By Donald E. Fischer, Darwin M. Bayston, Robert W. Kopprasch, H. Nicholas Hanson, Sumber Abramson, Robert E. Shultz and Paul H. Fullum, Lloyd McAdams, Patricia A. Owens, David M. Dunford, Roger F. Murray
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Additional info for Options and Futures: New Route to Risk Return Management
43 short-term interest rate. If anybody implies that anything other than that can be made, you are being misled. rolls. They aren't essential. The key is knowing where the stock will be on the expiration date. That is what it's all about. Getting Involved With Options I've been in the options business for ten years now, handling rather large portfolios. The business of working with pension funds, however, has been rather disappointing. I've done a lot of missionary work, explaining to pension fund managers how options can work for them.
We have valuation models that are carefully designed and have been thoroughly tested. Their output, however, is not necessarily the final answer. If I want to go short a major stock and am worried because I am a fiduciary and everybody's told me about unlimited loss, I just want to buy that out-of-the-money call instead. 111 have limited my loss. What is the value of that call to me? It's not necessarily the value of the same call to Lloyd in one of his particular programs. He might be right on a value different than mine, but 111 buy those calls all day long because they permit me to make a short sale that otherwise would be out of the question for me as a fiduciary.
When the market went up 30%, option income funds were up only 18%. Since 8% was the target, many options managers thought they had done just fine. It's the investors, expecting their portfolio to be up 30%, who thought they had done poorly. Question: Do mutual funds use covered call writing as a strategy? 46 Mr. McAdams: Yes, but they use it selectively. They may only sell calls when they don't like the market outlook. Also, they have been using calls the way futures can be used - as a great way to raise cash.