{"id":15604,"date":"2026-04-08T18:41:09","date_gmt":"2026-04-08T18:41:09","guid":{"rendered":"https:\/\/algo0.com\/?p=15604"},"modified":"2026-08-13T11:26:28","modified_gmt":"2026-08-13T11:26:28","slug":"use-options-hedge-stock-portfolio","status":"publish","type":"post","link":"https:\/\/algo0.com\/ar\/use-options-hedge-stock-portfolio\/","title":{"rendered":"\u0643\u064a\u0641\u064a\u0629 \u0627\u0633\u062a\u062e\u062f\u0627\u0645 \u0627\u0644\u062e\u064a\u0627\u0631\u0627\u062a \u0644\u0644\u062a\u062d\u0648\u0637 \u0644\u0645\u062d\u0641\u0638\u0629 \u0627\u0644\u0623\u0633\u0647\u0645 \u0636\u062f \u0627\u0646\u0643\u0645\u0627\u0634\u0627\u062a \u0627\u0644\u0633\u0648\u0642"},"content":{"rendered":"<p>\u062a\u064f\u062e\u062a\u0628\u0631 \u0642\u062f\u0631\u0629 \u0645\u062d\u0627\u0641\u0638 \u0627\u0644\u0623\u0633\u0647\u0645\u060c \u062d\u062a\u0649 \u062a\u0644\u0643 \u0627\u0644\u0645\u064f\u0635\u0645\u0645\u0629 \u0628\u0639\u0646\u0627\u064a\u0629 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\u0644\u0644\u0645\u0633\u062a\u062b\u0645\u0631\u064a\u0646 \u0627\u0644\u0630\u064a\u0646 \u064a\u0633\u0639\u0648\u0646 \u0625\u0644\u0649 \u062d\u0645\u0627\u064a\u0629 \u0623\u0643\u062b\u0631 \u0641\u0639\u0627\u0644\u064a\u0629 \u0636\u062f \u0627\u0644\u062e\u0633\u0627\u0626\u0631 \u0627\u0644\u0643\u0628\u064a\u0631\u0629\u060c \u062a\u064f\u0642\u062f\u0645 \u0627\u0644\u062e\u064a\u0627\u0631\u0627\u062a \u0646\u0647\u062c\u064b\u0627 \u0645\u0631\u0646\u064b\u0627 \u0648\u0627\u0642\u062a\u0635\u0627\u062f\u064a\u064b\u0627 \u0644\u0644\u062a\u062d\u0648\u0637. \u0641\u0645\u0646 \u062e\u0644\u0627\u0644 \u0627\u0644\u0627\u0633\u062a\u062e\u062f\u0627\u0645 \u0627\u0644\u0627\u0633\u062a\u0631\u0627\u062a\u064a\u062c\u064a \u0644\u0644\u062e\u064a\u0627\u0631\u0627\u062a\u060c \u064a\u064f\u0645\u0643\u0646 \u0627\u0644\u062d\u062f \u0645\u0646 \u0645\u062e\u0627\u0637\u0631 \u0627\u0644\u062e\u0633\u0627\u0631\u0629 \u062f\u0648\u0646 \u0627\u0644\u062a\u062e\u0644\u064a \u0639\u0646 \u0625\u0645\u0643\u0627\u0646\u0627\u062a \u0627\u0644\u0631\u0628\u062d \u0644\u0644\u0645\u062d\u0641\u0638\u0629 \u0623\u0648 \u0627\u0644\u0644\u062c\u0648\u0621 \u0625\u0644\u0649 \u0627\u0644\u062a\u0635\u0641\u064a\u0629 \u0627\u0644\u0643\u0627\u0645\u0644\u0629.<\/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' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/algo0.com\/ar\/use-options-hedge-stock-portfolio\/#Define_the_Hedging_Objective_Before_Choosing_an_Options_Strategy\" >\u062a\u062d\u062f\u064a\u062f \u0647\u062f\u0641 \u0627\u0644\u062a\u062d\u0648\u0637 \u0642\u0628\u0644 \u0627\u062e\u062a\u064a\u0627\u0631 \u0627\u0633\u062a\u0631\u0627\u062a\u064a\u062c\u064a\u0629 \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-2\" href=\"https:\/\/algo0.com\/ar\/use-options-hedge-stock-portfolio\/#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\/use-options-hedge-stock-portfolio\/#Core_Options_Strategies_to_Hedge_Against_Market_Downturns\" >\u0627\u0633\u062a\u0631\u0627\u062a\u064a\u062c\u064a\u0627\u062a \u0627\u0644\u062e\u064a\u0627\u0631\u0627\u062a \u0627\u0644\u0623\u0633\u0627\u0633\u064a\u0629 \u0644\u0644\u062a\u062d\u0648\u0637 \u0636\u062f \u0627\u0646\u0643\u0645\u0627\u0634 \u0627\u0644\u0633\u0648\u0642<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/algo0.com\/ar\/use-options-hedge-stock-portfolio\/#Protective_Puts\" >\u0648\u0636\u0639\u064a\u0627\u062a \u0648\u0627\u0642\u064a\u0629<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/algo0.com\/ar\/use-options-hedge-stock-portfolio\/#Collars\" >\u0627\u0644\u064a\u0627\u0642\u0627\u062a<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/algo0.com\/ar\/use-options-hedge-stock-portfolio\/#Put_Spreads\" >\u062e\u064a\u0627\u0631\u0627\u062a \u0628\u064a\u0639 \u0627\u0644\u0623\u0633\u0647\u0645<\/a><\/li><\/ul><\/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\/use-options-hedge-stock-portfolio\/#Practical_Considerations_When_Implementing_Options_Hedges\" >\u0627\u0644\u0627\u0639\u062a\u0628\u0627\u0631\u0627\u062a \u0627\u0644\u0639\u0645\u0644\u064a\u0629 \u0639\u0646\u062f \u062a\u0637\u0628\u064a\u0642 \u062a\u062d\u0648\u0637\u0627\u062a \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-8\" href=\"https:\/\/algo0.com\/ar\/use-options-hedge-stock-portfolio\/#Understanding_the_Total_Cost_of_Protection\" >\u0641\u0647\u0645 \u0627\u0644\u062a\u0643\u0644\u0641\u0629 \u0627\u0644\u0625\u062c\u0645\u0627\u0644\u064a\u0629 \u0644\u0644\u062d\u0645\u0627\u064a\u0629<\/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\/use-options-hedge-stock-portfolio\/#Realistic_Investor_Scenario_Hedging_a_Mid-Cap_Growth_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 \u0646\u0645\u0648 \u0627\u0644\u0634\u0631\u0643\u0627\u062a \u0627\u0644\u0645\u062a\u0648\u0633\u0637\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-10\" href=\"https:\/\/algo0.com\/ar\/use-options-hedge-stock-portfolio\/#How_Different_Market_Scenarios_Can_Affect_an_Options_Hedge\" >\u0643\u064a\u0641 \u062a\u0624\u062b\u0631 \u0633\u064a\u0646\u0627\u0631\u064a\u0648\u0647\u0627\u062a \u0627\u0644\u0633\u0648\u0642 \u0627\u0644\u0645\u062e\u062a\u0644\u0641\u0629 \u0641\u064a \u0641\u0639\u0627\u0644\u064a\u0629 \u0627\u0644\u062a\u062d\u0648\u0637\u061f<\/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\/use-options-hedge-stock-portfolio\/#Common_Mistakes_and_Misconceptions_About_Using_Options_for_Hedging\" >\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 \u062d\u0648\u0644 \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-12\" href=\"https:\/\/algo0.com\/ar\/use-options-hedge-stock-portfolio\/#Liquidity_and_Assignment_Risks_in_Options_Hedging\" >\u0645\u062e\u0627\u0637\u0631 \u0627\u0644\u0633\u064a\u0648\u0644\u0629 \u0648\u0627\u0644\u062a\u062e\u0635\u064a\u0635 \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-13\" href=\"https:\/\/algo0.com\/ar\/use-options-hedge-stock-portfolio\/#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><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/algo0.com\/ar\/use-options-hedge-stock-portfolio\/#Reviewing_an_Options_Hedge_as_Part_of_a_Broader_Risk_Process\" >\u0645\u0631\u0627\u062c\u0639\u0629 \u0627\u0644\u062a\u062d\u0648\u0637 \u0636\u0645\u0646 \u0625\u0637\u0627\u0631 \u0645\u062a\u0643\u0627\u0645\u0644 \u0644\u0625\u062f\u0627\u0631\u0629 \u0627\u0644\u0645\u062e\u0627\u0637\u0631<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/algo0.com\/ar\/use-options-hedge-stock-portfolio\/#Frequently_Asked_Questions_About_Using_Options_to_Hedge_a_Stock_Portfolio\" >\u0627\u0644\u0623\u0633\u0626\u0644\u0629 \u0627\u0644\u0634\u0627\u0626\u0639\u0629 \u062d\u0648\u0644 \u0627\u0633\u062a\u062e\u062f\u0627\u0645 \u0627\u0644\u062e\u064a\u0627\u0631\u0627\u062a \u0644\u0644\u062a\u062d\u0648\u0637 \u0645\u0646 \u0645\u062e\u0627\u0637\u0631 \u0627\u0644\u0645\u062d\u0641\u0638\u0629<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/algo0.com\/ar\/use-options-hedge-stock-portfolio\/#Can_options_completely_protect_a_stock_portfolio_from_a_market_downturn\" >\u0647\u0644 \u064a\u0645\u0643\u0646 \u0644\u0644\u062e\u064a\u0627\u0631\u0627\u062a \u062d\u0645\u0627\u064a\u0629 \u0645\u062d\u0641\u0638\u0629 \u0627\u0644\u0623\u0633\u0647\u0645 \u0628\u0627\u0644\u0643\u0627\u0645\u0644 \u0645\u0646 \u0647\u0628\u0648\u0637 \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-17\" href=\"https:\/\/algo0.com\/ar\/use-options-hedge-stock-portfolio\/#Is_options_hedging_always_worth_the_cost\" >\u0647\u0644 \u064a\u0633\u062a\u062d\u0642 \u0627\u0644\u062a\u062d\u0648\u0637 \u0628\u0627\u0644\u062e\u064a\u0627\u0631\u0627\u062a \u062a\u0643\u0644\u0641\u062a\u0647 \u062f\u0627\u0626\u0645\u064b\u0627\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\/use-options-hedge-stock-portfolio\/#What_happens_if_the_market_does_not_decline_after_buying_protection\" >\u0645\u0627\u0630\u0627 \u064a\u062d\u062f\u062b \u0625\u0630\u0627 \u0644\u0645 \u064a\u0647\u0628\u0637 \u0627\u0644\u0633\u0648\u0642 \u0628\u0639\u062f \u0634\u0631\u0627\u0621 \u0627\u0644\u062d\u0645\u0627\u064a\u0629\u061f<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-19\" href=\"https:\/\/algo0.com\/ar\/use-options-hedge-stock-portfolio\/#Why_does_liquidity_matter_when_hedging_with_options\" >\u0644\u0645\u0627\u0630\u0627 \u062a\u0639\u062f \u0627\u0644\u0633\u064a\u0648\u0644\u0629 \u0645\u0647\u0645\u0629 \u0639\u0646\u062f \u0627\u0644\u062a\u062d\u0648\u0637 \u0628\u0627\u0633\u062a\u062e\u062f\u0627\u0645 \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-20\" href=\"https:\/\/algo0.com\/ar\/use-options-hedge-stock-portfolio\/#What_is_assignment_risk\" >\u0645\u0627 \u0627\u0644\u0645\u0642\u0635\u0648\u062f \u0628\u0645\u062e\u0627\u0637\u0631 Assignment\u061f<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-21\" href=\"https:\/\/algo0.com\/ar\/use-options-hedge-stock-portfolio\/#Should_investors_use_historical_market_declines_to_decide_when_to_hedge\" >\u0647\u0644 \u064a\u0646\u0628\u063a\u064a \u0627\u0644\u0627\u0639\u062a\u0645\u0627\u062f \u0639\u0644\u0649 \u0627\u0644\u0627\u0646\u062e\u0641\u0627\u0636\u0627\u062a \u0627\u0644\u062a\u0627\u0631\u064a\u062e\u064a\u0629 \u0641\u064a \u0627\u0644\u0633\u0648\u0642 \u0644\u062a\u062d\u062f\u064a\u062f \u0648\u0642\u062a \u0627\u0644\u062a\u062d\u0648\u0637\u061f<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-22\" href=\"https:\/\/algo0.com\/ar\/use-options-hedge-stock-portfolio\/#Conclusion\" >\u062e\u0627\u062a\u0645\u0629<\/a><\/li><\/ul><\/nav><\/div>\n\n<p>\u0644\u0627 \u062a\u064f\u0639\u062f\u0651 \u0627\u0644\u062e\u064a\u0627\u0631\u0627\u062a \u0645\u062c\u0631\u062f \u0623\u062f\u0648\u0627\u062a \u0644\u0644\u0645\u0636\u0627\u0631\u0628\u0629\u060c \u0628\u0644 \u064a\u0645\u0643\u0646 \u0623\u0646 \u062a\u0643\u0648\u0646 \u0623\u062f\u0648\u0627\u062a \u062f\u0642\u064a\u0642\u0629 \u0644\u062a\u062d\u062f\u064a\u062f \u0645\u0633\u062a\u0648\u064a\u0627\u062a \u0627\u0644\u0645\u062e\u0627\u0637\u0631 \u0628\u0645\u0627 \u064a\u062a\u0646\u0627\u0633\u0628 \u0645\u0639 \u0642\u062f\u0631\u0629 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631 \u0639\u0644\u0649 \u062a\u062d\u0645\u0644 \u0627\u0644\u0645\u062e\u0627\u0637\u0631 \u0648\u062a\u0648\u0642\u0639\u0627\u062a\u0647 \u0644\u0644\u0633\u0648\u0642. \u062a\u0631\u0643\u0632 \u0647\u0630\u0647 \u0627\u0644\u0645\u0642\u0627\u0644\u0629 \u0639\u0644\u0649 \u0643\u064a\u0641\u064a\u0629 \u0627\u0633\u062a\u062e\u062f\u0627\u0645 \u0627\u0644\u062e\u064a\u0627\u0631\u0627\u062a \u0628\u0641\u0639\u0627\u0644\u064a\u0629 \u0644\u0644\u062a\u062d\u0648\u0637 \u0636\u062f \u062a\u0642\u0644\u0628\u0627\u062a \u0627\u0644\u0633\u0648\u0642\u060c \u0645\u0639 \u0627\u0644\u062a\u0631\u0643\u064a\u0632 \u0639\u0644\u0649 \u0627\u0644\u0627\u0633\u062a\u0631\u0627\u062a\u064a\u062c\u064a\u0627\u062a \u0627\u0644\u0639\u0645\u0644\u064a\u0629 \u0648\u0627\u0644\u0627\u0639\u062a\u0628\u0627\u0631\u0627\u062a \u0627\u0644\u0648\u0627\u0642\u0639\u064a\u0629.