WMT 是他不会卖出的核心长期持仓，其强势支撑了他的投资组合度过 AI 板块下跌。他预计到 2027 年 3 月 WMT 将达到或高于 115，并以 35 美分的净支出将备兑看涨期权从 110 行权价上移至 115 行权价，不过该持仓并无保证。
逐段跳播
我给你看，我持有 Google、Amazon 和 Walmart 这类股票，市值超过一百万美元——我赚了几百美元，甚至几百万美元，但我不想卖，因为一旦卖出，我就得缴税。巨额税款。
and I'll show you, I have over a million dollars in stocks like Google, Amazon, and Walmart—I make hundreds of dollars, even millions of dollars, and I don't want to sell because as soon as I sell, I'll have to pay taxes. Huge taxes.
Walmart 这笔交易对我不利。我很喜欢 Walmart，但你可以看到，我在 110 美元有一个备兑买入头寸，这个头寸我亏了 23,000 美元。这就是 Walmart 的股票，目前每股 116 美元。
我从 Walmart 上赚了 489,000 美元，这只股票我赚了 62%。
Things went against me in Walmart. I love Walmart, but as you can see here, I have a covered buy position at $110, and I'm $23,000 down on this particular position. So, this is Walmart stock.
It's currently trading at $116 per share. I've made $489,000 I have a dollar from Walmart. I'm up 62% on the stock.
我做期权一直做得很好，但我目前处于弱势，因为 Walmart 实际上是我投资组合里的稳定型股票，这意味着它是一个巨大的头寸。我坚信……在这轮 AI 市场下跌期间，Walmart 的股价上涨了。
所以，我的投资组合跑赢了所有看我 YouTube 视频的人。所有投资 AI 股票的人都亏了钱，而我的组合上涨了，因为我最大的投资是 Walmart。别人亏钱的时候我在赚钱。
I've been doing very well with options, but I'm currently in a weak position because Walmart was actually a stabilization stock in my portfolio, which means it's a huge position.
I strongly believe in ... and during this AI market downturn , Walmart's stock rose . So, my portfolio outperformed everyone watching my YouTube videos. Everyone who invested in AI stocks lost money , while mine rose because my largest investment is Walmart. I made a profit while everyone else lost.
不过，尽管我赚了钱，我的 Walmart 备兑看涨期权也变得有利可图，其价格超过了 110。现在，我得决定怎么做。我们来看看这个期权头寸。如你所见，Walmart 110 备兑看涨期权目前的价格是 11 美元。
考虑到我持有的合约数量，11 美元是相当大的金额。
However, even though I made a profit, my Walmart covered call option has become profitable, with its price exceeding 110. Now, I have to decide what to do. Let's look at this options position.
As you can see, the price of the Walmart covered call option at 110 is currently $11 . $11 is a relatively large amount considering the number of contracts I hold.
我怎样才能改善局面？我不想卖出我的 Walmart 股票。绝对不卖，因为我会亏……而且还要缴太多税。我要做的是去交易，把这个头寸展期。
How can I improve the situation? I don't want to sell my Walmart stock. Absolutely not , because I'd lose ... and pay too much in taxes. What I'm going to do is go trade and roll over this position.
现在，我给你演示一下，我可以建立一个新头寸，把到期日从 1 月改到 3 月，比如这样。这就多了两个月。我不小心点到了 6 月。3 月。这也多了两个月。如果我展期到 115，我们来看看计算。
我得支付一笔借项，这并不理想，但看看这个。我付 35 美分，所以净借项是 35 美分。看起来很多，因为我有很多合约。不过，花 35 美分，我就能把行权价从 110 改到 115。
所以，基本上我赚 5 美元，为此付 35 美分。不用天才也能明白，如果你展期这个头寸并获得 5 美元的净利润，35 美分是一笔不错的投资回报，对吧？所以，我在这里赚的利润在 35 美分到 5 美元之间，而且这个期权仍然会有利可图，对吧？Walmart 的股价高于 115。
Now, I'll show you that I can set up a new position and change the expiration date from January to March, for example. That adds two more months. I accidentally clicked on June.
March. That adds two more months too. If I roll over to 115, let's look at the calculations. I have to pay a debit, which is n't ideal, but look at this. I pay 35 cents, so a net debit of 35 cents.
It seems like a lot because I have a lot of contracts . However, for 35 cents, I can change the strike price from 110 to 115. So, basically, I make a profit of $5 and I pay 35 cents for it.
It doesn't take a genius to understand that 35 cents is a good return on investment if you roll over this position and get a net profit of $5, okay ? So, the profit I'm making here is between 35 cents and $5 Dollars, and since this option will still be profitable, right? Walmart's stock price is above 115.
如你所知，这个头寸绝不是有保证的。在我接下来 24 或 48 小时内剪辑并发布这段视频时，Walmart 的股价可能跌破 115。话虽如此，我目前的利润是 5 美元，如果我相信 Walmart 的股价会在 2027 年 3 月达到 115 或更高——我认为会——那这对我来说会非常有吸引力。
As you know, this position is by no means guaranteed . Walmart's stock price could drop below 115 by the time I edit and post this video in the next 24 or 48 hours . That said, my current profit is $5, and if I believe Walmart's stock price will reach 115 or higher in March 2027, which I think it will, then it will be very tempting for me.
我已经跟你解释过了，但比如我可能没有详细说明我为什么展期 Walmart 股票。我告诉过你利润是 5 美元，然后我付 35 美分。但到底发生了什么？首先，我增加了额外的时间。额外的时间更好，因为这意味着期权的价值会增加。
所以，把期权延长到更长的期限，你就能获得利润。这不一定意味着你会获得权利金，只是意味着你会获得利润。这个期权有了额外的时间，所以你就能获得更大的利润。所以，你把它延长到更晚的到期日。
这是展期期权最重要的等式。事实上，如果你只是把期权延长到更晚的到期日，不改变行权价，你的处境就会更好，对吧？接下来是更好的行权价，所以我想把 Walmart 股票的价格从 110 提高到 115，因为那只是更好的行权价。
我宁愿以 115 而不是 110 卖掉 Walmart。非常简单的计算。然后，如果可能的话，我想赚点利润。我给你看的展期例子是一笔借项，借项金额非常小，对吧？为了巨大的额外收益，这是一笔非常小的借项，所以我才愿意接受它。
I've explained it to you, but I probably didn't go into detail about why I rolled over Walmart stock , for example . I told you the profit is $5, then I pay 35 cents. But what exactly happens?
Well, first, I add extra time. Extra time is better because it means the value of the option will increase. So, the more Extending your option for a longer period means you'll receive a profit.
This doesn't necessarily mean you'll receive credit, it simply means you'll receive a profit. There's extra time for this option, so you'll receive a larger profit. So, you're extending it to a later expiration date.
This is the most important equation for extending options. In fact, if you only extend the option to a later expiration date, you don't change the strike price. You'll be in a better position, right?
Next is a better strike price, so I wanted to raise the price of Walmart stock from 110 to 115, because it's simply a better strike price. I'd rather get rid of Walmart at 115 than at 110.
Very simple calculations . Then, if possible, I'd like to make a profit. The extension example I showed you was a debit, and the debit amount was very small, right? It was a very small debit for a huge bonus, which is why I was comfortable accepting it.
观察点
这个频道对 $WMT 的历次判断
Invest with Henry 在这只股票上共 3 条判断，这里只列相邻的几条。