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1、HedgingStrategiesByMichaelWhiteMGMT6380ThesisStatement:Hedgingstrategiescanhelpmakethelayinvestorsportfoliosprofitable?Abstract:Therearevarioustypesofhedgingstrategiesthattradersemployonadailybasis.However,theordinaryinvestormaybeafraidtoaddsuchstrategiesintotheirportfolio.Thisstudyistoexam
2、inewhatstrategiesthelayinvestormayundertakewithintheirportfolios,andhopefullybecomecomfortablewithsomethesestrategies.Tradersmayusecomplicatedstrategiesveryfrequently;buttherearesomehedgingstrategiesthatthelayinvestorcanusetohaveasuccessfulportfolio,suchascreatingoptionspreadscombinations,f
3、ollowingtrends,andinvestinginhedge-likemutualfunds.Investorshavetakenaninterestoflateinhedgefundstrategies;butcanhedgingstrategiesbetrulymoreprofitablethanotherinvestmentstrategies.Hedgefundstrategiesarealwayschanging;theycanspreaddifferenttypesofrisksamongdifferentportfolios.HedgeFundsaren
4、ormallyseenasmysterious,andanexcitingprospectformanyinvestors,forthosewhocanaffordit.Itisexcitingformanyinvestorstowanttogeneratedramaticgainsthathedgingstrategiescanprovide.Although,thestrategiesthathedgefundsimplementcanbequiterisky;profitscansoartoalltimehighs,orfalltoalltimelows.Therear
5、eseveralexamplesofhedging;therearelonghedges,shorthedges,reversetrading,crosshedging,andthehedgeratio.Forimplementingalonghedge,aninvestormaybuyacontractatasetpricetobelatersoldatapossiblehigherpriceinordertomakeaprofit.Ashorthedgeisahedgewherethehedgerwillsellacontract,thehedgercanavoidthe
6、riskofpricesfallingbysettingthepriceandsellinginthefuture;theinvestorcanhopefullyexpectmoregainsthantheyoriginallyanticipated.Although,inmostcasesofhedgingproductssuchascommodities-longandshortstrategiesdonotalwaysmatchupsonicely.Inreality,theamountofthestockorthecharacteristicofagoodwilldi
7、fferwithinacertaintimespanduringahedgedstrategy-inthiscaseacrosshedgewouldbeappropriate.Acrosshedgeisthecasewhenthespotandthederivativepositiondonotmatchupwell.Whenthespecificationsofapositionthatishedgeddonotmatchwell,thehedgerneedstoensurethathe/sheist
