The essence of warrants reflects the contractual relationship between the issuer and the holder. After paying a certain amount of money to the warrant issuer, the holder obtains a right from the issuer. This right enables the holder to buy/sell a certain amount of assets from the warrant issuer at an agreed price on a specific date or within a specific period in the future. The warrants for buying stocks are called call warrants, and the warrants for selling stocks are called put warrants (or put warrants). Warrants are divided into European warrants, American warrants and Bermuda warrants. The so-called European warrants are warrants that can only be exercised on the due date. The so-called American warrants are warrants that can be exercised at any time before the expiration date. The so-called Bermuda warrant means that the holder can buy and sell the underlying securities on a set number of days or an agreed maturity date. The holder obtains a right, not a responsibility, and has the right to decide whether to perform the contract, while the issuer has only the obligation to be executed. Therefore, in order to obtain this right, investors must pay a certain price (royalties). The difference between warrants (in fact, all options) and forwards or futures is that the former holder is not a responsibility, but a right, while the latter holder is responsible for executing the sales contract signed by both parties, that is, the relevant assets must be traded at the specified price and the specified future time.
From the above definition, we can easily see that warrants can be divided into call warrants and put warrants according to the exercise direction of rights. Call warrants belong to "call options" and put warrants belong to "put options".
Generally speaking, warrants are financial derivatives, which can be bought long or sold short. They are margin trading.
Fund,
1. Expert financial management is an indispensable part of people's contemporary life. In order to resist inflation and realize the preservation and appreciation of financial assets, investment and financial management should and must be carried out. However, as ordinary retail investors, they lack sufficient financial knowledge and don't have so much time and energy to take care of it. An investment fund is a tool for you to invest in the financial market, such as stocks and bonds, with little money.
Fund companies have a group of experts with high academic qualifications and rich investment experience. They have keen observation, analysis and judgment ability, can grasp a large amount of information in time, can make a more correct prediction of the price change trend of various varieties in the financial market, avoid investment decision-making mistakes to the maximum extent, and improve the investment success rate. For those small and medium-sized investors who have no time or are unfamiliar with the market and can't make special investment decisions, investment funds can actually gain expert advantages in market information, investment experience, financial knowledge and operation technology, so as to avoid losses caused by blind investment as much as possible. Cheng Siwei, the former deputy director of the National People's Congress Standing Committee (NPCSC) and a famous economist, once said, "As an institutional investor of expert financial management, the fund has relatively rational behavior and strong ability to prevent risks, which is conducive to the stable development of the market; On the other hand, funds can attract more people to enter the capital market. Retail investors buy funds and give the money to the fund manager to operate for him. The fund gives full play to the advantages of expert financial management, which can not only reduce the cost of retail investors, but also avoid greater risks. " Therefore, experts of fund companies can make less money when the stock market falls and make more money when the stock market rises.
2. There are so-called "makers" who collectively invest in the stock market, that is, those institutions or large households with huge funds have the ability to directly or indirectly manipulate the market. Bankers make profits through various means, causing losses to some small and medium-sized investors. Individuals have limited funds for investment and financial management, and the amount is small. Compared with well-funded institutional investors and wealthy families, they are in a weak position and often vulnerable. The entry threshold for fund investment is low, and you can buy it as long as 1 0,000 yuan. However, if a large number of small and medium-sized investors are concentrated, fund companies will be in a strong position in investment activities.
3. Enjoy the benefits and take risks.
The more customers a fund company has, the greater the amount of money it can manage on behalf of customers, and the greater the income, the better the economic benefits. Therefore, under normal circumstances, fund companies are bound to make profits for their customers, thus improving their reputation and popularity, increasing customers and expanding total assets. In the case of fund profit, the company and customers have the best of both worlds and are happy. In the case of fund losses, it is necessary to bear risks.
A fund is a combination of stocks and bonds.
The investment scope of the Fund can be summarized as: stocks, bonds and other investment instruments permitted by laws and regulations, including money market interest-bearing instruments such as large deposits and central bank bills, but mainly a combination of stocks and bonds. "You can't put all your eggs in one basket" is the motto of securities investment. But to realize the diversification of investment assets, it needs certain financial strength. For small investors, due to limited funds, they can only invest in a few stocks. When the stock market falls or the financial situation of listed companies deteriorates, the principal will suffer great losses, and the fund can help small and medium investors solve this difficulty. The Fund is well-funded. Within the investment scope stipulated by law, it invests the funds in different types of securities with different maturities in different proportions, so as to minimize the risk, which is much smaller than a single investment in a stock.
Looking at the current investment channels in the market, there are stocks, bonds, funds, precious metals (gold and silver), commodity futures, stock index futures and foreign countries.
Remittance, collection and warrants, etc. In addition to funds, you need to have deep knowledge and rich operational experience, and the starting threshold is relatively high and general.
It is difficult for amateur small and medium investors to get involved. From the above contents and the introduction of other chapters in this manual, it can be clearly seen that the fund is a tool suitable for public investment.