什么是long, 什么是short

1
00:00:00,040 --> 00:00:03,600
最近我在X上看到有人把投资语境里的long

2
00:00:03,600 --> 00:00:05,419
直接理解成中文的长

3
00:00:05,419 --> 00:00:08,679
于是把long call解释成长期看涨期权

4
00:00:08,679 --> 00:00:11,310
认为买入长期call就叫long call

5
00:00:11,310 --> 00:00:14,849
这是一个英语不好产生的典型误解

6
00:00:14,849 --> 00:00:15,929
准确的说

7
00:00:15,929 --> 00:00:17,530
long call是买入call

8
00:00:17,530 --> 00:00:19,410
long leaves call才是买入

9
00:00:19,410 --> 00:00:22,719
长期靠在骰子语境里

10
00:00:22,719 --> 00:00:24,059
long不是时间长

11
00:00:24,059 --> 00:00:26,019
short也不是时间短

12
00:00:26,019 --> 00:00:29,280
他们描述的是你站在交易的哪一边

13
00:00:29,280 --> 00:00:32,298
以及交易完成后持有什么仓位

14
00:00:32,298 --> 00:00:34,878
期限长短要看合约到期日

15
00:00:34,878 --> 00:00:37,579
而不是看long或short

16
00:00:37,859 --> 00:00:42,859
对于股票浪通常翻译成做多多头或者长仓

17
00:00:42,859 --> 00:00:44,899
你先买入并拥有股票

18
00:00:44,899 --> 00:00:46,960
一般希望它以后上涨

19
00:00:46,960 --> 00:00:48,659
比如100美元买入

20
00:00:48,659 --> 00:00:50,119
涨到120美元

21
00:00:50,119 --> 00:00:51,560
卖出不考虑费用

22
00:00:51,560 --> 00:00:52,878
盈利20美元

23
00:00:52,878 --> 00:00:54,259
无论持有10年

24
00:00:54,259 --> 00:00:55,819
一个月还是10分钟

25
00:00:55,819 --> 00:00:59,539
这段时间你都是long stock short

26
00:00:59,539 --> 00:01:02,890
通常翻译成做空空头或者短仓

27
00:01:02,890 --> 00:01:04,329
以股票为例

28
00:01:04,329 --> 00:01:06,310
你介入原本不拥有的股票

29
00:01:06,310 --> 00:01:08,450
并先卖出之后再买回来

30
00:01:08,450 --> 00:01:10,060
归还100美元

31
00:01:10,060 --> 00:01:11,859
卖空跌到70美元

32
00:01:11,859 --> 00:01:13,260
买回不考虑费用

33
00:01:13,260 --> 00:01:14,760
盈利30美元

34
00:01:14,760 --> 00:01:19,629
short描述空头仓位不代表交易时间一定很短

35
00:01:19,870 --> 00:01:21,890
股票最低只能跌到零

36
00:01:21,890 --> 00:01:24,109
但理论上可以不断上涨

37
00:01:24,109 --> 00:01:27,030
所以普通股票多投的最大亏损

38
00:01:27,030 --> 00:01:29,109
通常是投入的本金裸

39
00:01:29,109 --> 00:01:32,230
卖空股票的潜在亏损理论上没有上限

40
00:01:32,230 --> 00:01:34,310
而且还可能产生借券费

41
00:01:34,310 --> 00:01:37,549
保证金压力和被迫平仓风险

42
00:01:38,000 --> 00:01:42,400
long和by short和sell也不能完全划等号

43
00:01:42,400 --> 00:01:44,480
by和sell是交易动作

44
00:01:44,480 --> 00:01:47,509
long和short是交易后的仓位状态

45
00:01:47,509 --> 00:01:49,748
没有持仓时买入100股

46
00:01:49,748 --> 00:01:52,289
你变成long100股卖掉他们

47
00:01:52,289 --> 00:01:53,769
你只是凭吊多仓

48
00:01:53,769 --> 00:01:56,120
并不自动变成short

49
00:01:56,439 --> 00:01:58,079
反过来没有股票

50
00:01:58,079 --> 00:01:59,519
世界券卖出100股

51
00:01:59,519 --> 00:02:01,239
你变成sh100股

52
00:02:01,239 --> 00:02:03,079
后来买回100股归还

53
00:02:03,079 --> 00:02:04,239
这是by to cover

54
00:02:04,239 --> 00:02:05,680
也就是回补空仓

55
00:02:05,680 --> 00:02:07,340
并不表示你看涨

56
00:02:07,340 --> 00:02:09,080
所以by可能是开多

57
00:02:09,080 --> 00:02:10,379
