《股票作手回忆录·第二十四章·收尾反思》第2节
It often happens that an insider goes to the head of a brokerage concern and says: “I wish you’d make a market in which to dispose of 50,000 shares of my stock.” The broker asks for further details. Let us say that the quoted price of that stock is 50. The insider tells him: “I will give you calls on 5000 shares at 45 and 5000 shares every point up for the entire fifty thousand shares. I also will give you a put on 50,000 shares at the market.” Now, this is pretty easy money for the broker, if he has a large following and of course this is precisely the kind of broker the insider seeks. A house with direct wires to branches and connections in various parts of the country can usually get a large following in a deal of that kind. Remember that in any event the broker is playing absolutely safe by reason of the put. If he can get his public to follow he will be able to dispose of his entire line at a big profit in addition to his regular commissions. I have in mind the exploits of an “insider” who is well-known in Wall Street.
注释摘要
这段文字描述的是二十世纪初华尔街常见的一种出货手法，内幕人士与大型经纪行合伙，把大笔股票悄悄倒给散户。这里的call和put需要澄清：它们并非像今天交易所里标准化的期权合约，而是一种私下的一对一权利安排。call给了经纪行按约定价格买入股票的权利——在本例中，内幕人士承诺以每股45美元的价格卖给经纪行5000股，并且随着股价每上涨一个点，再相应多给5000…