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The Lazy Guide to Delta Hedging
In my last post on this topic, “Why Delta Hedging Matters,” I argued that an essential aspect of options trading is hedging away unwanted risks. For most traders, the unwanted risk is usually to...
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How to Be Risk-Averse
Felix Salmon is skeptical about the ability of average investors to protect themselves from major economic risks: [T]here really isn’t an easy or obvious way for an investor to be highly risk-averse in...
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The Allure of Deep Out-of-the-Money Options
For an options trader, one of the most remarkable aspects of the 2008 financial crisis was that it featured months in which many options closed in or near the money when, even weeks before, they were...
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Why Conventional Hedging Methods Fail
This is the second post in the series I’m writing to introduce the VIX Portfolio Hedging (VXH) Strategy. I am discussing the problems with conventional portfolio hedging methods first – before getting...
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VIX Portfolio Hedging in a Crisis-Free World
This is the third post in the series I’m writing to introduce the VIX Portfolio Hedging (VXH) Strategy. The most important feature of the VXH strategy is that it offers protection against severe market...
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The Discreet Charm of the VXX ETN
This is the fourth post in the series I’m writing to introduce the VIX Portfolio Hedging (VXH) Strategy. To review: the purpose of the VXH Strategy is to provide cost-effective protection against tail...
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Bonus Trade: SPY November Butterfly
This Bonus Trade was published on our Calendar Options members-only blog on Friday. Our paid newsletter strategies are predicated on the expectation of mean-reversion (with risk-management rules for...
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VIX Portfolio Hedging (VXH) Strategy – Performance and Official Launch
The VIX Portfolio Hedging (VXH) Strategy is being offered to the public for the first time, starting today. The strategy is available via professionally managed accounts, or available by subscription...
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Q4 2010 Condor Options Performance Review
In last quarter’s review, I mentioned two things: that we were adding a dynamic delta hedging component to the official newsletter strategy, and that after the newsletter’s underperformance in Q3, the...
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Q4 2012 Condor Options Performance Review
The Condor Options newsletter portfolio returned 21% in 2012, versus 17% for the S&P 500. The strategy also beat the S&P 500 in the final quarter of the year, giving back 1.1% versus the SPX...
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