The benefits and harms of derivatives

Introduction

Many investors start their journey with relatively simple instruments: stocks and bonds. However, sooner or later they have to face more complex ways of earning money - derivatives or derivatives. Some consider them weapons of mass destruction, while others talk about the possibility of increasing income and reducing risk. In this article, we will try to understand what derivatives are and how to treat them.

Content

1. Introduction

   
   
   
   
   

2. What is a derivative?

   
   
   
   
   

3. Futures

   
   
   
   
   

4. Options

   
   
   
   
   

5. Swaps

   
   
   
   
   

6. Arguments for

   
   
   
   
   

7. Arguments against

   
   
   
   
   

8. Output

   
   
   
   
   

What is a derivative?

() — , (, , .. ). , , . , , ( 3 ).

, . , .

. , 3 50 3 75 , - 50, 75.

18 , . , , - . - . , , , . — . , 5-15% , .

, . , . , (5-10%) - .

2 : . . , , , . . , , .

. , , , , . , , , . , , .

- . . - 2008 . .

• 
  
  
  
  

  CDS - , , . : BB, AA. , , . .

  
  
  
  
  

• 
  
  
  
  

  , .

  
  
  
  
  

- , . , .

, ( ). , .

, . (, - ). , "" .

, , , ..

. .

" ". , ? , , , , .

Amaranth Advisors LLC 2006 . - , , - , 5 . $.

Allied Lyons. , , , , , 269 .

, CDO CDS, 2008 . , , (, ).

, . , , . .

As a result, we can say that with sufficient qualifications, control over your portfolio, and clearly set goals, derivatives will be able to bring profit and help protect against risks.

Literature

William Sharp "Investments"

Laurent Jacques "Dangerous games with derivatives"