Spitznagel’s $4.3 billion (assets) firm Universa Investments and his team of about a dozen PhD’s, mathematicians and trading experts earn their money by making trades that nearly always lose small sums–but very rarely generate astronomical payouts. Universa buys short-term options contracts that protect against a spike in volatility, or a plunge in markets, which are highly “convex\" and “out-of-the money.\" In plain English that means it would take a sudden, major crash for the trades to pay off. Every trading day, investors around the world make a little easy money by selling Spitznagel options.
斯皮兹纳格尔的43亿美元(资产)公司Universa Investments和他的十几位博士、数学家和交易专家组成的团队通过几乎总是亏损的交易赚钱,但很少产生天文数字的回报。Universa购买短期期权合约,以防范波动性上升或市场大跌,因为市场高度凸出且\"钱外\"。简而言之,这意味着这些交易需要一个突然的大崩盘才能得到回报。每个交易日,世界各地的投资者都通过出售Spitznagel期权来轻松赚钱


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