- Futures price ≈ Spot price (1 + r) + Storage costs ? Convenience yield.
- Volatility is a relative value strategy that uses options to profit based on expectations that market volatility will rise or fall.
波動率是一種相對價值策略，它使用基于市場波動率將上升或下降的預期的期權獲利。
Distressed/restructuring is an event-driven strategy that focuses primarily on fixed-income securities, although it may buy preferred stock and short common stock of a company.
不良/重組是一種由事件驅動的策略，主要關注固定收益證券，盡管它可能購買優先股和做空一家公司的普通股。
Quantitative directional is an equity strategy that uses technical analysis to identify over- and underpriced securities, buy the underpriced ones, and short the overpriced ones.
定量定向是一種利用技術分析來識別定價過高和過低的證券，購買定價過低的證券，賣空定價過高的證券的股票策略。 - The futures market is in backwardation when the convenience yield is higher than the cost of carry. The futures price then generally rolls up (moves up along the forward curve) to the spot price curve as the expiry date of the futures contract approaches, which results in a positive roll yield for the long positions.
期貨市場在現貨溢價時，便利收益高于儲存成本。隨著期貨合約到期日的臨近，期貨價格通常會上升(沿著遠期曲線上升)到現貨價格曲線，這就導致多頭頭寸的滾轉收益為正。 - The three main sources of return for a commodities futures contract are collateral yield, roll yield, and spot price return.
商品期貨合同的三個主要收益來源是抵押品收益、滾動收益和現貨價格收益。
CFA level I 另類投資錯點
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