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尼克内姆 · 2019年11月12日

问一道题:NO.PZ2015122801000057

问题如下:

Astrid is short 400 shares of ABC stock and the stock's current price is $95 per share. She wants to cover her short position if the price falls to $80.

Gail has 250 shares of BBC stock, which is trading at $86 per share, and he needs to buy another 150 shares if the price rises to $98. What orders should Astrid and Gail establish to meet their targets?

选项:

A.

Astrid establishes stop buy at $80 and Gail establishes limit buy at $98.

B.

Astrid establishes stop buy at $95 and Gail establishes stop buy at $86.

C.

Astrid establishes limit buy at $80 and Gail establishes stop buy at $98.

解释:

C is correct.

Astrid should establish a buy order with a limit at  80 because she wants to buy stock to close out her short position if she can buy it at 80(or less).

Gail should establish a stop buy at 98 because this order will be executed only if the stock price rises to 98.

有个疑惑:为什么感觉题目跟正常的思维是反的呢?协会考题是为了考,只管知识点逻辑,不管会不会发生吗?

例如:A是空头,为了cover her short position,空头标的下跌还要cover吗?cover不是说有亏损了,需要避险兜底吗?

题目逻辑不是跟之前讲的空头挣钱逻辑相违背吗?


1 个答案
已采纳答案

maggie_品职助教 · 2019年11月12日

1、千万别疑惑,想不明白一定是咱们哪里还没有学明白,没有深刻理解题目。CFA不会出不符合逻辑的题目的,只可能题目比实务操作要简单很多。

2、cover 不单指止损的意思,作为卖空方,你总要有一天要把股票买回来吧,如果你认为该股票的下跌空间是15元(以此题为例),那么你就设定当股价跌到80时买回来,这个操作叫做cover the short position。也就是答案中写的“close out”,卖空指令相当于你open了一个交易,那么等到股票跌到合适价格你就需要把它关闭(close out),这样一卖一买才加起来才完成一笔卖空交易。

王凤梅 · 2020年05月16日

老师,顺着您这个回答,我理解Astrid做的short,她是未来要等股价下跌了买入还当初借的券,从而cover the short position。她预计能跌到80,但总归是跌的越多越好,她会 buy it at 80(or less),所以80对她而言是一个limit buy price, 对吗? Gail作为一个买入的投资者,他现在以95的价格买就可以啊,为什么needs to buy if the price rises to $98?更贵了啊,所以答案的stop buy很奇怪啊。PPT里71页老师讲到long mader做出Stop-sell order,这个更能理解啊。

maggie_品职助教 · 2020年05月17日

1、第一个理解正确 2、为何是stop buy:这个指令可以用于(讲义71页)当基金经理认为某只股票被低估了,但是希望得到进一步确认的情况再买入的情况。打个比方A股票现在10元,你认为它被低估了这只股票应该值20元,低估的股票未来会涨,那么你先不买先看看这只股票接下来的走势,如果它正的涨了且涨到了一定价格比如14元了你再买入,那么一开始你就可以下 stop buy 14。

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NO.PZ2015122801000057问题如下Astriis short 400 shares of Astoanthe stock's current priis $95 per share. She wants to cover her short position if the prifalls to $80. Gail h250 shares of Bstock, whiis trang $86 per share, anhe nee to buy another 150 shares if the pririses to $98. Whorrs shoulAstrianGail establish to meet their targets?A.Astriestablishes stop buy $80 anGail establishes limit buy $98.B.Astriestablishes stop buy $95 anGail establishes stop buy $86.C.Astriestablishes limit buy $80 anGail establishes stop buy $98. C is correct.Astrishoulestablish a buy orr with a limit 80 because she wants to buy stoto close out her short position if she cbuy it 80(or less). Gail shoulestablish a stop buy 98 because this orr will executeonly if the stopririses to 98.C是正确的。本题考察的是股票交易术语的区别。Stop buy(停止买入) 和 limit buy(限价买入)的最大区别是前者是一个有效性指令,而后者是一个限定成交价的指令. Stop buy是大于等于某股价成交;limit buy是小于等于某股价成交。Stop buy意味着只要比该指令定的价格高,就要买入。在本题中,Astri空股票时的市场价格是95美金,如果用stop buy $80指令,由于市场价远高于80,指令会立即生效,则Astri刻被平仓,就达不到要的效果了。如果用limit buy,则意味这只有到达80这个股价(小于等于),才会平仓,这才满足Astri要求。所以A,B都是错误的。Limit buy同理,如果用limit buy 来实现Gail的愿望,当前股价86美金,那成交的就会是84美金到98美金之间的单,显然不符合Gail的要求。而stop buy是大于98才成交。C正确。 请问84美金(解析)是哪里来的数字?谢谢

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