ISBN: 9798196156335 - tail risk hedging (master option trader series): portfolio protection without killing returns ((eng) master option trader, band 7) (1 Ergebnisse)

Taschenbuch. Zustand: Neu. Neuware - Tail risk is the event that lives outside the model. Not the two-sigma drawdown that options pricing already discounts, the six-sigma dislocation that arrives with no warning, prices nothing like it should, and clears out traders who had everything right except one thing: they were not positioned for the world to briefly stop working. Every sophisticated options trader eventually discovers that knowing the Greeks and running a correct portfolio framework is not the same as surviving a regime break. This book teaches you how to do both. You will learn: - How to define and measure tail risk in an options book: the precise difference between normal volatility risk and true discontinuous event risk, and why your existing stress tests are probably not finding it- How to build systematic Put protection without bleeding premium into a hedge that never pays: spread structures, roll schedules, and the cost-management disciplines that make a long-term hedging programme survivable- How VIX Call overlays and variance swaps function as tail hedges, when each is appropriate, and what they actually cost you across the long stretches when nothing breaks- How to construct convex payoff profiles that pay exponentially in a crisis without requiring you to predict timing, magnitude, or catalyst- How to identify positions in your book that appear uncorrelated and become violently correlated the moment VIX spikes and how to hedge the correlation itself before it becomes a problem- How to size and maintain tail hedges across three distinct market regimes: low-volatility grind, moderate stress, and full dislocation including when to add, when to roll, and when to take the hedge off entirely- How to run two complete tail-event scenarios, a slow-burn institutional deleveraging and a single-session crash, from initial trigger through active portfolio management and post-event reconstruction This is not a book about being afraid of markets. It is a book about what happens to traders who are not afraid enough, and what the ones who survive the breaks did differently.…