invest.stock

OTM(Out of The Money)，那么这个合约 对于B来说就没
有意义。如果到T那天，P(t)还 低于P，那么B为这个 合
约付给A的代价(术语 叫做premium)就算被A赚到手了。如
果在T之前 的任何一个时刻t， P(t)>P，我们说这个合约
是ITM（In The Money），那么B可以选择要求 A履行合约
，然后马上把买来的股份以P(t)卖 掉。这个强制A 履行
合约的过程对B来说就是 通常说的exercise，对A来说，
就是被 assigned。如果P(t)约 等于P，我们说这个合 约
是ATM（At The Money）。

扑的情况类似，不过B是按照价格P卖给A 100 股。如果B
手上没有100股X，那么结果就是B short 100股。

前一段说的是在理论上，A和B之间的盈亏是如 何发生的
，但是实际上，B一般不会真的 exercise，而是把手里的
合约卖掉来实现赚到 的利润。原因有两个，一个是真的
exercise ，B要（如果是靠）十足付给A买股份的钱
，或者（如果是扑）卖给A 100股，这两种情 况都不是B
愿意发生的。另一个原因是，如果B 选择在OE day之前
exercise，那么他实际上会 损失合约所附带的时间价值
（时间价值是期权 交易的 核心概念之一，下文再仔细解
说）。

一般来说只有一种情况下，B会决定提前 exercise靠，就
是当股票X宣布大幅提高分红 或者 一次性特别分红，使
得B如果持有股份得 到的分红超过靠本身的价值。几年前
MSFT搞过一次特别分红，好象两块多，当时的ITM短期
靠多数被assigned。我当时卖的一些下个月的 靠，也在
其中。

下篇说说期权的定价，和“一个期权交易者是 怎样炼成的
”。8-）

And there are some excellent investment candidates. Two of the best are the PowerShares International Dividend Achievers Fund (PID) and the Alpine Dynamic Dividend Fund (ADVDX), two exchange-traded funds (ETFs) that we like a great deal.

The PowerShares International Fund is a global-income portfolio that can help you spread your risk, while also earning income. The Alpine fund is a more-specialized fund that uses a "dividend harvest strategy" that can boost the fund’s yield.

Both funds invest in companies that have survived countless business cycles, and that are likely to survive this downdraft, too.

CPB

• Moore Capital Management, a group of global macro hedge funds ran by notable risk manager Louis Bacon has seen three of its funds 'stumble' in the recent weeks, coming in -5% in September. You can view Moore Capital's equity portfolio holdings here.
• Maverick Capital, a $10 billion hedge fund ran by Lee Ainslie was -19.5% in the month of September alone and is now -21.2% year-to-date. As you can see, they were actually holding up pretty well all year until September hit them hard. Oh how one month can change things. Maverick's levered fund was -35.5% for the month of September. You can check out Maverick's most recent portfolio holdings here.
• Third Point Offshore, a fund ran by notable activist Daniel Loeb's Third Point LLC was -11% for the month of September and is now -18.4% for the year. You can check out some of Third Point's most recent holdings here.
• Paul Tudor Jones' Raptor Fund (Tudor Investment Corp) was -2% in the month of September and is now -12% year-to-date. Although Tudor employs a global macro strategy, the Raptor Fund is their equities fund. The Raptor Fund is currently run by James Pallotta; but, as I wrote about earlier, Pallotta is leaving Tudor to start his own equities fund. And, you can view Tudor Investment Corp's most recent equity holdings here.
• Greenlight Capital, the hedge fund run by David Einhorn, was -12.8% in September and is -16.4% for the year. You can check out some of Einhorn's portfolio holdings here.
• Lone Pine Capital, another 'tiger cub' fund managed by Stephen Mandel saw its Lone Cyprus fund -14.7% in September. That fund is -26.5% for the year. You can check out Lone Pine's recent activity here and portfolio holdings here.
• Timothy Barakett's Atticus Capital woes continue. His Atticus European Fund was -15.8% percent in September and his Atticus Global Fund -2.8% in September. Atticus European is now -42.5% for the year and Atticus Global is -27.2% for the year. You can view Atticus' most recent SEC filings disclosing their portfolio holdings here.
• Jeffrey Gendell's Tontine Partners wer -59.30% in September and are now -66.7% for the year... unreal. Here are Tontine's most recent portfolio holdings.
• Bret Barakett, brother of Atticus' Timothy Barakett, is also feeling the pain. His Tremblant Capital was -19.3% for the month of September and is -28% for the year. You can check out Tremblant's recent activity here and their portfolio holdings here.
• Shumway Capital's levered fund was -16% for September, and their Ocean fund was -8.6% for the month and is now -9% year-to-date. (Yet another case of one month doing extreme damage to a fund).
  
• Chris Coleman's Tiger Global was -14.3% for September and is now -13.7% for the year.
• Stephen Cohen's SAC Capital Multi-strat fund was -10.7% for September.
• Farallon Capital Management was -10.5% for the month of September.
• David Stemerman's Conatus Capital was -10.4% for September and is -8.10% year-to-date. Stemerman recently left Lone Pine Capital (referenced above) to start his own fund, which I wrote about here.
• Jana Partners was -9% for September and is -14.7% for the year
• Andreas Halvorsen's Viking Global, who I will be profiling next week, was -7.9% for September and is 0.30% for the year. (Wow, a fund that is actually still UP on the year).
• Bill Ackman's Pershing Square was 0.10% for the month of September and finds himself 1.9% for the year. (Another fund actually UP on the year).
• Ken Griffin has been hit hard as well. Citadel Capital's flagship fund was -15% for September and -18% for the year. The fund has lost around $2 billion.

If you know a stock you want to get into, pick a price and sell puts at that strike. Nov puts can be sold to return about 10% on basis in 1.25 months.

I’ve got a couple videos detailing this info and some more over at http://www.investingwithoptions.com