问题如下图：
选项：
A. 
B. 
C. 
D. 
解释：
老师你好，这道题的题干是说目前存在一个组合，它的vega很好（觉得不太好），那么hedge的头寸应该是short long term的option吧
品职答疑小助手雍 · 2019年08月16日
同学你好，请认真读题，他说的是当前的组合对增加volatility很unfavorable，也就是不喜欢波动，即short vega。hedge这个vega的话就需要买long-dated option。
我觉得你问的很多问题其实都可以多想一下或者多查一下讲义就能知道，或者说本身的只是体系不够牢靠（而且这些问题已经占到整个1级每天问题量的一半以上了），所以当前的话建议以知识点的复习为主，把知识点掌握牢了再刷题，这样是事半功倍，现在这样问题质量和效率都很低。
saimeiei · 2019年08月16日
老师你好，我是没明白题干的exhibit是已经存在的意思，还是其他什么意思（英语不太好），其实你回答完还是没理解，我觉得你可能不太理解我问问题的意思~还有，我是集中做题，已经看完强化班了，我觉得不能看单一一天的提问量来判断，起码要看一段时间吧~~~
品职答疑小助手雍 · 2019年08月16日
额。。。要hedge这个short vega的头寸那就是要买长期的option，因为长期的option的vega大仅此而已。这个问题量这几天是不小……其实有些问题我觉得可以先查查字典或者自己的笔记结合解析思考一下的，因为我感觉你最近这些问题很多点老师应该是在课上讲过或者讲义上就有的。自己独立的多思考把问题搞明白其实比我这个不了解你知识掌握情况的人一个点一个点的解决问题效果要好。
NO.PZ2016082404000037问题如下 option portfolio exhibits high unfavorable sensitivity to increases in implied volatility anwhile experiencing significant ily losses with the passage of time. Whistrategy woulthe trar most likely employ to hee the portfolio? Sell short-teoptions anbuy long-ted options. Buy short-teoptions ansell long-ted options. Sell short-teoptions ansell long-ted options. Buy short-teoptions anbuy long-ted options. ANSWER: A Sua portfolio is short vega (volatility) anshort theta (time). We neeto implement a hee this lta-neutraninvolves buying anselling options with fferent maturities. Long positions in short-teoptions have high negative theta and low positive vegHeing cachieveselling short-term options and buying long-term options. 那不应该是c吗？有点绕
NO.PZ2016082404000037 问题如下 option portfolio exhibits high unfavorable sensitivity to increases in implied volatility anwhile experiencing significant ily losses with the passage of time. Whistrategy woulthe trar most likely employ to hee the portfolio? Sell short-teoptions anbuy long-ted options. Buy short-teoptions ansell long-ted options. Sell short-teoptions ansell long-ted options. Buy short-teoptions anbuy long-ted options. ANSWER: A Sua portfolio is short vega (volatility) anshort theta (time). We neeto implement a hee this lta-neutraninvolves buying anselling options with fferent maturities. Long positions in short-teoptions have high negative theta and low positive vegHeing cachieveselling short-term options and buying long-term options. 题目不是太明白，麻烦老师详细讲解下。谢谢！
NO.PZ2016082404000037问题如下 option portfolio exhibits high unfavorable sensitivity to increases in implied volatility anwhile experiencing significant ily losses with the passage of time. Whistrategy woulthe trar most likely employ to hee the portfolio? Sell short-teoptions anbuy long-ted options. Buy short-teoptions ansell long-ted options. Sell short-teoptions ansell long-ted options. Buy short-teoptions anbuy long-ted options. ANSWER: A Sua portfolio is short vega (volatility) anshort theta (time). We neeto implement a hee this lta-neutraninvolves buying anselling options with fferent maturities. Long positions in short-teoptions have high negative theta and low positive vegHeing cachieveselling short-term options and buying long-term options. 老师我想知道为什么是long vega和theta，组合对这俩敏感，不是应该short这俩嘛，目的是希望这俩等于0
NO.PZ2016082404000037问题如下 option portfolio exhibits high unfavorable sensitivity to increases in implied volatility anwhile experiencing significant ily losses with the passage of time. Whistrategy woulthe trar most likely employ to hee the portfolio? Sell short-teoptions anbuy long-ted options. Buy short-teoptions ansell long-ted options. Sell short-teoptions ansell long-ted options. Buy short-teoptions anbuy long-ted options. ANSWER: A Sua portfolio is short vega (volatility) anshort theta (time). We neeto implement a hee this lta-neutraninvolves buying anselling options with fferent maturities. Long positions in short-teoptions have high negative theta and low positive vegHeing cachieveselling short-term options and buying long-term options. 题目第一句话“option portfolio exhibits high unfavorable sensitivity to increases in implievolatility anwhile experiencing significant ily losses with the passage of time.”给了两个条件，这个组合是short vega和short theta的组合。关于这一点不是很理解，exhibits high unfavorable sensitivity to increases in implievolatility到底是什么意思呢？为什么是short veg另外答案中有一句话We neeto implement a hee this lta-neutral，为什么还要考虑lta-neutral呢？这题考点不是构建组合用vega和theta to hee吗
NO.PZ2016082404000037 option portfolio exhibits high unfavorable sensitivity to increases in implievolatility anwhile experiencing significant ily losses with the passage of time. Whistrategy woulthe trar most likely employ to hee the portfolio? Sell short-teoptions anbuy long-teoptions. Buy short-teoptions ansell long-teoptions. Sell short-teoptions ansell long-teoptions. Buy short-teoptions anbuy long-teoptions. ANSWER: A Sua portfolio is short vega (volatility) anshort theta (time). We neeto implement a hee this lta-neutraninvolves buying anselling options with fferent maturities. Long positions in short-teoptions have high negative theta anlow positive vegHeing cachieveselling short-term options anbuying long-term options. 没看明白解题思路