NO.PZ2022123002000050
问题如下：
Huanca recently received 3.2 million common stock shares of Urubamba
Copper, Ltd. in partial payment for a mining equipment company he sold to
Urubamba. The terms of the sale require him to hold this stock for at least 18
months before selling it. Although Huanca believes Urubamba is a well-run
company, its share price is closely tied to commodity prices, which he believes
might decline. He tells Mamani, "I know I can use options on Urubamba to
manage the risk of my concentrated stock position. Either a covered call
strategy or a protective put strategy will reduce the volatility of my position
and establish a minimum value for it, but the covered call strategy will also
enhance my return if Urubamba's price remains stable, and the protective put
strategy will not."
Huanca's
comment about using options to manage the risk of his Urubamba common stock
position is least likely correct regarding:
选项：
A.establishing
a minimum value
reduction
of volatility
return
enhancements
解释：
Correct Answer: A
Although a
protective put establishes a minimum value for the position when the price of
the underlying stock declines, a covered call does not. Therefore, Huanca's
statement is incorrect.
就是我看到这道题的时候，关于volatility我想到的是如果是long，无论是call还是put，那就都是正的vega。
那这里covered call是short call，是负的vega，所以volatility变小了。
但是protective put是long put，是正的vega，所以volatility变大了？
就我听懂了何老师的解释，就是和原来的long stock比这样，但是我这个想法，错在哪里呢？