<\/p>\n<blockquote data-start=\"643\" data-end=\"1697\">\n<h2 class=\"PDq2pG_selectionAnchorContainer\" data-section-id=\"1dw9y59\" data-start=\"645\" data-end=\"712\"><span class=\"ez-toc-section\" id=\"Define_the_Hedging_Objective_Before_Choosing_an_Options_Strategy\"><\/span>\u062a\u062d\u062f\u064a\u062f \u0647\u062f\u0641 \u0627\u0644\u062a\u062d\u0648\u0637 \u0642\u0628\u0644 \u0627\u062e\u062a\u064a\u0627\u0631 \u0627\u0633\u062a\u0631\u0627\u062a\u064a\u062c\u064a\u0629 \u0627\u0644\u062e\u064a\u0627\u0631\u0627\u062a<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p data-start=\"717\" data-end=\"1015\">\u062a\u0628\u062f\u0623 \u0639\u0645\u0644\u064a\u0629 \u0627\u0644\u062a\u062d\u0648\u0637 \u0628\u062a\u062d\u062f\u064a\u062f \u0627\u0644\u062e\u0637\u0631 \u0627\u0644\u0630\u064a \u064a\u0631\u064a\u062f \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631 \u0627\u0644\u062a\u0639\u0627\u0645\u0644 \u0645\u0639\u0647 \u062a\u062d\u062f\u064a\u062f\u064b\u0627. \u0641\u0642\u062f \u064a\u0643\u0648\u0646 \u0627\u0644\u0647\u062f\u0641 \u0647\u0648 \u062a\u0642\u0644\u064a\u0644 \u0623\u062b\u0631 \u0647\u0628\u0648\u0637 \u0648\u0627\u0633\u0639 \u0641\u064a \u0627\u0644\u0633\u0648\u0642\u060c \u0623\u0648 \u062d\u0645\u0627\u064a\u0629 \u0645\u0631\u0643\u0632 \u0627\u0633\u062a\u062b\u0645\u0627\u0631\u064a \u0643\u0628\u064a\u0631\u060c \u0623\u0648 \u0627\u0644\u062d\u062f \u0645\u0646 \u0645\u0633\u062a\u0648\u0649 \u0645\u0639\u064a\u0646 \u0645\u0646 \u0627\u0644\u062a\u0631\u0627\u062c\u0639\u060c \u0623\u0648 \u0627\u0644\u0627\u062d\u062a\u0641\u0627\u0638 \u0628\u0627\u0644\u062a\u0639\u0631\u0636 \u0644\u0644\u0623\u0633\u0647\u0645 \u0645\u0639 \u062a\u0642\u0644\u064a\u0644 \u0645\u062e\u0627\u0637\u0631 \u0627\u0644\u0647\u0628\u0648\u0637 \u0639\u0644\u0649 \u0627\u0644\u0645\u062f\u0649 \u0627\u0644\u0642\u0635\u064a\u0631.<\/p>\n<p data-start=\"1020\" data-end=\"1382\">\u0648\u0642\u062f \u062a\u0642\u0648\u062f \u0647\u0630\u0647 \u0627\u0644\u0623\u0647\u062f\u0627\u0641 \u0625\u0644\u0649 \u0642\u0631\u0627\u0631\u0627\u062a \u0645\u062e\u062a\u0644\u0641\u0629 \u062a\u0645\u0627\u0645\u064b\u0627 \u0628\u0634\u0623\u0646 \u0627\u0633\u062a\u0631\u0627\u062a\u064a\u062c\u064a\u0629 \u0627\u0644\u062a\u062d\u0648\u0637. \u0641\u0627\u0644\u0645\u062d\u0641\u0638\u0629 \u0627\u0644\u062a\u064a \u062a\u062a\u0648\u0632\u0639 \u0639\u0644\u0649 \u0646\u0637\u0627\u0642 \u0648\u0627\u0633\u0639 \u062f\u0627\u062e\u0644 \u0633\u0648\u0642 \u0627\u0644\u0623\u0633\u0647\u0645 \u0627\u0644\u0623\u0645\u0631\u064a\u0643\u064a\u0629 \u0642\u062f \u062a\u062d\u062a\u0627\u062c \u0625\u0644\u0649 \u0623\u0633\u0644\u0648\u0628 \u0645\u062e\u062a\u0644\u0641 \u0639\u0646 \u0645\u062d\u0641\u0638\u0629 \u062a\u062a\u0631\u0643\u0632 \u0641\u064a \u0639\u062f\u062f \u0645\u062d\u062f\u0648\u062f \u0645\u0646 \u0627\u0644\u0623\u0633\u0647\u0645. \u0643\u0630\u0644\u0643\u060c \u0641\u0625\u0646 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631 \u0627\u0644\u0630\u064a \u064a\u0628\u062d\u062b \u0639\u0646 \u062d\u0645\u0627\u064a\u0629 \u0642\u0635\u064a\u0631\u0629 \u0627\u0644\u0623\u062c\u0644 \u0642\u062f \u064a\u0642\u064a\u0645 \u0627\u0644\u062e\u064a\u0627\u0631\u0627\u062a \u0628\u0637\u0631\u064a\u0642\u0629 \u0645\u062e\u062a\u0644\u0641\u0629 \u0639\u0646 \u0645\u0633\u062a\u062b\u0645\u0631 \u064a\u0631\u064a\u062f \u0627\u0644\u0627\u062d\u062a\u0641\u0627\u0638 \u0628\u0627\u0644\u062d\u0645\u0627\u064a\u0629 \u0644\u0639\u062f\u0629 \u0623\u0634\u0647\u0631.<\/p>\n<p data-start=\"1387\" data-end=\"1697\">\u0644\u0630\u0644\u0643\u060c \u064a\u0633\u0627\u0639\u062f \u062a\u062d\u062f\u064a\u062f \u0627\u0644\u0647\u062f\u0641 \u0623\u0648\u0644\u064b\u0627 \u0639\u0644\u0649 \u062a\u062c\u0646\u0628 \u062e\u0637\u0623 \u0634\u0627\u0626\u0639\u060c \u0648\u0647\u0648 \u0627\u062e\u062a\u064a\u0627\u0631 \u0627\u0633\u062a\u0631\u0627\u062a\u064a\u062c\u064a\u0629 \u062e\u064a\u0627\u0631\u0627\u062a \u0644\u0645\u062c\u0631\u062f \u0623\u0646\u0647\u0627 \u062a\u0628\u062f\u0648 \u0645\u0646\u062e\u0641\u0636\u0629 \u0627\u0644\u062a\u0643\u0644\u0641\u0629 \u0623\u0648 \u0634\u0627\u0626\u0639\u0629 \u0627\u0644\u0627\u0633\u062a\u062e\u062f\u0627\u0645. \u064a\u062c\u0628 \u062a\u0642\u064a\u064a\u0645 \u0627\u0644\u0627\u0633\u062a\u0631\u0627\u062a\u064a\u062c\u064a\u0629 \u0648\u0641\u0642 \u0627\u0644\u062e\u0637\u0631 \u0627\u0644\u0630\u064a \u0635\u064f\u0645\u0645\u062a \u0644\u0644\u062a\u0639\u0627\u0645\u0644 \u0645\u0639\u0647\u060c \u0648\u0645\u0633\u062a\u0648\u0649 \u0627\u0644\u062d\u0645\u0627\u064a\u0629 \u0627\u0644\u0645\u0637\u0644\u0648\u0628\u060c \u0648\u0627\u0644\u0645\u0642\u0627\u0628\u0644 \u0627\u0644\u0630\u064a \u064a\u0642\u0628\u0644\u0647 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631 \u0645\u0642\u0627\u0628\u0644 \u0647\u0630\u0647 \u0627\u0644\u062d\u0645\u0627\u064a\u0629.<\/p>\n<\/blockquote>\n<h3 data-section-id=\"1xdudep\" data-start=\"1699\" data-end=\"1717\"><\/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>\u064a\u064f\u0633\u0627\u0639\u062f \u0627\u0644\u062a\u0646\u0648\u064a\u0639 \u0627\u0644\u062a\u0642\u0644\u064a\u062f\u064a - \u0623\u064a \u062a\u0648\u0632\u064a\u0639 \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631\u0627\u062a \u0639\u0644\u0649 \u0642\u0637\u0627\u0639\u0627\u062a \u0623\u0648 \u0641\u0626\u0627\u062a \u0623\u0635\u0648\u0644 \u0623\u0648 \u0645\u0646\u0627\u0637\u0642 \u062c\u063a\u0631\u0627\u0641\u064a\u0629 \u0645\u062e\u062a\u0644\u0641\u0629 - \u0641\u064a \u0627\u0644\u062d\u062f \u0645\u0646 \u0627\u0644\u0645\u062e\u0627\u0637\u0631 \u0627\u0644\u062e\u0627\u0635\u0629 \u0628\u0643\u0644 \u0633\u0647\u0645\u060c \u0648\u0644\u0643\u0646\u0647 \u063a\u0627\u0644\u0628\u064b\u0627 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\u062f\u064a\u0646\u0627\u0645\u064a\u0643\u064a\u0629.<\/p>\n<p>\u0628\u062e\u0644\u0627\u0641 \u0623\u0648\u0627\u0645\u0631 \u0648\u0642\u0641 \u0627\u0644\u062e\u0633\u0627\u0631\u0629 \u0627\u0644\u062a\u064a \u062a\u064f\u0641\u0639\u0651\u0644 \u0639\u0645\u0644\u064a\u0627\u062a \u0627\u0644\u0628\u064a\u0639 \u0628\u0623\u0633\u0639\u0627\u0631 \u0645\u062d\u062f\u062f\u0629 \u0645\u0633\u0628\u0642\u064b\u0627\u060c \u0623\u0648 \u0635\u0646\u0627\u062f\u064a\u0642 \u0627\u0644\u0645\u0624\u0634\u0631\u0627\u062a \u0627\u0644\u0645\u062a\u062f\u0627\u0648\u0644\u0629 \u0627\u0644\u0639\u0643\u0633\u064a\u0629 \u0627\u0644\u062a\u064a \u062a\u0647\u062f\u0641 \u0625\u0644\u0649 \u0627\u0644\u0631\u0628\u062d \u0645\u0646 \u0627\u0644\u0627\u0646\u062e\u0641\u0627\u0636\u0627\u062a \u0648\u0644\u0643\u0646\u0647\u0627 \u0642\u062f \u062a\u0639\u0627\u0646\u064a \u0645\u0646 \u0623\u062e\u0637\u0627\u0621 \u0627\u0644\u062a\u062a\u0628\u0639 \u0648\u062a\u0622\u0643\u0644 \u0627\u0644\u0642\u064a\u0645\u0629\u060c \u062a\u0648\u0641\u0631 \u0627\u0644\u062e\u064a\u0627\u0631\u0627\u062a \u062d\u0645\u0627\u064a\u0629 \u0642\u0627\u0628\u0644\u0629 \u0644\u0644\u062a\u062e\u0635\u064a\u0635. \u0641\u0647\u064a \u062a\u0633\u0645\u062d \u0644\u0644\u0645\u0633\u062a\u062b\u0645\u0631\u064a\u0646 \u0628\u062a\u062d\u062f\u064a\u062f \u0645\u062f\u0649 \u0648\u062a\u0643\u0644\u0641\u0629 \u0645\u062e\u0627\u0637\u0631 \u0627\u0644\u062e\u0633\u0627\u0631\u0629 \u0628\u0634\u0643\u0644 \u0635\u0631\u064a\u062d\u060c \u062f\u0648\u0646 \u0627\u0644\u062d\u0627\u062c\u0629 \u0625\u0644\u0649 \u0628\u064a\u0639 \u0645\u0645\u062a\u0644\u0643\u0627\u062a\u0647\u0645 \u0641\u0648\u0631\u064b\u0627.<\/p>\n<p>\u062a\u0645\u0646\u062d \u062e\u064a\u0627\u0631\u0627\u062a \u0627\u0644\u0628\u064a\u0639\u060c \u0639\u0644\u0649 \u0633\u0628\u064a\u0644 \u0627\u0644\u0645\u062b\u0627\u0644\u060c \u0627\u0644\u062d\u0642 \u0641\u064a \u0628\u064a\u0639 \u0627\u0644\u0623\u0633\u0647\u0645 \u0628\u0633\u0639\u0631 \u0645\u062d\u062f\u062f\u060c \u0645\u0645\u0627 \u064a\u0636\u0639 \u062d\u062f\u0627\u064b \u0623\u062f\u0646\u0649 \u0644\u0644\u062e\u0633\u0627\u0626\u0631 \u0627\u0644\u0645\u062d\u062a\u0645\u0644\u0629. \u0648\u062a\u062a\u064a\u062d \u0647\u0630\u0647 \u0627\u0644\u0645\u0631\u0648\u0646\u0629 \u0644\u0644\u0645\u0633\u062a\u062b\u0645\u0631\u064a\u0646 \u0627\u0644\u062d\u0641\u0627\u0638 \u0639\u0644\u0649 \u0641\u0631\u0635 \u0627\u0644\u0631\u0628\u062d \u0645\u0639 \u0627\u0644\u062d\u062f \u0645\u0646 \u0627\u0644\u062e\u0633\u0627\u0626\u0631\u060c \u0648\u0647\u0648 \u062a\u0648\u0627\u0632\u0646 \u0642\u0644\u0651\u0645\u0627 \u062a\u062c\u062f\u0647 \u0641\u064a \u0623\u062f\u0648\u0627\u062a \u0645\u0627\u0644\u064a\u0629 \u0623\u062e\u0631\u0649.