出版社: McGraw Hill
副标题: Applying Value Investing to the World of Options
出版年: 2014-9-25
页数: 336
装帧: Paperback
ISBN: 9780071833653
内容简介 · · · · · ·
HOW TO USE YOUR HUMAN ADVANTAGE TO OUTPERFORM ALGORITHMS IN THE OPTIONS MARKET
If you're a value investor who wants to get your money into the lucrative options market, forget about day trading, chart patterns, and market timing. This systematic book lays out a path to long-term wealth by taking positions on companies with real intrinsic value--the kind Ben Graham and Warren Bu...
HOW TO USE YOUR HUMAN ADVANTAGE TO OUTPERFORM ALGORITHMS IN THE OPTIONS MARKET
If you're a value investor who wants to get your money into the lucrative options market, forget about day trading, chart patterns, and market timing. This systematic book lays out a path to long-term wealth by taking positions on companies with real intrinsic value--the kind Ben Graham and Warren Buffett would invest in.
Leave the complex algorithms and "Greeks" for the floor traders. Erik Kobayashi-Solomon, former investment banker, hedge fund risk manager, and valuation consultant to the World Bank, gives you the knowledge and sophistication to understand what options pricing reveals about the market's estimation of future stock prices. He then demonstrates how to find tremendous opportunity for low-risk, high-profit investments in the difference between the market's mechanized price ranges and ones made by you, a thoughtful human being armed with the insight this book offers.
Everything you need to make options a powerful contributor to your portfolio is inside, including:
A thorough explanation of what options are and what their prices can tell you about the market's expectations for the future price of a stock
A proven way to envision the risk/reward trade-off for stocks and options and a straightforward method to use the flexibility and directionality of options to tilt the risk/return balance in your favor
A robust and intuitive framework for assessing the value of a company
Strategies to avoid the most common behavioral pitfalls
Tips for using the information on an option-pricing screen
Thorough coverage of important option investment strategies, including "covered calls," "protective puts," and "collars"
Regardless of your experience level with options, this versatile guide makes you a better investor. Beginners get a turnkey solution to growing wealth in options, experienced investors gain savvy guidance for fine-tuning their practices, and professional investors learn how to effectively incorporate options into a portfolio.
Understanding valuation in this perceptive light lets you earn the consistent profi ts of The Intelligent Option Investor.
The Intelligent Option Investor is the hands-on guide to using a cuttingedge valuation framework in the fast-paced options market to boost growth, protect gains, and generate income.
It explains how to use your insightful human mind to recognize when mechanized options pricing undervalues a stock. Once you see an opportunity, you'll have all the tools you need to execute a fact-based decision about how and when to invest in the company.
Have your money make the most for you with the potent blend of timehonored value investing strategies and hot options vehicles in The Intelligent Option Investor.
PRAISE FOR THE INTELLIGENT OPTION INVESTOR:
"The Intelligent Option Investor reflects Erik's keen understanding of how companies create value for their owners, which is essential to successful option investing. In addition to showcasing Erik's expertise in developing option investment strategies based on fundamental security analysis and a long-term time horizon, this book delivers the information in a way that’s accessible to individual investors, offering them the resources to use options to help them meet their financial goals." -- JOE MANSUETO, founder, chairman, and CEO, Morningstar, Inc.
"Erik knows--and lays out here--that to use options successfully, you need to understand the underlying stock and its valuation first. This is one of few books on options that teaches this fruitful, combined approach. And that's why it works." -- JEFF FISCHER, advisor, Motley Fool Options
作者简介 · · · · · ·
Erik Kobayashi-Solomon is the author of The Intelligent Option Investor: Applying Value Investing to the World of Options (McGraw-Hill, 2014) and the founder of IOI, LLC. In addition to publishing an institutional investor-focused subscription product through his website www.IntelligentOptionInvestor.com, Erik runs option and investment "boot camps" and consults on risk control...
Erik Kobayashi-Solomon is the author of The Intelligent Option Investor: Applying Value Investing to the World of Options (McGraw-Hill, 2014) and the founder of IOI, LLC. In addition to publishing an institutional investor-focused subscription product through his website www.IntelligentOptionInvestor.com, Erik runs option and investment "boot camps" and consults on risk control, option strategies, and stock valuations for individual and institutional investors.
Before founding IOI, Erik worked for Morningstar in its stock research department for over six years. At Morningstar, he first managed a team of semiconductor industry analysts before becoming the co-editor and driving force of Morningstar's OptionInvestor newsletter and serving as the company's Market Strategist.
In addition to co-authoring a guide to fundamental investing and option strategies used in the Morningstar Investor Training Options Course and popular weekly articles about using options as a tool for investment portfolios, Erik was the host of several popular webinars such as "Covered Calls A to Z" and "Hedging 101." His video lecture about avoiding behavioral and structural pitfalls called "Making Better Investment Decisions" was so popular that he was invited to be the featured speaker at several investment conferences throughout the United States. In addition, he represented Morningstar on television and radio, was interviewed by magazines and newspapers from Dallas to Tokyo to New Delhi, and was a frequent guest contributor to other Morningstar/Ibbotson publications.
Erik started his career in the world of finance at Morgan Stanley Japan, where he ultimately headed Morgan's listed derivatives operations in Tokyo. After returning to the United States, Erik founded a small hedge fund based on his original research in the field of Behavioral Finance and later became the Risk Manager for a larger investment fund. There, he designed option hedges for the fund's $800 million global equity portfolio and advised the portfolio manager on quantitative investment strategies and Japanese stock market investments.
Erik, the son of a NASA scientist father and a concert violinist mother, graduated Magna Cum Laude and Phi Beta Kappa from the University of Texas at Austin, where he majored in Asian Studies and Japanese. After working in Japan for several years as a teacher, translator, and television actor, he won a full-ride scholarship to study business at the #1 ranked school for international business in the United States--Thunderbird--in Glendale, Arizona. There, he worked as a research assistant to Dr. Anant Sundaram (Finance, presently at Dartmouth) from whom he gained a love for finance and economics, Dr. Graeme Rankine (Accounting) who introduced him to Behavioral Finance, and Dr. Charles Neilson (Marketing) who taught him the importance of strategic thinking. Erik graduated Summa Cum Laude and was selected as the outstanding student of his graduating class.
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