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1、HedgingStrategiesByMichaelWhiteMGMT6380ThesisStatement:Hedgingstrategiescanhelpmakethelayinvestorsportfoliosprofitable.Abstract:Therearevarioustypesofhedgingstrategiesthattradersemployonadailybasis.However,theordinaryinvestormaybeafraidtoaddsuchstrategiesintotheirportfolio.Thisstudyistoexamine
2、whatstrategiesthelayinvestormayundertakewithintheirportfolios,andhopefullybecomecomfortablewithsomethesestrategies.Tradersmayusecomplicatedstrategiesveryfrequently;buttherearesomehedgingstrategiesthatthelayinvestorcanusetohaveasuccessfulportfolio,suchascreatingoptionspreadscombinations,followi
3、ngtrends,andinvestinginhedge-likemutualfunds.Investorshavetakenaninterestoflateinhedgefundstrategies;butcanhedgingstrategiesbetrulymoreprofitablethanotherinvestmentstrategies.Hedgefundstrategiesarealwayschanging;theycanspreaddifferenttypesofrisksamongdifferentportfolios.HedgeFundsarenormallyse
4、enasmysterious,andanexcitingprospectformanyinvestors,forthosewhocanaffordit.Itisexcitingformanyinvestorstowanttogeneratedramaticgainsthathedgingstrategiescanprovide.Although,thestrategiesthathedgefundsimplementcanbequiterisky;profitscansoartoalltimehighs,orfalltoalltimelows.Thereareseveralexam
5、plesofhedging;therearelonghedges,shorthedges,reversetrading,crosshedging,andthehedgeratio.Forimplementingalonghedge,aninvestormaybuyacontractatasetpricetobelatersoldatapossiblehigherpriceinordertomakeaprofit.Ashorthedgeisahedgewherethehedgerwillsellacontract,thehedgercanavoidtheriskofpricesfal
6、lingbysettingthepriceandsellinginthefuture;theinvestorcanhopefullyexpectmoregainsthantheyoriginallyanticipated.Although,inmostcasesofhedgingproductssuchascommodities-longandshortstrategiesdonotalwaysmatchupsonicely.Inreality,theamountofthestockorthecharacteristicofagoodwilldifferwithinacertain
7、timespanduringahedgedstrategy-inthiscaseacrosshedgewouldbeappropriate.Acrosshedgeisthecasewhenthespotandthederivativepositiondonotmatchupwell.Whenthespecificationsofapositionthatishedgeddonotmatchwell,thehedgerneedstoensurethathe/sheist