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Core_Options_Strategies_to_Hedge_Against_Market_Downturns\"><\/span>\u0627\u0633\u062a\u0631\u0627\u062a\u064a\u062c\u064a\u0627\u062a \u0627\u0644\u062e\u064a\u0627\u0631\u0627\u062a \u0627\u0644\u0623\u0633\u0627\u0633\u064a\u0629 \u0644\u0644\u062a\u062d\u0648\u0637 \u0636\u062f \u0627\u0646\u0643\u0645\u0627\u0634 \u0627\u0644\u0633\u0648\u0642<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><span class=\"ez-toc-section\" id=\"Protective_Puts\"><\/span>\u0648\u0636\u0639\u064a\u0627\u062a \u0648\u0627\u0642\u064a\u0629<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>\u064a\u064f\u0639\u062f\u0651 \u0634\u0631\u0627\u0621 \u062e\u064a\u0627\u0631\u0627\u062a \u0627\u0644\u0628\u064a\u0639 \u0627\u0644\u0648\u0642\u0627\u0626\u064a\u0629 \u0623\u0628\u0633\u0637 \u0627\u0633\u062a\u0631\u0627\u062a\u064a\u062c\u064a\u0627\u062a \u0627\u0644\u062a\u062d\u0648\u0651\u0637. \u0641\u0645\u0646 \u062e\u0644\u0627\u0644 \u0634\u0631\u0627\u0621 \u062e\u064a\u0627\u0631\u0627\u062a \u0627\u0644\u0628\u064a\u0639 \u0639\u0644\u0649 \u0627\u0644\u0623\u0633\u0647\u0645 \u0623\u0648 \u0645\u0624\u0634\u0631 \u0645\u0631\u062a\u0628\u0637 \u0628\u0627\u0644\u0645\u062d\u0641\u0638\u0629\u060c \u064a\u0636\u0645\u0646 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631\u0648\u0646 \u062d\u0642 \u0627\u0644\u0628\u064a\u0639 \u0628\u0633\u0639\u0631 \u0627\u0644\u062a\u0646\u0641\u064a\u0630\u060c \u0645\u0627 \u064a\u062d\u0645\u064a\u0647\u0645 \u0645\u0646 \u0627\u0644\u0627\u0646\u062e\u0641\u0627\u0636\u0627\u062a \u0627\u0644\u062a\u064a \u062a\u0642\u0644\u0651 \u0639\u0646 \u0647\u0630\u0627 \u0627\u0644\u0645\u0633\u062a\u0648\u0649. \u0648\u062a\u064f\u0645\u062b\u0651\u0644 \u0627\u0644\u062a\u0643\u0644\u0641\u0629 \u0642\u0633\u0637 \u0627\u0644\u062a\u0623\u0645\u064a\u0646 \u0627\u0644\u0645\u062f\u0641\u0648\u0639\u060c \u0648\u0627\u0644\u0630\u064a \u064a\u064f\u0645\u0643\u0646 \u0627\u0639\u062a\u0628\u0627\u0631\u0647 \u0628\u0645\u062b\u0627\u0628\u0629 \u062a\u0623\u0645\u064a\u0646.<\/p>\n<p>\u0647\u0630\u0627 \u0627\u0644\u0646\u0647\u062c \u0628\u0633\u064a\u0637 \u0648\u0641\u0639\u0627\u0644\u060c \u0648\u0644\u0643\u0646\u0647 \u0642\u062f \u064a\u0635\u0628\u062d \u0645\u0643\u0644\u0641\u0627\u064b \u0641\u064a \u062d\u0627\u0644 \u0627\u0631\u062a\u0641\u0627\u0639 \u0627\u0644\u062a\u0642\u0644\u0628\u0627\u062a \u0623\u0648 \u0625\u0630\u0627 \u0627\u0633\u062a\u0645\u0631 \u0627\u0644\u062a\u062d\u0648\u0637 \u0644\u0641\u062a\u0631\u0627\u062a \u0637\u0648\u064a\u0644\u0629. \u0648\u0645\u0639 \u0630\u0644\u0643\u060c \u0641\u0647\u0648 \u064a\u0648\u0641\u0631 \u0631\u0627\u062d\u0629 \u0627\u0644\u0628\u0627\u0644 \u0645\u0646 \u062e\u0644\u0627\u0644 \u0627\u0644\u062d\u062f \u0645\u0646 \u0627\u0644\u062e\u0633\u0627\u0626\u0631 \u0645\u0639 \u0627\u0644\u062d\u0641\u0627\u0638 \u0639\u0644\u0649 \u0627\u0644\u0645\u0643\u0627\u0633\u0628 \u0627\u0644\u0645\u062d\u062a\u0645\u0644\u0629.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Collars\"><\/span>\u0627\u0644\u064a\u0627\u0642\u0627\u062a<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>\u062a\u062c\u0645\u0639 \u0627\u0633\u062a\u0631\u0627\u062a\u064a\u062c\u064a\u0629 \"\u0627\u0644\u0637\u0648\u0642\" \u0628\u064a\u0646 \u0634\u0631\u0627\u0621 \u062e\u064a\u0627\u0631 \u0628\u064a\u0639 \u0648\u0642\u0627\u0626\u064a \u0648\u0628\u064a\u0639 \u062e\u064a\u0627\u0631 \u0634\u0631\u0627\u0621 \u0628\u0633\u0639\u0631 \u062a\u0646\u0641\u064a\u0630 \u0623\u0639\u0644\u0649. \u062a\u062d\u062f\u0651 \u0647\u0630\u0647 \u0627\u0644\u0627\u0633\u062a\u0631\u0627\u062a\u064a\u062c\u064a\u0629 \u0645\u0646 \u0645\u062e\u0627\u0637\u0631 \u0627\u0644\u062e\u0633\u0627\u0631\u0629 \u0645\u0639 \u0627\u0644\u062d\u062f\u0651 \u0645\u0646 \u0645\u0643\u0627\u0633\u0628 \u0627\u0644\u0631\u0628\u062d\u060c \u062d\u064a\u062b \u064a\u0639\u0648\u0636 \u0627\u0644\u0639\u0627\u0626\u062f \u0645\u0646 \u0628\u064a\u0639 \u062e\u064a\u0627\u0631 \u0627\u0644\u0634\u0631\u0627\u0621 \u062a\u0643\u0644\u0641\u0629 \u0634\u0631\u0627\u0621 \u062e\u064a\u0627\u0631 \u0627\u0644\u0628\u064a\u0639.<\/p>\n<p>\u062a\u064f\u0639\u062f\u0651 \u0639\u0642\u0648\u062f \u0627\u0644\u062a\u062d\u0648\u0651\u0637 \u0630\u0627\u062a \u0627\u0644\u0633\u0639\u0631 \u0627\u0644\u062b\u0627\u0628\u062a \u062c\u0630\u0627\u0628\u0629 \u0644\u0644\u0645\u0633\u062a\u062b\u0645\u0631\u064a\u0646 \u0627\u0644\u0631\u0627\u063a\u0628\u064a\u0646 \u0641\u064a \u0627\u0644\u062a\u0636\u062d\u064a\u0629 \u0628\u0628\u0639\u0636 \u0627\u0644\u0645\u0643\u0627\u0633\u0628 \u0627\u0644\u0645\u062d\u062a\u0645\u0644\u0629 \u0645\u0642\u0627\u0628\u0644 \u062a\u062d\u0648\u0651\u0637 \u0623\u0642\u0644 \u062a\u0643\u0644\u0641\u0629. \u0648\u064a\u062a\u0637\u0644\u0628 \u0630\u0644\u0643 \u0627\u062e\u062a\u064a\u0627\u0631\u064b\u0627 \u062f\u0642\u064a\u0642\u064b\u0627 \u0644\u0633\u0639\u0631 \u0627\u0644\u062a\u0646\u0641\u064a\u0630 \u0644\u062a\u062d\u0642\u064a\u0642 \u0627\u0644\u062a\u0648\u0627\u0632\u0646 \u0628\u064a\u0646 \u0627\u0644\u062d\u0645\u0627\u064a\u0629 \u0648\u062a\u0643\u0644\u0641\u0629 \u0627\u0644\u0641\u0631\u0635\u0629 \u0627\u0644\u0628\u062f\u064a\u0644\u0629.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Put_Spreads\"><\/span>\u062e\u064a\u0627\u0631\u0627\u062a \u0628\u064a\u0639 \u0627\u0644\u0623\u0633\u0647\u0645<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>\u062a\u062a\u0636\u0645\u0646 \u0627\u0633\u062a\u0631\u0627\u062a\u064a\u062c\u064a\u0629 \u0628\u064a\u0639 \u0627\u0644\u062e\u064a\u0627\u0631\u0627\u062a \u0634\u0631\u0627\u0621 \u062e\u064a\u0627\u0631 \u0628\u064a\u0639 \u0628\u0633\u0639\u0631 \u062a\u0646\u0641\u064a\u0630 \u0645\u0639\u064a\u0646 \u0648\u0628\u064a\u0639 \u062e\u064a\u0627\u0631 \u0628\u064a\u0639 \u0622\u062e\u0631 \u0628\u0633\u0639\u0631 \u062a\u0646\u0641\u064a\u0630 \u0623\u0642\u0644. \u064a\u0642\u0644\u0644 \u0647\u0630\u0627 \u0627\u0644\u0627\u0646\u062a\u0634\u0627\u0631 \u0627\u0644\u0631\u0623\u0633\u064a \u0645\u0646 \u0635\u0627\u0641\u064a \u0627\u0644\u0642\u0633\u0637 \u0627\u0644\u0645\u062f\u0641\u0648\u0639 \u0645\u0642\u0627\u0631\u0646\u0629\u064b \u0628\u062e\u064a\u0627\u0631 \u0627\u0644\u0628\u064a\u0639 \u0627\u0644\u0648\u0642\u0627\u0626\u064a \u0627\u0644\u0628\u0633\u064a\u0637\u060c \u0645\u0645\u0627 \u064a\u062e\u0641\u0636 \u062a\u0643\u0627\u0644\u064a\u0641 \u0627\u0644\u062a\u062d\u0648\u0637.<\/p>\n<p>\u0631\u063a\u0645 \u0623\u0646 \u0627\u0633\u062a\u0631\u0627\u062a\u064a\u062c\u064a\u0627\u062a \u0628\u064a\u0639 \u0627\u0644\u062e\u064a\u0627\u0631\u0627\u062a \u062a\u062d\u062f\u0651 \u0645\u0646 \u0627\u0644\u062d\u0645\u0627\u064a\u0629 \u0636\u0645\u0646 \u0646\u0637\u0627\u0642 \u0645\u062d\u062f\u062f\u060c \u0625\u0644\u0627 \u0623\u0646\u0647\u0627 \u0642\u062f \u062a\u0643\u0648\u0646 \u0648\u0633\u064a\u0644\u0629 \u0641\u0639\u0651\u0627\u0644\u0629 \u0645\u0646 \u062d\u064a\u062b \u0627\u0644\u062a\u0643\u0644\u0641\u0629 \u0644\u0644\u062a\u062d\u0648\u0651\u0637 \u0636\u062f\u0651 \u0627\u0644\u0627\u0646\u062e\u0641\u0627\u0636\u0627\u062a \u0627\u0644\u0637\u0641\u064a\u0641\u0629. \u0645\u0639 \u0630\u0644\u0643\u060c \u0641\u0647\u064a \u062a\u064f\u0636\u064a\u0641 \u062a\u0639\u0642\u064a\u062f\u0627\u064b \u0648\u062a\u062a\u0637\u0644\u0628 \u0625\u062f\u0627\u0631\u0629 \u0646\u0634\u0637\u0629 \u0644\u0636\u0645\u0627\u0646 \u062a\u0648\u0627\u0641\u0642 \u0627\u0644\u062a\u062d\u0648\u0651\u0637 \u0645\u0639 \u0645\u062e\u0627\u0637\u0631 \u0627\u0644\u0645\u062d\u0641\u0638\u0629.<\/p>\n<p>\u062a\u062a\u0636\u0645\u0646 \u0643\u0644 \u0627\u0633\u062a\u0631\u0627\u062a\u064a\u062c\u064a\u0629 \u0645\u0641\u0627\u0636\u0644\u0627\u062a \u0628\u064a\u0646 \u0627\u0644\u062a\u0643\u0644\u0641\u0629 \u0648\u0627\u0644\u062a\u0639\u0642\u064a\u062f \u0648\u0645\u0633\u062a\u0648\u0649 \u0627\u0644\u062d\u0645\u0627\u064a\u0629. \u062a\u0648\u0641\u0631 \u062e\u064a\u0627\u0631\u0627\u062a \u0627\u0644\u0628\u064a\u0639 \u0627\u0644\u0648\u0642\u0627\u0626\u064a\u0629 \u062a\u0623\u0645\u064a\u0646\u064b\u0627 \u0645\u0628\u0627\u0634\u0631\u064b\u0627 \u0636\u062f \u0627\u0644\u062e\u0633\u0627\u0626\u0631\u060c \u0648\u0644\u0643\u0646 \u0628\u062a\u0643\u0644\u0641\u0629 \u0623\u0639\u0644\u0649. \u062a\u0642\u0644\u0644 \u062e\u064a\u0627\u0631\u0627\u062a \u0627\u0644\u0637\u0648\u0642 \u0645\u0646 \u0627\u0644\u062a\u0643\u0644\u0641\u0629\u060c \u0644\u0643\u0646\u0647\u0627 \u062a\u062d\u062f \u0645\u0646 \u0627\u0644\u0645\u0643\u0627\u0633\u0628 \u0627\u0644\u0645\u062d\u062a\u0645\u0644\u0629. \u0623\u0645\u0627 \u0627\u0633\u062a\u0631\u0627\u062a\u064a\u062c\u064a\u0627\u062a \u0627\u0646\u062a\u0634\u0627\u0631 \u062e\u064a\u0627\u0631\u0627\u062a \u0627\u0644\u0628\u064a\u0639\u060c \u0641\u062a\u064f\u062d\u0642\u0642 \u062a\u0648\u0627\u0632\u0646\u064b\u0627 \u0648\u0633\u0637\u064b\u0627\u060c \u0644\u0643\u0646\u0647\u0627 \u062a\u062a\u0637\u0644\u0628 \u0645\u0632\u064a\u062f\u064b\u0627 \u0645\u0646 \u0627\u0644\u0627\u0647\u062a\u0645\u0627\u0645.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Practical_Considerations_When_Implementing_Options_Hedges\"><\/span>\u0627\u0644\u0627\u0639\u062a\u0628\u0627\u0631\u0627\u062a \u0627\u0644\u0639\u0645\u0644\u064a\u0629 \u0639\u0646\u062f \u062a\u0637\u0628\u064a\u0642 \u062a\u062d\u0648\u0637\u0627\u062a \u0627\u0644\u062e\u064a\u0627\u0631\u0627\u062a<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>\u064a\u064f\u0639\u062f\u0651 \u0627\u0644\u062a\u0648\u0642\u064a\u062a \u0639\u0627\u0645\u0644\u0627\u064b \u062d\u0627\u0633\u0645\u0627\u064b. \u0641\u0627\u0644\u0628\u062f\u0621 \u0628\u0627\u0644\u062a\u062d\u0648\u0651\u0637 \u0645\u0628\u0643\u0631\u0627\u064b \u062c\u062f\u0627\u064b \u0642\u062f \u064a\u0624\u062f\u064a \u0625\u0644\u0649 \u062a\u0622\u0643\u0644 \u063a\u064a\u0631 \u0636\u0631\u0648\u0631\u064a \u0641\u064a \u0642\u064a\u0645\u0629 \u0627\u0644\u0639\u0627\u0626\u062f\u060c \u0628\u064a\u0646\u0645\u0627 \u0642\u062f \u064a\u0624\u062f\u064a \u0627\u0644\u0627\u0646\u062a\u0638\u0627\u0631 \u0644\u0641\u062a\u0631\u0629 \u0637\u0648\u064a\u0644\u0629 \u0625\u0644\u0649 \u062a\u0639\u0631\u064a\u0636 \u0627\u0644\u0645\u062d\u0641\u0638\u0629 \u0644\u062e\u0633\u0627\u0626\u0631 \u0643\u0627\u0646 \u0645\u0646 \u0627\u0644\u0645\u0645\u0643\u0646 \u062a\u062c\u0646\u0651\u0628\u0647\u0627. \u0644\u0630\u0627\u060c \u064a\u0646\u0628\u063a\u064a \u0639\u0644\u0649 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631\u064a\u0646 \u0645\u0631\u0627\u0639\u0627\u0629 \u0638\u0631\u0648\u0641 \u0627\u0644\u0633\u0648\u0642 \u0648\u0645\u0633\u062a\u0648\u064a\u0627\u062a \u0627\u0644\u062a\u0642\u0644\u0628\u0627\u062a \u0648\u0645\u062f\u0649 \u062a\u062d\u0645\u0651\u0644\u0647\u0645 \u0644\u0644\u0645\u062e\u0627\u0637\u0631 \u0639\u0646\u062f \u0627\u062a\u062e\u0627\u0630 \u0642\u0631\u0627\u0631 \u0627\u0644\u062f\u062e\u0648\u0644 \u0641\u064a \u0627\u0644\u062a\u062d\u0648\u0651\u0637 \u0623\u0648 \u0625\u0646\u0647\u0627\u0626\u0647.