Buying and selling volatility
Author:Kevin B. Connolly
近期窩輪再度成為市場焦點,令我想起一本很久以前看的書,當時剛剛接觸窩輪這新奇事物,可是坊間一直較少淺白易讀的衍生工具書藉，不是叫你一知半解，便是用艱深的數學公式把你包圍，後來碰到這本深入淺出的易「啃」入門書──＜買賣波幅＞，用門外漢都能懂的語言解答發行人如何賺你錢之謎．
買賣波幅與買賣股價不同之處，在於前者需要不時根據正股變化進行對沖「鎖定」利潤或虧損，亦即動態對沖，因此較單純買賣股票遠為複雜，但本書能做到不用艱深數學模型，而能用淺白語言及圖表，讓人掌握這門概念．同時本書能做到不會野心過大，只集中介紹主要概念，故此不會予人有資料過多消化不良之感．對於一向有投資認股証及期權的投資者，不妨一讀以增功力．
美中不足的是，如何決定一隻股份平貴的理論很多，但究竟如何決定波幅平貴及如何尋找入市機會則鮮有書藉提及，此書也少了這一章，令本書只能停留在理論在層次.建議看完這本書後,可挑戰john hull的Options, Futures and Other Derivatives<--絕對好勁!
2 則留言:
Oooo! This is one of my favourite! It cost me $HK600 when I bought it at 11/1998. In my opinion, this book is even better than Hull's "Options, Futures and Other Derivatives". "Buying and selling volatility" is more advance and practical; it provide a very clear explanation for various factors that influence option price. Moreover, it expalin how issuer/hedger delta hedge their position. Excellent book, definitely worth the money.
oops, i only borrowed it from HKU library and not knew it sold at HK600!
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