我記得有一段時間KOL 好鍾意叫人係咁Hedge
This paper makes a strong argument to consider hedging in a portfolio framework especially as interest rates have approached historic lows and the cost of protective puts have been reduced due to the implementation of large-scale option and volatility selling strategies over the last few years. This study was not meant to be advancing any one strategy but showing how systematically owning protective puts rebalanced quarterly can be competitive to using bonds as a diversifier in the current environment. One should consider the potential value that can be added by firms that specialize in managing hedging solutions as their core business to improve on the basic hedging example. Nassim Taleb, author of the seminal work Black Swan, pointed out in a Bloomberg TV interview that, “a lot of people think they can call a broker, buy puts and its done, It’s much harder than that.”
HEDGING VS. DIVERSIFICATION COMPARING THE COST OF HEDGING TO THE “COST” OF DIVERSIFICATION Dominick Paoloni, CIMA®