{"id":15483,"date":"2026-03-10T21:36:13","date_gmt":"2026-03-10T21:36:13","guid":{"rendered":"https:\/\/algo0.com\/?p=15483"},"modified":"2026-08-16T14:24:16","modified_gmt":"2026-08-16T14:24:16","slug":"using-options-to-hedge-a-stock-portfolio-effectively","status":"publish","type":"post","link":"https:\/\/algo0.com\/ar\/using-options-to-hedge-a-stock-portfolio-effectively\/","title":{"rendered":"\u0627\u0633\u062a\u062e\u062f\u0627\u0645 \u0627\u0644\u062e\u064a\u0627\u0631\u0627\u062a \u0644\u0644\u062a\u062d\u0648\u0637 \u0627\u0644\u0641\u0639\u0627\u0644 \u0644\u0645\u062d\u0641\u0638\u0629 \u0627\u0644\u0623\u0633\u0647\u0645"},"content":{"rendered":"<p>\u0641\u064a \u0627\u0644\u0623\u0633\u0648\u0627\u0642 \u0627\u0644\u0645\u062a\u0642\u0644\u0628\u0629\u060c \u064a\u064f\u0639\u062f\u0651 \u062d\u0645\u0627\u064a\u0629 \u0645\u062d\u0641\u0638\u0629 \u0627\u0644\u0623\u0633\u0647\u0645 \u0645\u0646 \u0627\u0644\u0627\u0646\u062e\u0641\u0627\u0636\u0627\u062a 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\u0627\u0644\u0642\u0644\u0642 \u0648\u064a\u062d\u0627\u0641\u0638 \u0639\u0644\u0649 \u0631\u0623\u0633 \u0627\u0644\u0645\u0627\u0644 \u062e\u0644\u0627\u0644 \u0641\u062a\u0631\u0627\u062a \u0627\u0644\u0627\u0646\u0643\u0645\u0627\u0634\u060c \u0645\u0639 \u0625\u0628\u0642\u0627\u0621 \u0627\u0644\u0645\u062c\u0627\u0644 \u0645\u0641\u062a\u0648\u062d\u064b\u0627 \u0644\u062a\u062d\u0642\u064a\u0642 \u0645\u0643\u0627\u0633\u0628.<\/p><div id=\"ez-toc-container\" class=\"ez-toc-v2_0_86 counter-hierarchy ez-toc-counter ez-toc-light-blue ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #2b7abf;color:#2b7abf\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewbox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #2b7abf;color:#2b7abf\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewbox=\"0 0 24 24\" version=\"1.2\" baseprofile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1' ><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/algo0.com\/ar\/using-options-to-hedge-a-stock-portfolio-effectively\/#A_Practical_Note_Before_Using_Options_as_a_Hedge\" >\u0645\u0644\u0627\u062d\u0638\u0629 \u0639\u0645\u0644\u064a\u0629 \u0642\u0628\u0644 \u0627\u0633\u062a\u062e\u062f\u0627\u0645 \u0627\u0644\u062e\u064a\u0627\u0631\u0627\u062a \u0644\u0644\u062a\u062d\u0648\u0637<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/algo0.com\/ar\/using-options-to-hedge-a-stock-portfolio-effectively\/#Understanding_the_Role_of_Options_in_Portfolio_Hedging\" >\u0641\u0647\u0645 \u062f\u0648\u0631 \u0627\u0644\u062e\u064a\u0627\u0631\u0627\u062a \u0641\u064a \u0627\u0644\u062a\u062d\u0648\u0637 \u0644\u0644\u0645\u062d\u0641\u0638\u0629 \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631\u064a\u0629<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/algo0.com\/ar\/using-options-to-hedge-a-stock-portfolio-effectively\/#What_Does_an_Options_Hedge_Actually_Protect\" >\u0645\u0627 \u0627\u0644\u0630\u064a \u064a\u062d\u0645\u064a \u0645\u0646\u0647 \u0627\u0644\u062a\u062d\u0648\u0637 \u0628\u0627\u0644\u062e\u064a\u0627\u0631\u0627\u062a \u0641\u0639\u0644\u064a\u064b\u0627\u061f<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/algo0.com\/ar\/using-options-to-hedge-a-stock-portfolio-effectively\/#Selecting_the_Right_Option_Strategy_to_Hedge_Your_Stock_Portfolio\" >\u0627\u062e\u062a\u064a\u0627\u0631 \u0627\u0633\u062a\u0631\u0627\u062a\u064a\u062c\u064a\u0629 \u0627\u0644\u062e\u064a\u0627\u0631\u0627\u062a \u0627\u0644\u0645\u0646\u0627\u0633\u0628\u0629 \u0644\u0644\u062a\u062d\u0648\u0637 \u0644\u0645\u062d\u0641\u0638\u0629 \u0627\u0644\u0623\u0633\u0647\u0645 \u0627\u0644\u062e\u0627\u0635\u0629 \u0628\u0643<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/algo0.com\/ar\/using-options-to-hedge-a-stock-portfolio-effectively\/#Key_Considerations_When_Implementing_an_Options_Hedge\" >\u0627\u0644\u0627\u0639\u062a\u0628\u0627\u0631\u0627\u062a \u0627\u0644\u0631\u0626\u064a\u0633\u064a\u0629 \u0639\u0646\u062f \u062a\u0637\u0628\u064a\u0642 \u0627\u0644\u062a\u062d\u0648\u0637 \u0628\u0627\u0644\u062e\u064a\u0627\u0631\u0627\u062a<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/algo0.com\/ar\/using-options-to-hedge-a-stock-portfolio-effectively\/#The_Real_Cost_of_Portfolio_Hedging\" >\u0627\u0644\u062a\u0643\u0644\u0641\u0629 \u0627\u0644\u062d\u0642\u064a\u0642\u064a\u0629 \u0644\u0644\u062a\u062d\u0648\u0637 \u0639\u0644\u0649 \u0627\u0644\u0645\u062d\u0641\u0638\u0629<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/algo0.com\/ar\/using-options-to-hedge-a-stock-portfolio-effectively\/#Realistic_Investor_Scenario_Hedging_a_Mid-Cap_Growth_Stock_Portfolio_Before_a_Market_Correction\" >\u0633\u064a\u0646\u0627\u0631\u064a\u0648 \u0648\u0627\u0642\u0639\u064a \u0644\u0644\u0645\u0633\u062a\u062b\u0645\u0631: \u0627\u0644\u062a\u062d\u0648\u0637 \u0644\u0645\u062d\u0641\u0638\u0629 \u0623\u0633\u0647\u0645 \u0627\u0644\u0646\u0645\u0648 \u0645\u062a\u0648\u0633\u0637\u0629 \u0627\u0644\u0642\u064a\u0645\u0629 \u0627\u0644\u0633\u0648\u0642\u064a\u0629 \u0642\u0628\u0644 \u062a\u0635\u062d\u064a\u062d \u0627\u0644\u0633\u0648\u0642<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/algo0.com\/ar\/using-options-to-hedge-a-stock-portfolio-effectively\/#When_an_Options_Hedge_May_Not_Work_as_Expected\" >\u0645\u062a\u0649 \u0642\u062f \u0644\u0627 \u064a\u0639\u0645\u0644 \u0627\u0644\u062a\u062d\u0648\u0637 \u0628\u0627\u0644\u062e\u064a\u0627\u0631\u0627\u062a \u0643\u0645\u0627 \u0647\u0648 \u0645\u062a\u0648\u0642\u0639\u061f<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/algo0.com\/ar\/using-options-to-hedge-a-stock-portfolio-effectively\/#Common_Mistakes_and_Misconceptions_When_Using_Options_to_Hedge\" >\u0627\u0644\u0623\u062e\u0637\u0627\u0621 \u0627\u0644\u0634\u0627\u0626\u0639\u0629 \u0648\u0627\u0644\u0645\u0641\u0627\u0647\u064a\u0645 \u0627\u0644\u062e\u0627\u0637\u0626\u0629 \u0639\u0646\u062f \u0627\u0633\u062a\u062e\u062f\u0627\u0645 \u0627\u0644\u062e\u064a\u0627\u0631\u0627\u062a \u0644\u0644\u062a\u062d\u0648\u0637<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/algo0.com\/ar\/using-options-to-hedge-a-stock-portfolio-effectively\/#Assignment_and_Liquidity_Risks_Investors_Should_Understand\" >\u0645\u062e\u0627\u0637\u0631 \u0627\u0644\u062a\u062e\u0635\u064a\u0635 \u0648\u0627\u0644\u0633\u064a\u0648\u0644\u0629 \u0627\u0644\u062a\u064a \u064a\u062c\u0628 \u0623\u0646 \u064a\u0641\u0647\u0645\u0647\u0627 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/algo0.com\/ar\/using-options-to-hedge-a-stock-portfolio-effectively\/#Options_Hedging_Risk_Checklist\" >\u0642\u0627\u0626\u0645\u0629 \u0645\u0631\u0627\u062c\u0639\u0629 \u0645\u062e\u0627\u0637\u0631 \u0627\u0644\u062a\u062d\u0648\u0637 \u0628\u0627\u0644\u062e\u064a\u0627\u0631\u0627\u062a<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/algo0.com\/ar\/using-options-to-hedge-a-stock-portfolio-effectively\/#Frequently_Asked_Questions_About_Hedging_a_Stock_Portfolio_With_Options\" >\u0627\u0644\u0623\u0633\u0626\u0644\u0629 \u0627\u0644\u0634\u0627\u0626\u0639\u0629 \u062d\u0648\u0644 \u0627\u0644\u062a\u062d\u0648\u0637 \u0645\u0646 \u0645\u062e\u0627\u0637\u0631 \u0627\u0644\u0645\u062d\u0641\u0638\u0629 \u0628\u0627\u0633\u062a\u062e\u062f\u0627\u0645 \u0627\u0644\u062e\u064a\u0627\u0631\u0627\u062a<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/algo0.com\/ar\/using-options-to-hedge-a-stock-portfolio-effectively\/#Does_options_hedging_eliminate_portfolio_risk\" >\u0647\u0644 \u064a\u0644\u063a\u064a \u0627\u0644\u062a\u062d\u0648\u0637 \u0628\u0627\u0644\u062e\u064a\u0627\u0631\u0627\u062a \u0645\u062e\u0627\u0637\u0631 \u0627\u0644\u0645\u062d\u0641\u0638\u0629 \u0628\u0627\u0644\u0643\u0627\u0645\u0644\u061f<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/algo0.com\/ar\/using-options-to-hedge-a-stock-portfolio-effectively\/#Is_buying_a_put_the_same_as_completely_protecting_a_stock_portfolio\" >\u0647\u0644 \u0634\u0631\u0627\u0621 Put \u064a\u0639\u0646\u064a \u062d\u0645\u0627\u064a\u0629 \u0627\u0644\u0645\u062d\u0641\u0638\u0629 \u0628\u0627\u0644\u0643\u0627\u0645\u0644\u061f<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/algo0.com\/ar\/using-options-to-hedge-a-stock-portfolio-effectively\/#What_is_the_main_cost_of_using_options_as_a_hedge\" >\u0645\u0627 \u0623\u0647\u0645 \u062a\u0643\u0644\u0641\u0629 \u064a\u062c\u0628 \u0645\u0631\u0627\u0639\u0627\u062a\u0647\u0627 \u0639\u0646\u062f \u0627\u0633\u062a\u062e\u062f\u0627\u0645 \u0627\u0644\u062e\u064a\u0627\u0631\u0627\u062a \u0644\u0644\u062a\u062d\u0648\u0637\u061f<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/algo0.com\/ar\/using-options-to-hedge-a-stock-portfolio-effectively\/#What_is_assignment_risk_in_options_hedging\" >\u0645\u0627 \u0627\u0644\u0645\u0642\u0635\u0648\u062f \u0628\u0645\u062e\u0627\u0637\u0631 Assignment \u0641\u064a \u0627\u0644\u062e\u064a\u0627\u0631\u0627\u062a\u061f<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-17\" href=\"https:\/\/algo0.com\/ar\/using-options-to-hedge-a-stock-portfolio-effectively\/#Can_an_options_hedge_fail_during_a_market_crash\" >\u0647\u0644 \u064a\u0645\u0643\u0646 \u0623\u0646 \u064a\u0641\u0634\u0644 \u0627\u0644\u062a\u062d\u0648\u0637 \u0628\u0627\u0644\u062e\u064a\u0627\u0631\u0627\u062a \u0623\u062b\u0646\u0627\u0621 \u0627\u0646\u0647\u064a\u0627\u0631 \u0627\u0644\u0633\u0648\u0642\u061f<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-18\" href=\"https:\/\/algo0.com\/ar\/using-options-to-hedge-a-stock-portfolio-effectively\/#Should_options_hedging_be_treated_as_investment_advice\" >\u0647\u0644 \u064a\u062c\u0628 \u0627\u0644\u062a\u0639\u0627\u0645\u0644 \u0645\u0639 \u0627\u0644\u062a\u062d\u0648\u0637 \u0628\u0627\u0644\u062e\u064a\u0627\u0631\u0627\u062a \u0628\u0627\u0639\u062a\u0628\u0627\u0631\u0647 \u062a\u0648\u0635\u064a\u0629 \u0627\u0633\u062a\u062b\u0645\u0627\u0631\u064a\u0629\u061f<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-19\" href=\"https:\/\/algo0.com\/ar\/using-options-to-hedge-a-stock-portfolio-effectively\/#Practical_Takeaways_for_Investors_Considering_Options_Hedging\" >\u0623\u0647\u0645 \u0627\u0644\u0646\u0642\u0627\u0637 \u0627\u0644\u0639\u0645\u0644\u064a\u0629 \u0644\u0644\u0645\u0633\u062a\u062b\u0645\u0631\u064a\u0646 \u0627\u0644\u0630\u064a\u0646 \u064a\u0641\u0643\u0631\u0648\u0646 \u0641\u064a \u0627\u0644\u062a\u062d\u0648\u0637 \u0628\u0627\u0644\u062e\u064a\u0627\u0631\u0627\u062a<\/a><\/li><\/ul><\/nav><\/div>\n\n<blockquote data-start=\"835\" data-end=\"1528\">\n<h3 class=\"PDq2pG_selectionAnchorContainer\" data-section-id=\"acjq4z\" data-start=\"837\" data-end=\"889\"><span class=\"ez-toc-section\" id=\"A_Practical_Note_Before_Using_Options_as_a_Hedge\"><\/span>\u0645\u0644\u0627\u062d\u0638\u0629 \u0639\u0645\u0644\u064a\u0629 \u0642\u0628\u0644 \u0627\u0633\u062a\u062e\u062f\u0627\u0645 \u0627\u0644\u062e\u064a\u0627\u0631\u0627\u062a \u0644\u0644\u062a\u062d\u0648\u0637<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p data-start=\"894\" data-end=\"1183\">\u064a\u062c\u0628 \u0627\u0644\u0646\u0638\u0631 \u0625\u0644\u0649 \u0627\u0644\u062a\u062d\u0648\u0637 \u0628\u0627\u0633\u062a\u062e\u062f\u0627\u0645 \u0627\u0644\u062e\u064a\u0627\u0631\u0627\u062a \u0628\u0627\u0639\u062a\u0628\u0627\u0631\u0647 \u0623\u062f\u0627\u0629 \u0644\u0625\u062f\u0627\u0631\u0629 \u0627\u0644\u0645\u062e\u0627\u0637\u0631\u060c \u0648\u0644\u064a\u0633 \u0648\u0633\u064a\u0644\u0629 \u0644\u0625\u0644\u063a\u0627\u0621 \u062e\u0633\u0627\u0626\u0631 \u0627\u0644\u0645\u062d\u0641\u0638\u0629 \u0628\u0627\u0644\u0643\u0627\u0645\u0644. \u0641\u0642\u062f \u064a\u0633\u0627\u0639\u062f \u0627\u0644\u062a\u062d\u0648\u0637 \u0639\u0644\u0649 \u062a\u0642\u0644\u064a\u0644 \u0623\u062b\u0631 \u0633\u064a\u0646\u0627\u0631\u064a\u0648 \u0645\u0639\u064a\u0646 \u0645\u0646 \u0627\u0644\u0647\u0628\u0648\u0637\u060c \u0644\u0643\u0646\u0647 \u0642\u062f \u064a\u0636\u064a\u0641 \u0641\u064a \u0627\u0644\u0645\u0642\u0627\u0628\u0644 \u062a\u0643\u0644\u0641\u0629 \u0644\u0644\u0639\u0644\u0627\u0648\u0629\u060c \u0648\u062a\u0646\u0627\u0632\u0644\u064b\u0627 \u0639\u0646 \u062c\u0632\u0621 \u0645\u0646 \u0627\u0644\u0639\u0627\u0626\u062f \u0627\u0644\u0645\u062d\u062a\u0645\u0644\u060c \u0648\u0645\u062a\u0637\u0644\u0628\u0627\u062a \u062a\u0646\u0641\u064a\u0630\u060c \u0648\u062f\u0631\u062c\u0629 \u0625\u0636\u0627\u0641\u064a\u0629 \u0645\u0646 \u0627\u0644\u062a\u0639\u0642\u064a\u062f.<\/p>\n<p data-start=\"1188\" data-end=\"1528\">\u0648\u0627\u0644\u0623\u0645\u062b\u0644\u0629 \u0627\u0644\u0648\u0627\u0631\u062f\u0629 \u0641\u064a \u0647\u0630\u0627 \u0627\u0644\u0645\u0642\u0627\u0644 \u062a\u0647\u062f\u0641 \u0625\u0644\u0649 \u062a\u0648\u0636\u064a\u062d \u0643\u064a\u0641\u064a\u0629 \u0627\u0633\u062a\u062e\u062f\u0627\u0645 \u0627\u0644\u062e\u064a\u0627\u0631\u0627\u062a \u0636\u0645\u0646 \u0625\u062f\u0627\u0631\u0629 \u0645\u062e\u0627\u0637\u0631 \u0627\u0644\u0645\u062d\u0641\u0638\u0629\u060c \u0648\u0644\u064a\u0633\u062a \u062a\u0648\u0635\u064a\u0627\u062a \u0645\u0628\u0627\u0634\u0631\u0629 \u0628\u0634\u0631\u0627\u0621 \u0623\u0648 \u0628\u064a\u0639 \u062e\u064a\u0627\u0631 \u0645\u0639\u064a\u0646. \u0648\u064a\u0639\u062a\u0645\u062f \u0623\u0633\u0644\u0648\u0628 \u0627\u0644\u062a\u062d\u0648\u0637 \u0627\u0644\u0645\u0646\u0627\u0633\u0628 \u0639\u0644\u0649 \u062d\u062c\u0645 \u0648\u0637\u0628\u064a\u0639\u0629 \u0627\u0644\u062a\u0639\u0631\u0636 \u0641\u064a \u0627\u0644\u0645\u062d\u0641\u0638\u0629\u060c \u0648\u0627\u0644\u0623\u0647\u062f\u0627\u0641 \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631\u064a\u0629\u060c \u0648\u0627\u0644\u0623\u0641\u0642 \u0627\u0644\u0632\u0645\u0646\u064a\u060c \u0648\u0627\u0644\u0633\u064a\u0648\u0644\u0629\u060c \u0648\u0645\u0633\u062a\u0648\u0649 \u0627\u0644\u062e\u0633\u0627\u0631\u0629 \u0627\u0644\u0630\u064a \u064a\u0633\u062a\u0637\u064a\u0639 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631 \u062a\u062d\u0645\u0644\u0647.<\/p>\n<\/blockquote>\n<h3 data-section-id=\"1xdudep\" data-start=\"1530\" data-end=\"1548\"><\/h3>\n<h2><span class=\"ez-toc-section\" id=\"Understanding_the_Role_of_Options_in_Portfolio_Hedging\"><\/span>\u0641\u0647\u0645 \u062f\u0648\u0631 \u0627\u0644\u062e\u064a\u0627\u0631\u0627\u062a \u0641\u064a \u0627\u0644\u062a\u062d\u0648\u0637 \u0644\u0644\u0645\u062d\u0641\u0638\u0629 \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631\u064a\u0629<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>\u062a\u062a\u0645\u064a\u0632 \u062e\u064a\u0627\u0631\u0627\u062a \u0627\u0644\u062a\u062f\u0627\u0648\u0644 \u0639\u0646 \u063a\u064a\u0631\u0647\u0627 \u0645\u0646 \u0623\u0633\u0627\u0644\u064a\u0628 \u0627\u0644\u062a\u062d\u0648\u0637 \u0628\u062a\u0648\u0641\u064a\u0631\u0647\u0627 \u062d\u0645\u0627\u064a\u0629 \u063a\u064a\u0631 \u0645\u062a\u0646\u0627\u0638\u0631\u0629 \u0645\u0646 \u0627\u0644\u0645\u062e\u0627\u0637\u0631. \u0641\u0639\u0644\u0649 \u0633\u0628\u064a\u0644 \u0627\u0644\u0645\u062b\u0627\u0644\u060c \u064a\u0645\u0643\u0646 \u0644\u062e\u064a\u0627\u0631 \u0627\u0644\u0628\u064a\u0639 \u0627\u0644\u062d\u062f \u0645\u0646 \u0627\u0644\u062e\u0633\u0627\u0626\u0631 \u062f\u0648\u0646 \u0633\u0639\u0631 \u0645\u0639\u064a\u0646 \u0645\u0639 \u0627\u0644\u0633\u0645\u0627\u062d \u0628\u0627\u0644\u0645\u0634\u0627\u0631\u0643\u0629 \u0641\u064a \u0627\u0644\u0623\u0631\u0628\u0627\u062d \u0627\u0644\u062a\u064a \u062a\u062a\u062c\u0627\u0648\u0632\u0647. \u0648\u0647\u0630\u0627 \u064a\u062e\u062a\u0644\u0641 \u0639\u0646 \u0628\u064a\u0639 \u0627\u0644\u0623\u0633\u0647\u0645 \u0645\u0628\u0627\u0634\u0631\u0629\u064b\u060c \u0627\u0644\u0630\u064a \u064a\u064f\u062b\u0628\u0651\u062a \u0627\u0644\u062a\u0639\u0631\u0636 \u0644\u0644\u062e\u0633\u0627\u0631\u0629 \u0648\u064a\u062d\u0631\u0645 \u0627\u0644\u0645\u062a\u062f\u0627\u0648\u0644 \u0645\u0646 \u0623\u064a \u0645\u0643\u0627\u0633\u0628 \u0645\u062d\u062a\u0645\u0644\u0629\u060c \u0623\u0648 \u0627\u0633\u062a\u062e\u062f\u0627\u0645 \u0627\u0644\u0639\u0642\u0648\u062f \u0627\u0644\u0622\u062c\u0644\u0629\u060c \u0627\u0644\u062a\u064a \u0642\u062f \u062a\u062a\u0637\u0644\u0628 \u0647\u0627\u0645\u0634\u064b\u0627 \u0648\u062a\u0646\u0637\u0648\u064a \u0639\u0644\u0649 \u0645\u0633\u062a\u0648\u064a\u0627\u062a \u0645\u062e\u0627\u0637\u0631 \u0645\u062e\u062a\u0644\u0641\u0629.<\/p>\n<p>\u0645\u0646 \u0628\u064a\u0646 \u0627\u0633\u062a\u0631\u0627\u062a\u064a\u062c\u064a\u0627\u062a \u0627\u0644\u062e\u064a\u0627\u0631\u0627\u062a \u0627\u0644\u0623\u0643\u062b\u0631 \u0634\u064a\u0648\u0639\u064b\u0627 \u0644\u0644\u062a\u062d\u0648\u0637: \u062e\u064a\u0627\u0631\u0627\u062a \u0627\u0644\u0628\u064a\u0639 \u0627\u0644\u0648\u0642\u0627\u0626\u064a\u0629\u060c \u0648\u062e\u064a\u0627\u0631\u0627\u062a \u0627\u0644\u0634\u0631\u0627\u0621 \u0627\u0644\u0645\u063a\u0637\u0627\u0629\u060c \u0648\u062e\u064a\u0627\u0631\u0627\u062a \u0627\u0644\u0637\u0648\u0642. \u062a\u062a\u0636\u0645\u0646 \u062e\u064a\u0627\u0631\u0627\u062a \u0627\u0644\u0628\u064a\u0639 \u0627\u0644\u0648\u0642\u0627\u0626\u064a\u0629 \u0634\u0631\u0627\u0621 \u062e\u064a\u0627\u0631\u0627\u062a \u0628\u064a\u0639 \u0639\u0644\u0649 \u0627\u0644\u0623\u0633\u0647\u0645 \u0627\u0644\u062a\u064a \u062a\u0645\u062a\u0644\u0643\u0647\u0627\u060c \u0645\u0627 \u064a\u064f\u0639\u062f \u0628\u0645\u062b\u0627\u0628\u0629 \u062a\u0623\u0645\u064a\u0646 \u0636\u062f \u0627\u0646\u062e\u0641\u0627\u0636 \u0627\u0644\u0623\u0633\u0639\u0627\u0631. \u0623\u0645\u0627 \u062e\u064a\u0627\u0631\u0627\u062a \u0627\u0644\u0634\u0631\u0627\u0621 \u0627\u0644\u0645\u063a\u0637\u0627\u0629 \u0641\u062a\u064f\u062f\u0631\u0651 \u062f\u062e\u0644\u064b\u0627 \u0645\u0646 \u062e\u0644\u0627\u0644 \u0628\u064a\u0639 \u062e\u064a\u0627\u0631\u0627\u062a \u0634\u0631\u0627\u0621 \u0639\u0644\u0649 \u0627\u0644\u0623\u0633\u0647\u0645 \u0627\u0644\u0645\u0645\u0644\u0648\u0643\u0629\u060c \u0645\u0627 \u064a\u064f\u0642\u0644\u0644 \u0645\u0646 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\u0648\u0627\u0644\u0639\u0648\u0627\u0626\u062f \u0627\u0644\u0645\u062d\u062f\u0648\u062f\u0629 \u0628\u062a\u0643\u0644\u0641\u0629 \u0635\u0627\u0641\u064a\u0629 \u0623\u0642\u0644 \u0645\u0646 \u0634\u0631\u0627\u0621 \u062e\u064a\u0627\u0631\u0627\u062a \u0627\u0644\u0628\u064a\u0639 \u0648\u062d\u062f\u0647\u0627.