问题如下图：
第一个缺点没看明白‘请解释一下，谢谢
包包_品职助教 · 2019年11月18日
嗨，爱思考的PZer你好：
我先翻译下这句话：这种对冲策略有两个潜在的缺点。该策略需要自掏腰包购买看跌期权，该看跌期权的费用取决于许多因素，包括股票的波动性，执行价格和到期日。
因为是protective put ，该策略是long put，long stock，已经有stock了，那就需要购买put option，花多少钱取决于put option的价格，该价格与股票的流动性，执行价格和到期日相关。如果股票的流动性好，期权费会相对便宜，执行价格越高，意味着你可以以更高的价格卖出股票，则期权费也越贵，而到期日越往后，夜长梦多，未来的不确定性越大，期权费也越贵。
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NO.PZ2018091705000065 Hill refers his frien RicharMorrison, the former CEO of Masury Brie anIron (MBI), to Keller to scuss his wealth goals. Keller realizes ththe Morrisons’ cision making is influencepsychologicconsirations ancis to use a goal-baseplanning approach. Keller constructs the table below to simplify the scussion their next schelemeeting. TableMorrison Family Wealth stribution Keller anRicharMorrison scuss severheing techniques. To lock-in a floor prianretain unlimiteupsi potential, Morrison cito use a protective put position. Explain one awbaof this heing strategy. There are two potentiawbacks with this heing strategy. The strategy requires out-of-pocket expenture to purchase the put options, whicsignificant penng on a number of factors, inclung the volatility of the stock, the strike price, anmaturity. Another potentiawbais the cret risk of the counterparty. Counterparty risk is greater for over-the-counter (OTrivative because the investor incurs the cret risk of a single counterparty. With respeto exchange-trainstruments, because a clearinghouse is the counterparty anguarantees the instrument, the investor incurs significantly less counterparty risk. 如题1. 怎么从题目中知道MBI是非上市公司的？；2.是不是场内的put就是针对上市公司，场外的put就是针对非上市公司？
NO.PZ2018091705000065 Hill refers his frien RicharMorrison, the former CEO of Masury Brie anIron (MBI), to Keller to scuss his wealth goals. Keller realizes ththe Morrisons’ cision making is influencepsychologicconsirations ancis to use a goal-baseplanning approach. Keller constructs the table below to simplify the scussion their next schelemeeting. TableMorrison Family Wealth stribution Keller anRicharMorrison scuss severheing techniques. To lock-in a floor prianretain unlimiteupsi potential, Morrison cito use a protective put position. Explain one awbaof this heing strategy. There are two potentiawbacks with this heing strategy. The strategy requires out-of-pocket expenture to purchase the put options, whicsignificant penng on a number of factors, inclung the volatility of the stock, the strike price, anmaturity. Another potentiawbais the cret risk of the counterparty. Counterparty risk is greater for over-the-counter (OTrivative because the investor incurs the cret risk of a single counterparty. With respeto exchange-trainstruments, because a clearinghouse is the counterparty anguarantees the instrument, the investor incurs significantly less counterparty risk. 第一反应就是期权贵啊，场内场外都没明示的为啥能整出counterparty risk……这些答案真给看迷了。
Hill refers his frien RicharMorrison, the former CEO of Masury Brie anIron (MBI), to Keller to scuss his wealth goals. Keller realizes ththe Morrisons’ cision making is influencepsychologicconsirations ancis to use a goal-baseplanning approach. Keller constructs the table below to simplify the scussion their next schelemeeting. TableMorrison Family Wealth stribution Keller anRicharMorrison scuss severheing techniques. To lock-in a floor prianretain unlimiteupsi potential, Morrison cito use a protective put position. Explain one awbaof this heing strategy. There are two potentiawbacks with this heing strategy. The strategy requires outof- pocket expenture to purchase the put options, whicsignificant penng on a number of factors, inclung the volatility of the stock, the strike price, anmaturity. Another potentiawbais the cret risk of the counterparty. Counterparty risk is greater for over-the-counter (OTrivative because the investor incurs the cret risk of a single counterparty. With respeto exchange-trainstruments, because a clearinghouse is the counterparty anguarantees the instrument, the investor incurs significantly less counterparty risk. 题目没有说这个是OTC交易，但是答案说了要考虑PUT 可能是OTC交易的可能。 如果碰到类似的题目，是不是缺陷都可以回答一个OTC缺点？ 是不是所有的衍生品，只要没有指明，就可能是OTC产生的？
Hill refers his frien RicharMorrison, the former CEO of Masury Brie anIron (MBI), to Keller to scuss his wealth goals. Keller realizes ththe Morrisons’ cision making is influencepsychologicconsirations ancis to use a goal-baseplanning approach. Keller constructs the table below to simplify the scussion their next schelemeeting. TableMorrison Family Wealth stribution Keller anRicharMorrison scuss severheing techniques. To lock-in a floor prianretain unlimiteupsi potential, Morrison cito use a protective put position. Explain one awbaof this heing strategy. There are two potentiawbacks with this heing strategy. The strategy requires outof- pocket expenture to purchase the put options, whicsignificant penng on a number of factors, inclung the volatility of the stock, the strike price, anmaturity. Another potentiawbais the cret risk of the counterparty. Counterparty risk is greater for over-the-counter (OTrivative because the investor incurs the cret risk of a single counterparty. With respeto exchange-trainstruments, because a clearinghouse is the counterparty anguarantees the instrument, the investor incurs significantly less counterparty risk. 请问为什么会有信用风险呢，这种put不都是交易所买卖的么，要去OTC单独设置么？ 另外，这种heing，protective put是看涨collar是区间看涨，那么他们什么时候卖出股票呢，不卖的话怎么有钱做gobase投资，难道是要质押？这个明显没有yielenhancement有明显卖出准备好吧。