Charlie Ledley and Jamie Mai, two investors with a penchant for finding mispriced options, reckoned that credit-default swaps on mortgage-backed bonds were just too cheap a trade to pass up.

查理·莱德利(Charlie Ledley)和杰米•麦(Jamie Mai)两人都是对定价偏差的股票很感兴趣的投资者，他们认为建立在抵押担保债券之上的信用违约掉期是便宜的不可错过的好买卖。

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The prepayment option, like bond issuers' options to call some bonds before they mature, saddles the lender with more risk.

借款人的提前还款期权和债券发行人拥有的在债券到期前赎回部分债券的期权一样，也使贷款人承担了更多风险。

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At Goldman he rose to the level of Managing Director and co-invented the tool for pricing options on Treasury bonds with Goldman colleagues Bill Toy and the late Fischer Black, of Black-Scholes formula fame.

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Gordon is advising his clients to push income from 2013 into 2012, for example by closing out winning options positions and by cashing in bonds with accrued interest.

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But if a person starts with just considering long stocks, bonds, commodities and real estate as being the only portfolio options, then true diversification cannot be achieved.

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