<\/p>\n<p>\u064a\u0646\u0628\u063a\u064a \u0623\u0646 \u064a\u0639\u0643\u0633 \u0627\u062e\u062a\u064a\u0627\u0631 \u0633\u0639\u0631 \u0627\u0644\u062a\u0646\u0641\u064a\u0630 \u0645\u062f\u0649 \u062a\u0642\u0628\u0651\u0644 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631 \u0644\u0644\u062e\u0633\u0627\u0626\u0631 \u0627\u0644\u0645\u062d\u062a\u0645\u0644\u0629 \u0648\u0645\u0633\u062a\u0648\u0649 \u0627\u0644\u062d\u0645\u0627\u064a\u0629 \u0627\u0644\u0645\u0637\u0644\u0648\u0628. \u0641\u0627\u062e\u062a\u064a\u0627\u0631 \u0623\u0633\u0639\u0627\u0631 \u062a\u0646\u0641\u064a\u0630 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\u0627\u0644\u0623\u062c\u0644 \u0623\u0631\u062e\u0635 \u062b\u0645\u0646\u0627\u064b\u060c \u0644\u0643\u0646\u0647\u0627 \u062a\u062a\u0637\u0644\u0628 \u062a\u062c\u062f\u064a\u062f\u0627\u062a \u0645\u062a\u0643\u0631\u0631\u0629\u060c \u0645\u0645\u0627 \u0642\u062f \u064a\u0632\u064a\u062f \u0645\u0646 \u062a\u0643\u0627\u0644\u064a\u0641 \u0627\u0644\u0645\u0639\u0627\u0645\u0644\u0627\u062a \u0648\u062a\u0639\u0642\u064a\u062f\u0647\u0627. \u0623\u0645\u0627 \u0627\u0644\u062e\u064a\u0627\u0631\u0627\u062a \u0637\u0648\u064a\u0644\u0629 \u0627\u0644\u0623\u062c\u0644 \u0641\u062a\u064f\u0648\u0641\u0651\u0631 \u062a\u063a\u0637\u064a\u0629 \u0623\u0648\u0633\u0639\u060c \u0644\u0643\u0646\u0647\u0627 \u062a\u0623\u062a\u064a \u0628\u0623\u0642\u0633\u0627\u0637 \u0623\u0639\u0644\u0649.<\/p>\n<p>\u0644\u0627 \u062a\u0642\u062a\u0635\u0631 \u0627\u0644\u062a\u0643\u0627\u0644\u064a\u0641 \u0639\u0644\u0649 \u0623\u0642\u0633\u0627\u0637 \u0627\u0644\u062a\u0623\u0645\u064a\u0646 \u0641\u0642\u0637\u060c \u0628\u0644 \u062a\u0634\u0645\u0644 \u0623\u064a\u0636\u0627\u064b \u0627\u0644\u0639\u0645\u0648\u0644\u0627\u062a \u0648\u0641\u0631\u0648\u0642 \u0623\u0633\u0639\u0627\u0631 \u0627\u0644\u0639\u0631\u0636 \u0648\u0627\u0644\u0637\u0644\u0628 \u0627\u0644\u062a\u064a \u0642\u062f \u062a\u064f\u0642\u0644\u0644 \u0645\u0646 \u0627\u0644\u0639\u0648\u0627\u0626\u062f\u060c \u062e\u0627\u0635\u0629\u064b \u0628\u0627\u0644\u0646\u0633\u0628\u0629 \u0644\u0644\u062e\u064a\u0627\u0631\u0627\u062a \u0627\u0644\u0623\u0642\u0644 \u0633\u064a\u0648\u0644\u0629. \u0648\u062a\u062e\u062a\u0644\u0641 \u0627\u0644\u0622\u062b\u0627\u0631 \u0627\u0644\u0636\u0631\u064a\u0628\u064a\u0629 \u0628\u0627\u062e\u062a\u0644\u0627\u0641 \u0627\u0644\u0648\u0644\u0627\u064a\u0629 \u0627\u0644\u0642\u0636\u0627\u0626\u064a\u0629 \u0648\u0637\u0628\u064a\u0639\u0629 \u0645\u0639\u0627\u0645\u0644\u0627\u062a \u0627\u0644\u062e\u064a\u0627\u0631\u0627\u062a\u060c \u0644\u0630\u0627 \u064a\u064f\u0646\u0635\u062d \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631\u0648\u0646 \u0628\u0627\u0633\u062a\u0634\u0627\u0631\u0629 \u0645\u062a\u062e\u0635\u0635\u064a\u0646 \u0641\u064a \u0627\u0644\u0636\u0631\u0627\u0626\u0628 \u0644\u0641\u0647\u0645 \u0627\u0644\u0639\u0648\u0627\u0642\u0628 \u0627\u0644\u0645\u062d\u062a\u0645\u0644\u0629.<\/p>\n<blockquote data-start=\"2842\" data-end=\"3751\">\n<h2 class=\"PDq2pG_selectionAnchorContainer\" data-section-id=\"1a1oxaz\" data-start=\"2844\" data-end=\"2889\"><span class=\"ez-toc-section\" id=\"Understanding_the_Total_Cost_of_Protection\"><\/span>\u0641\u0647\u0645 \u0627\u0644\u062a\u0643\u0644\u0641\u0629 \u0627\u0644\u0625\u062c\u0645\u0627\u0644\u064a\u0629 \u0644\u0644\u062d\u0645\u0627\u064a\u0629<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p data-start=\"2894\" data-end=\"3191\">\u0644\u0627 \u062a\u062a\u0648\u0642\u0641 \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\u0646\u062f \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\u0636\u0631\u0648\u0631\u064a \u0623\u064a\u0636\u064b\u0627 \u0645\u0631\u0627\u0639\u0627\u0629 \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 \u0648\u062a\u0643\u0644\u0641\u0629 \u062a\u062c\u062f\u064a\u062f \u0627\u0644\u0645\u0631\u0627\u0643\u0632 \u0639\u0646\u062f \u0627\u0646\u062a\u0647\u0627\u0621 \u0627\u0644\u062e\u064a\u0627\u0631\u0627\u062a\u060c \u0625\u0636\u0627\u0641\u0629 \u0625\u0644\u0649 \u062a\u0643\u0644\u0641\u0629 \u0627\u0644\u0641\u0631\u0635\u0629 \u0627\u0644\u0646\u0627\u062a\u062c\u0629 \u0639\u0646 \u0627\u0644\u062d\u062f \u0645\u0646 \u062c\u0632\u0621 \u0645\u0646 \u0627\u0644\u0627\u0631\u062a\u0641\u0627\u0639 \u0627\u0644\u0645\u062d\u062a\u0645\u0644 \u0641\u064a \u0628\u0639\u0636 \u0627\u0633\u062a\u0631\u0627\u062a\u064a\u062c\u064a\u0627\u062a \u0627\u0644\u062a\u062d\u0648\u0637.<\/p>\n<p data-start=\"3196\" data-end=\"3476\">\u0644\u0630\u0644\u0643\u060c \u0642\u062f \u064a\u062e\u0641\u0641 \u0627\u0644\u062a\u062d\u0648\u0637 \u0645\u0646 \u0623\u062b\u0631 \u0647\u0628\u0648\u0637 \u0627\u0644\u0633\u0648\u0642 \u0639\u0644\u0649 \u0627\u0644\u0645\u062d\u0641\u0638\u0629\u060c \u0644\u0643\u0646\u0647 \u0641\u064a \u0627\u0644\u0648\u0642\u062a \u0646\u0641\u0633\u0647 \u0642\u062f \u064a\u0624\u062b\u0631 \u0641\u064a \u0627\u0644\u0623\u062f\u0627\u0621 \u0625\u0630\u0627 \u0644\u0645 \u064a\u062d\u062f\u062b \u0627\u0644\u0627\u0646\u062e\u0641\u0627\u0636 \u0627\u0644\u0630\u064a \u0643\u0627\u0646 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631 \u064a\u0633\u062a\u0639\u062f \u0644\u0647. \u0648\u062a\u064f\u0639\u062f \u0647\u0630\u0647 \u0627\u0644\u0645\u0641\u0627\u0636\u0644\u0629 \u062c\u0632\u0621\u064b\u0627 \u0623\u0633\u0627\u0633\u064a\u064b\u0627 \u0645\u0646 \u062a\u0642\u064a\u064a\u0645 \u0645\u062f\u0649 \u0645\u0644\u0627\u0621\u0645\u0629 \u0627\u0644\u062d\u0645\u0627\u064a\u0629 \u0644\u0644\u0645\u062d\u0641\u0638\u0629.<\/p>\n<p data-start=\"3481\" data-end=\"3751\">\u0648\u0627\u0644\u0633\u0624\u0627\u0644 \u0627\u0644\u0623\u0647\u0645 \u0644\u064a\u0633 \u0641\u0642\u0637: \u0643\u0645 \u062a\u0628\u0644\u063a \u062a\u0643\u0644\u0641\u0629 \u0627\u0644\u062a\u062d\u0648\u0637\u061f \u0628\u0644: \u0645\u0627 \u0645\u0633\u062a\u0648\u0649 \u0627\u0644\u062d\u0645\u0627\u064a\u0629 \u0627\u0644\u0630\u064a \u062a\u0648\u0641\u0631\u0647 \u0647\u0630\u0647 \u0627\u0644\u062a\u0643\u0644\u0641\u0629\u060c \u0648\u0643\u0645 \u062a\u0633\u062a\u0645\u0631 \u0647\u0630\u0647 \u0627\u0644\u062d\u0645\u0627\u064a\u0629\u061f \u0625\u0646 \u0645\u0642\u0627\u0631\u0646\u0629 \u0645\u0633\u062a\u0648\u0649 \u0627\u0644\u062a\u063a\u0637\u064a\u0629\u060c \u0648\u0645\u062f\u0629 \u0627\u0644\u062d\u0645\u0627\u064a\u0629\u060c \u0648\u0627\u0644\u062a\u0643\u0644\u0641\u0629 \u0627\u0644\u0625\u062c\u0645\u0627\u0644\u064a\u0629 \u062a\u0633\u0627\u0639\u062f \u0639\u0644\u0649 \u062a\u0643\u0648\u064a\u0646 \u0635\u0648\u0631\u0629 \u0623\u0643\u062b\u0631 \u0648\u0627\u0642\u0639\u064a\u0629 \u0642\u0628\u0644 \u062a\u0646\u0641\u064a\u0630 \u0627\u0633\u062a\u0631\u0627\u062a\u064a\u062c\u064a\u0629 \u0627\u0644\u062a\u062d\u0648\u0637.<\/p>\n<\/blockquote>\n<h3 data-section-id=\"1xdudep\" data-start=\"3753\" data-end=\"3771\"><\/h3>\n<h2><span class=\"ez-toc-section\" id=\"Realistic_Investor_Scenario_Hedging_a_Mid-Cap_Growth_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 \u0646\u0645\u0648 \u0627\u0644\u0634\u0631\u0643\u0627\u062a \u0627\u0644\u0645\u062a\u0648\u0633\u0637\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 \u0645\u062a\u0648\u0633\u0637\u0629 \u0627\u0644\u0642\u064a\u0645\u0629 \u0627\u0644\u0633\u0648\u0642\u064a\u0629. \u0648\u0646\u0638\u0631\u0627\u064b \u0644\u0642\u0644\u0642\u0647 \u0645\u0646 \u0627\u062d\u062a\u0645\u0627\u0644 \u062d\u062f\u0648\u062b \u062a\u0635\u062d\u064a\u062d \u0641\u064a \u0627\u0644\u0633\u0648\u0642\u060c \u0648\u0644\u0643\u0646\u0647 \u0641\u064a \u0627\u0644\u0648\u0642\u062a \u0646\u0641\u0633\u0647 \u0645\u062a\u0631\u062f\u062f \u0641\u064a \u0628\u064a\u0639 \u0628\u0639\u0636 \u0627\u0644\u0623\u0633\u0647\u0645\u060c \u064a\u062e\u062a\u0627\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 \u0645\u0624\u0634\u0631 \u0631\u0626\u064a\u0633\u064a \u0645\u062a\u062f\u0627\u0648\u0644 \u0641\u064a \u0627\u0644\u0628\u0648\u0631\u0635\u0629 (ETF) \u064a\u062a\u062a\u0628\u0639 \u0628\u062f\u0642\u0629 \u0645\u0639\u0627\u0645\u0644 \u0628\u064a\u062a\u0627 \u0644\u0644\u0645\u062d\u0641\u0638\u0629.<\/p>\n<p>\u0628\u0634\u0631\u0627\u0621 \u062e\u064a\u0627\u0631\u0627\u062a \u0628\u064a\u0639 \u0628\u0633\u0639\u0631 \u062a\u0646\u0641\u064a\u0630 \u0623\u0642\u0644 \u0628\u0646\u062d\u0648 10% \u0645\u0646 \u0645\u0633\u062a\u0648\u0649 \u0627\u0644\u0645\u0624\u0634\u0631 \u0627\u0644\u062d\u0627\u0644\u064a\u060c \u0648\u062a\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\u060c \u064a\u062f\u0641\u0639 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631 \u0639\u0644\u0627\u0648\u0629 \u062a\u064f\u0634\u0643\u0644 \u062a\u0623\u0645\u064a\u0646\u064b\u0627 \u0636\u062f \u0627\u0646\u062e\u0641\u0627\u0636 \u0643\u0628\u064a\u0631 \u0641\u064a \u0627\u0644\u0633\u0648\u0642. \u0641\u0625\u0630\u0627 \u0627\u0646\u062e\u0641\u0636 \u0627\u0644\u0633\u0648\u0642 \u0628\u0646\u0633\u0628\u0629 15%\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 \u062c\u0632\u0621\u064b\u0627 \u0643\u0628\u064a\u0631\u064b\u0627 \u0645\u0646 \u062e\u0633\u0627\u0626\u0631 \u0627\u0644\u0645\u062d\u0641\u0638\u0629.