<\/p>\n<p>\u0644\u0643\u0644 \u0646\u0647\u062c \u0645\u0632\u0627\u064a\u0627 \u0648\u0639\u064a\u0648\u0628. \u062a\u0648\u0641\u0631 \u062e\u064a\u0627\u0631\u0627\u062a \u0627\u0644\u0628\u064a\u0639 \u0627\u0644\u0648\u0642\u0627\u0626\u064a\u0629 \u062d\u0645\u0627\u064a\u0629 \u0645\u0628\u0627\u0634\u0631\u0629 \u0645\u0646 \u0627\u0644\u062e\u0633\u0627\u0626\u0631\u060c \u0644\u0643\u0646\u0647\u0627 \u062a\u0623\u062a\u064a \u0628\u062a\u0643\u0644\u0641\u0629 \u0645\u0631\u062a\u0641\u0639\u0629. \u0623\u0645\u0627 \u062e\u064a\u0627\u0631\u0627\u062a \u0627\u0644\u0634\u0631\u0627\u0621 \u0627\u0644\u0645\u063a\u0637\u0627\u0629 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\u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631\u064a\u0629.<\/p>\n<blockquote data-start=\"2431\" data-end=\"3240\">\n<h2 class=\"PDq2pG_selectionAnchorContainer\" data-section-id=\"cbmkp\" data-start=\"2433\" data-end=\"2480\"><span class=\"ez-toc-section\" id=\"What_Does_an_Options_Hedge_Actually_Protect\"><\/span>\u0645\u0627 \u0627\u0644\u0630\u064a \u064a\u062d\u0645\u064a \u0645\u0646\u0647 \u0627\u0644\u062a\u062d\u0648\u0637 \u0628\u0627\u0644\u062e\u064a\u0627\u0631\u0627\u062a \u0641\u0639\u0644\u064a\u064b\u0627\u061f<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p data-start=\"2485\" data-end=\"2646\">\u0644\u0627 \u064a\u062d\u0645\u064a \u0627\u0644\u062a\u062d\u0648\u0637 \u0628\u0627\u0633\u062a\u062e\u062f\u0627\u0645 \u0627\u0644\u062e\u064a\u0627\u0631\u0627\u062a \u0627\u0644\u0645\u062d\u0641\u0638\u0629 \u0645\u0646 \u062c\u0645\u064a\u0639 \u0645\u0635\u0627\u062f\u0631 \u0627\u0644\u062e\u0633\u0627\u0631\u0629 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\u0628\u062f\u0644 \u0627\u0644\u0646\u0638\u0631 \u0625\u0644\u064a\u0647 \u0643\u062d\u0644 \u0634\u0627\u0645\u0644 \u0644\u062c\u0645\u064a\u0639 \u0627\u0644\u0645\u062e\u0627\u0637\u0631.<\/p>\n<\/blockquote>\n<h3 data-section-id=\"1xdudep\" data-start=\"3242\" data-end=\"3260\"><\/h3>\n<h2><span class=\"ez-toc-section\" id=\"Selecting_the_Right_Option_Strategy_to_Hedge_Your_Stock_Portfolio\"><\/span>\u0627\u062e\u062a\u064a\u0627\u0631 \u0627\u0633\u062a\u0631\u0627\u062a\u064a\u062c\u064a\u0629 \u0627\u0644\u062e\u064a\u0627\u0631\u0627\u062a \u0627\u0644\u0645\u0646\u0627\u0633\u0628\u0629 \u0644\u0644\u062a\u062d\u0648\u0637 \u0644\u0645\u062d\u0641\u0638\u0629 \u0627\u0644\u0623\u0633\u0647\u0645 \u0627\u0644\u062e\u0627\u0635\u0629 \u0628\u0643<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p class=\"translation-block\">\u0648\u0636\u0639\u064a\u0627\u062a \u0627\u0644\u062d\u0645\u0627\u064a\u0629: \u064a\u064f\u0639\u062f\u0651 \u0634\u0631\u0627\u0621 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class=\"translation-block\">\u0627\u0644\u064a\u0627\u0642\u0627\u062a: \u062a\u064f\u062a\u064a\u062d \u0627\u0633\u062a\u0631\u0627\u062a\u064a\u062c\u064a\u0629 \"\u0627\u0644\u0637\u0648\u0642\" \u0627\u0644\u062a\u062d\u0648\u0651\u0637 \u0628\u0641\u0639\u0627\u0644\u064a\u0629 \u0645\u0646 \u062d\u064a\u062b \u0627\u0644\u062a\u0643\u0644\u0641\u0629\u060c \u0648\u0630\u0644\u0643 \u0645\u0646 \u062e\u0644\u0627\u0644 \u0634\u0631\u0627\u0621 \u062e\u064a\u0627\u0631\u0627\u062a \u0627\u0644\u0628\u064a\u0639 \u0648\u0628\u064a\u0639 \u062e\u064a\u0627\u0631\u0627\u062a \u0627\u0644\u0634\u0631\u0627\u0621 \u0641\u064a \u0622\u0646\u064d \u0648\u0627\u062d\u062f. \u0625\u0630 \u064a\u064f\u0639\u0648\u0651\u0636 \u0627\u0644\u0639\u0627\u0626\u062f \u0627\u0644\u0645\u064f\u0643\u062a\u0633\u0628 \u0645\u0646 \u0628\u064a\u0639 \u062e\u064a\u0627\u0631\u0627\u062a \u0627\u0644\u0634\u0631\u0627\u0621 \u062a\u0643\u0644\u0641\u0629 \u0634\u0631\u0627\u0621 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\u0627\u0636\u0637\u0631\u0627\u0628 \u0627\u0644\u0623\u0633\u0648\u0627\u0642. \u064a\u0645\u0643\u0646 \u0623\u0646 \u064a\u0624\u062f\u064a \u062a\u0648\u0642\u064a\u062a \u0627\u0644\u062a\u062d\u0648\u0637 \u0639\u0646\u062f\u0645\u0627 \u062a\u0643\u0648\u0646 \u0627\u0644\u062a\u0642\u0644\u0628\u0627\u062a \u0645\u0639\u062a\u062f\u0644\u0629 \u0625\u0644\u0649 \u062e\u0641\u0636 \u0623\u0642\u0633\u0627\u0637 \u0627\u0644\u062a\u0623\u0645\u064a\u0646\u060c \u0644\u0643\u0646 \u0627\u0644\u0627\u0646\u062a\u0638\u0627\u0631 \u0644\u0641\u062a\u0631\u0629 \u0637\u0648\u064a\u0644\u0629 \u0642\u062f \u064a\u0624\u062f\u064a \u0625\u0644\u0649 \u0641\u0642\u062f\u0627\u0646 \u0627\u0644\u062d\u0645\u0627\u064a\u0629 \u0642\u0628\u0644 \u062d\u062f\u0648\u062b \u0627\u0646\u0643\u0645\u0627\u0634 \u0627\u0642\u062a\u0635\u0627\u062f\u064a.<\/p>\n<p class=\"translation-block\">\u0627\u0644\u0645\u0631\u0627\u0642\u0628\u0629 \u0648\u0627\u0644\u062a\u0639\u062f\u064a\u0644: \u0644\u0627 \u064a\u064f\u0639\u062f \u0627\u0644\u062a\u062d\u0648\u0651\u0637 \u062d\u0644\u0627\u064b \u064a\u064f\u0641\u0639\u0651\u0644 \u0645\u0631\u0629 \u0648\u0627\u062d\u062f\u0629 \u0648\u064a\u064f\u0646\u0633\u0649. \u0641\u062a\u062d\u0631\u0643\u0627\u062a \u0627\u0644\u0633\u0648\u0642\u060c \u0648\u062a\u063a\u064a\u0631\u0627\u062a \u0627\u0644\u062a\u0642\u0644\u0628\u0627\u062a\u060c \u0648\u0625\u0639\u0627\u062f\u0629 \u062a\u0648\u0627\u0632\u0646 \u0627\u0644\u0645\u062d\u0641\u0638\u0629 \u062a\u062a\u0637\u0644\u0628 \u0645\u0631\u0627\u062c\u0639\u0629 \u0648\u062a\u0639\u062f\u064a\u0644 \u0645\u0633\u062a\u0645\u0631\u064a\u0646 \u0644\u0645\u0631\u0627\u0643\u0632 \u0627\u0644\u062e\u064a\u0627\u0631\u0627\u062a \u0644\u0644\u062d\u0641\u0627\u0638 \u0639\u0644\u0649 \u062d\u0645\u0627\u064a\u0629 \u0641\u0639\u0651\u0627\u0644\u0629 \u062f\u0648\u0646 \u062a\u0643\u0644\u0641\u0629 \u0628\u0627\u0647\u0638\u0629.<\/p>\n<blockquote data-start=\"4259\" data-end=\"5069\">\n<h2 class=\"PDq2pG_selectionAnchorContainer\" data-section-id=\"h6pj8w\" data-start=\"4261\" data-end=\"4298\"><span class=\"ez-toc-section\" id=\"The_Real_Cost_of_Portfolio_Hedging\"><\/span>\u0627\u0644\u062a\u0643\u0644\u0641\u0629 \u0627\u0644\u062d\u0642\u064a\u0642\u064a\u0629 \u0644\u0644\u062a\u062d\u0648\u0637 \u0639\u0644\u0649 \u0627\u0644\u0645\u062d\u0641\u0638\u0629<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p data-start=\"4303\" data-end=\"4576\">\u0644\u0627 \u062a\u0642\u062a\u0635\u0631 \u062a\u0643\u0644\u0641\u0629 \u0627\u0644\u062a\u062d\u0648\u0637 \u0628\u0627\u0633\u062a\u062e\u062f\u0627\u0645 \u0627\u0644\u062e\u064a\u0627\u0631\u0627\u062a \u0639\u0644\u0649 \u0627\u0644\u0639\u0644\u0627\u0648\u0629 \u0627\u0644\u0645\u062f\u0641\u0648\u0639\u0629 \u0644\u0634\u0631\u0627\u0621 \u0627\u0644\u0639\u0642\u062f. \u0641\u0645\u0646 \u0627\u0644\u0645\u0647\u0645 \u0623\u064a\u0636\u064b\u0627 \u0645\u0631\u0627\u0639\u0627\u0629 \u062a\u0643\u0644\u0641\u0629 \u0627\u0644\u062a\u062e\u0644\u064a \u0639\u0646 \u062c\u0632\u0621 \u0645\u0646 \u0627\u0644\u0627\u0631\u062a\u0641\u0627\u0639 \u0627\u0644\u0645\u062d\u062a\u0645\u0644\u060c \u0648\u0641\u0631\u0648\u0642 \u0623\u0633\u0639\u0627\u0631 \u0627\u0644\u0634\u0631\u0627\u0621 \u0648\u0627\u0644\u0628\u064a\u0639\u060c \u0648\u0627\u0644\u0639\u0645\u0648\u0644\u0627\u062a \u0623\u0648 \u062a\u0643\u0627\u0644\u064a\u0641 \u0627\u0644\u062a\u0646\u0641\u064a\u0630 \u0627\u0644\u0623\u062e\u0631\u0649\u060c \u0625\u0636\u0627\u0641\u0629 \u0625\u0644\u0649 \u0627\u062d\u062a\u0645\u0627\u0644 \u0627\u0646\u062a\u0647\u0627\u0621 \u0635\u0644\u0627\u062d\u064a\u0629 \u0627\u0644\u062a\u062d\u0648\u0637 \u062f\u0648\u0646 \u0627\u0644\u062d\u0627\u062c\u0629 \u0625\u0644\u064a\u0647.