NO.PZ201712110100000301
问题如下：
The option strategy Singh is most likely to recommend to Hopewell is a:
选项：
A.collar.
B.covered call.
protective put.
解释：
C is correct.
A protective put accomplishes Hopewell’s goal of short- term price protection. A protective put provides downside protection while retaining the upside potential. Although Hopewell is concerned about the downside in the short term, he wants to remain invested in Walnut shares because he is positive on the stock in the long term.
中文解析：
虽然Hopewell担心短期内的下跌，但他希望继续投资于核桃的股票，因为他对该股票的长期前景持乐观态度。而Protective put不仅提供了下行保护，同时保留了上行潜力。
collar=long stock +long put+short call 不仅可以对冲短期下行的风险还可以增加收入，但是题目好像没有提到要降低成本，还有就是长期对股票还是看涨所以不选择collar？