<\/p>\n<p>\u0639\u0644\u0649 \u0627\u0644\u0631\u063a\u0645 \u0645\u0646 \u0623\u0646 \u0627\u0644\u0642\u0633\u0637 \u0627\u0644\u0645\u062f\u0641\u0648\u0639 \u064a\u0642\u0644\u0644 \u0645\u0646 \u0627\u0644\u0639\u0648\u0627\u0626\u062f \u0627\u0644\u0625\u062c\u0645\u0627\u0644\u064a\u0629 \u0625\u0630\u0627 \u0627\u0633\u062a\u0642\u0631 \u0627\u0644\u0633\u0648\u0642 \u0623\u0648 \u0627\u0631\u062a\u0641\u0639\u060c \u0625\u0644\u0627 \u0623\u0646 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631 \u064a\u0643\u062a\u0633\u0628 \u0631\u0627\u062d\u0629 \u0627\u0644\u0628\u0627\u0644\u060c \u0645\u062a\u062c\u0646\u0628\u0627\u064b \u062f\u0627\u0641\u0639 \u0627\u0644\u0628\u064a\u0639 \u0628\u062f\u0627\u0641\u0639 \u0627\u0644\u0630\u0639\u0631 \u0623\u062b\u0646\u0627\u0621 \u062a\u0642\u0644\u0628\u0627\u062a \u0627\u0644\u0633\u0648\u0642. \u063a\u0627\u0644\u0628\u0627\u064b \u0645\u0627 \u062a\u062b\u0628\u062a \u0647\u0630\u0647 \u0627\u0644\u0641\u0627\u0626\u062f\u0629 \u0627\u0644\u0633\u0644\u0648\u0643\u064a\u0629 \u0623\u0646\u0647\u0627 \u0644\u0627 \u062a\u0642\u0644 \u0642\u064a\u0645\u0629 \u0639\u0646 \u0627\u0644\u062d\u0645\u0627\u064a\u0629 \u0627\u0644\u0645\u0627\u0644\u064a\u0629 \u0646\u0641\u0633\u0647\u0627.<\/p>\n<blockquote data-start=\"6866\" data-end=\"8127\">\n<h2 class=\"PDq2pG_selectionAnchorContainer\" data-section-id=\"1jwe82\" data-start=\"6868\" data-end=\"6929\"><span class=\"ez-toc-section\" id=\"How_Different_Market_Scenarios_Can_Affect_an_Options_Hedge\"><\/span>\u0643\u064a\u0641 \u062a\u0624\u062b\u0631 \u0633\u064a\u0646\u0627\u0631\u064a\u0648\u0647\u0627\u062a \u0627\u0644\u0633\u0648\u0642 \u0627\u0644\u0645\u062e\u062a\u0644\u0641\u0629 \u0641\u064a \u0641\u0639\u0627\u0644\u064a\u0629 \u0627\u0644\u062a\u062d\u0648\u0637\u061f<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p data-start=\"6934\" data-end=\"7128\">\u062a\u0639\u062a\u0645\u062f \u0646\u062a\u064a\u062c\u0629 \u0627\u0644\u062a\u062d\u0648\u0637 \u0639\u0644\u0649 \u0627\u062a\u062c\u0627\u0647 \u062d\u0631\u0643\u0629 \u0627\u0644\u0623\u0635\u0644 \u0627\u0644\u0623\u0633\u0627\u0633\u064a\u060c \u0648\u062a\u0648\u0642\u064a\u062a \u0647\u0630\u0647 \u0627\u0644\u062d\u0631\u0643\u0629\u060c \u0648\u062e\u0635\u0627\u0626\u0635 \u0627\u0644\u062e\u064a\u0627\u0631\u0627\u062a \u0627\u0644\u0645\u0633\u062a\u062e\u062f\u0645\u0629. \u0648\u064a\u0645\u0643\u0646 \u062a\u0648\u0636\u064a\u062d \u0628\u0639\u0636 \u0627\u0644\u0645\u0641\u0627\u0636\u0644\u0627\u062a \u0627\u0644\u0623\u0633\u0627\u0633\u064a\u0629 \u0645\u0646 \u062e\u0644\u0627\u0644 \u0627\u0644\u0625\u0637\u0627\u0631 \u0627\u0644\u062a\u0627\u0644\u064a:<\/p>\n<div class=\"group TyagGW_tableContainer\">\n<div class=\"TyagGW_tableWrapper flex flex-col-reverse w-fit\" tabindex=\"-1\">\n<table class=\"w-fit min-w-(--thread-content-width)\" data-start=\"7133\" data-end=\"7955\">\n<thead data-start=\"7133\" data-end=\"7197\">\n<tr data-start=\"7133\" data-end=\"7197\">\n<th class=\"last:pe-10\" data-start=\"7133\" data-end=\"7151\" data-col-size=\"sm\">\u0633\u064a\u0646\u0627\u0631\u064a\u0648 \u0627\u0644\u0633\u0648\u0642<\/th>\n<th class=\"last:pe-10\" data-start=\"7151\" data-end=\"7176\" data-col-size=\"md\">\u0627\u0644\u062a\u0623\u062b\u064a\u0631 \u0627\u0644\u0645\u062d\u062a\u0645\u0644 \u0644\u0644\u062a\u062d\u0648\u0637<\/th>\n<th class=\"last:pe-10\" data-start=\"7176\" data-end=\"7197\" data-col-size=\"md\">\u0627\u0644\u0639\u0627\u0645\u0644 \u0627\u0644\u0623\u0647\u0645<\/th>\n<\/tr>\n<\/thead>\n<tbody data-start=\"7216\" data-end=\"7955\">\n<tr data-start=\"7216\" data-end=\"7371\">\n<td data-start=\"7216\" data-end=\"7242\" data-col-size=\"sm\">\u0647\u0628\u0648\u0637 \u062d\u0627\u062f \u0641\u064a \u0627\u0644\u0633\u0648\u0642<\/td>\n<td data-start=\"7242\" data-end=\"7319\" data-col-size=\"md\">\u0642\u062f \u062a\u0631\u062a\u0641\u0639 \u0642\u064a\u0645\u0629 \u062e\u064a\u0627\u0631\u0627\u062a Put \u0648\u062a\u0639\u0648\u0636 \u062c\u0632\u0621\u064b\u0627 \u0645\u0646 \u0627\u0646\u062e\u0641\u0627\u0636 \u0627\u0644\u0645\u062d\u0641\u0638\u0629<\/td>\n<td data-start=\"7319\" data-end=\"7371\" data-col-size=\"md\">\u064a\u0639\u062a\u0645\u062f \u0645\u0633\u062a\u0648\u0649 \u0627\u0644\u062d\u0645\u0627\u064a\u0629 \u0639\u0644\u0649 \u0633\u0639\u0631 \u0627\u0644\u062a\u0646\u0641\u064a\u0630 \u0648\u062d\u062c\u0645 \u0627\u0644\u0645\u0631\u0643\u0632 \u0648\u062a\u0627\u0631\u064a\u062e \u0627\u0644\u0627\u0646\u062a\u0647\u0627\u0621<\/td>\n<\/tr>\n<tr data-start=\"7374\" data-end=\"7506\">\n<td data-start=\"7374\" data-end=\"7403\" data-col-size=\"sm\">\u0647\u0628\u0648\u0637 \u0645\u062d\u062f\u0648\u062f<\/td>\n<td data-start=\"7403\" data-end=\"7446\" data-col-size=\"md\">\u0642\u062f \u064a\u0648\u0641\u0631 \u0627\u0644\u062a\u062d\u0648\u0637 \u062d\u0645\u0627\u064a\u0629 \u062c\u0632\u0626\u064a\u0629<\/td>\n<td data-start=\"7446\" data-end=\"7506\" data-col-size=\"md\">\u0642\u062f \u062a\u0643\u0648\u0646 \u062a\u0643\u0644\u0641\u0629 \u0627\u0644\u0639\u0644\u0627\u0648\u0629 \u0623\u0643\u0628\u0631 \u0645\u0646 \u0623\u062b\u0631 \u0627\u0644\u0627\u0646\u062e\u0641\u0627\u0636 \u0627\u0644\u0645\u062d\u062f\u0648\u062f<\/td>\n<\/tr>\n<tr data-start=\"7509\" data-end=\"7645\">\n<td data-start=\"7509\" data-end=\"7544\" data-col-size=\"sm\">\u0627\u0633\u062a\u0642\u0631\u0627\u0631 \u0646\u0633\u0628\u064a \u0641\u064a \u0627\u0644\u0633\u0648\u0642<\/td>\n<td data-start=\"7544\" data-end=\"7594\" data-col-size=\"md\">\u0642\u062f \u062a\u0646\u062e\u0641\u0636 \u0642\u064a\u0645\u0629 \u0627\u0644\u062e\u064a\u0627\u0631\u0627\u062a \u0645\u0639 \u0627\u0642\u062a\u0631\u0627\u0628 \u062a\u0627\u0631\u064a\u062e \u0627\u0644\u0627\u0646\u062a\u0647\u0627\u0621<\/td>\n<td data-start=\"7594\" data-end=\"7645\" data-col-size=\"md\">\u064a\u0624\u062b\u0631 \u062a\u0622\u0643\u0644 \u0627\u0644\u0642\u064a\u0645\u0629 \u0627\u0644\u0632\u0645\u0646\u064a\u0629 \u0641\u064a \u0627\u0644\u062e\u064a\u0627\u0631\u0627\u062a \u0627\u0644\u0645\u0634\u062a\u0631\u0627\u0629<\/td>\n<\/tr>\n<tr data-start=\"7648\" data-end=\"7792\">\n<td data-start=\"7648\" data-end=\"7672\" data-col-size=\"sm\">\u0627\u0631\u062a\u0641\u0627\u0639 \u0642\u0648\u064a \u0641\u064a \u0627\u0644\u0633\u0648\u0642<\/td>\n<td data-start=\"7672\" data-end=\"7738\" data-col-size=\"md\">\u064a\u0645\u0643\u0646 \u0644\u0640Protective Put \u0627\u0644\u062d\u0641\u0627\u0638 \u0639\u0644\u0649 \u0641\u0631\u0635\u0629 \u0627\u0644\u0627\u0633\u062a\u0641\u0627\u062f\u0629 \u0645\u0646 \u0627\u0644\u0635\u0639\u0648\u062f\u060c \u0628\u064a\u0646\u0645\u0627 \u0642\u062f \u062a\u062d\u062f Collars \u0645\u0646 \u062c\u0632\u0621 \u0645\u0646\u0647<\/td>\n<td data-start=\"7738\" data-end=\"7792\" data-col-size=\"md\">\u064a\u0639\u062a\u0645\u062f \u0630\u0644\u0643 \u0639\u0644\u0649 \u0647\u064a\u0643\u0644 \u0627\u0633\u062a\u0631\u0627\u062a\u064a\u062c\u064a\u0629 \u0627\u0644\u062a\u062d\u0648\u0637<\/td>\n<\/tr>\n<tr data-start=\"7795\" data-end=\"7955\">\n<td data-start=\"7795\" data-end=\"7832\" data-col-size=\"sm\">\u0627\u0631\u062a\u0641\u0627\u0639 \u0643\u0628\u064a\u0631 \u0641\u064a \u0627\u0644\u062a\u0642\u0644\u0628<\/td>\n<td data-start=\"7832\" data-end=\"7886\" data-col-size=\"md\">\u0642\u062f \u062a\u0631\u062a\u0641\u0639 \u0642\u064a\u0645\u0629 \u062e\u064a\u0627\u0631\u0627\u062a Put \u0645\u0639 \u0627\u0631\u062a\u0641\u0627\u0639 \u0627\u0644\u062a\u0642\u0644\u0628 \u0627\u0644\u0636\u0645\u0646\u064a<\/td>\n<td data-start=\"7886\" data-end=\"7955\" data-col-size=\"md\">\u0642\u062f \u064a\u0635\u0628\u062d \u0625\u0646\u0634\u0627\u0621 \u0627\u0644\u062a\u062d\u0648\u0637 \u0623\u0643\u062b\u0631 \u062a\u0643\u0644\u0641\u0629 \u062e\u0644\u0627\u0644 \u0641\u062a\u0631\u0627\u062a \u0627\u0644\u062a\u0642\u0644\u0628 \u0627\u0644\u0645\u0631\u062a\u0641\u0639<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<p data-start=\"7960\" data-end=\"8127\">\u0647\u0630\u0627 \u0627\u0644\u0625\u0637\u0627\u0631 \u062a\u0648\u0636\u064a\u062d\u064a \u0648\u0644\u064a\u0633 \u0648\u0633\u064a\u0644\u0629 \u0644\u0644\u062a\u0646\u0628\u0624 \u0628\u0627\u0644\u0646\u062a\u0627\u0626\u062c. \u0641\u0627\u0644\u0646\u062a\u064a\u062c\u0629 \u0627\u0644\u0641\u0639\u0644\u064a\u0629 \u062a\u0639\u062a\u0645\u062f \u0639\u0644\u0649 \u0647\u064a\u0643\u0644 \u0627\u0644\u062e\u064a\u0627\u0631\u060c \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\u062a\u0642\u0644\u0628\u060c \u0648\u0627\u0644\u0633\u064a\u0648\u0644\u0629\u060c \u0648\u0627\u0644\u062a\u0648\u0642\u064a\u062a\u060c \u0648\u062a\u0646\u0641\u064a\u0630 \u0627\u0644\u0635\u0641\u0642\u0629.<\/p>\n<\/blockquote>\n<h3 data-section-id=\"1xdudep\" data-start=\"8129\" data-end=\"8147\"><\/h3>\n<h2><span class=\"ez-toc-section\" id=\"Common_Mistakes_and_Misconceptions_About_Using_Options_for_Hedging\"><\/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 \u062d\u0648\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><\/h2>\n<p>\u0645\u0646 \u0627\u0644\u0645\u0641\u0627\u0647\u064a\u0645 \u0627\u0644\u062e\u0627\u0637\u0626\u0629 \u0627\u0644\u0634\u0627\u0626\u0639\u0629 \u0623\u0646 \u0627\u0644\u062a\u062d\u0648\u0637\u0627\u062a \u0641\u064a \u062e\u064a\u0627\u0631\u0627\u062a \u0627\u0644\u062a\u062f\u0627\u0648\u0644 \u062a\u0636\u0645\u0646 \u0627\u0644\u0623\u0631\u0628\u0627\u062d \u0623\u0648 \u062a\u0642\u0636\u064a \u0639\u0644\u0649 \u062c\u0645\u064a\u0639 \u0627\u0644\u062e\u0633\u0627\u0626\u0631. \u0641\u064a \u0627\u0644\u0648\u0627\u0642\u0639\u060c \u062a\u062d\u062f\u0651 \u0627\u0644\u062a\u062d\u0648\u0637\u0627\u062a \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 \u0648\u0644\u0627 \u064a\u0645\u0643\u0646\u0647\u0627 \u0645\u0646\u0639 \u062c\u0645\u064a\u0639 \u0627\u0644\u0633\u064a\u0646\u0627\u0631\u064a\u0648\u0647\u0627\u062a \u0627\u0644\u0633\u0644\u0628\u064a\u0629.