<\/p>\n<p data-start=\"4581\" data-end=\"4801\">\u0648\u0647\u0646\u0627 \u062a\u0638\u0647\u0631 \u0627\u0644\u0645\u0641\u0627\u0636\u0644\u0629 \u0627\u0644\u0623\u0633\u0627\u0633\u064a\u0629: \u0642\u062f \u064a\u0624\u062f\u064a \u062f\u0641\u0639 \u062a\u0643\u0644\u0641\u0629 \u0627\u0644\u062d\u0645\u0627\u064a\u0629 \u0625\u0644\u0649 \u062a\u0642\u0644\u064a\u0644 \u0623\u062b\u0631 \u0633\u064a\u0646\u0627\u0631\u064a\u0648 \u0645\u0639\u064a\u0646 \u0645\u0646 \u0627\u0644\u062e\u0633\u0627\u0626\u0631\u060c \u0644\u0643\u0646 \u062a\u0643\u0644\u0641\u0629 \u0647\u0630\u0647 \u0627\u0644\u062d\u0645\u0627\u064a\u0629 \u0646\u0641\u0633\u0647\u0627 \u0642\u062f \u062a\u0642\u0644\u0644 \u0645\u0646 \u0627\u0644\u0639\u0627\u0626\u062f \u0627\u0644\u0625\u062c\u0645\u0627\u0644\u064a \u0644\u0644\u0645\u062d\u0641\u0638\u0629 \u0625\u0630\u0627 \u0644\u0645 \u064a\u062d\u062f\u062b \u0627\u0644\u0647\u0628\u0648\u0637 \u0627\u0644\u0630\u064a \u0643\u0627\u0646 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631 \u064a\u0633\u062a\u0639\u062f \u0644\u0647.<\/p>\n<p data-start=\"4806\" data-end=\"5069\">\u0644\u0630\u0644\u0643\u060c \u064a\u062c\u0628 \u062a\u0642\u064a\u064a\u0645 \u0627\u0644\u062a\u062d\u0648\u0637 \u0645\u0646 \u062e\u0644\u0627\u0644 \u0645\u0642\u0627\u0631\u0646\u0629 \u0645\u0633\u062a\u0648\u0649 \u0627\u0644\u062d\u0645\u0627\u064a\u0629 \u0627\u0644\u0630\u064a \u064a\u0648\u0641\u0631\u0647 \u0628\u0625\u062c\u0645\u0627\u0644\u064a \u062a\u0643\u0644\u0641\u062a\u0647\u060c \u0648\u0644\u064a\u0633 \u0628\u0627\u0644\u0646\u0638\u0631 \u0625\u0644\u0649 \u0633\u0639\u0631 \u0627\u0644\u062e\u064a\u0627\u0631 \u0648\u062d\u062f\u0647. \u0648\u0627\u0644\u0647\u062f\u0641 \u0647\u0648 \u0645\u0639\u0631\u0641\u0629 \u0645\u0627 \u0625\u0630\u0627 \u0643\u0627\u0646\u062a \u062a\u0643\u0644\u0641\u0629 \u0627\u0644\u062d\u0645\u0627\u064a\u0629 \u062a\u062a\u0646\u0627\u0633\u0628 \u0641\u0639\u0644\u064b\u0627 \u0645\u0639 \u0627\u0644\u062e\u0637\u0631 \u0627\u0644\u0630\u064a \u064a\u062d\u0627\u0648\u0644 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631 \u0625\u062f\u0627\u0631\u062a\u0647.<\/p>\n<\/blockquote>\n<h3 data-section-id=\"1xdudep\" data-start=\"5071\" data-end=\"5089\"><\/h3>\n<h2><span class=\"ez-toc-section\" id=\"Realistic_Investor_Scenario_Hedging_a_Mid-Cap_Growth_Stock_Portfolio_Before_a_Market_Correction\"><\/span>\u0633\u064a\u0646\u0627\u0631\u064a\u0648 \u0648\u0627\u0642\u0639\u064a \u0644\u0644\u0645\u0633\u062a\u062b\u0645\u0631: \u0627\u0644\u062a\u062d\u0648\u0637 \u0644\u0645\u062d\u0641\u0638\u0629 \u0623\u0633\u0647\u0645 \u0627\u0644\u0646\u0645\u0648 \u0645\u062a\u0648\u0633\u0637\u0629 \u0627\u0644\u0642\u064a\u0645\u0629 \u0627\u0644\u0633\u0648\u0642\u064a\u0629 \u0642\u0628\u0644 \u062a\u0635\u062d\u064a\u062d \u0627\u0644\u0633\u0648\u0642<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>\u0644\u0646\u0641\u062a\u0631\u0636 \u0645\u0633\u062a\u062b\u0645\u0631\u0627\u064b \u064a\u0645\u062a\u0644\u0643 \u0645\u062d\u0641\u0638\u0629 \u0627\u0633\u062a\u062b\u0645\u0627\u0631\u064a\u0629 \u0628\u0642\u064a\u0645\u0629 500,000 \u0623\u0644\u0641 \u062f\u0648\u0644\u0627\u0631 \u0623\u0645\u0631\u064a\u0643\u064a\u060c \u062a\u062a\u0631\u0643\u0632 \u0641\u064a \u0623\u0633\u0647\u0645 \u0627\u0644\u0646\u0645\u0648 \u0644\u0644\u0634\u0631\u0643\u0627\u062a \u0645\u062a\u0648\u0633\u0637\u0629 \u0627\u0644\u0642\u064a\u0645\u0629 \u0627\u0644\u0633\u0648\u0642\u064a\u0629. \u0645\u0639 \u0638\u0647\u0648\u0631 \u0645\u0624\u0634\u0631\u0627\u062a \u0639\u0644\u0649 \u062a\u0632\u0627\u064a\u062f \u062a\u0642\u0644\u0628\u0627\u062a \u0627\u0644\u0633\u0648\u0642 \u0648\u0639\u062f\u0645 \u0627\u0644\u064a\u0642\u064a\u0646 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a\u060c \u064a\u0634\u0639\u0631 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631 \u0628\u0627\u0644\u0642\u0644\u0642 \u0625\u0632\u0627\u0621 \u0627\u062d\u062a\u0645\u0627\u0644 \u062d\u062f\u0648\u062b \u062a\u0635\u062d\u064a\u062d \u0641\u064a \u0627\u0644\u0633\u0648\u0642\u060c \u0644\u0643\u0646\u0647 \u0644\u0627 \u064a\u0631\u063a\u0628 \u0641\u064a \u0628\u064a\u0639 \u0627\u0644\u0623\u0633\u0647\u0645 \u0648\u062a\u0641\u0648\u064a\u062a \u0641\u0631\u0635 \u062a\u062d\u0642\u064a\u0642 \u0645\u0643\u0627\u0633\u0628 \u0645\u0633\u062a\u0642\u0628\u0644\u064a\u0629.<\/p>\n<p>\u0628\u0639\u062f \u062f\u0631\u0627\u0633\u0629 \u0627\u0644\u062e\u064a\u0627\u0631\u0627\u062a \u0627\u0644\u0645\u062a\u0627\u062d\u0629\u060c \u0642\u0631\u0631 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631 \u0634\u0631\u0627\u0621 \u062e\u064a\u0627\u0631\u0627\u062a \u0628\u064a\u0639 \u0648\u0642\u0627\u0626\u064a\u0629 \u0639\u0644\u0649 \u0623\u0643\u0628\u0631 \u0627\u0633\u062a\u062b\u0645\u0627\u0631\u0627\u062a\u0647\u060c \u0645\u064f\u062e\u062a\u0627\u0631\u064b\u0627 \u0623\u0633\u0639\u0627\u0631 \u062a\u0646\u0641\u064a\u0630 \u0623\u0642\u0644 \u0628\u0646\u062d\u0648 10% \u0645\u0646 \u0627\u0644\u0623\u0633\u0639\u0627\u0631 \u0627\u0644\u062d\u0627\u0644\u064a\u0629\u060c \u0645\u0639 \u062a\u0648\u0627\u0631\u064a\u062e \u0627\u0646\u062a\u0647\u0627\u0621 \u0635\u0644\u0627\u062d\u064a\u0629 \u0628\u0639\u062f \u062b\u0644\u0627\u062b\u0629 \u0623\u0634\u0647\u0631. \u062a\u064f\u0645\u062b\u0644 \u062a\u0643\u0644\u0641\u0629 \u0627\u0644\u0623\u0642\u0633\u0627\u0637 \u0627\u0644\u0625\u062c\u0645\u0627\u0644\u064a\u0629 \u0646\u0633\u0628\u0629 \u0636\u0626\u064a\u0644\u0629 \u0645\u0646 \u0642\u064a\u0645\u0629 \u0627\u0644\u0645\u062d\u0641\u0638\u0629\u060c \u0645\u0645\u0627 \u064a\u064f\u062b\u064a\u0631 \u0627\u0644\u062a\u0631\u062f\u062f \u0641\u064a \u0627\u0644\u0628\u062f\u0627\u064a\u0629\u060c \u0625\u0630 \u064a\u0628\u062f\u0648 \u062f\u0641\u0639 \u062b\u0645\u0646 \u062a\u0623\u0645\u064a\u0646 \u0642\u062f \u064a\u0646\u062a\u0647\u064a \u062f\u0648\u0646 \u0642\u064a\u0645\u0629 \u0645\u064f\u062d\u062a\u0645\u0644\u0629 \u0639\u0628\u0626\u064b\u0627 \u0639\u0644\u0649 \u0627\u0644\u0639\u0648\u0627\u0626\u062f.<\/p>\n<p>\u0639\u0646\u062f \u062d\u062f\u0648\u062b \u062a\u0635\u062d\u064a\u062d \u0627\u0644\u0633\u0648\u0642\u060c \u062a\u0631\u062a\u0641\u0639 \u0642\u064a\u0645\u0629 \u062e\u064a\u0627\u0631\u0627\u062a \u0627\u0644\u0628\u064a\u0639\u060c \u0645\u0645\u0627 \u064a\u0639\u0648\u0636 \u0627\u0644\u062e\u0633\u0627\u0626\u0631 \u0641\u064a \u0627\u0644\u0623\u0633\u0647\u0645 \u0627\u0644\u0623\u0633\u0627\u0633\u064a\u0629. \u0648\u064a\u062a\u0639\u0631\u0636 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631 \u0644\u0627\u0646\u062e\u0641\u0627\u0636 \u0623\u0642\u0644 \u0641\u064a \u0642\u064a\u0645\u0629 \u0645\u062d\u0641\u0638\u062a\u0647 \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631\u064a\u0629 \u0645\u0642\u0627\u0631\u0646\u0629\u064b \u0628\u0646\u0638\u0631\u0627\u0626\u0647 \u0627\u0644\u0630\u064a\u0646 \u0644\u0645 \u064a\u062a\u062e\u0630\u0648\u0627 \u0623\u064a \u062a\u062d\u0648\u0637. \u0648\u0631\u063a\u0645 \u0623\u0646 \u062e\u064a\u0627\u0631\u0627\u062a \u0627\u0644\u0628\u064a\u0639 \u062a\u0646\u062a\u0647\u064a \u0635\u0644\u0627\u062d\u064a\u062a\u0647\u0627 \u062f\u0648\u0646 \u0642\u064a\u0645\u0629 \u0628\u0639\u062f \u0627\u0633\u062a\u0642\u0631\u0627\u0631 \u0627\u0644\u0633\u0648\u0642\u060c \u0625\u0644\u0627 \u0623\u0646 \u0631\u0627\u062d\u0629 \u0627\u0644\u0628\u0627\u0644 \u0648\u0627\u0644\u062d\u0641\u0627\u0638 \u0639\u0644\u0649 \u0631\u0623\u0633 \u0627\u0644\u0645\u0627\u0644 \u062e\u0644\u0627\u0644 \u0641\u062a\u0631\u0629 \u0627\u0644\u0627\u0646\u0643\u0645\u0627\u0634 \u062a\u0628\u0631\u0631 \u0627\u0644\u062a\u0643\u0644\u0641\u0629.<\/p>\n<p>\u064a\u064f\u0628\u0631\u0632 \u0647\u0630\u0627 \u0627\u0644\u0633\u064a\u0646\u0627\u0631\u064a\u0648 \u0627\u0644\u062a\u062d\u062f\u064a \u0627\u0644\u0633\u0644\u0648\u0643\u064a \u0627\u0644\u0645\u062a\u0645\u062b\u0644 \u0641\u064a \u062f\u0641\u0639 \u062a\u0643\u0627\u0644\u064a\u0641 \u0627\u0644\u062d\u0645\u0627\u064a\u0629 \u0627\u0644\u062a\u064a \u0642\u062f \u062a\u0628\u062f\u0648 \u063a\u064a\u0631 \u0636\u0631\u0648\u0631\u064a\u0629 \u0625\u0644\u0649 \u0623\u0646 \u062a\u0635\u0628\u062d \u0636\u0631\u0648\u0631\u064a\u0629. \u0643\u0645\u0627 \u064a\u0624\u0643\u062f \u0639\u0644\u0649 \u0623\u0647\u0645\u064a\u0629 \u062a\u062d\u062f\u064a\u062f \u062d\u062c\u0645 \u0648\u062a\u0648\u0642\u064a\u062a \u0627\u0644\u062a\u062d\u0648\u0637 \u0628\u0645\u0627 \u064a\u062a\u0646\u0627\u0633\u0628 \u0645\u0639 \u0645\u0633\u062a\u0648\u0649 \u062a\u062d\u0645\u0644 \u0627\u0644\u0645\u062e\u0627\u0637\u0631 \u0648\u062a\u0648\u0642\u0639\u0627\u062a \u0627\u0644\u0633\u0648\u0642.