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Nie obrażaj więc mojej inteligencji poprzez czynione na pokaz zaniżanie własnej.
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Using Options to Buy Stocks Build Wealth with Little Risk and No Capital Dennis Eisen, Ph.D. Dearborn™ A Kaplan Professional Company Page ii This publication is designed to provide accurate and authoritative information in regard to the subject matter covered. It is sold with the understanding that the publisher is not engaged in rendering legal, accounting, or other professional service. If legal advice or other expert assistance is required, the services of a competent professional should be sought. Associate Publisher: Cynthia Zigmund Managing Editor: Jack Kiburz Project Editor: Trey Thoelcke Interior Design: Lucy Jenkins Cover Design: Scott Rattray, Rattray Design Typesetting: Elizabeth Pitts © 2000 by Dennis Eisen Published by Dearborn A Kaplan Professional Company All rights reserved. The text of this publication, or any part thereof, may not be reproduced in any manner whatsoever without written permission from the publisher. Printed in the United States of America 00 01 02 10 9 8 7 6 5 4 3 2 1 Library of Congress Cataloging-in-Publication Data Eisen, Dennis. Using options to buy stocks / Dennis Eisen. p. cm. Includes bibliographical references and index. ISBN 0-7931-3414-5 (pbk.) 1. Stock options—Handbooks, manuals, etc. 2. Investments—Handbooks, manuals, etc. I. Title. HG6042.E373 2000 332.63'228—dc21 99-049348 Dearborn books are available at special quantity discounts to use as premiums and sales promotions, or for use in corporate training programs. For more information, please call the Special Sales Manager at 800-621-9621, ext. 4514, or write to Dearborn Financial Publishing, Inc., 155 N. Wacker Drive, Chicago, IL 60606-1719. Page iii CONTENTS Preface v Part One The Basic Approach 1 1. Introduction 3 2. Long-Term Options 17 3. Basic Strategy 35 4. Margin 51 5. Disposition and Taxes 63 Part Two Risk, Reward, and Safety 75 6. Baseline Analysis 77 7. Eliminating Dogs 91 8. Out-of-the-Money LEAPS 99 9. Roll 'Em Out 109 10. Buy 'Em Out 123 11. Advanced Strategies 147 12. Hedging for Disaster 155 Part Three Volatility and Premiums 165 13. Measuring Volatility 167 14. Option Premiums 181 15. American-Style Options 189 Part Four Additional Resources 203 16. My Favorite Web Sites 205 17. Selected Bibliography 217 Appendix A: European Put Premiums 221 Appendix B: American Put Premiums 235 Appendix C: In-the-Money Probabilities 289 Index 335 |
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