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Data:2009-12-12 2:34
For a long time, warrants and the A-share market trends are showing a "seesaw" phenomenon. A shares and warrants from yesterday's market performance, it seems that once again proven this phenomenon. However, we believe that the strength of the warrants have characteristics significantly different from the past and the past, an active warrant is only a manifestation of its speculative nature, while yesterday's active warrants people to see the rational pricing of warrants product development of hope.
Increasingly rational warrant pricing model
In my opinion, warrant the development from now will usher in new opportunities, it is mainly due to market pricing of the warrants is beginning to reason, and rational pricing of warrants gave investors more investment opportunities. Shanghai market JTP1 is a good example, if the ratio of 1:1 at the same time investors buy the market JTP1 and G Shanghai Shanghai airport, the total cost of about 13.9 yuan, as investors in a year after the price of 13.6 yuan Sales G Shanghai airport, so that the minimum value of the portfolio is 13.6 yuan, that is, the portfolio's maximum loss is 13.9-13.6 = 0.3 million, the investor can not encountered in any case more than 2% of the loss; However, in the proceeds, with the G Shanghai airport, the rise in the price of the shares of the portfolio rate of return will also rise, 13.9 yuan more than the share price can get absolute return, but does not cap.
Coincidentally, with the Shanghai market JTP1 warrants have the same attractive varieties are Valin JTP1, airport JTP1 so. Consider the recent weakness in the broader market, some of the current price is not high variety that can put warrants provide investors with protection when stock prices fall, thus unique investment value of these warrants are bought separately can be considered short-term investment patterns. In the near future, investors may also purchase warrants have been underestimated, and accompanied by an appropriate proportion of the shares, through the dynamic hedging approach to get a stable income. However, all patterns of these investments must be based on the premise of a rational approach warrants product above, or is the "castles in the air." From the recent market, we have seen the pricing of warrants are to become more rational, which is required by investors, but also warrants the development of the product itself needs.