<\/p>\n<blockquote data-start=\"8235\" data-end=\"9152\">\n<h2 class=\"PDq2pG_selectionAnchorContainer\" data-section-id=\"95xyqw\" data-start=\"8237\" data-end=\"8286\"><span class=\"ez-toc-section\" id=\"When_an_Options_Hedge_May_Not_Work_as_Expected\"><\/span>\u0645\u062a\u0649 \u0642\u062f \u0644\u0627 \u064a\u0639\u0645\u0644 \u0627\u0644\u062a\u062d\u0648\u0637 \u0628\u0627\u0644\u062e\u064a\u0627\u0631\u0627\u062a \u0643\u0645\u0627 \u0647\u0648 \u0645\u062a\u0648\u0642\u0639\u061f<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p data-start=\"8291\" data-end=\"8595\">\u0642\u062f \u064a\u0642\u0644\u0644 \u0627\u0644\u062a\u062d\u0648\u0637 \u0628\u0627\u0633\u062a\u062e\u062f\u0627\u0645 \u0627\u0644\u062e\u064a\u0627\u0631\u0627\u062a \u0646\u0648\u0639\u064b\u0627 \u0645\u062d\u062f\u062f\u064b\u0627 \u0645\u0646 \u0627\u0644\u062a\u0639\u0631\u0636 \u0644\u0644\u0647\u0628\u0648\u0637\u060c \u0644\u0643\u0646\u0647 \u0644\u0627 \u064a\u0644\u063a\u064a \u0627\u062d\u062a\u0645\u0627\u0644 \u062a\u0639\u0631\u0636 \u0627\u0644\u0645\u062d\u0641\u0638\u0629 \u0644\u062e\u0633\u0627\u0631\u0629 \u0625\u062c\u0645\u0627\u0644\u064a\u0629. \u0641\u0642\u062f \u064a\u0643\u0648\u0646 \u062d\u062c\u0645 \u0627\u0644\u062a\u062d\u0648\u0637 \u0623\u0635\u063a\u0631 \u0645\u0646 \u0627\u0644\u062a\u0639\u0631\u0636 \u0627\u0644\u0641\u0639\u0644\u064a \u0644\u0644\u0645\u062d\u0641\u0638\u0629\u060c \u0623\u0648 \u062a\u0646\u062a\u0647\u064a \u0635\u0644\u0627\u062d\u064a\u062a\u0647 \u0642\u0628\u0644 \u0648\u0642\u0648\u0639 \u0627\u0644\u062d\u062f\u062b \u0627\u0644\u0630\u064a \u062a\u0645 \u0627\u0644\u062a\u062d\u0648\u0637 \u0645\u0646 \u0623\u062c\u0644\u0647\u060c \u0623\u0648 \u064a\u0643\u0648\u0646 \u0633\u0639\u0631 \u0627\u0644\u062a\u0646\u0641\u064a\u0630 \u0628\u0639\u064a\u062f\u064b\u0627 \u0644\u062f\u0631\u062c\u0629 \u0623\u0646 \u0627\u0644\u062d\u0645\u0627\u064a\u0629 \u0644\u0627 \u062a\u0628\u062f\u0623 \u0625\u0644\u0627 \u0628\u0639\u062f \u062d\u062f\u0648\u062b \u0627\u0646\u062e\u0641\u0627\u0636 \u0643\u0628\u064a\u0631.<\/p>\n<p data-start=\"8600\" data-end=\"8925\">\u0643\u0645\u0627 \u064a\u0645\u0643\u0646 \u0623\u0646 \u062a\u0624\u062b\u0631 \u0627\u0644\u062a\u063a\u064a\u0631\u0627\u062a \u0641\u064a \u0627\u0644\u062a\u0642\u0644\u0628 \u0627\u0644\u0636\u0645\u0646\u064a (Implied Volatility) \u0639\u0644\u0649 \u0642\u064a\u0645\u0629 \u0627\u0644\u062e\u064a\u0627\u0631 \u0628\u0634\u0643\u0644 \u0645\u0633\u062a\u0642\u0644 \u0639\u0646 \u062d\u0631\u0643\u0629 \u0627\u0644\u0633\u0647\u0645 \u0627\u0644\u0623\u0633\u0627\u0633\u064a. \u0648\u0642\u062f \u062a\u0638\u0647\u0631 \u0623\u064a\u0636\u064b\u0627 \u0645\u0634\u0643\u0644\u0629 \u0627\u062e\u062a\u0644\u0627\u0641 \u0627\u0644\u062a\u0639\u0631\u0636 (Basis Risk) \u0639\u0646\u062f\u0645\u0627 \u062a\u062e\u062a\u0644\u0641 \u0627\u0644\u0623\u0635\u0648\u0644 \u0627\u0644\u062a\u064a \u064a\u062a\u0645 \u0627\u0644\u062a\u062d\u0648\u0637 \u0628\u0627\u0633\u062a\u062e\u062f\u0627\u0645\u0647\u0627 \u0639\u0646 \u0645\u0643\u0648\u0646\u0627\u062a \u0627\u0644\u0645\u062d\u0641\u0638\u0629 \u0627\u0644\u0645\u0631\u0627\u062f \u062d\u0645\u0627\u064a\u062a\u0647\u0627\u060c \u0645\u0645\u0627 \u064a\u0639\u0646\u064a \u0623\u0646 \u062d\u0631\u0643\u0629 \u0627\u0644\u062a\u062d\u0648\u0637 \u0642\u062f \u0644\u0627 \u062a\u062a\u0637\u0627\u0628\u0642 \u0628\u0634\u0643\u0644 \u0643\u0627\u0645\u0644 \u0645\u0639 \u062d\u0631\u0643\u0629 \u0627\u0644\u062e\u0637\u0631 \u0627\u0644\u0623\u0635\u0644\u064a.<\/p>\n<p data-start=\"8930\" data-end=\"9152\">\u0648\u0644\u0647\u0630\u0627\u060c \u064a\u062c\u0628 \u0645\u0631\u0627\u062c\u0639\u0629 \u0641\u0639\u0627\u0644\u064a\u0629 \u0627\u0644\u062a\u062d\u0648\u0637 \u0628\u0634\u0643\u0644 \u062f\u0648\u0631\u064a \u0628\u062f\u0644 \u0627\u0641\u062a\u0631\u0627\u0636 \u0623\u0646\u0647 \u0633\u064a\u0639\u0645\u0644 \u0643\u0645\u0627 \u0647\u0648 \u0645\u062e\u0637\u0637 \u062f\u0627\u0626\u0645\u064b\u0627. \u0648\u062a\u0634\u0645\u0644 \u0627\u0644\u0645\u0631\u0627\u062c\u0639\u0629 \u062d\u062c\u0645 \u0627\u0644\u062a\u063a\u0637\u064a\u0629\u060c \u0648\u062a\u0627\u0631\u064a\u062e \u0627\u0644\u0627\u0646\u062a\u0647\u0627\u0621\u060c \u0648\u0627\u0644\u062a\u0643\u0627\u0644\u064a\u0641\u060c \u0648\u0627\u0644\u0633\u064a\u0648\u0644\u0629\u060c \u0648\u0645\u062f\u0649 \u062a\u0637\u0627\u0628\u0642 \u0623\u062f\u0627\u0629 \u0627\u0644\u062a\u062d\u0648\u0637 \u0645\u0639 \u0627\u0644\u062a\u0639\u0631\u0636 \u0627\u0644\u0641\u0639\u0644\u064a \u0644\u0644\u0645\u062d\u0641\u0638\u0629.<\/p>\n<\/blockquote>\n<h3 data-section-id=\"1xdudep\" data-start=\"9154\" data-end=\"9172\"><\/h3>\n<h2><span class=\"ez-toc-section\" id=\"Common_Mistakes_and_Misconceptions_When_Using_Options_to_Hedge\"><\/span>\u0627\u0644\u0623\u062e\u0637\u0627\u0621 \u0627\u0644\u0634\u0627\u0626\u0639\u0629 \u0648\u0627\u0644\u0645\u0641\u0627\u0647\u064a\u0645 \u0627\u0644\u062e\u0627\u0637\u0626\u0629 \u0639\u0646\u062f \u0627\u0633\u062a\u062e\u062f\u0627\u0645 \u0627\u0644\u062e\u064a\u0627\u0631\u0627\u062a \u0644\u0644\u062a\u062d\u0648\u0637<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>\u0645\u0646 \u0627\u0644\u0623\u062e\u0637\u0627\u0621 \u0627\u0644\u0634\u0627\u0626\u0639\u0629 \u0627\u0644\u0645\u0628\u0627\u0644\u063a\u0629 \u0641\u064a \u062f\u0641\u0639 \u062a\u0643\u0627\u0644\u064a\u0641 \u0627\u0644\u062d\u0645\u0627\u064a\u0629 \u0628\u0627\u062e\u062a\u064a\u0627\u0631 \u062e\u064a\u0627\u0631\u0627\u062a \u0628\u064a\u0639 \u0630\u0627\u062a \u0631\u0628\u062d\u064a\u0629 \u0639\u0627\u0644\u064a\u0629 \u0623\u0648 \u0622\u062c\u0627\u0644 \u0627\u0633\u062a\u062d\u0642\u0627\u0642 \u0637\u0648\u064a\u0644\u0629 \u0644\u0644\u063a\u0627\u064a\u0629\u060c \u0645\u0645\u0627 \u0642\u062f \u064a\u0624\u062f\u064a \u0625\u0644\u0649 \u062a\u0622\u0643\u0644 \u0627\u0644\u0639\u0648\u0627\u0626\u062f \u0628\u0645\u0631\u0648\u0631 \u0627\u0644\u0648\u0642\u062a. \u0641\u064a \u0627\u0644\u0645\u0642\u0627\u0628\u0644\u060c \u064a\u0642\u0644\u0644 \u0628\u0639\u0636 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631\u064a\u0646 \u0645\u0646 \u0627\u0644\u062a\u062d\u0648\u0637\u060c \u0628\u0634\u0631\u0627\u0621 \u0639\u062f\u062f \u0642\u0644\u064a\u0644 \u062c\u062f\u064b\u0627 \u0645\u0646 \u0627\u0644\u0639\u0642\u0648\u062f \u0623\u0648 \u0627\u062e\u062a\u064a\u0627\u0631 \u0623\u0633\u0639\u0627\u0631 \u062a\u0646\u0641\u064a\u0630 \u0628\u0639\u064a\u062f\u0629 \u062c\u062f\u064b\u0627 \u0639\u0646 \u0627\u0644\u0631\u0628\u062d\u064a\u0629\u060c \u0645\u0645\u0627 \u064a\u062c\u0639\u0644\u0647\u0645 \u0639\u0631\u0636\u0629 \u0644\u0644\u0645\u062e\u0627\u0637\u0631.<\/p>\n<p>\u0648\u0645\u0646 \u0627\u0644\u0645\u0641\u0627\u0647\u064a\u0645 \u0627\u0644\u062e\u0627\u0637\u0626\u0629 \u0627\u0644\u0623\u062e\u0631\u0649 \u0627\u0639\u062a\u0628\u0627\u0631 \u0627\u0644\u062e\u064a\u0627\u0631\u0627\u062a \u0623\u062f\u0627\u0629\u064b \u0644\u0644\u062a\u062e\u0644\u0635 \u0645\u0646 \u0627\u0644\u0645\u062e\u0627\u0637\u0631. \u0641\u0627\u0644\u062e\u064a\u0627\u0631\u0627\u062a \u062a\u062e\u0641\u0641 \u0645\u0646 \u0645\u062e\u0627\u0637\u0631 \u0645\u062d\u062f\u062f\u0629\u060c \u0644\u0643\u0646\u0647\u0627 \u0644\u0627 \u062a\u0633\u062a\u0637\u064a\u0639 \u0625\u0632\u0627\u0644\u0629 \u062c\u0645\u064a\u0639 \u0645\u062e\u0627\u0637\u0631 \u0627\u0644\u0645\u062d\u0641\u0638\u0629 \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631\u064a\u0629\u060c \u0645\u062b\u0644 \u0627\u0644\u0635\u062f\u0645\u0627\u062a \u0627\u0644\u0633\u0648\u0642\u064a\u0629 \u0627\u0644\u0646\u0638\u0627\u0645\u064a\u0629 \u0623\u0648 \u0623\u0632\u0645\u0627\u062a \u0627\u0644\u0633\u064a\u0648\u0644\u0629.<\/p>\n<p>\u0642\u062f \u064a\u0624\u062f\u064a \u062a\u062c\u0627\u0647\u0644 \u062a\u0623\u062b\u064a\u0631\u0627\u062a \u062a\u0622\u0643\u0644 \u0627\u0644\u0642\u064a\u0645\u0629 \u0628\u0645\u0631\u0648\u0631 \u0627\u0644\u0648\u0642\u062a \u0648\u062a\u063a\u064a\u0631\u0627\u062a \u0627\u0644\u062a\u0642\u0644\u0628\u0627\u062a \u0625\u0644\u0649 \u062e\u064a\u0628\u0629 \u0623\u0645\u0644. \u062a\u0641\u0642\u062f \u0627\u0644\u062e\u064a\u0627\u0631\u0627\u062a \u0642\u064a\u0645\u062a\u0647\u0627 \u0645\u0639 \u0627\u0642\u062a\u0631\u0627\u0628 \u062a\u0627\u0631\u064a\u062e \u0627\u0646\u062a\u0647\u0627\u0621 \u0635\u0644\u0627\u062d\u064a\u062a\u0647\u0627 \u0625\u0630\u0627 \u0638\u0644 \u0633\u0639\u0631 \u0627\u0644\u0633\u0647\u0645 \u0627\u0644\u0623\u0633\u0627\u0633\u064a \u0645\u0633\u062a\u0642\u0631\u064b\u0627\u060c \u0643\u0645\u0627 \u0623\u0646 \u0627\u0646\u062e\u0641\u0627\u0636 \u0627\u0644\u062a\u0642\u0644\u0628\u0627\u062a \u0627\u0644\u0636\u0645\u0646\u064a\u0629 \u0642\u062f \u064a\u0642\u0644\u0644 \u0645\u0646 \u0639\u0644\u0627\u0648\u0627\u062a \u0627\u0644\u062e\u064a\u0627\u0631\u0627\u062a \u0628\u0634\u0643\u0644 \u063a\u064a\u0631 \u0645\u062a\u0648\u0642\u0639.