Profiting with Synthetic Annuities: Option Strategies to Increase Yield and Control Portfolio Risk
Product Author Bios
Michael Lovelady, CFA, ASA, EA (Los Angeles, CA), chief investment strategist and portfolio manager for Oceans 4 Capital Group LLC, designs and operates reduced-volatility and theta-generating hedge-fund investment strategies. Personally responsible for developing the Synthetic Annuity, he has used it extensively in portfolio management. Formerly consulting actuary for Towers Watson and PricewaterhouseCoopers, he has served organizations in defense, transportation, energy, entertainment, travel, IT, and government, including Hughes Aircraft, Lockheed, Boeing, Global Santa Fe, Halliburton, the Screen Actors Guild, The Walt Disney Company, Hilton Hotels, and CSC.
Options-based “synthetic annuities” give investors the ability to generate higher returns, provide better downside protection, and utilize risk more efficiently than pure stock and bond-based portfolios. Now, this strategy’s creator shows exactly how to use them to support a wide range of trading and investing goals. Hedge fund manager Michael Lovelady shows how synthetic annuities blend the best features of traditional portfolios with the risk management discipline of quantitative investing, increasing current yields while also reducing volatility. Michael presents this new strategy with unique graphics and simplified models that any investor or trader can use, and demonstrates its value in the context of today’s key market trends. He illuminates the entire “ecosystem” of theories, products, and tools surrounding synthetic annuities, and shows exactly how to integrate them with other investment and portfolio management techniques.
Table of Contents
Chapter 1 Introduction 1
Chapter 2 Synthetic Annuity Design 25
Chapter 3 Tracking Performance 53
Chapter 4 Covered Synthetic Annuities 69
Chapter 5 Managing a Covered Synthetic Annuity 99
Chapter 6 Generalized Synthetic Annuities 127
Chapter 7 Managing a Generalized SynA 151
Chapter 8 Synthetic Annuities for High-Yielding Stocks 169
Chapter 9 Synthetic Annuities for the Bond Market 183
Chapter 10 Synthetic Annuities for the Volatility Market 207
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