主题：【原创】一个增加信托基金收益的玩法 -- 倥偬飞人
When you long a stock and short a call, the call is covered; when you short a stock and short a put, the put is covered.
When you are long a stock and short a put, the put
is NOT covered as you are betting in the same
direction(stock at least not going down).
Well you really don't know what you are talking about. 
why don't you tell how big a difference shorting puts when it comes to profit like today? I don't really care for sure to pay less than 0.5% annualized interest! Good to know, but those are really chicken feet issues.
If you do not have the underlying stock, in our case AAV, and you short the puts, you will pay the full strike price of the underlying stock when the puts are exercised, and at the same time you are missing all the dividends during this period.
If you own the underlying stock AAV already, you will collect the dividends every month, and when the puts are worth being exercised, you have your stocks/assets in place to back up - actually in this scenario you just buy back the puts if they are indeed in the money at that time.
Will this happen to shorting puts when you have AAV units? I am confident this will not happen and that's why I am doing it.
So it is not necessary to make "naked" a "sexy" issue.
哈哈， 撕下脸来了。开口就说我没有料，自以为是，我就当你奉承我吧。
其实我问你的几个关键数据我自己手里当然有，我有AAV的机构研究报告的，就是想考考你功课做的好不好。你自己也不回头想想， 我要真是无料无研究之人， 问得出那几个关键问题吗？
今天石油信托基本全线涨了， AAV涨也不算啥。
我敲打一下你， 本是想教你怎么评估石油信托的价值的， 你恼羞成怒了， 我不说也罢。 孺子不可教也。
bshu是真正理解期权概念的， 可惜现在是那个半瓶醋的人哐当的厉害。声势大， 嘿嘿。
http://www.investopedia.com/terms/c/coveredcall.asp
short call long stock, short put short stock.
repeat 100 times...
除了自以为了不起，还有什么？你反对，那么你的立场让你亏钱还是赚钱呢？
谁都会做功课，但是有必要让你知道么？你看了点报告就觉得了不起了？赚到钱才是硬道理吧？这世界上会看会写报告比你还出名的人有的是,who gives a shit!
什么叫孺子不可教？你这种人白给人当孺子都没有人搭理你。对你要求也不高，三年赚到三十倍，再来和我对话。否则，哪儿凉快哪儿待着去！
这次融资完全是EQUITY FINANCING，也就是相当于国内的增发，这种融资形式可以增加公司的净资产，BALANCE SHEET会比较好看，融资规模略少于其07年度的CAPITAL EXPENDITURE(120-145million)，这说明该基金不必再大笔借贷。这将增加流通股份7%-8%左右。
当然要是我来玩的话，趁当前利率低，能借多少就借多少，在低价位大笔回购流通股份，减少pay out，感觉更爽一点。
西西河的规矩，俺以为是平等讨论，互相尊重，所以对上来就摆出高人一等态度的朋友，颇不以为然。对这样的跟贴，本人不欢迎，即使跟了，本人不会回复。
鼓励想做投资的朋友多做功课，俺自己当然也作，但是由于时间精力所限或者版权等的限制，保留不公布细节的权力。其实上市公司公开而免费的资料非常之多，自己去相关网站看看，一定找得到，还可以给相关公司的IR部门打电话提问题，所以鼓励大家自修，有问题可以开诚布公一起讨论。
不过，飞人对bshu的回帖看上去不够大方。
我闪
（飞人的贴还是好看的：）
有点迁怒于人的嫌疑
不过名词解释固然重要，更重要的是如何运用。比方shorting put, unit price @ 10.80, strike 10/Aug07价格为0.70, 就算是要收利息，年息6%，算8个月5%好了，利息0.70x5%=0.035, 是unit price的千分之三，即使全年都交利息，估计也不超过千分之五，和24%的预期现金收入比起来，你觉得重要吗？这个世界上懂名词厉害的人多的是，国军当年科班毕业的军官多了，还有到国外留学的呢，还不是让土八路打得满地找牙。投资的关键是基本面和走势，别的鸡毛蒜皮的东西不必去转牛角尖。
shorting strike 12.5/Aug07虽然利息多一点，可是这个玩法更有意思，可以增加收入的潜力更大，回头再续。
这个我是前段时间和该公司的IR直接通电话得到的，后来从财报上也得到确认。这个数据如我前面所言，是包括了石油和天然气储量的价值在内的，而仅仅在加拿大上市的信托基金公布的净资产数据很多不包括储量的价值，所以他们如THY似乎资产质量要差，其实是统计方法的不同，没有什么值得大惊小怪的。I put my money where my mouth is, 犯不着自己编数据骗自己。
对于心平气和来提问具体数据的出入，我向来欢迎。至于those who do not know how to hehave themselves，恐怕要自取其辱。
Assuming the stock is still 10.98 when it pays the dividend(0.15), after the dividend is paid out, your stock price will be adjusted down to 10.98-0.15 so your 回报(total return) is 0%. Remember you are investing in stock not bank deposit or bond. Your dividend yield is NOT your total return.
If you buy 100 shares and sell one contract of PUT,
your return on the put premium should be:
0.7/(10.98+10*20%) = 5.39%<6.4%
You need to put extra cash of 20% of the striking price as margin to your broker to earn that 0.7 put premium. You cann't turn money out of thin air.
can you explain why the trust prices had appreciated substantially over the years before the conservative tax bomb, if simply the NAV shrinks as much as dividends are paid out? obviously you treat the unitprice of 10.98 as if the business has $10.98 cash per unit and nothing else. Do you think that is reasonable? the IR guy told me their NAV including oil/gas are over $30 - so how do you justify that?
read again and you will find I was talking about cash position increasing by xx%, not total return. if you do want to know about total return, I can tell you it will probably be even much higher when the CONs are losing the battle over the new tax.
On the margin part, if you have a margin account and not over your limit, do you have to put in any cash for such transaction??? the margin available is not your equity anyway, you do not have to count it when calculating your return. even you do, the cost increases not substantially as you can see from you own numbers.