<\/p>\n<p>\u0648\u0623\u062e\u064a\u0631\u064b\u0627\u060c \u0641\u0625\u0646 \u0639\u062f\u0645 \u0645\u0631\u0627\u0642\u0628\u0629 \u0648\u062a\u0639\u062f\u064a\u0644 \u0627\u0644\u062a\u062d\u0648\u0637\u0627\u062a \u0645\u0639 \u062a\u0637\u0648\u0631 \u0638\u0631\u0648\u0641 \u0627\u0644\u0633\u0648\u0642 \u064a\u0645\u0643\u0646 \u0623\u0646 \u064a\u062c\u0639\u0644 \u0627\u0644\u062a\u062d\u0648\u0637 \u0627\u0644\u0641\u0639\u0627\u0644 \u0641\u064a \u0627\u0644\u0633\u0627\u0628\u0642 \u0642\u062f\u064a\u0645\u064b\u0627 \u0623\u0648 \u0645\u0643\u0644\u0641\u064b\u0627 \u0628\u0644\u0627 \u062f\u0627\u0639\u064d.<\/p>\n<blockquote data-start=\"6197\" data-end=\"7150\">\n<h2 class=\"PDq2pG_selectionAnchorContainer\" data-section-id=\"rgyyqd\" data-start=\"6199\" data-end=\"6260\"><span class=\"ez-toc-section\" id=\"Assignment_and_Liquidity_Risks_Investors_Should_Understand\"><\/span>\u0645\u062e\u0627\u0637\u0631 \u0627\u0644\u062a\u062e\u0635\u064a\u0635 \u0648\u0627\u0644\u0633\u064a\u0648\u0644\u0629 \u0627\u0644\u062a\u064a \u064a\u062c\u0628 \u0623\u0646 \u064a\u0641\u0647\u0645\u0647\u0627 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p data-start=\"6265\" data-end=\"6558\">\u062a\u0636\u064a\u0641 \u0627\u0644\u0627\u0633\u062a\u0631\u0627\u062a\u064a\u062c\u064a\u0627\u062a \u0627\u0644\u062a\u064a \u062a\u062a\u0636\u0645\u0646 \u0628\u064a\u0639 \u0627\u0644\u062e\u064a\u0627\u0631\u0627\u062a \u0627\u0639\u062a\u0628\u0627\u0631\u0627\u062a \u0625\u0636\u0627\u0641\u064a\u0629 \u062a\u062e\u062a\u0644\u0641 \u0639\u0646 \u0645\u062c\u0631\u062f \u0634\u0631\u0627\u0621 \u062e\u064a\u0627\u0631 Put \u0628\u0647\u062f\u0641 \u0627\u0644\u062d\u0645\u0627\u064a\u0629. \u0641\u0642\u062f \u064a\u062a\u0639\u0631\u0636 \u0627\u0644\u0645\u0631\u0643\u0632 \u0627\u0644\u0630\u064a \u064a\u062a\u0636\u0645\u0646 \u062e\u064a\u0627\u0631\u064b\u0627 \u0645\u0628\u0627\u0639\u064b\u0627 \u0644\u0644\u062a\u062e\u0635\u064a\u0635 (Assignment)\u060c \u0623\u064a \u0642\u062f \u064a\u0635\u0628\u062d \u0628\u0627\u0626\u0639 \u0627\u0644\u062e\u064a\u0627\u0631 \u0645\u0644\u0632\u0645\u064b\u0627 \u0628\u062a\u0646\u0641\u064a\u0630 \u0627\u0644\u0627\u0644\u062a\u0632\u0627\u0645 \u0627\u0644\u0645\u0631\u062a\u0628\u0637 \u0628\u0627\u0644\u0639\u0642\u062f \u0625\u0630\u0627 \u0642\u0627\u0645 \u062d\u0627\u0645\u0644 \u0627\u0644\u062e\u064a\u0627\u0631 \u0628\u0645\u0645\u0627\u0631\u0633\u0629 \u062d\u0642\u0647.<\/p>\n<p data-start=\"6563\" data-end=\"6854\">\u0643\u0645\u0627 \u064a\u062c\u0628 \u0645\u0631\u0627\u0639\u0627\u0629 \u0627\u0644\u0633\u064a\u0648\u0644\u0629 \u0642\u0628\u0644 \u0625\u0646\u0634\u0627\u0621 \u0627\u0644\u062a\u062d\u0648\u0637 \u0623\u0648 \u062a\u0639\u062f\u064a\u0644\u0647. \u0641\u0642\u062f \u062a\u0624\u062f\u064a \u0641\u0631\u0648\u0642 \u0623\u0633\u0639\u0627\u0631 \u0627\u0644\u0634\u0631\u0627\u0621 \u0648\u0627\u0644\u0628\u064a\u0639 \u0627\u0644\u0648\u0627\u0633\u0639\u0629\u060c \u0623\u0648 \u0627\u0646\u062e\u0641\u0627\u0636 \u0646\u0634\u0627\u0637 \u0627\u0644\u062a\u062f\u0627\u0648\u0644\u060c \u0623\u0648 \u0635\u0639\u0648\u0628\u0629 \u0627\u0644\u062e\u0631\u0648\u062c \u0645\u0646 \u0627\u0644\u0645\u0631\u0643\u0632 \u0628\u0627\u0644\u0633\u0639\u0631 \u0627\u0644\u0645\u062a\u0648\u0642\u0639 \u0625\u0644\u0649 \u0632\u064a\u0627\u062f\u0629 \u062a\u0643\u0644\u0641\u0629 \u0627\u0644\u062a\u0646\u0641\u064a\u0630 \u0648\u062c\u0639\u0644 \u0627\u0644\u062a\u062d\u0648\u0637 \u0623\u0642\u0644 \u0643\u0641\u0627\u0621\u0629 \u0645\u0645\u0627 \u0643\u0627\u0646 \u064a\u0628\u062f\u0648 \u0639\u0646\u062f \u062a\u0635\u0645\u064a\u0645\u0647 \u0641\u064a \u0627\u0644\u0628\u062f\u0627\u064a\u0629.<\/p>\n<p data-start=\"6859\" data-end=\"7150\">\u0648\u062a\u0635\u0628\u062d \u0647\u0630\u0647 \u0627\u0644\u0645\u062e\u0627\u0637\u0631 \u0623\u0643\u062b\u0631 \u0623\u0647\u0645\u064a\u0629 \u0639\u0646\u062f \u0627\u0644\u062a\u0639\u0627\u0645\u0644 \u0645\u0639 \u0627\u0633\u062a\u0631\u0627\u062a\u064a\u062c\u064a\u0627\u062a \u0645\u062a\u0639\u062f\u062f\u0629 \u0627\u0644\u0645\u0631\u0627\u0643\u0632. \u0644\u0630\u0644\u0643\u060c \u064a\u062c\u0628 \u0641\u0647\u0645 \u0627\u0644\u0627\u0644\u062a\u0632\u0627\u0645\u0627\u062a \u0627\u0644\u0645\u0631\u062a\u0628\u0637\u0629 \u0628\u0643\u0644 \u0645\u0631\u0643\u0632 \u0648\u0643\u064a\u0641 \u064a\u0645\u0643\u0646 \u0623\u0646 \u064a\u0624\u062b\u0631 \u0627\u0644\u062a\u062e\u0635\u064a\u0635 \u0641\u064a \u0627\u0644\u0623\u0633\u0647\u0645 \u0627\u0644\u0623\u0633\u0627\u0633\u064a\u0629 \u0648\u0627\u0644\u0645\u062d\u0641\u0638\u0629 \u0643\u0643\u0644 \u0642\u0628\u0644 \u0627\u0633\u062a\u062e\u062f\u0627\u0645 Collar \u0623\u0648 Covered Call \u0623\u0648 \u0623\u064a \u0647\u064a\u0643\u0644 \u064a\u062a\u0636\u0645\u0646 \u0628\u064a\u0639 \u062e\u064a\u0627\u0631\u0627\u062a.<\/p>\n<\/blockquote>\n<blockquote data-start=\"10248\" data-end=\"11253\">\n<h2 class=\"PDq2pG_selectionAnchorContainer\" data-section-id=\"1ixos70\" data-start=\"10250\" data-end=\"10283\"><span class=\"ez-toc-section\" id=\"Options_Hedging_Risk_Checklist\"><\/span>\u0642\u0627\u0626\u0645\u0629 \u0645\u0631\u0627\u062c\u0639\u0629 \u0645\u062e\u0627\u0637\u0631 \u0627\u0644\u062a\u062d\u0648\u0637 \u0628\u0627\u0644\u062e\u064a\u0627\u0631\u0627\u062a<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p data-start=\"10288\" data-end=\"10350\">\u0642\u0628\u0644 \u062a\u0646\u0641\u064a\u0630 \u0623\u064a \u062a\u062d\u0648\u0637 \u0628\u0627\u0633\u062a\u062e\u062f\u0627\u0645 \u0627\u0644\u062e\u064a\u0627\u0631\u0627\u062a\u060c \u0645\u0646 \u0627\u0644\u0645\u0641\u064a\u062f \u0645\u0631\u0627\u062c\u0639\u0629 \u0627\u0644\u0646\u0642\u0627\u0637 \u0627\u0644\u062a\u0627\u0644\u064a\u0629:<\/p>\n<ul data-start=\"10355\" data-end=\"11101\">\n<li data-section-id=\"29yt50\" data-start=\"10355\" data-end=\"10435\" class=\"translation-block\">\u0645\u0627 \u0627\u0644\u0630\u064a \u0623\u062d\u0627\u0648\u0644 \u062d\u0645\u0627\u064a\u062a\u0647\u061f \u062d\u062f\u062f \u0627\u0644\u062a\u0639\u0631\u0636 \u0627\u0644\u0645\u0648\u062c\u0648\u062f \u0641\u064a \u0627\u0644\u0645\u062d\u0641\u0638\u0629 \u0648\u0633\u064a\u0646\u0627\u0631\u064a\u0648 \u0627\u0644\u0647\u0628\u0648\u0637 \u0627\u0644\u0630\u064a \u062a\u0631\u064a\u062f \u0627\u0644\u062a\u0639\u0627\u0645\u0644 \u0645\u0639\u0647.<\/li>\n<li data-section-id=\"1qs96zv\" data-start=\"10438\" data-end=\"10531\" class=\"translation-block\">\u0645\u0627 \u062d\u062c\u0645 \u0627\u0644\u062d\u0645\u0627\u064a\u0629 \u0627\u0644\u0645\u0637\u0644\u0648\u0628\u0629\u061f \u0627\u062c\u0639\u0644 \u062d\u062c\u0645 \u0627\u0644\u062a\u062d\u0648\u0637 \u0645\u062a\u0646\u0627\u0633\u0628\u064b\u0627 \u0645\u0639 \u0627\u0644\u062c\u0632\u0621 \u0645\u0646 \u0627\u0644\u0645\u062d\u0641\u0638\u0629 \u0627\u0644\u0630\u064a \u064a\u062d\u062a\u0627\u062c \u0625\u0644\u0649 \u0627\u0644\u062d\u0645\u0627\u064a\u0629.<\/li>\n<li data-section-id=\"1qsfgie\" data-start=\"10534\" data-end=\"10639\" class=\"translation-block\">\u0643\u0645 \u062a\u0633\u062a\u0645\u0631 \u062d\u0627\u062c\u062a\u064a \u0625\u0644\u0649 \u0627\u0644\u062d\u0645\u0627\u064a\u0629\u061f \u0642\u0627\u0631\u0646 \u062a\u0627\u0631\u064a\u062e \u0627\u0646\u062a\u0647\u0627\u0621 \u0627\u0644\u062e\u064a\u0627\u0631 \u0628\u0627\u0644\u0623\u0641\u0642 \u0627\u0644\u0632\u0645\u0646\u064a \u0644\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631.<\/li>\n<li data-section-id=\"1vrpd8l\" data-start=\"10642\" data-end=\"10750\" class=\"translation-block\">\u0645\u0627 \u0627\u0644\u062a\u0643\u0644\u0641\u0629 \u0627\u0644\u0625\u062c\u0645\u0627\u0644\u064a\u0629\u061f \u0644\u0627 \u062a\u0642\u062a\u0635\u0631 \u0639\u0644\u0649 \u0627\u0644\u0639\u0644\u0627\u0648\u0629\u060c \u0628\u0644 \u062a\u0634\u0645\u0644 \u0641\u0631\u0648\u0642 \u0627\u0644\u0623\u0633\u0639\u0627\u0631 \u0648\u062a\u0643\u0627\u0644\u064a\u0641 \u0627\u0644\u062a\u0646\u0641\u064a\u0630 \u0648\u062a\u0643\u0644\u0641\u0629 \u0627\u0644\u062a\u062e\u0644\u064a \u0639\u0646 \u062c\u0632\u0621 \u0645\u0646 \u0627\u0644\u0639\u0627\u0626\u062f \u0627\u0644\u0645\u062d\u062a\u0645\u0644.<\/li>\n<li data-section-id=\"zvn9oi\" data-start=\"10753\" data-end=\"10887\" class=\"translation-block\">\u0645\u0627\u0630\u0627 \u064a\u062d\u062f\u062b \u0625\u0630\u0627 \u062a\u062d\u0631\u0643 \u0627\u0644\u0633\u0648\u0642 \u0628\u0639\u0643\u0633 \u0627\u0644\u062a\u0648\u0642\u0639\u0627\u062a\u061f \u0627\u0641\u0647\u0645 \u0643\u064a\u0641\u064a\u0629 \u062a\u0635\u0631\u0641 \u0627\u0644\u062a\u062d\u0648\u0637 \u0641\u064a \u0627\u0644\u0633\u064a\u0646\u0627\u0631\u064a\u0648\u0647\u0627\u062a \u0627\u0644\u0635\u0627\u0639\u062f\u0629 \u0648\u0627\u0644\u0647\u0627\u0628\u0637\u0629.