· 方法论
观点一致！我认为现金担保看跌期权(CSP)几乎零风险，而相反观点说"风险巨大"其实不太对，因为说到底你只是在买股票而已。只不过收益比直接做多(Long)低得多。这正是为什么我通常不使用CSP，除非我想分批建仓，或者想在像现在这样的时期交易波动率。不过我发现卖出覆盖认购期权(CC)要痛苦得多，因为很多时候会因为某个随机催化剂而突破你的行权价（比如$NBIS从$NVDA获得20亿美元），如果你不想缴纳资本利得税，就得把它买回来。如果你本来就打算卖出或者你真的很擅长择时（这对大多数人来说做不到），用CC会更好。
Same opinion! I find CSP to be almost 0 risk against contrary opinion saying “massive risk” since as you mentioned it’s just buying a stock. The returns are just a lot, lot lower than going Long though. Which is why I typically don’t use it unless I want to scale into positions or want to trade volatility during times like these. I find writing CCs is a lot more painful though since a lot of times it blows past your strike on a random cataylst (eg. $NBIS getting $2B from $NVDA and if you don’t want capital gains, you need to buy it back. Better to use it if you’re down to sell or you’re really good at timing (which is not for most people)