也可能是凭空

58
00:02:10,379 --> 00:02:11,699
sell可能是平多

59
00:02:11,699 --> 00:02:13,780
也可能是开空

60
00:02:14,080 --> 00:02:17,219
到了期权要把两组概念分开

61
00:02:17,219 --> 00:02:20,650
call和put回答合约提供什么权利

62
00:02:20,650 --> 00:02:24,289
long和short回答你是买方还是卖方

63
00:02:24,289 --> 00:02:28,289
到期日则回答这笔合约还有多长时间

64
00:02:28,289 --> 00:02:31,770
不要把三个维度混成一个词

65
00:02:32,259 --> 00:02:33,900
call是认购期权

66
00:02:33,900 --> 00:02:37,879
赋予买方按照行权价买入标的资产的权利

67
00:02:37,879 --> 00:02:39,479
put是认沽期权

68
00:02:39,479 --> 00:02:43,490
赋予买方按照行权价卖出标的资产的权利

69
00:02:43,490 --> 00:02:45,409
期权买方拥有权利

70
00:02:45,409 --> 00:02:45,889
期权

71
00:02:45,889 --> 00:02:49,680
卖方则在被指派时承担履约义务

72
00:02:50,000 --> 00:02:54,240
long option表示买入期权支付权利金并获得权利

73
00:02:54,240 --> 00:02:58,689
show option表示卖出期权收取权利金并承担义务

74
00:02:58,689 --> 00:03:02,090
这里的long和short仍然是在说明仓位身份

75
00:03:02,090 --> 00:03:07,199
不是在说明到期时间期权有四个基础仓位

76
00:03:07,199 --> 00:03:08,479
long call是买入

77
00:03:08,479 --> 00:03:09,719
call通常看涨

78
00:03:09,719 --> 00:03:10,840
说call是卖出

79
00:03:10,840 --> 00:03:13,400
call通常偏空或认为不会大涨

80
00:03:13,400 --> 00:03:14,479
long put是买入

81
00:03:14,479 --> 00:03:16,789
put通常看跌或用来保险

82
00:03:16,789 --> 00:03:17,830
short put是卖出

83
00:03:17,830 --> 00:03:19,030
put通常偏多

84
00:03:19,030 --> 00:03:21,030
或认为不会大跌

85
00:03:21,469 --> 00:03:25,270
long code的最大亏损一般是已经支付的权利金

86
00:03:25,270 --> 00:03:28,270
股价上涨超过盈亏平衡点以后

87
00:03:28,270 --> 00:03:30,639
盈利空间随股价上升

88
00:03:30,639 --> 00:03:34,189
说call的最大盈利一般是收到的权利金

89
00:03:34,189 --> 00:03:37,969
如果是没有股票保护的裸麦扣标的大涨时

90
00:03:37,969 --> 00:03:40,278
潜在亏损很大

91
00:03:40,558 --> 00:03:43,459
LPL的最大亏损一般也是权利金

92
00:03:43,459 --> 00:03:45,360
标的下跌时更有利

93
00:03:45,360 --> 00:03:48,319
short铺的最大盈利一般是权利金

94
00:03:48,319 --> 00:03:49,659
如果价格大跌

95
00:03:49,659 --> 00:03:52,889
卖方可能被要求按照行权价接货

96
00:03:52,889 --> 00:03:55,490
因此short put虽然带有short

97
00:03:55,490 --> 00:03:57,370
却往往表达中性偏多

98
00:03:57,370 --> 00:03:59,409
而不是看空

99
00:03:59,699 --> 00:04:02,539
这也说明lb必然等于看涨

100
00:04:02,539 --> 00:04:04,780
short也不必然等于看跌

101
00:04:04,780 --> 00:04:08,400
long put带着long却在价格下跌时获益

102
00:04:08,400 --> 00:04:11,740
short put带着short却常常是不看跌

103
00:04:11,740 --> 00:04:13,219
判断期权方向

104
00:04:13,219 --> 00:04:17,259
必须把long或short与call或put合起来读

105
00:04:17,689 --> 00:04:20,250
现在回到最常见的误会

106
00:04:20,250 --> 00:04:21,629
买入今天到期

107
00:04:21,629 --> 00:04:22,670
下周到期

108
00:04:22,670 --> 00:04:23,970
三个月后到期

109
00:04:23,970 --> 00:04:27,870
甚至两年后到期的call全部都可以叫long call

110
00:04:27,870 --> 00:04:29,350
期限完全不同

111
00:04:29,350 --> 00:04:33,829
但只要你是call的买方仓位就是long call

