Rent 9781118022269 | Options for Volatile Markets : Managing Volatility and Protecting Against Catastrophic Risk | Lehman, Richard; McMillan, Lawrence G. @knetbooks.com

Summary Table of Contents Author Biography

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Traditional thinking about investment has been thrown on its head in the wake of the financial crisis. Many investors no longer accept the idea that diversification reduces risk and the stock market provides the best long-term returns. With global markets increasingly interlinked, markets tend to move in concert, reducing the benefits of diversification. And given the gravity of today's economic problems, many question whether the stock market will soon continue its inexorable march higher. In Options in Volatile Markets, Lehman and McMillan provide investors with strategies to generate double-digit returns and to protect against market crashes. The new edition discusses the changing investment environment; explains how to use options with ETFs; and shows how build "catastrophic" protection into a portfolio. While the core strategy remains covered call writing - selling a call option on a stock the investor already owns - the authors discuss other strategies to capitalize on high-flying stocks. Most importantly, for investors looking for high returns but fearful that the market might crash, the authors discuss low-cost options strategies that effectively provide insurance for a portfolio.

Practical option strategies for the new post-crisis financial market Traditional buy-and-hold investing has been seriously challenged in the wake of the recent financial crisis.

Preface	p. xi
Introduction: The �New Normal� in Equity Investing	p. 1
Option Basics	p. 7
What Are Options?	p. 7
Exercise and Assignment	p. 14
Positions	p. 17
How Options Are Traded	p. 19
Options in Your Account	p. 22
Option Pricing and Valuation	p. 25
Option Premium	p. 25
Theoretical ... MOREValue	p. 27
Time Value	p. 28
Volatility	p. 31
Interest Rates	p. 32
Dividends	p. 32
Calls versus Puts	p. 33
Option Skews and Anomalies	p. 34
The Basics of Covered Call Writing	p. 37
Requirements for �Valid� Covered Writes	p. 38
Risk/Reward of a Covered Write	p. 39
Calculating Potential Returns	p. 46
Major Factors Affecting Call-Writing Returns	p. 48
Covered Writing as an Ongoing Strategy	p. 54
Summing Up Covered Writing	p. 57
Implementing Covered Call Writing	p. 59
Follow-Up Actions	p. 59
Behavioral Issues	p. 69
Differing Approaches	p. 70
Selecting Calls to Write	p. 77
Risks	p. 80
Basic Tax Rules for Options	p. 81
Summing Up Implementation	p. 84
Advanced Call-Writing Techniques	p. 87
Writing Calls on �Hot� Stocks	p. 88
Tax Deferral Strategies	p. 89
Covered Writing on Margin	p. 90
Covered Writing against Securities Other Than Stock	p. 93
Partial Writing, Mixed Writing, and Ratio Writing	p. 98
Put Writing	p. 103
Expiration Games	p. 106
Option-Stock Arbitrage	p. 108
Basic Put Hedging	p. 111
Put Hedge Basics	p. 111
Advantages	p. 115
Disadvantages	p. 116
Behavioral Implications	p. 123
Put Hedge versus Covered Call	p. 127
Hedging against Catastrophic Risk	p. 129
Advanced Hedging Strategies	p. 131
Put Hedge Follow-Ups	p. 131
Using Put Spreads to Hedge	p. 137
Collars	p. 145
Conclusions on Protective Option Strategies	p. 151
Options on ETFs	p. 153
ETFs in a Nutshell	p. 154
ETF Options	p. 158
Covered Call Writing on ETFs	p. 159
Our Put Hedge and Collar Study on SPY	p. 162
Appendix: Partial List of ETFs with Listed Options	p. 165
Volatility and Volatility Derivatives	p. 171
What Is Volatility?	p. 171
Using VIX as a Market Indicator	p. 173
Volatility Futures	p. 179
Variance Futures	p. 181
The Behavior of VIX Futures	p. 183
VIX Options	p. 191
VIX Option Strategies	p. 199
The Future	p. 204
Acknowledgments	p. 205
About the Authors	p. 206
Index	p. 207
Table of Contents provided by Ingram. All Rights Reserved.

RICHARD LEHMAN is the founderof RHL Capital, a registered investment advisor, and a part-time instructor of behavioral finance and options at UC Berkeley Extension. He is also the author of Far From Random, and publishes an investment newsletter called the Channelist. Lehman's financial career spans more than thirty years in product management, marketing, sales, and investment management beginning with an eleven-year stint on Wall Street with E.F. Hutton & Co., Thomson McKinnon Inc., and the New York Stock Exchange.

LAWRENCE G. McMILLAN is the founder and President of McMillan Analysis Corporation. He authors the Daily Volume Alerts, a unique daily service that selects short-term stock trades by looking for unusual increases in equity option volume. McMillan manages option-oriented accounts for individual investors and also publishes the Option Strategist, a derivative products newsletter covering equity, index, and futures options. McMillan's web site, www.optionstrategist.com, twice received a "Best of the Web" award from Forbes magazine. He is the coauthor, with Richard Lehman, of the first edition of this book and the author of McMillan on Options (Wiley) and Options as a Strategic Investment.

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