这种沉闷恰恰是我认为它最大的优点之一。它摒弃了华尔街常见的浮夸和激情四射的语言,没有使用任何煽动性的标题或夸张的案例来吸引眼球。作者的文字非常注重逻辑的连贯性和论证的严密性。他似乎不太关心“抓住市场脉搏”这类虚无缥缈的说法,而是专注于构建一个可以被量化、可以被复制的交易框架。我记得在讨论波动率偏斜(Volatility Skew)时,他用了一整节的篇幅来解释为什么市场总是愿意为下行保护支付更高的溢价。这种对市场结构深层原因的探究,而不是停留在表面的操作技巧,体现了作者超越一般技术分析的深度。读完这一部分,我感觉自己对市场的内在定价机制有了更清晰的认识,这不仅是为了交易,更是为了理解金融世界的运行逻辑。对于那些厌倦了充斥着术语和图表的“快餐式”金融读物的人来说,这本书提供了一种缓慢但扎实的知识积累过程。
评分我对这本书的整体感受是,它成功地扮演了一个“桥梁”的角色。它没有鼓吹投资者转变为高频交易员,也没有要求他们去追逐那些不切实际的暴利机会。相反,它提供了一套精细的工具,让那些原本只能通过购买和持有来对冲通胀和市场波动的保守派,现在有了一种更灵活、更具成本效益的方式来管理风险敞口和提升微薄的收益。作者在最后总结部分提到,期权交易的最高境界,不是预测未来,而是为自己的投资组合购买一份“定制化的保险”,同时,如果市场配合,还能顺便收取一点“保费”。这句话精准地概括了全书的精髓。这本书不是让你变得更激进,而是让你在既定的保守框架内,变得更聪明、更有效率。对于那些将资本保值放在首位,但又不甘于被动接受市场定价的稳健型投资者而言,这是一本值得反复研读的案头工具书。
评分这本书的后半部分,开始深入探讨如何将期权策略融入到现有的、低风险的投资组合中,这才是真正打动我的地方。我不是指望通过期权实现财富自由,我只是想用更精妙的方式来管理我持有的蓝筹股仓位,比如用卖出备兑看涨期权(Covered Calls)来增加一点点被动收入,或者在看好市场但又不想全仓买入时,使用少量看涨期权进行保护性对冲。作者在这里展现了其深厚的实战经验,他详细对比了不同的策略在不同市场环境下的适用性。让我印象深刻的是关于“风险预算”的讨论。他反复强调,即便是最保守的期权策略,也必须设定严格的损失上限,并且明确指出,用于期权交易的资金比例,绝对不能超过投资组合的某个极小比例。这种严谨的风险控制态度,完全契合了我对“保守”二字的理解。与其他那些鼓吹高杠杆、高收益的书籍不同,这本书更像是一位经验丰富的老基金经理在耳边低语,教你如何用橡皮筋捆住野马,而不是直接把它牵到悬崖边上。
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