By Max Isaacman
ISBN-10: 0071543899
ISBN-13: 9780071543897
This booklet name used to be attention-grabbing, however it fails to carry a lot "new" details. It has many pages of specific ETF's, yet lots of the lists are incomplete, e.g. provide 2 instances brief, yet doesn't supply unmarried shorts, nor an identical longs, and so forth. lots of the information are available on Yahoo, & different areas. There are a few mammoth "goofs" - like infering that the markets are actually (as of 2007?) sturdy! He cites VIX for instance, "stable at approximately 15", as of contemporary - Sept 2008 VIX has hit forty! loads for the books "predictions". i don't suggest this ebook.
Read Online or Download Investing with Intelligent ETFs: Strategies for Profiting from the New Breed of Securities (McGraw-Hill Finance & Investing) PDF
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Extra info for Investing with Intelligent ETFs: Strategies for Profiting from the New Breed of Securities (McGraw-Hill Finance & Investing)
Sample text
For example, suppose the market price of the fund is $10 a share and its NAV is also $10 a share. The cost basis of the stock in this case averages about $5. There would be a built-in short- and/or long-term gain in the fund’s market price. If owners of the fund sell their shares, for example, when tech holders started selling shares in the tech implosion starting in 2002, the fund would have to sell stock to redeem its fund holders. The fund could decide to sell off their lowest-cost stock, not an unusual decision since this would be stock held the longest, and probably would qualify for capital-gains tax status.
This trading crowd could also arbitrage price differences. Arbitrage means buying a security in one market and selling it or a replicating derivative of it in another market, locking in the profit. For instance, if SPY were cheap in comparison to the S&P 500 Index future, the market crowd could buy SPY and sell the future, locking in a profit. There are many strategies that traders and brokers use to arbitrage. The point is that market activity on the floor will keep ETF share prices tight because these market participants can make money exploiting the differences in the market value and the market price of the ETFs.
As stated, with a stock you have to wait for an uptick or zero uptick, but with ETFs you can short anytime. You could call your broker and get stock protection for when you want to cover the short. You tell your broker to short 500 shares of SPY. Something as liquid as SPY can be easily short at the market. Now you have a slightly hedged position, in that just 10 percent of your portfolio is short. When shorting an ETF, you are not subject to single stock shocks. SPY will probably go in the direction of the other market indexes.
Investing with Intelligent ETFs: Strategies for Profiting from the New Breed of Securities (McGraw-Hill Finance & Investing) by Max Isaacman
by Brian
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