112
00:04:34,069 --> 00:04:36,069
如果想表达长期期权

113
00:04:36,069 --> 00:04:37,259
应该看leaves

114
00:04:37,259 --> 00:04:39,220
它的全称是long term equity

115
00:04:39,220 --> 00:04:40,620
Anticipation securities

116
00:04:40,620 --> 00:04:43,060
指期限较长的上市期权

117
00:04:43,060 --> 00:04:45,779
它与普通期权的基本结构相同

118
00:04:45,779 --> 00:04:49,250
主要区别之一是到期日更远

119
00:04:49,529 --> 00:04:51,750
因此long call是买入call

120
00:04:51,750 --> 00:04:52,769
不限定期限

121
00:04:52,769 --> 00:04:54,329
leave call是长期靠

122
00:04:54,329 --> 00:04:56,298
不限定你买入还是卖出

123
00:04:56,298 --> 00:04:58,778
long live call是买入一张长期靠

124
00:04:58,778 --> 00:05:01,850
说leaves call则是卖出一张长期靠

125
00:05:01,850 --> 00:05:05,410
期限和仓位是两个独立维度

126
00:05:05,810 --> 00:05:07,889
再用股票例子复习

127
00:05:07,889 --> 00:05:10,490
你买入苹果股票是long stock

128
00:05:10,490 --> 00:05:13,970
卖掉已经持有的苹果股票是sell to clothes

129
00:05:13,970 --> 00:05:17,290
你介入股票卖出是short stock以后

130
00:05:17,290 --> 00:05:19,500
买回来归还是by to cover

131
00:05:19,500 --> 00:05:20,639
动作相同

132
00:05:20,639 --> 00:05:22,620
放在不同初始仓位上

133
00:05:22,620 --> 00:05:25,100
含义可能完全不同

134
00:05:25,399 --> 00:05:27,000
读到任何策略时

135
00:05:27,000 --> 00:05:29,180
可以依次问三个问题

136
00:05:29,180 --> 00:05:31,100
第一交易的是什么

137
00:05:31,100 --> 00:05:33,839
是股票期货还是期权

138
00:05:33,839 --> 00:05:35,980
第二我是买方还是卖方

139
00:05:35,980 --> 00:05:38,240
拥有权利还是承担义务

140
00:05:38,240 --> 00:05:40,939
第三到期日是什么时候

141
00:05:40,939 --> 00:05:42,740
这三个问题能拆开

142
00:05:42,740 --> 00:05:46,540
绝大多数术语误会还要记住

143
00:05:46,540 --> 00:05:49,800
long或short本身不能完整说明风险

144
00:05:49,800 --> 00:05:50,759
Long stock

145
00:05:50,759 --> 00:05:53,839
long call和long put的损益结构完全不同

146
00:05:53,839 --> 00:05:54,819
Short stock

147
00:05:54,819 --> 00:05:55,300
Short

148
00:05:55,300 --> 00:05:59,519
call和short put的保证金指派和最大亏损也不同

149
00:05:59,519 --> 00:06:03,639
下单前必须看懂具体产品与组合

150
00:06:04,000 --> 00:06:06,879
最简单的记忆方式是long和shy

151
00:06:06,879 --> 00:06:08,509
回答我站在哪一边

152
00:06:08,509 --> 00:06:10,949
call和put回答我交易什么权利

153
00:06:10,949 --> 00:06:13,589
到7日回答这笔交易有多长

154
00:06:13,589 --> 00:06:15,089
long不是长时间

155
00:06:15,089 --> 00:06:16,370
short不是短时间

156
00:06:16,370 --> 00:06:18,189
long call更不是长期靠

157
00:06:19,670 --> 00:06:22,959
所以下次有人把long call解释成长期靠

158
00:06:22,959 --> 00:06:26,038
你可以直接告诉他一张明天到期的call

159
00:06:26,038 --> 00:06:28,220
只要是买入的也是long call

160
00:06:28,220 --> 00:06:30,220
一张两年后到期的call

161
00:06:30,220 --> 00:06:31,399
如果是卖出的

162
00:06:31,399 --> 00:06:32,930
就是short lease call

163
00:06:32,930 --> 00:06:35,189
先分仓位再看权利

164
00:06:35,189 --> 00:06:36,899
最后看期限

共 1 条，按点赞数排序。

采集完成，该视频无弹幕