<\/li>\n<li data-section-id=\"1o8z6pp\" data-start=\"10890\" data-end=\"10985\" class=\"translation-block\">\u0647\u0644 \u064a\u0648\u062c\u062f \u062e\u0637\u0631 \u0627\u0644\u062a\u062e\u0635\u064a\u0635\u061f \u0631\u0627\u062c\u0639 \u0627\u0644\u0627\u0644\u062a\u0632\u0627\u0645\u0627\u062a \u0627\u0644\u0645\u0631\u062a\u0628\u0637\u0629 \u0628\u0623\u064a \u0645\u0631\u0643\u0632 \u064a\u062a\u0636\u0645\u0646 \u0628\u064a\u0639 \u062e\u064a\u0627\u0631\u0627\u062a.<\/li>\n<li data-section-id=\"igkmcc\" data-start=\"10988\" data-end=\"11099\" class=\"translation-block\">\u0647\u0644 \u0627\u0644\u0633\u064a\u0648\u0644\u0629 \u0643\u0627\u0641\u064a\u0629\u061f \u062a\u0623\u0643\u062f \u0645\u0646 \u0625\u0645\u0643\u0627\u0646\u064a\u0629 \u0641\u062a\u062d \u0627\u0644\u0645\u0631\u0643\u0632 \u0623\u0648 \u062a\u0639\u062f\u064a\u0644\u0647 \u0623\u0648 \u0625\u063a\u0644\u0627\u0642\u0647 \u0628\u0643\u0641\u0627\u0621\u0629 \u0645\u0639\u0642\u0648\u0644\u0629.<\/li>\n<\/ul>\n<p data-start=\"11104\" data-end=\"11253\">\u0644\u0627 \u062a\u0647\u062f\u0641 \u0647\u0630\u0647 \u0627\u0644\u0642\u0627\u0626\u0645\u0629 \u0625\u0644\u0649 \u062a\u062d\u062f\u064a\u062f \"\u0623\u0641\u0636\u0644\" \u0627\u0633\u062a\u0631\u0627\u062a\u064a\u062c\u064a\u0629 \u062a\u062d\u0648\u0637 \u0644\u0644\u062c\u0645\u064a\u0639\u060c \u0648\u0625\u0646\u0645\u0627 \u0625\u0644\u0649 \u062c\u0639\u0644 \u0627\u0644\u0645\u062e\u0627\u0637\u0631 \u0648\u0627\u0644\u0645\u0641\u0627\u0636\u0644\u0627\u062a \u0623\u0643\u062b\u0631 \u0648\u0636\u0648\u062d\u064b\u0627 \u0642\u0628\u0644 \u062a\u0646\u0641\u064a\u0630 \u0623\u064a \u0627\u0633\u062a\u0631\u0627\u062a\u064a\u062c\u064a\u0629.<\/p>\n<\/blockquote>\n<blockquote data-start=\"12343\" data-end=\"14173\">\n<h2 class=\"PDq2pG_selectionAnchorContainer\" data-section-id=\"1qxji39\" data-start=\"12345\" data-end=\"12419\"><span class=\"ez-toc-section\" id=\"Frequently_Asked_Questions_About_Hedging_a_Stock_Portfolio_With_Options\"><\/span>\u0627\u0644\u0623\u0633\u0626\u0644\u0629 \u0627\u0644\u0634\u0627\u0626\u0639\u0629 \u062d\u0648\u0644 \u0627\u0644\u062a\u062d\u0648\u0637 \u0645\u0646 \u0645\u062e\u0627\u0637\u0631 \u0627\u0644\u0645\u062d\u0641\u0638\u0629 \u0628\u0627\u0633\u062a\u062e\u062f\u0627\u0645 \u0627\u0644\u062e\u064a\u0627\u0631\u0627\u062a<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3 data-section-id=\"8fvvsp\" data-start=\"12424\" data-end=\"12474\"><span class=\"ez-toc-section\" id=\"Does_options_hedging_eliminate_portfolio_risk\"><\/span>\u0647\u0644 \u064a\u0644\u063a\u064a \u0627\u0644\u062a\u062d\u0648\u0637 \u0628\u0627\u0644\u062e\u064a\u0627\u0631\u0627\u062a \u0645\u062e\u0627\u0637\u0631 \u0627\u0644\u0645\u062d\u0641\u0638\u0629 \u0628\u0627\u0644\u0643\u0627\u0645\u0644\u061f<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p data-start=\"12479\" data-end=\"12722\">\u0644\u0627. \u0635\u064f\u0645\u0645 \u0627\u0644\u062a\u062d\u0648\u0637 \u0644\u0625\u062f\u0627\u0631\u0629 \u062a\u0639\u0631\u0636\u0627\u062a \u0645\u062d\u062f\u062f\u0629\u060c \u0648\u0644\u064a\u0633 \u0644\u0625\u0644\u063a\u0627\u0621 \u062c\u0645\u064a\u0639 \u0645\u0635\u0627\u062f\u0631 \u0627\u0644\u0645\u062e\u0627\u0637\u0631 \u0627\u0644\u0645\u062d\u062a\u0645\u0644\u0629 \u0641\u064a \u0627\u0644\u0645\u062d\u0641\u0638\u0629. \u0648\u062a\u0639\u062a\u0645\u062f \u0641\u0639\u0627\u0644\u064a\u0629 \u0627\u0644\u062a\u062d\u0648\u0637 \u0639\u0644\u0649 \u0627\u0644\u0627\u0633\u062a\u0631\u0627\u062a\u064a\u062c\u064a\u0629 \u0627\u0644\u0645\u0633\u062a\u062e\u062f\u0645\u0629\u060c \u0648\u062d\u062c\u0645 \u0627\u0644\u062a\u063a\u0637\u064a\u0629\u060c \u0648\u062a\u0627\u0631\u064a\u062e \u0627\u0644\u0627\u0646\u062a\u0647\u0627\u0621\u060c \u0648\u0627\u0644\u062a\u0643\u0627\u0644\u064a\u0641\u060c \u0648\u0637\u0628\u064a\u0639\u0629 \u0627\u0644\u0623\u0635\u0644 \u0627\u0644\u0630\u064a \u062a\u062a\u0645 \u062d\u0645\u0627\u064a\u062a\u0647.<\/p>\n<h3 data-section-id=\"1mt014w\" data-start=\"12727\" data-end=\"12799\"><span class=\"ez-toc-section\" id=\"Is_buying_a_put_the_same_as_completely_protecting_a_stock_portfolio\"><\/span>\u0647\u0644 \u0634\u0631\u0627\u0621 Put \u064a\u0639\u0646\u064a \u062d\u0645\u0627\u064a\u0629 \u0627\u0644\u0645\u062d\u0641\u0638\u0629 \u0628\u0627\u0644\u0643\u0627\u0645\u0644\u061f<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p data-start=\"12804\" data-end=\"12977\">\u0644\u0627. \u064a\u0645\u0643\u0646 \u0644\u062e\u064a\u0627\u0631 Put \u0623\u0646 \u064a\u0648\u0641\u0631 \u062d\u0645\u0627\u064a\u0629 \u0645\u0646 \u0627\u0644\u0647\u0628\u0648\u0637 \u0644\u0644\u062c\u0632\u0621 \u0627\u0644\u0630\u064a \u064a\u063a\u0637\u064a\u0647 \u0627\u0644\u0639\u0642\u062f\u060c \u0644\u0643\u0646\u0647 \u0644\u0627 \u064a\u062d\u0645\u064a \u062a\u0644\u0642\u0627\u0626\u064a\u064b\u0627 \u062c\u0645\u064a\u0639 \u0627\u0644\u0623\u0635\u0648\u0644 \u0623\u0648 \u0627\u0644\u0645\u062e\u0627\u0637\u0631 \u0627\u0644\u0645\u0648\u062c\u0648\u062f\u0629 \u062f\u0627\u062e\u0644 \u0645\u062d\u0641\u0638\u0629 \u0645\u062a\u0646\u0648\u0639\u0629.<\/p>\n<h3 data-section-id=\"a0v5hz\" data-start=\"12982\" data-end=\"13036\"><span class=\"ez-toc-section\" id=\"What_is_the_main_cost_of_using_options_as_a_hedge\"><\/span>\u0645\u0627 \u0623\u0647\u0645 \u062a\u0643\u0644\u0641\u0629 \u064a\u062c\u0628 \u0645\u0631\u0627\u0639\u0627\u062a\u0647\u0627 \u0639\u0646\u062f \u0627\u0633\u062a\u062e\u062f\u0627\u0645 \u0627\u0644\u062e\u064a\u0627\u0631\u0627\u062a \u0644\u0644\u062a\u062d\u0648\u0637\u061f<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p data-start=\"13041\" data-end=\"13244\">\u0642\u062f \u062a\u0634\u0645\u0644 \u0627\u0644\u062a\u0643\u0644\u0641\u0629 \u0639\u0644\u0627\u0648\u0629 \u0627\u0644\u062e\u064a\u0627\u0631\u060c \u0648\u062a\u0643\u0627\u0644\u064a\u0641 \u0627\u0644\u062a\u0646\u0641\u064a\u0630\u060c \u0648\u0641\u0631\u0648\u0642 \u0623\u0633\u0639\u0627\u0631 \u0627\u0644\u0634\u0631\u0627\u0621 \u0648\u0627\u0644\u0628\u064a\u0639\u060c \u0625\u0636\u0627\u0641\u0629 \u0625\u0644\u0649 \u062a\u0643\u0644\u0641\u0629 \u0627\u0644\u062a\u062e\u0644\u064a \u0639\u0646 \u062c\u0632\u0621 \u0645\u0646 \u0627\u0644\u0627\u0631\u062a\u0641\u0627\u0639 \u0627\u0644\u0645\u062d\u062a\u0645\u0644. \u0648\u064a\u062e\u062a\u0644\u0641 \u0625\u062c\u0645\u0627\u0644\u064a \u0627\u0644\u062a\u0643\u0644\u0641\u0629 \u0628\u062d\u0633\u0628 \u0627\u0644\u0627\u0633\u062a\u0631\u0627\u062a\u064a\u062c\u064a\u0629 \u0648\u0638\u0631\u0648\u0641 \u0627\u0644\u0633\u0648\u0642.<\/p>\n<h3 data-section-id=\"cqgh1c\" data-start=\"13249\" data-end=\"13296\"><span class=\"ez-toc-section\" id=\"What_is_assignment_risk_in_options_hedging\"><\/span>\u0645\u0627 \u0627\u0644\u0645\u0642\u0635\u0648\u062f \u0628\u0645\u062e\u0627\u0637\u0631 Assignment \u0641\u064a \u0627\u0644\u062e\u064a\u0627\u0631\u0627\u062a\u061f<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p data-start=\"13301\" data-end=\"13568\">\u064a\u062d\u062f\u062b Assignment \u0639\u0646\u062f\u0645\u0627 \u064a\u062a\u0644\u0642\u0649 \u0628\u0627\u0626\u0639 \u0627\u0644\u062e\u064a\u0627\u0631 \u0625\u0634\u0639\u0627\u0631\u064b\u0627 \u0628\u0636\u0631\u0648\u0631\u0629 \u062a\u0646\u0641\u064a\u0630 \u0627\u0644\u0627\u0644\u062a\u0632\u0627\u0645 \u0627\u0644\u0645\u0631\u062a\u0628\u0637 \u0628\u0627\u0644\u0639\u0642\u062f \u0628\u0639\u062f \u0645\u0645\u0627\u0631\u0633\u0629 \u062d\u0627\u0645\u0644 \u0627\u0644\u062e\u064a\u0627\u0631 \u0644\u062d\u0642\u0647. \u0648\u062a\u0635\u0628\u062d \u0647\u0630\u0647 \u0627\u0644\u0646\u0642\u0637\u0629 \u0645\u0647\u0645\u0629 \u0628\u0634\u0643\u0644 \u062e\u0627\u0635 \u0641\u064a \u0627\u0644\u0627\u0633\u062a\u0631\u0627\u062a\u064a\u062c\u064a\u0627\u062a \u0627\u0644\u062a\u064a \u062a\u062a\u0636\u0645\u0646 \u0645\u0631\u0627\u0643\u0632 \u062e\u064a\u0627\u0631\u0627\u062a \u0645\u0628\u0627\u0639\u0629.<\/p>\n<h3 data-section-id=\"1h3ldbi\" data-start=\"13573\" data-end=\"13625\"><span class=\"ez-toc-section\" id=\"Can_an_options_hedge_fail_during_a_market_crash\"><\/span>\u0647\u0644 \u064a\u0645\u0643\u0646 \u0623\u0646 \u064a\u0641\u0634\u0644 \u0627\u0644\u062a\u062d\u0648\u0637 \u0628\u0627\u0644\u062e\u064a\u0627\u0631\u0627\u062a \u0623\u062b\u0646\u0627\u0621 \u0627\u0646\u0647\u064a\u0627\u0631 \u0627\u0644\u0633\u0648\u0642\u061f<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p data-start=\"13630\" data-end=\"13873\">\u0646\u0639\u0645\u060c \u0642\u062f \u0644\u0627 \u064a\u0639\u0648\u0636 \u0627\u0644\u062a\u062d\u0648\u0637 \u062e\u0633\u0627\u0631\u0629 \u0627\u0644\u0645\u062d\u0641\u0638\u0629 \u0628\u0627\u0644\u0634\u0643\u0644 \u0627\u0644\u0645\u062a\u0648\u0642\u0639 \u0628\u0633\u0628\u0628 \u0639\u0648\u0627\u0645\u0644 \u0645\u062b\u0644 \u0639\u062f\u0645 \u0643\u0641\u0627\u064a\u0629 \u0627\u0644\u062a\u063a\u0637\u064a\u0629\u060c \u0623\u0648 \u062a\u0648\u0642\u064a\u062a \u0627\u0646\u062a\u0647\u0627\u0621 \u0627\u0644\u062e\u064a\u0627\u0631\u060c \u0623\u0648 \u0627\u062e\u062a\u064a\u0627\u0631 \u0633\u0639\u0631 \u0627\u0644\u062a\u0646\u0641\u064a\u0630\u060c \u0623\u0648 \u0627\u0644\u0633\u064a\u0648\u0644\u0629\u060c \u0623\u0648 \u062a\u063a\u064a\u0631 \u0627\u0644\u062a\u0642\u0644\u0628\u060c \u0623\u0648 \u0648\u062c\u0648\u062f \u0627\u062e\u062a\u0644\u0627\u0641 \u0628\u064a\u0646 \u0623\u062f\u0627\u0629 \u0627\u0644\u062a\u062d\u0648\u0637 \u0648\u0627\u0644\u062a\u0639\u0631\u0636 \u0627\u0644\u0641\u0639\u0644\u064a \u0644\u0644\u0645\u062d\u0641\u0638\u0629.