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Informationen zum Autor Richard Lehman has more than twenty-five years of experience applying his expertise in options strategies. He has held executive positions at E. F. Hutton, Thomson McKinnon Securities, First Saxonia Securities, and at the New York Stock Exchange. As an independent adviser, he now runs an online advisory service at CoveredWriter.com. Lawrence G. McMillan is recognized as one of the foremost options trading experts. He has written three best-selling books on options, including Options as a Strategic Investment. As president of McMillan Analysis Corporation, he writes the "Daily Volume Alerts" and edits and publishes The Option Strategist , a derivative products newsletter covering equity, index, and futures options, as well as the online resource OptionStrategist.com. Klappentext Does this sound like you? You want the long-term returns from stocks but don't like the volatility. You like the security of income from bonds and CDs, but the yields are too low. You wish there was a sensible discipline you could follow that would provide the attractive returns offered by common stock yet with more consistency and less risk. If so, then covered call writing may be the investment strategy you've been looking for. You can achieve long-term returns commensurate with stock market returns but with lower volatility and less downside risk. The trick is to combine stocks with call options by "writing" a call against a stock you already own. Professional investment managers have been using this strategy for years, and recent developments have now made it easier for individual investors to employ it as well. Options experts Richard Lehman and Lawrence McMillan unlock the secrets of covered call writing in this groundbreaking, easy-to-understand guide. Inhaltsverzeichnis Preface. Introduction. Part I: BUILDING THE FOUNDATION. CHAPTER 1: Option Basics. What Are Options? How Options Compare with Stock. Standardization. Listed versus Unlisted. Option Listings. Strike Price. Expiration. Players and Positions. Exercise and Assignment. The Basic Mechanics. What Happens at Expiration. Covered versus Naked. Options in Your Account. Recapping Option Basics. CHAPTER 2: Just Beyond the Basics. Valuing Options. Fair, or Theoretical, Value. Volatility. Interest Rates. Dividends. Theory versus Reality. Trading Symbols. Adjustments. Expiration Months. How Options Are Traded. The Exchanges. Computerized Quotes. Liquidity. Recapping Just Beyond the Basics. CHAPTER 3: Covered Writing Mechanics. Requirements for "Valid" Covered Writes. Risk/Reward of a Covered Write. Risk/Reward Characteristics Over Time. Risk Transference. Shorting a Call versus Shorting a Stock. More on Exercise and Assignment. Calculating Potential Returns. Return if Exercised (RIE). Return Unchanged. Return Based on Net Debit. Part II: EXECUTING THE STRATEGY. CHAPTER 4: Turning a Position into a Strategy. A New Way of Thinking. Follow-up Actions. The Simple Case: Doing Nothing until Expiration. Closing Part or All of the Position. Rolling Options. Rolling Up. Rolling Up and Out. Rolling Down. Rolling Out. Other Considerations. Covered Call Strategies. The Total Return, or "Buy-Write," Approach. The Incremental Approach. Hedging Individual Stocks. Reducing Risk in Small Portfolios. Writing Calls on "Hot" Stocks. Tax Deferral Strategies. CHAPTER 5: The Benefits of Covered Writing. The Rationale Behind Covered Writing. Realistic Expectations. Call Writing and Stock Returns. Major Factors Affecting Call Wri...