<\/p>\n<p>\u064a\u064f\u0639\u062f\u0651 \u0627\u0644\u062a\u062d\u0648\u0651\u0637 \u0627\u0644\u0645\u0641\u0631\u0637 \u0645\u0623\u0632\u0642\u0627\u064b \u0622\u062e\u0631. \u0625\u0630 \u064a\u0645\u0643\u0646 \u0623\u0646 \u062a\u0624\u062f\u064a \u0645\u062f\u0641\u0648\u0639\u0627\u062a \u0627\u0644\u0623\u0642\u0633\u0627\u0637 \u0627\u0644\u0645\u0641\u0631\u0637\u0629 \u0625\u0644\u0649 \u062a\u0622\u0643\u0644 \u0639\u0648\u0627\u0626\u062f \u0627\u0644\u0645\u062d\u0641\u0638\u0629 \u0628\u0645\u0631\u0648\u0631 \u0627\u0644\u0648\u0642\u062a\u060c \u0644\u0627 \u0633\u064a\u0645\u0627 \u0625\u0630\u0627 \u0627\u0633\u062a\u0645\u0631 \u0627\u0644\u062a\u062d\u0648\u0651\u0637 \u062f\u0648\u0646 \u062a\u0639\u062f\u064a\u0644.<\/p>\n<p>\u063a\u0627\u0644\u0628\u0627\u064b \u0645\u0627 \u064a\u062a\u0645 \u0625\u063a\u0641\u0627\u0644 \u0623\u0647\u0645\u064a\u0629 \u0627\u0644\u0633\u064a\u0648\u0644\u0629. \u0642\u062f \u062a\u0624\u062f\u064a \u0623\u0633\u0639\u0627\u0631 \u0627\u0644\u062a\u0646\u0641\u064a\u0630 \u0627\u0644\u0645\u0646\u062e\u0641\u0636\u0629 \u0627\u0644\u0646\u0627\u062a\u062c\u0629 \u0639\u0646 \u0641\u0631\u0648\u0642 \u0623\u0633\u0639\u0627\u0631 \u0627\u0644\u0639\u0631\u0636 \u0648\u0627\u0644\u0637\u0644\u0628 \u0627\u0644\u0648\u0627\u0633\u0639\u0629 \u0625\u0644\u0649 \u062a\u0642\u0644\u064a\u0644 \u0641\u0639\u0627\u0644\u064a\u0629 \u0627\u0644\u062a\u062d\u0648\u0637. \u0644\u0630\u0627\u060c \u064a\u0646\u0628\u063a\u064a \u0639\u0644\u0649 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631\u064a\u0646 \u0627\u0644\u062a\u0631\u0643\u064a\u0632 \u0639\u0644\u0649 \u0623\u0633\u0648\u0627\u0642 \u0627\u0644\u062e\u064a\u0627\u0631\u0627\u062a \u0630\u0627\u062a \u0627\u0644\u0633\u064a\u0648\u0644\u0629 \u0627\u0644\u0639\u0627\u0644\u064a\u0629 \u0644\u0636\u0645\u0627\u0646 \u0623\u0633\u0639\u0627\u0631 \u0623\u0641\u0636\u0644 \u0648\u0633\u0647\u0648\u0644\u0629 \u0627\u0644\u062f\u062e\u0648\u0644 \u0648\u0627\u0644\u062e\u0631\u0648\u062c.<\/p>\n<p>\u0642\u062f \u064a\u0641\u0627\u062c\u0626 \u062a\u0622\u0643\u0644 \u0627\u0644\u0642\u064a\u0645\u0629 \u0645\u0639 \u0645\u0631\u0648\u0631 \u0627\u0644\u0648\u0642\u062a - \u0623\u064a \u0627\u0644\u0627\u0646\u062e\u0641\u0627\u0636 \u0627\u0644\u062a\u062f\u0631\u064a\u062c\u064a \u0641\u064a \u0642\u064a\u0645\u0629 \u0645\u0631\u0627\u0643\u0632 \u0627\u0644\u062e\u064a\u0627\u0631\u0627\u062a \u0627\u0644\u0637\u0648\u064a\u0644\u0629 \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 - \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631\u064a\u0646. \u0641\u0628\u062f\u0648\u0646 \u0625\u062f\u0627\u0631\u0629 \u0641\u0639\u0651\u0627\u0644\u0629\u060c \u0642\u062f \u064a\u0624\u062f\u064a \u062a\u0622\u0643\u0644 \u0627\u0644\u0642\u064a\u0645\u0629 \u0645\u0639 \u0645\u0631\u0648\u0631 \u0627\u0644\u0648\u0642\u062a \u0625\u0644\u0649 \u062a\u0622\u0643\u0644 \u0642\u064a\u0645\u0629 \u0627\u0644\u062a\u062d\u0648\u0651\u0637 \u062d\u062a\u0649 \u0644\u0648 \u0638\u0644\u0651 \u0627\u0644\u0633\u0647\u0645 \u0627\u0644\u0623\u0633\u0627\u0633\u064a \u0645\u0633\u062a\u0642\u0631\u064b\u0627.<\/p>\n<p>\u0625\u0646 \u0641\u0647\u0645 \u0647\u0630\u0647 \u0627\u0644\u0641\u0631\u0648\u0642 \u0627\u0644\u062f\u0642\u064a\u0642\u0629 \u0623\u0645\u0631 \u0636\u0631\u0648\u0631\u064a \u0644\u062a\u062c\u0646\u0628 \u062a\u0642\u0648\u064a\u0636 \u0627\u0644\u062d\u0645\u0627\u064a\u0629 \u0627\u0644\u062a\u064a \u0645\u0646 \u0627\u0644\u0645\u0641\u062a\u0631\u0636 \u0623\u0646 \u062a\u0648\u0641\u0631\u0647\u0627 \u062e\u064a\u0627\u0631\u0627\u062a \u0627\u0644\u062d\u0645\u0627\u064a\u0629.<\/p>\n<blockquote data-start=\"4867\" data-end=\"5770\">\n<h2 class=\"PDq2pG_selectionAnchorContainer\" data-section-id=\"sosfb0\" data-start=\"4869\" data-end=\"4921\"><span class=\"ez-toc-section\" id=\"Liquidity_and_Assignment_Risks_in_Options_Hedging\"><\/span>\u0645\u062e\u0627\u0637\u0631 \u0627\u0644\u0633\u064a\u0648\u0644\u0629 \u0648\u0627\u0644\u062a\u062e\u0635\u064a\u0635 \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 data-start=\"4926\" data-end=\"5266\">\u062a\u0645\u062b\u0644 \u0627\u0644\u0633\u064a\u0648\u0644\u0629 \u062c\u0632\u0621\u064b\u0627 \u0623\u0633\u0627\u0633\u064a\u064b\u0627 \u0645\u0646 \u062a\u0646\u0641\u064a\u0630 \u0627\u0644\u062a\u062d\u0648\u0637 \u0648\u0644\u064a\u0633\u062a \u0645\u062c\u0631\u062f \u0639\u0627\u0645\u0644 \u062b\u0627\u0646\u0648\u064a. \u0641\u0642\u062f \u064a\u0643\u0648\u0646 \u0627\u0644\u062f\u062e\u0648\u0644 \u0641\u064a \u062e\u064a\u0627\u0631 \u0645\u0646\u062e\u0641\u0636 \u0627\u0644\u062a\u062f\u0627\u0648\u0644 \u0623\u0648 \u0627\u0644\u062e\u0631\u0648\u062c \u0645\u0646\u0647 \u0623\u0643\u062b\u0631 \u062a\u0643\u0644\u0641\u0629 \u0645\u0645\u0627 \u064a\u0648\u062d\u064a \u0628\u0647 \u0627\u0644\u0633\u0639\u0631 \u0627\u0644\u0638\u0627\u0647\u0631 \u0628\u0633\u0628\u0628 \u0627\u062a\u0633\u0627\u0639 \u0627\u0644\u0641\u0627\u0631\u0642 \u0628\u064a\u0646 \u0633\u0639\u0631 \u0627\u0644\u0634\u0631\u0627\u0621 \u0648\u0627\u0644\u0628\u064a\u0639. \u0648\u062a\u0632\u062f\u0627\u062f \u0623\u0647\u0645\u064a\u0629 \u0647\u0630\u0647 \u0627\u0644\u0646\u0642\u0637\u0629 \u0639\u0646\u062f\u0645\u0627 \u064a\u062d\u062a\u0627\u062c \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631 \u0625\u0644\u0649 \u062a\u0639\u062f\u064a\u0644 \u0627\u0644\u062a\u062d\u0648\u0637 \u0628\u0633\u0631\u0639\u0629 \u062e\u0644\u0627\u0644 \u0641\u062a\u0631\u0629 \u0634\u062f\u064a\u062f\u0629 \u0627\u0644\u062a\u0642\u0644\u0628.<\/p>\n<p data-start=\"5271\" data-end=\"5541\">\u0643\u0645\u0627 \u064a\u062c\u0628 \u0641\u0647\u0645 \u0645\u062e\u0627\u0637\u0631 \u0627\u0644\u062a\u062e\u0635\u064a\u0635 (Assignment) \u0639\u0646\u062f \u0627\u0633\u062a\u062e\u062f\u0627\u0645 \u0627\u0633\u062a\u0631\u0627\u062a\u064a\u062c\u064a\u0627\u062a \u062a\u062a\u0636\u0645\u0646 \u0628\u064a\u0639 \u0627\u0644\u062e\u064a\u0627\u0631\u0627\u062a. \u0641\u0642\u062f \u064a\u0624\u062f\u064a \u0627\u0644\u0645\u0631\u0643\u0632 \u0627\u0644\u0642\u0635\u064a\u0631 \u0641\u064a \u0623\u062d\u062f \u0627\u0644\u062e\u064a\u0627\u0631\u0627\u062a \u0625\u0644\u0649 \u0627\u0644\u062a\u0632\u0627\u0645\u0627\u062a \u062a\u0639\u0627\u0642\u062f\u064a\u0629 \u0625\u0630\u0627 \u062d\u062f\u062b \u0627\u0644\u062a\u062e\u0635\u064a\u0635\u060c \u0648\u0647\u0648 \u0645\u0627 \u0642\u062f \u064a\u0624\u062b\u0631 \u0641\u064a \u0627\u0644\u0623\u0633\u0647\u0645 \u0627\u0644\u0623\u0633\u0627\u0633\u064a\u0629 \u0648\u0641\u064a \u0647\u064a\u0643\u0644 \u0627\u0644\u062a\u062d\u0648\u0637 \u0643\u0643\u0644.<\/p>\n<p data-start=\"5546\" data-end=\"5770\">\u0648\u0642\u0628\u0644 \u062a\u0646\u0641\u064a\u0630 \u0627\u0633\u062a\u0631\u0627\u062a\u064a\u062c\u064a\u0629 \u062a\u062a\u0643\u0648\u0646 \u0645\u0646 \u0639\u062f\u0629 \u0645\u0631\u0627\u0643\u0632\u060c \u064a\u062c\u0628 \u0641\u0647\u0645 \u0633\u064a\u0648\u0644\u0629 \u0643\u0644 \u0645\u0631\u0643\u0632\u060c \u0648\u0627\u0644\u0627\u0644\u062a\u0632\u0627\u0645\u0627\u062a \u0627\u0644\u0645\u0631\u062a\u0628\u0637\u0629 \u0628\u0627\u0644\u062e\u064a\u0627\u0631\u0627\u062a \u0627\u0644\u0645\u0628\u0627\u0639\u0629\u060c \u0648\u0643\u064a\u0641\u064a\u0629 \u0625\u062f\u0627\u0631\u0629 \u0627\u0644\u0645\u0631\u0643\u0632 \u0625\u0630\u0627 \u062a\u063a\u064a\u0631\u062a \u0638\u0631\u0648\u0641 \u0627\u0644\u0633\u0648\u0642 \u0628\u0635\u0648\u0631\u0629 \u063a\u064a\u0631 \u0645\u062a\u0648\u0642\u0639\u0629.<\/p>\n<\/blockquote>\n<h3 data-section-id=\"1xdudep\" data-start=\"5772\" data-end=\"5790\"><\/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>\u0627\u0628\u062f\u0623 \u0628\u062a\u062d\u0648\u0637\u0627\u062a \u0635\u063a\u064a\u0631\u0629 \u064a\u0645\u0643\u0646 \u0627\u0644\u062a\u062d\u0643\u0645 \u0628\u0647\u0627 \u0648\u0645\u0635\u0645\u0645\u0629 \u062e\u0635\u064a\u0635\u0627\u064b \u0644\u062d\u062c\u0645 \u0627\u0644\u0645\u062d\u0641\u0638\u0629 \u0648\u0645\u0633\u062a\u0648\u0649 \u062a\u062d\u0645\u0644 \u0627\u0644\u0645\u062e\u0627\u0637\u0631.<\/li>\n<li>\u0631\u0643\u0632 \u0639\u0644\u0649 \u0627\u0644\u0623\u062f\u0648\u0627\u062a \u0627\u0644\u0633\u0627\u0626\u0644\u0629 \u0648\u0627\u0644\u0645\u0641\u0647\u0648\u0645\u0629 \u062c\u064a\u062f\u0627\u064b \u0645\u062b\u0644 \u062e\u064a\u0627\u0631\u0627\u062a \u0627\u0644\u0645\u0624\u0634\u0631\u0627\u062a \u0644\u062a\u062d\u0642\u064a\u0642 \u062d\u0645\u0627\u064a\u0629 \u0648\u0627\u0633\u0639\u0629 \u0627\u0644\u0646\u0637\u0627\u0642 \u0644\u0644\u0633\u0648\u0642.<\/li>\n<li>\u0642\u0645 \u0628\u0645\u0631\u0627\u0642\u0628\u0629 \u0648\u062a\u0639\u062f\u064a\u0644 \u0627\u0644\u062a\u062d\u0648\u0637\u0627\u062a \u0628\u0627\u0646\u062a\u0638\u0627\u0645 \u0644\u062a\u0639\u0643\u0633 \u062a\u063a\u064a\u0631\u0627\u062a \u0638\u0631\u0648\u0641 \u0627\u0644\u0633\u0648\u0642 \u0648\u062a\u0643\u0648\u064a\u0646 \u0627\u0644\u0645\u062d\u0641\u0638\u0629.<\/li>\n<li>\u0648\u0627\u0632\u0646 \u0628\u064a\u0646 \u062a\u0643\u0644\u0641\u0629 \u0627\u0644\u062a\u062d\u0648\u0637 \u0648\u0642\u064a\u0645\u0629 \u0627\u0644\u062d\u0645\u0627\u064a\u0629 \u0645\u0646 \u0627\u0644\u0645\u062e\u0627\u0637\u0631\u060c \u0645\u0639 \u0625\u062f\u0631\u0627\u0643 \u0623\u0646 \u0628\u0639\u0636 \u0627\u0644\u0646\u0641\u0642\u0627\u062a \u0627\u0644\u0625\u0636\u0627\u0641\u064a\u0629 \u0647\u064a \u062b\u0645\u0646 \u0631\u0627\u062d\u0629 \u0627\u0644\u0628\u0627\u0644.<\/li>\n<li class=\"translation-block\">\u0636\u0639 \u0641\u064a \u0627\u0639\u062a\u0628\u0627\u0631\u0643 \u0627\u062a\u0628\u0627\u0639 \u0645\u0646\u0627\u0647\u062c \u0627\u0633\u062a\u062b\u0645\u0627\u0631\u064a\u0629 \u0645\u0646\u0647\u062c\u064a\u0629 \u0623\u0648 \u0642\u0627\u0626\u0645\u0629 \u0639\u0644\u0649 \u0642\u0648\u0627\u0639\u062f \u0645\u062d\u062f\u062f\u0629 \u0644\u062a\u062c\u0646\u0628 \u0627\u062a\u062e\u0627\u0630 \u0627\u0644\u0642\u0631\u0627\u0631\u0627\u062a \u0627\u0644\u0639\u0627\u0637\u0641\u064a\u0629. \u064a\u062c\u062f \u0628\u0639\u0636 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631\u064a\u0646 \u0623\u0646 \u0627\u0644\u0623\u0646\u0638\u0645\u0629 \u0627\u0644\u0645\u062d\u062f\u062f\u0629 \u0645\u0633\u0628\u0642\u064b\u0627 \u0645\u0641\u064a\u062f\u0629 \u0644\u0644\u062d\u0641\u0627\u0638 \u0639\u0644\u0649 \u0627\u0644\u0627\u0646\u0636\u0628\u0627\u0637 \u0648\u0627\u0644\u0627\u062a\u0633\u0627\u0642\u061b \u0648\u0645\u0646\u0635\u0627\u062a \u0645\u062b\u0644 \u0645\u062d\u0627\u0641\u0638 \u0627\u0644\u062e\u0648\u0627\u0631\u0632\u0645\u064a\u0627\u062a \u0642\u062f\u0651\u0645 \u0623\u0645\u062b\u0644\u0629 \u0639\u0644\u0649 \u0647\u0630\u0647 \u0627\u0644\u0623\u0637\u0631.