<\/p>\n<h3 data-section-id=\"f4fok1\" data-start=\"13878\" data-end=\"13937\"><span class=\"ez-toc-section\" id=\"Should_options_hedging_be_treated_as_investment_advice\"><\/span>\u0647\u0644 \u064a\u062c\u0628 \u0627\u0644\u062a\u0639\u0627\u0645\u0644 \u0645\u0639 \u0627\u0644\u062a\u062d\u0648\u0637 \u0628\u0627\u0644\u062e\u064a\u0627\u0631\u0627\u062a \u0628\u0627\u0639\u062a\u0628\u0627\u0631\u0647 \u062a\u0648\u0635\u064a\u0629 \u0627\u0633\u062a\u062b\u0645\u0627\u0631\u064a\u0629\u061f<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p data-start=\"13942\" data-end=\"14173\">\u0644\u0627. \u064a\u062c\u0628 \u062a\u0642\u064a\u064a\u0645 \u0627\u0633\u062a\u0631\u0627\u062a\u064a\u062c\u064a\u0627\u062a \u0627\u0644\u062e\u064a\u0627\u0631\u0627\u062a \u0648\u0641\u0642 \u0623\u0647\u062f\u0627\u0641 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631 \u0648\u0642\u062f\u0631\u062a\u0647 \u0639\u0644\u0649 \u062a\u062d\u0645\u0644 \u0627\u0644\u0645\u062e\u0627\u0637\u0631 \u0648\u0637\u0628\u064a\u0639\u0629 \u0627\u0644\u062a\u0639\u0631\u0636 \u0641\u064a \u0645\u062d\u0641\u0638\u062a\u0647 \u0648\u0645\u062f\u0649 \u0641\u0647\u0645\u0647 \u0644\u0644\u0627\u0633\u062a\u0631\u0627\u062a\u064a\u062c\u064a\u0629. \u0648\u0627\u0644\u0623\u0645\u062b\u0644\u0629 \u0627\u0644\u062a\u0639\u0644\u064a\u0645\u064a\u0629 \u0644\u0627 \u064a\u0646\u0628\u063a\u064a \u0627\u0644\u062a\u0639\u0627\u0645\u0644 \u0645\u0639\u0647\u0627 \u0628\u0627\u0639\u062a\u0628\u0627\u0631\u0647\u0627 \u062a\u0648\u0635\u064a\u0627\u062a \u0627\u0633\u062a\u062b\u0645\u0627\u0631\u064a\u0629 \u0634\u062e\u0635\u064a\u0629.<\/p>\n<\/blockquote>\n<h3 data-section-id=\"1xdudep\" data-start=\"14175\" data-end=\"14193\"><\/h3>\n<h2><span class=\"ez-toc-section\" id=\"Practical_Takeaways_for_Investors_Considering_Options_Hedging\"><\/span>\u0623\u0647\u0645 \u0627\u0644\u0646\u0642\u0627\u0637 \u0627\u0644\u0639\u0645\u0644\u064a\u0629 \u0644\u0644\u0645\u0633\u062a\u062b\u0645\u0631\u064a\u0646 \u0627\u0644\u0630\u064a\u0646 \u064a\u0641\u0643\u0631\u0648\u0646 \u0641\u064a \u0627\u0644\u062a\u062d\u0648\u0637 \u0628\u0627\u0644\u062e\u064a\u0627\u0631\u0627\u062a<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li>\u062d\u062f\u062f \u0623\u0647\u062f\u0627\u0641\u064b\u0627 \u0648\u0627\u0636\u062d\u0629 \u0644\u0625\u062f\u0627\u0631\u0629 \u0627\u0644\u0645\u062e\u0627\u0637\u0631 \u0642\u0628\u0644 \u062a\u0646\u0641\u064a\u0630 \u062a\u062d\u0648\u0637\u0627\u062a \u0627\u0644\u062e\u064a\u0627\u0631\u0627\u062a\u060c \u0645\u0639 \u0641\u0647\u0645 \u0627\u0644\u0645\u0641\u0627\u0636\u0644\u0627\u062a \u0628\u064a\u0646 \u0627\u0644\u062a\u0643\u0644\u0641\u0629 \u0648\u0627\u0644\u062d\u0645\u0627\u064a\u0629.<\/li>\n<li>\u062a\u0648\u0641\u0631 \u062e\u064a\u0627\u0631\u0627\u062a \u0627\u0644\u0628\u064a\u0639 \u0648\u0627\u0644\u062d\u0645\u0627\u064a\u0629 \u0637\u0631\u0642\u064b\u0627 \u0645\u0628\u0627\u0634\u0631\u0629 \u0644\u0644\u062d\u062f \u0645\u0646 \u0645\u062e\u0627\u0637\u0631 \u0627\u0644\u062e\u0633\u0627\u0631\u0629 \u0645\u0639 \u0627\u0644\u062d\u0641\u0627\u0638 \u0639\u0644\u0649 \u0625\u0645\u0643\u0627\u0646\u0627\u062a \u0627\u0644\u0631\u0628\u062d.<\/li>\n<li>\u0642\u0645 \u0628\u0645\u0631\u0627\u062c\u0639\u0629 \u0645\u0631\u0627\u0643\u0632 \u0627\u0644\u062a\u062d\u0648\u0637 \u0627\u0644\u062e\u0627\u0635\u0629 \u0628\u0643 \u0628\u0627\u0646\u062a\u0638\u0627\u0645 \u0644\u0644\u062a\u0623\u0643\u062f \u0645\u0646 \u0623\u0646\u0647\u0627 \u0644\u0627 \u062a\u0632\u0627\u0644 \u0645\u062a\u0648\u0627\u0641\u0642\u0629 \u0645\u0639 \u0645\u062d\u0641\u0638\u062a\u0643 \u0648\u0628\u064a\u0626\u0629 \u0627\u0644\u0633\u0648\u0642.<\/li>\n<li>\u064a\u064f\u0646\u0635\u062d \u0628\u0627\u0644\u0639\u0645\u0644 \u0645\u0639 \u0645\u0633\u062a\u0634\u0627\u0631 \u0630\u064a \u062e\u0628\u0631\u0629 \u0641\u064a \u0627\u0644\u062e\u064a\u0627\u0631\u0627\u062a \u0623\u0648 \u0627\u0633\u062a\u062e\u062f\u0627\u0645 \u0623\u062f\u0648\u0627\u062a \u0627\u062d\u062a\u0631\u0627\u0641\u064a\u0629 \u0644\u062a\u0646\u0641\u064a\u0630 \u0648\u0625\u062f\u0627\u0631\u0629 \u0627\u0644\u062a\u062d\u0648\u0637\u0627\u062a \u0628\u0641\u0639\u0627\u0644\u064a\u0629.<\/li>\n<li>\u064a\u062c\u0628 \u0625\u062f\u0631\u0627\u0643 \u0623\u0646 \u0627\u0644\u062a\u062d\u0648\u0637 \u0628\u0627\u0644\u062e\u064a\u0627\u0631\u0627\u062a \u0639\u0645\u0644\u064a\u0629 \u0645\u0633\u062a\u0645\u0631\u0629 \u062a\u062a\u0637\u0644\u0628 \u0627\u0644\u0627\u0646\u0636\u0628\u0627\u0637 \u0648\u0627\u0644\u062a\u0643\u064a\u0641\u060c \u0648\u0644\u064a\u0633\u062a \u062d\u0644\u0627\u064b \u0644\u0645\u0631\u0629 \u0648\u0627\u062d\u062f\u0629.<\/li>\n<\/ul>\n<p>\u062a\u064f\u0639\u062f\u0651 \u0627\u0644\u062e\u064a\u0627\u0631\u0627\u062a \u0623\u062f\u0627\u0629\u064b \u0641\u0639\u0651\u0627\u0644\u0629\u064b \u0644\u0644\u062a\u062d\u0648\u0651\u0637 \u0636\u062f \u0645\u062e\u0627\u0637\u0631 \u0645\u062d\u0627\u0641\u0638 \u0627\u0644\u0623\u0633\u0647\u0645 \u0639\u0646\u062f \u0627\u0633\u062a\u062e\u062f\u0627\u0645\u0647\u0627 \u0628\u0648\u0639\u064a \u0648\u062a\u062e\u0637\u064a\u0637 \u0627\u0633\u062a\u0631\u0627\u062a\u064a\u062c\u064a. \u064a\u0643\u0645\u0646 \u0627\u0644\u0633\u0631\u0651 \u0641\u064a \u062a\u062d\u0642\u064a\u0642 \u0627\u0644\u062a\u0648\u0627\u0632\u0646 \u0628\u064a\u0646 \u062a\u0643\u0644\u0641\u0629 \u0627\u0644\u062d\u0645\u0627\u064a\u0629 \u0648\u0645\u0633\u062a\u0648\u0649 \u062e\u0641\u0636 \u0627\u0644\u0645\u062e\u0627\u0637\u0631 \u0627\u0644\u0645\u0637\u0644\u0648\u0628\u060c \u0648\u0627\u062e\u062a\u064a\u0627\u0631 \u0627\u0644\u0627\u0633\u062a\u0631\u0627\u062a\u064a\u062c\u064a\u0627\u062a \u0627\u0644\u0645\u0646\u0627\u0633\u0628\u0629\u060c \u0648\u0627\u0644\u0645\u062d\u0627\u0641\u0638\u0629 \u0639\u0644\u0649 \u0625\u062f\u0627\u0631\u0629 \u0646\u0634\u0637\u0629. \u064a\u0633\u062a\u0637\u064a\u0639 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631\u0648\u0646 \u0627\u0644\u0630\u064a\u0646 \u064a\u062a\u0639\u0627\u0645\u0644\u0648\u0646 \u0645\u0639 \u0627\u0644\u062a\u062d\u0648\u0651\u0637 \u0628\u0627\u0644\u062e\u064a\u0627\u0631\u0627\u062a \u0628\u0627\u0646\u0636\u0628\u0627\u0637 \u0648\u0648\u0636\u0648\u062d \u0627\u0644\u062a\u0639\u0627\u0645\u0644 \u0645\u0639 \u062a\u0642\u0644\u0628\u0627\u062a \u0627\u0644\u0633\u0648\u0642 \u0628\u062b\u0642\u0629 \u0648\u0645\u0631\u0648\u0646\u0629 \u0623\u0643\u0628\u0631.<\/p>","protected":false},"excerpt":{"rendered":"<p>Learn how using options to hedge a stock portfolio can protect against downside risk while preserving upside potential in volatile markets.<\/p>","protected":false},"author":1,"featured_media":15484,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[111],"tags":[120,118,119,121,116,117],"class_list":["post-15483","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-algorithmic-trading","tag-emotional-investing","tag-investment-discipline","tag-investor-mistakes","tag-portfolio-strategy","tag-rule-based-investing","tag-systematic-investing"],"_links":{"self":[{"href":"https:\/\/algo0.com\/ar\/wp-json\/wp\/v2\/posts\/15483","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/algo0.com\/ar\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/algo0.com\/ar\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/algo0.com\/ar\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/algo0.com\/ar\/wp-json\/wp\/v2\/comments?post=15483"}],"version-history":[{"count":0,"href":"https:\/\/algo0.com\/ar\/wp-json\/wp\/v2\/posts\/15483\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/algo0.com\/ar\/wp-json\/wp\/v2\/media\/15484"}],"wp:attachment":[{"href":"https:\/\/algo0.com\/ar\/wp-json\/wp\/v2\/media?parent=15483"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/algo0.com\/ar\/wp-json\/wp\/v2\/categories?post=15483"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/algo0.com\/ar\/wp-json\/wp\/v2\/tags?post=15483"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}