INVESTMENTS | BODIE, KANE, MARCUS ©2011 The McGraw-Hill Companies Strategy Conclusions Figure 20.5 shows that the all-option portfolio, B, responds mo
{"Image DocumentName": "Strategy ConclusionsFigure 20.5 shows that the all-option portfolio, B, responds more than proportionately to changes in stock value; it is levered.", "Image ImageDescription": "Portfolio C, T-bills plus calls, shows the insurance value of options. C \u2018s T-bill position cannot be worth less than  9270. Some return potential is sacrificed to limit downside risk.", "Image XResolution": "37", "Image YResolution": "37", "Image ResolutionUnit": "Pixels/Centimeter", "Image Software": "SlidePlayer", "Image YCbCrPositioning": "Centered"}