基本信息出版社：FT Press
页码：288 页
出版日期：2009年03月
ISBN：0137017138
International Standard Book Number：0137017138
条形码：9780137017133
EAN：9780137017133
版本：1
装帧：平装
正文语种：英语

内容简介 For courses in Options, Investments, and Investing in Stock Markets. Options can be a powerful tool for conservative stock investors aiming to limit risk. This practical book is written in plain english, describing step-by-step instructions for increaing income and protecting capital.
作者简介

Michael C. Thomsett has written over sixty books on investment and financial topics, including Stock Profits: Getting to the Core (Financial Times-Prentice Hall 2004) as well as the best-selling Getting Started in Options (now in its Sixth Edition, with over 200,000 sold, John Wiley & Sons 2005) and The Leaps Strategist (Marketplace Books 2004). His Investment and Securities Dictionary (McFarland & Company 1986) was named Outstanding Academic Book by Choice Magazine.

Thomsett lives in Port Townsend, Washington.

© Copyright Pearson Education. All rights reserved.

专业书评 From the Back Cover

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 of The 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!

© Copyright Pearson Education. All rights reserved.

目录

Preface.

Acknowledgments.

About the Author.

1. Setting the Ground Rules.

The Ground Rules

A Model Portfolio

2. Option Basics.

The Workings of Option Contracts

Option Attributes to Determine Value

Intrinsic and Time Value Premium

Long-Term Options and Their Advantages

Strike Price of Options

The Time Advantage for Short Sellers

Long and Short

Taking Profits Without Selling Stock

Buyer and Seller Positions Compared

Understanding Short Seller Risks

Calls and Call Strategies

Is the Strategy Appropriate?

Option Terms and Their Meaning

The Cost of Trading

In, At, or Out of the Money

Puts and Put Strategies

The Overlooked Value of Puts

The Insurance Cost of Puts

Conservative Guidelines: Selling Puts

Puts as a Form of Contingent Purchase

Listed Options and LEAPS Options

Using Long Calls in Volatile Markets

Using LEAPS Puts in a Covered Capacity

Coordinating Strategies with Portfolio Goals

Option and Stock Volatility: The Central Element of Risk

Critical Analysis of Volatility

Free 20-Minute Delayed Quotes

The Black-Scholes Model

Identifying Your Market Opportunities

Limiting Your Strategies to Conservative Plays

Identifying Quality of Earnings

Trading Costs in the Option Analysis

Calculating the Net Profit or Loss

Tax Rules for Options: An Overview

The Importance of Professional Advice and Tax Planning

3. Options in Context.

The Nature of Risk and Reward

Using Volatility as the Primary Risk Measurement

Options Used to Mitigate Stock Investment Risk

Another Kind of Volatility

Lost Opportunity Risk and Options

Perceptions About Options

Finding the Conservative Context for Options Trading

Strategic Timing and Short-Term Price Changes

Short Positions, Naked or Covered

The Uncovered Call-A Violation of the Conservative Theme, Usually

A Stock's Likely Lowest Theoretical Price Level

Short Put Risks-Not as Drastic as Short Call Risks

Margin Requirements and Trading Restrictions

Other Margin Rules

Return Calculations-Seeking Valid Comparisons

Return If Exercised

Return If Expired

Long-Term Goals as a Guiding Force

Exercise as a Desirable Outcome

4. Managing Profits and Losses.

Your Conservative Dilemma

Deciding How to Establish Your Policies

Managing Profits with Options

Basing Decisions on the Fundamentals

The Reality of Risk

Overcoming the Profit-Taking Problem

Realizing Profits Without Selling Stock

Further Defining Your Personal Investing Standards

When a Rescue Strategy Is Appropriate

Reverting to a Secondary Strategy

Managing the Inertia Problem

Inertia Management

Taxes and Profits

Options Used for Riding Out Volatility

5. Options as Cash Generators.

The Covered Call Concept

Who Makes the Decision?

Examples: Ten Stocks and Covered Calls

Working within Pre-Established Standards

Calculating the Gain Comparatively

Smart Conservative Ground Rules

A Conservative Approach

Tax Ramifications of Covered Calls

Six Levels of Separation (of Your Money) for Taxes

Rolling Forward and Up-Exercise Avoidance

The Types of Rolls

The Exercise Acceptance Strategy

Remembering to Limit Yourself to Conservative Strategies

6. Alternatives to Stock Purchase.

Leverage and Options

Applications of Contingent-Purchase Strategies

The Long-Call Contingent-Purchase Strategy

Diversifying Exposure with Several Stocks in Play

Reducing Contingent Purchase Risks

The Covered Long Call

Extrapolating Future Strike Prices

Using the Forward Roll Effectively

Short Puts and Contingent Purchase

The Value of Selling Puts

The Value of Shorter Exposure Terms

Rescue Strategy Using Calls

Rescue Strategy Based on Smart Stock Choices

Programming a Profitable Result

The Ratio Write-Before Adjusting to Make It Conservative

Converting the Ratio Write into a Conservative Strategy

Ratio Writes for Rescue Strategies and Higher Current Returns

Rescue Strategy Using Puts

The Risk of Continued Price Declines

Covered Calls for Contingent Sale

Picking the Right Conditions for Forced Exercise

7. Option Strategies in Down Markets.

Thinking Outside the Market Box

Remembering the Fundamentals

……