<\/li>\n<\/ul>\n<p>\u0647\u0644 \u062a\u062a\u0633\u0627\u0621\u0644 \u0639\u0646 \u0643\u064a\u0641\u064a\u0629 \u062a\u0637\u0628\u064a\u0642 \u0647\u0630\u0647 \u0627\u0644\u0623\u0641\u0643\u0627\u0631 \u0641\u064a \u0645\u062d\u0627\u0641\u0638 \u0627\u0633\u062a\u062b\u0645\u0627\u0631\u064a\u0629 \u062d\u0642\u064a\u0642\u064a\u0629\u061f \u0625\u0646 \u0645\u0631\u0627\u0642\u0628\u0629 \u0643\u064a\u0641\u064a\u0629 \u062f\u0645\u062c \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631\u064a\u0646 \u0627\u0644\u0645\u0646\u0636\u0628\u0637\u064a\u0646 \u0644\u0644\u062a\u062d\u0648\u0637 \u0628\u0627\u0644\u062e\u064a\u0627\u0631\u0627\u062a \u064a\u0645\u0643\u0646 \u0623\u0646 \u062a\u0643\u0634\u0641 \u0639\u0646 \u0641\u0648\u0627\u0626\u062f \u0633\u0644\u0648\u0643\u064a\u0629 \u0648\u0645\u0627\u0644\u064a\u0629 \u062f\u0642\u064a\u0642\u0629 \u0648\u0644\u0643\u0646\u0647\u0627 \u0645\u0647\u0645\u0629.<\/p>\n<blockquote data-start=\"9545\" data-end=\"10429\">\n<h2 class=\"PDq2pG_selectionAnchorContainer\" data-section-id=\"7wxj37\" data-start=\"9547\" data-end=\"9610\"><span class=\"ez-toc-section\" id=\"Reviewing_an_Options_Hedge_as_Part_of_a_Broader_Risk_Process\"><\/span>\u0645\u0631\u0627\u062c\u0639\u0629 \u0627\u0644\u062a\u062d\u0648\u0637 \u0636\u0645\u0646 \u0625\u0637\u0627\u0631 \u0645\u062a\u0643\u0627\u0645\u0644 \u0644\u0625\u062f\u0627\u0631\u0629 \u0627\u0644\u0645\u062e\u0627\u0637\u0631<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p data-start=\"9615\" data-end=\"9968\">\u064a\u062c\u0628 \u0627\u0644\u062a\u0639\u0627\u0645\u0644 \u0645\u0639 \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 \u062c\u0632\u0621\u064b\u0627 \u0645\u0646 \u0639\u0645\u0644\u064a\u0629 \u0623\u0648\u0633\u0639 \u0644\u0645\u0631\u0627\u062c\u0639\u0629 \u0627\u0644\u0645\u062e\u0627\u0637\u0631\u060c \u0648\u0644\u064a\u0633 \u0625\u0634\u0627\u0631\u0629 \u0645\u0633\u062a\u0642\u0644\u0629 \u0644\u0644\u0634\u0631\u0627\u0621 \u0623\u0648 \u0627\u0644\u0628\u064a\u0639. \u0648\u064a\u0645\u0643\u0646 \u0644\u0623\u062f\u0648\u0627\u062a \u0627\u0644\u062a\u062d\u0648\u0637\u060c \u0648\u0645\u0624\u0634\u0631\u0627\u062a \u0627\u0644\u0633\u0648\u0642\u060c \u0648\u0645\u0642\u0627\u064a\u064a\u0633 \u0627\u0644\u0623\u062f\u0627\u0621 \u0627\u0644\u062a\u0627\u0631\u064a\u062e\u064a\u0629 \u0623\u0646 \u062a\u0633\u0627\u0639\u062f \u0641\u064a \u0641\u0647\u0645 \u0627\u0644\u0633\u064a\u0627\u0642\u060c \u0644\u0643\u0646\u0647\u0627 \u064a\u0646\u0628\u063a\u064a \u0623\u0646 \u062a\u064f\u0642\u064a\u0651\u0645 \u0625\u0644\u0649 \u062c\u0627\u0646\u0628 \u062d\u062c\u0645 \u0627\u0644\u0645\u0631\u0627\u0643\u0632\u060c \u0648\u0627\u0644\u062a\u0639\u0631\u0636 \u0627\u0644\u0643\u0644\u064a \u0644\u0644\u0645\u062d\u0641\u0638\u0629\u060c \u0648\u0642\u0648\u0627\u0639\u062f \u0627\u0644\u062e\u0631\u0648\u062c\u060c \u0648\u0627\u0644\u0633\u064a\u0648\u0644\u0629\u060c \u0648\u0623\u0647\u062f\u0627\u0641 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631.<\/p>\n<p data-start=\"9973\" data-end=\"10199\">\u0648\u0645\u0646 \u0627\u0644\u0645\u0641\u064a\u062f \u0639\u0646\u062f \u0645\u0631\u0627\u062c\u0639\u0629 \u0627\u0644\u062a\u062d\u0648\u0637 \u0637\u0631\u062d \u0639\u062f\u0629 \u0623\u0633\u0626\u0644\u0629: \u0647\u0644 \u0645\u0627 \u0632\u0627\u0644 \u064a\u0648\u0641\u0631 \u0645\u0633\u062a\u0648\u0649 \u0627\u0644\u062d\u0645\u0627\u064a\u0629 \u0627\u0644\u0645\u0637\u0644\u0648\u0628\u061f \u0647\u0644 \u0627\u0644\u0645\u062f\u0629 \u0627\u0644\u0645\u062a\u0628\u0642\u064a\u0629 \u062a\u062a\u0646\u0627\u0633\u0628 \u0645\u0639 \u0627\u0644\u0641\u062a\u0631\u0629 \u0627\u0644\u062a\u064a \u064a\u062d\u062a\u0627\u062c \u062e\u0644\u0627\u0644\u0647\u0627 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631 \u0625\u0644\u0649 \u0627\u0644\u062d\u0645\u0627\u064a\u0629\u061f \u0648\u0647\u0644 \u0645\u0627 \u0632\u0627\u0644\u062a \u062a\u0643\u0644\u0641\u062a\u0647 \u0645\u0646\u0637\u0642\u064a\u0629 \u0645\u0642\u0627\u0631\u0646\u0629 \u0628\u062d\u062c\u0645 \u0627\u0644\u062a\u0639\u0631\u0636 \u0627\u0644\u0630\u064a \u062a\u062a\u0645 \u0625\u062f\u0627\u0631\u062a\u0647\u061f<\/p>\n<p data-start=\"10204\" data-end=\"10429\">\u0648\u0644\u0627 \u062a\u0647\u062f\u0641 \u0647\u0630\u0647 \u0627\u0644\u0645\u0631\u0627\u062c\u0639\u0629 \u0625\u0644\u0649 \u0627\u0644\u062a\u0646\u0628\u0624 \u0628\u0627\u0644\u0647\u0628\u0648\u0637 \u0627\u0644\u0642\u0627\u062f\u0645 \u0641\u064a \u0627\u0644\u0633\u0648\u0642\u060c \u0648\u0625\u0646\u0645\u0627 \u0625\u0644\u0649 \u0627\u0644\u062a\u0623\u0643\u062f \u0645\u0646 \u0623\u0646 \u0627\u0644\u062a\u062d\u0648\u0637 \u0644\u0627 \u064a\u0632\u0627\u0644 \u064a\u062a\u0635\u0631\u0641 \u0648\u0641\u0642 \u0627\u0644\u0647\u062f\u0641 \u0627\u0644\u0630\u064a \u062a\u0645 \u062a\u0635\u0645\u064a\u0645\u0647 \u0645\u0646 \u0623\u062c\u0644\u0647\u060c \u0648\u0623\u0646 \u0645\u0633\u062a\u0648\u0649 \u0627\u0644\u0645\u062e\u0627\u0637\u0631 \u0627\u0644\u0625\u062c\u0645\u0627\u0644\u064a \u0644\u0644\u0645\u062d\u0641\u0638\u0629 \u0645\u0627 \u0632\u0627\u0644 \u0645\u062a\u0648\u0627\u0641\u0642\u064b\u0627 \u0645\u0639 \u0627\u0644\u062e\u0637\u0629 \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631\u064a\u0629.<\/p>\n<\/blockquote>\n<blockquote data-start=\"11370\" data-end=\"13202\">\n<h2 class=\"PDq2pG_selectionAnchorContainer\" data-section-id=\"h5710v\" data-start=\"11372\" data-end=\"11448\"><span class=\"ez-toc-section\" id=\"Frequently_Asked_Questions_About_Using_Options_to_Hedge_a_Stock_Portfolio\"><\/span>\u0627\u0644\u0623\u0633\u0626\u0644\u0629 \u0627\u0644\u0634\u0627\u0626\u0639\u0629 \u062d\u0648\u0644 \u0627\u0633\u062a\u062e\u062f\u0627\u0645 \u0627\u0644\u062e\u064a\u0627\u0631\u0627\u062a \u0644\u0644\u062a\u062d\u0648\u0637 \u0645\u0646 \u0645\u062e\u0627\u0637\u0631 \u0627\u0644\u0645\u062d\u0641\u0638\u0629<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3 data-section-id=\"m94y6t\" data-start=\"11453\" data-end=\"11529\"><span class=\"ez-toc-section\" id=\"Can_options_completely_protect_a_stock_portfolio_from_a_market_downturn\"><\/span>\u0647\u0644 \u064a\u0645\u0643\u0646 \u0644\u0644\u062e\u064a\u0627\u0631\u0627\u062a \u062d\u0645\u0627\u064a\u0629 \u0645\u062d\u0641\u0638\u0629 \u0627\u0644\u0623\u0633\u0647\u0645 \u0628\u0627\u0644\u0643\u0627\u0645\u0644 \u0645\u0646 \u0647\u0628\u0648\u0637 \u0627\u0644\u0633\u0648\u0642\u061f<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p data-start=\"11534\" data-end=\"11775\">\u0644\u0627. \u064a\u0645\u0643\u0646 \u062a\u0635\u0645\u064a\u0645 \u0627\u0644\u062e\u064a\u0627\u0631\u0627\u062a \u0644\u062a\u0642\u0644\u064a\u0644 \u062a\u0639\u0631\u0636 \u0645\u062d\u062f\u062f \u0644\u0644\u0647\u0628\u0648\u0637\u060c \u0644\u0643\u0646\u0647\u0627 \u0644\u0627 \u062a\u0644\u063a\u064a \u062c\u0645\u064a\u0639 \u0645\u062e\u0627\u0637\u0631 \u0627\u0644\u0645\u062d\u0641\u0638\u0629. \u0648\u064a\u0639\u062a\u0645\u062f \u0645\u0633\u062a\u0648\u0649 \u0627\u0644\u062d\u0645\u0627\u064a\u0629 \u0639\u0644\u0649 \u0627\u0633\u062a\u0631\u0627\u062a\u064a\u062c\u064a\u0629 \u0627\u0644\u062e\u064a\u0627\u0631\u060c \u0648\u0633\u0639\u0631 \u0627\u0644\u062a\u0646\u0641\u064a\u0630\u060c \u0648\u062a\u0627\u0631\u064a\u062e \u0627\u0644\u0627\u0646\u062a\u0647\u0627\u0621\u060c \u0648\u062d\u062c\u0645 \u0627\u0644\u0645\u0631\u0643\u0632\u060c \u0648\u0627\u0644\u0623\u0635\u0648\u0644 \u0627\u0644\u062a\u064a \u064a\u062a\u0645 \u0627\u0644\u062a\u062d\u0648\u0637 \u0639\u0644\u064a\u0647\u0627.<\/p>\n<h3 data-section-id=\"17wavxk\" data-start=\"11780\" data-end=\"11825\"><span class=\"ez-toc-section\" id=\"Is_options_hedging_always_worth_the_cost\"><\/span>\u0647\u0644 \u064a\u0633\u062a\u062d\u0642 \u0627\u0644\u062a\u062d\u0648\u0637 \u0628\u0627\u0644\u062e\u064a\u0627\u0631\u0627\u062a \u062a\u0643\u0644\u0641\u062a\u0647 \u062f\u0627\u0626\u0645\u064b\u0627\u061f<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p data-start=\"11830\" data-end=\"12039\">\u0644\u064a\u0633 \u0628\u0627\u0644\u0636\u0631\u0648\u0631\u0629. \u062a\u0639\u062a\u0645\u062f \u0642\u064a\u0645\u0629 \u0627\u0644\u062a\u062d\u0648\u0637 \u0639\u0644\u0649 \u0646\u0648\u0639 \u0627\u0644\u062e\u0637\u0631 \u0627\u0644\u0630\u064a \u062a\u062a\u0645 \u0625\u062f\u0627\u0631\u062a\u0647 \u0648\u0627\u0644\u062a\u0643\u0644\u0641\u0629 \u0627\u0644\u0625\u062c\u0645\u0627\u0644\u064a\u0629 \u0644\u0644\u062d\u0641\u0627\u0638 \u0639\u0644\u0649 \u0627\u0644\u062d\u0645\u0627\u064a\u0629. \u0644\u0630\u0644\u0643 \u064a\u062c\u0628 \u0627\u0644\u0646\u0638\u0631 \u0625\u0644\u0649 \u0627\u0644\u0639\u0644\u0627\u0648\u0627\u062a\u060c \u0648\u062a\u0643\u0627\u0644\u064a\u0641 \u0627\u0644\u062a\u0646\u0641\u064a\u0630\u060c \u0648\u0627\u0644\u0633\u064a\u0648\u0644\u0629\u060c \u0648\u0627\u0644\u062a\u0643\u0644\u0641\u0629 \u0627\u0644\u0646\u0627\u062a\u062c\u0629 \u0639\u0646 \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.<\/p>\n<h3 data-section-id=\"1m2wdnh\" data-start=\"12044\" data-end=\"12116\"><span class=\"ez-toc-section\" id=\"What_happens_if_the_market_does_not_decline_after_buying_protection\"><\/span>\u0645\u0627\u0630\u0627 \u064a\u062d\u062f\u062b \u0625\u0630\u0627 \u0644\u0645 \u064a\u0647\u0628\u0637 \u0627\u0644\u0633\u0648\u0642 \u0628\u0639\u062f \u0634\u0631\u0627\u0621 \u0627\u0644\u062d\u0645\u0627\u064a\u0629\u061f<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p data-start=\"12121\" data-end=\"12293\">\u0642\u062f \u062a\u0646\u062e\u0641\u0636 \u0642\u064a\u0645\u0629 \u0627\u0644\u062e\u064a\u0627\u0631 \u0645\u0639 \u0645\u0631\u0648\u0631 \u0627\u0644\u0648\u0642\u062a\u060c \u0648\u0642\u062f \u064a\u0646\u062a\u0647\u064a \u062f\u0648\u0646 \u0645\u0645\u0627\u0631\u0633\u0629. \u0648\u0641\u064a \u0647\u0630\u0647 \u0627\u0644\u062d\u0627\u0644\u0629 \u062a\u0635\u0628\u062d \u0627\u0644\u0639\u0644\u0627\u0648\u0629 \u0627\u0644\u0645\u062f\u0641\u0648\u0639\u0629 \u062a\u0643\u0644\u0641\u0629 \u0645\u0642\u0627\u0628\u0644 \u0627\u0644\u0627\u062d\u062a\u0641\u0627\u0638 \u0628\u0627\u0644\u062d\u0645\u0627\u064a\u0629 \u062e\u0644\u0627\u0644 \u0627\u0644\u0641\u062a\u0631\u0629 \u0627\u0644\u0633\u0627\u0628\u0642\u0629.