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cfa L3 关于concentrated single asset的问题

原版书vol2 reading13 p353 example5这道题中,''stock options increased in value by10million above the strike price of the collar"这里我不太明白,collar不是有两个strike price吗?这里above的是哪个?然后解答部分说这10million在stock option上算ordinary income,但在collar上却是loss,我不明白为什么collar会损失呢?

when your option is in the money, your underlying must be in the opposite color, which is why they say it is a loss. But overall your option should be able to hedge it.

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