怕暴跌血亏？用这个“保险”，美股暴跌你也能赚钱 (第五期-Long Put买入看跌期权)

Core Viewpoint - The article emphasizes the importance of asset hedging, particularly through the use of deep out-of-the-money put options, to protect against market downturns and "black swan" events, which are often underestimated by investors [1][2][4]. Group 1: Importance of Hedging - Historical examples illustrate that during significant market downturns, such as the 2008 financial crisis, hedging strategies can yield substantial returns, as demonstrated by Universa Investments achieving approximately 115% returns while the S&P 500 fell by about 37% [1][2]. - Many investors maintain a purely long position without any hedging, often due to a fear of underperforming compared to peers, leading to a lack of protection against potential market crashes [1][2]. Group 2: Mathematical Illustration of Hedging - A hypothetical scenario shows that an investor with a long-only position (Old Wang) could see their investment drop from 1.52 million to 0.988 million after a 35% market decline, while a hedged investor (Old Li) would still retain a value of 1.336 million due to the gains from put options [3][4]. - The article highlights that deep out-of-the-money put options can potentially multiply returns significantly during market crashes, reinforcing the necessity of hedging [4]. Group 3: Strategies for Hedging - The article discusses the use of long put options as a dual-purpose tool for both speculation and hedging, with protective puts being a strategy to mitigate losses in a bear market [5][9]. - It provides a step-by-step guide for investors on how to implement these strategies effectively, including determining risk tolerance and selecting appropriate strike prices and expiration dates for options [11][12]. Group 4: Practical Applications - Two practical applications are presented: one for speculative purposes and another for hedging against potential market downturns. For speculation, the article suggests selecting a strike price close to the current stock price, while for hedging, it recommends choosing a deeper out-of-the-money strike price to minimize costs [13][16]. - The article also outlines the potential outcomes of these strategies, including scenarios where the stock price falls below the strike price, demonstrating how hedging can limit losses [17][18].