<\/p>\n<h3 data-section-id=\"1slgi49\" data-start=\"12298\" data-end=\"12354\"><span class=\"ez-toc-section\" id=\"Why_does_liquidity_matter_when_hedging_with_options\"><\/span>\u0644\u0645\u0627\u0630\u0627 \u062a\u0639\u062f \u0627\u0644\u0633\u064a\u0648\u0644\u0629 \u0645\u0647\u0645\u0629 \u0639\u0646\u062f \u0627\u0644\u062a\u062d\u0648\u0637 \u0628\u0627\u0633\u062a\u062e\u062f\u0627\u0645 \u0627\u0644\u062e\u064a\u0627\u0631\u0627\u062a\u061f<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p data-start=\"12359\" data-end=\"12547\">\u062a\u0624\u062b\u0631 \u0627\u0644\u0633\u064a\u0648\u0644\u0629 \u0641\u064a \u0633\u0647\u0648\u0644\u0629 \u0648\u062a\u0643\u0644\u0641\u0629 \u0641\u062a\u062d \u0645\u0631\u0643\u0632 \u0627\u0644\u062e\u064a\u0627\u0631\u0627\u062a \u0623\u0648 \u062a\u0639\u062f\u064a\u0644\u0647 \u0623\u0648 \u0625\u063a\u0644\u0627\u0642\u0647. \u0648\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 \u0625\u0644\u0649 \u0632\u064a\u0627\u062f\u0629 \u062a\u0643\u0644\u0641\u0629 \u0627\u0644\u062a\u0646\u0641\u064a\u0630\u060c \u062e\u0635\u0648\u0635\u064b\u0627 \u0639\u0646\u062f\u0645\u0627 \u062a\u062a\u062d\u0631\u0643 \u0627\u0644\u0623\u0633\u0648\u0627\u0642 \u0628\u0633\u0631\u0639\u0629.<\/p>\n<h3 data-section-id=\"1f7e0pl\" data-start=\"12552\" data-end=\"12580\"><span class=\"ez-toc-section\" id=\"What_is_assignment_risk\"><\/span>\u0645\u0627 \u0627\u0644\u0645\u0642\u0635\u0648\u062f \u0628\u0645\u062e\u0627\u0637\u0631 Assignment\u061f<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p data-start=\"12585\" data-end=\"12815\">\u062a\u0631\u062a\u0628\u0637 \u0645\u062e\u0627\u0637\u0631 \u0627\u0644\u062a\u062e\u0635\u064a\u0635 \u0628\u0634\u0643\u0644 \u0623\u0633\u0627\u0633\u064a \u0628\u0627\u0644\u0645\u0631\u0627\u0643\u0632 \u0627\u0644\u062a\u064a \u062a\u062a\u0636\u0645\u0646 \u0628\u064a\u0639 \u0627\u0644\u062e\u064a\u0627\u0631\u0627\u062a. \u0641\u0625\u0630\u0627 \u062d\u062f\u062b \u062a\u062e\u0635\u064a\u0635 \u0644\u0645\u0631\u0643\u0632 \u0642\u0635\u064a\u0631\u060c \u0641\u0642\u062f \u064a\u0635\u0628\u062d \u0627\u0644\u0628\u0627\u0626\u0639 \u0645\u0644\u0632\u0645\u064b\u0627 \u0628\u062a\u0646\u0641\u064a\u0630 \u0627\u0644\u0627\u0644\u062a\u0632\u0627\u0645 \u0627\u0644\u062a\u0639\u0627\u0642\u062f\u064a \u0627\u0644\u0645\u0631\u062a\u0628\u0637 \u0628\u0627\u0644\u062e\u064a\u0627\u0631\u060c \u0648\u0647\u0648 \u0645\u0627 \u0642\u062f \u064a\u0624\u062b\u0631 \u0641\u064a \u0627\u0644\u0623\u0633\u0647\u0645 \u0627\u0644\u0623\u0633\u0627\u0633\u064a\u0629 \u0648\u0647\u064a\u0643\u0644 \u0627\u0644\u0645\u062d\u0641\u0638\u0629.<\/p>\n<h3 data-section-id=\"1wq6ct8\" data-start=\"12820\" data-end=\"12896\"><span class=\"ez-toc-section\" id=\"Should_investors_use_historical_market_declines_to_decide_when_to_hedge\"><\/span>\u0647\u0644 \u064a\u0646\u0628\u063a\u064a \u0627\u0644\u0627\u0639\u062a\u0645\u0627\u062f \u0639\u0644\u0649 \u0627\u0644\u0627\u0646\u062e\u0641\u0627\u0636\u0627\u062a \u0627\u0644\u062a\u0627\u0631\u064a\u062e\u064a\u0629 \u0641\u064a \u0627\u0644\u0633\u0648\u0642 \u0644\u062a\u062d\u062f\u064a\u062f \u0648\u0642\u062a \u0627\u0644\u062a\u062d\u0648\u0637\u061f<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p data-start=\"12901\" data-end=\"13202\">\u064a\u0645\u0643\u0646 \u0644\u0644\u0623\u062d\u062f\u0627\u062b \u0627\u0644\u062a\u0627\u0631\u064a\u062e\u064a\u0629 \u0623\u0646 \u062a\u0633\u0627\u0639\u062f \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631 \u0639\u0644\u0649 \u0641\u0647\u0645 \u0643\u064a\u0641\u064a\u0629 \u062a\u0635\u0631\u0641 \u0627\u0633\u062a\u0631\u0627\u062a\u064a\u062c\u064a\u0627\u062a \u0627\u0644\u062a\u062d\u0648\u0637 \u0627\u0644\u0645\u062e\u062a\u0644\u0641\u0629 \u0641\u064a \u0638\u0631\u0648\u0641 \u0633\u0627\u0628\u0642\u0629\u060c \u0644\u0643\u0646\u0647\u0627 \u0644\u0627 \u062a\u0633\u062a\u0637\u064a\u0639 \u0627\u0644\u062a\u0646\u0628\u0624 \u0628\u0634\u0643\u0644 \u0645\u0648\u062b\u0648\u0642 \u0628\u0645\u0648\u0639\u062f \u0627\u0644\u0647\u0628\u0648\u0637 \u0627\u0644\u0642\u0627\u062f\u0645. \u0644\u0630\u0644\u0643 \u064a\u0646\u0628\u063a\u064a \u0623\u0646 \u062a\u0633\u062a\u0646\u062f \u0642\u0631\u0627\u0631\u0627\u062a \u0627\u0644\u062a\u062d\u0648\u0637 \u0625\u0644\u0649 \u0623\u0647\u062f\u0627\u0641 \u0627\u0644\u0645\u062d\u0641\u0638\u0629\u060c \u0648\u062d\u062c\u0645 \u0627\u0644\u062a\u0639\u0631\u0636\u060c \u0648\u062a\u062d\u0645\u0644 \u0627\u0644\u0645\u062e\u0627\u0637\u0631\u060c \u0648\u0639\u0645\u0644\u064a\u0629 \u0645\u062d\u062f\u062f\u0629 \u0645\u0633\u0628\u0642\u064b\u0627 \u0644\u0645\u0631\u0627\u062c\u0639\u0629 \u0627\u0644\u0645\u062e\u0627\u0637\u0631.<\/p>\n<\/blockquote>\n<h3 data-section-id=\"1xdudep\" data-start=\"13204\" data-end=\"13222\"><\/h3>\n<h2><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span>\u062e\u0627\u062a\u0645\u0629<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>\u062a\u064f\u0639\u062f\u0651 \u0627\u0644\u062e\u064a\u0627\u0631\u0627\u062a\u060c \u0639\u0646\u062f \u0627\u0633\u062a\u062e\u062f\u0627\u0645\u0647\u0627 \u0628\u0648\u0639\u064a\u060c \u0648\u0633\u064a\u0644\u0629 \u0641\u0639\u0651\u0627\u0644\u0629 \u0644\u0644\u062a\u062d\u0648\u0651\u0637 \u0636\u062f\u0651 \u062a\u0631\u0627\u062c\u0639\u0627\u062a \u0627\u0644\u0633\u0648\u0642 \u0641\u064a \u0645\u062d\u0627\u0641\u0638 \u0627\u0644\u0623\u0633\u0647\u0645. \u0641\u0647\u064a \u062a\u0648\u0641\u0651\u0631 \u062d\u0645\u0627\u064a\u0629 \u0642\u0627\u0628\u0644\u0629 \u0644\u0644\u062a\u062e\u0635\u064a\u0635 \u0644\u0627 \u064a\u0645\u0643\u0646 \u0644\u0644\u062a\u0646\u0648\u064a\u0639 \u0627\u0644\u062a\u0642\u0644\u064a\u062f\u064a \u0648\u062d\u062f\u0647 \u062a\u0648\u0641\u064a\u0631\u0647\u0627\u060c \u0645\u0645\u0627 \u064a\u0633\u0645\u062d \u0644\u0644\u0645\u0633\u062a\u062b\u0645\u0631\u064a\u0646 \u0628\u0627\u0644\u062d\u062f\u0651 \u0645\u0646 \u0627\u0644\u062e\u0633\u0627\u0626\u0631 \u0645\u0639 \u0627\u0644\u062d\u0641\u0627\u0638 \u0639\u0644\u0649 \u0625\u0645\u0643\u0627\u0646\u064a\u0629 \u062a\u062d\u0642\u064a\u0642 \u0645\u0643\u0627\u0633\u0628.<\/p>\n<p>\u064a\u0639\u062a\u0645\u062f \u0627\u0644\u0646\u062c\u0627\u062d \u0639\u0644\u0649 \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\u0625\u062f\u0627\u0631\u0629 \u0627\u0644\u062a\u0643\u0627\u0644\u064a\u0641\u060c \u0648\u0627\u0644\u064a\u0642\u0638\u0629 \u0627\u0644\u0645\u0633\u062a\u0645\u0631\u0629 \u0645\u0646 \u062e\u0644\u0627\u0644 \u0627\u0644\u0645\u0631\u0627\u0642\u0628\u0629 \u0627\u0644\u062f\u0627\u0626\u0645\u0629. \u0648\u0628\u062f\u0644\u0627\u064b \u0645\u0646 \u0627\u0639\u062a\u0628\u0627\u0631 \u0627\u0644\u062a\u062d\u0648\u0637 \u0628\u0627\u0644\u062e\u064a\u0627\u0631\u0627\u062a \u062d\u0644\u0627\u064b \u0645\u0624\u0642\u062a\u0627\u064b\u060c \u064a\u0646\u0628\u063a\u064a \u062f\u0645\u062c\u0647 \u0641\u064a \u0646\u0647\u062c \u0623\u0648\u0633\u0639 \u0648\u0623\u0643\u062b\u0631 \u0645\u0646\u0647\u062c\u064a\u0629 \u0644\u0625\u062f\u0627\u0631\u0629 \u0627\u0644\u0645\u062e\u0627\u0637\u0631\u060c \u0628\u0645\u0627 \u064a\u062a\u0648\u0627\u0641\u0642 \u0645\u0639 \u0627\u0644\u0623\u0647\u062f\u0627\u0641 \u0627\u0644\u0641\u0631\u062f\u064a\u0629 \u0648\u0627\u0644\u0638\u0631\u0648\u0641 \u0627\u0644\u0634\u062e\u0635\u064a\u0629.<\/p>\n<p>\u0628\u0627\u0644\u0646\u0633\u0628\u0629 \u0644\u0644\u0645\u0633\u062a\u062b\u0645\u0631\u064a\u0646 \u0627\u0644\u0631\u0627\u063a\u0628\u064a\u0646 \u0641\u064a \u0627\u0644\u062a\u0639\u0627\u0645\u0644 \u0645\u0639 \u0647\u0630\u0647 \u0627\u0644\u0623\u062f\u0648\u0627\u062a \u0628\u0639\u0646\u0627\u064a\u0629\u060c \u064a\u0645\u0643\u0646 \u0644\u0644\u062e\u064a\u0627\u0631\u0627\u062a \u0623\u0646 \u062a\u062d\u0648\u0644 \u0639\u062f\u0645 \u0627\u0644\u064a\u0642\u064a\u0646 \u0625\u0644\u0649 \u0645\u062e\u0627\u0637\u0631 \u064a\u0645\u0643\u0646 \u0627\u0644\u062a\u062d\u0643\u0645 \u0641\u064a\u0647\u0627\u060c \u0645\u0645\u0627 \u064a\u0639\u0632\u0632 \u0627\u0644\u062b\u0642\u0629 \u0648\u0627\u0644\u0642\u062f\u0631\u0629 \u0639\u0644\u0649 \u0627\u0644\u0635\u0645\u0648\u062f \u062e\u0644\u0627\u0644 \u062f\u0648\u0631\u0627\u062a \u0627\u0644\u0633\u0648\u0642.<\/p>","protected":false},"excerpt":{"rendered":"<p>Learn how to use options to hedge a stock portfolio against market downturns, limiting losses while preserving upside potential.<\/p>","protected":false},"author":1,"featured_media":15605,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[113,112],"tags":[118,121,116],"class_list":["post-15604","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-trading-strategies","category-market-insights","tag-investment-discipline","tag-portfolio-strategy","tag-rule-based-investing"],"_links":{"self":[{"href":"https:\/\/algo0.com\/ar\/wp-json\/wp\/v2\/posts\/15604","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=15604"}],"version-history":[{"count":0,"href":"https:\/\/algo0.com\/ar\/wp-json\/wp\/v2\/posts\/15604\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/algo0.com\/ar\/wp-json\/wp\/v2\/media\/15605"}],"wp:attachment":[{"href":"https:\/\/algo0.com\/ar\/wp-json\/wp\/v2\/media?parent=15604"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/algo0.com\/ar\/wp-json\/wp\/v2\/categories?post=15604"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/algo0.com\/ar\/wp-json\/wp\/v2\/tags?post=15604"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}