怎么从投资组合获取现金流(懒人版)

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让你的组合给自己发工资

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今天我们聊一个fire之后才会遇到的真实问题

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用cover call etf来搭建退休后的现金流

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上一场我们得出结论

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投资就买正股和ETF

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别碰基金和理财保险

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今天我要回答一个fire

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也就是财务自由

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提前退休之后才会遇到的现实问题

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我已经攒够了足够大的一支ETF组合

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接下来每个月的生活费从哪里来

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这不是一个小问题

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因为spy qqq这类指数ETF除非你卖掉

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否则不会自己给你现金

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而一旦卖出你之后想再买回来

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可能要付更贵的价格

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或者你就永远放弃了这部分仓位之后的上涨

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于是很多人陷入两难

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要么硬扛着不卖

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每月刷信用卡

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然后焦虑

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要么割肉

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看着卖出的仓位继续涨

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今天讲一个更聪明的做法

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让组合里的一部分资产自己每个月给你发工资

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在开始之前

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我先用一句话讲清楚两个概念

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第一个ETF也叫交易所交易基金

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简单说就是一篮子股票打包成一个代码

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像买股票一样买卖

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买一手spy

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约等于按市值买下标准普尔500指数里

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全部500家美国最大公司

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买一手QQQ

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约等于按市值买下纳斯达克100里

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最大的100家非金融公司

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包括苹果

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微软

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英伟达

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特斯拉这些

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第二个cover call叫做背对看涨期权

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你持有股票同时卖出一个权利

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答应别人

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如果股价涨过某个点

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你把股票卖给他

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对方为了这个权利付你一笔钱叫权利金

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结果是你每个月先收到一笔现金

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代价是如果股价暴涨

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你少赚一点

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这两件事合起来就是今天的主角

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covert coetf在讲cover call etf之前

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必须先理解

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为什么spy和QQQ本身就是全世界

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最适合不盯盘的产品

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最多人忽略

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但最强的一点就是他们自带淘汰机制

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标准普尔500汇季度调整

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公司连续盈利不达标

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市值不够被收购就会被剔除

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换新的进来

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纳斯达克100每年12月做大调整

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根据市值重排

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比如2025年12月就踢掉了biogen lulu lemon

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the trade death等六家公司

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换入了cigit western digital等六家新公司

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也就是说你不用自己判断某家公司还行不行

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指数委员会帮你做了

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烂掉的公司会被自动请出去

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新崛起的公司会自动被请进来

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你买style或QQQ

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相当于买了一张美国最强

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500家或100家公司的永久会员卡

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成员名单会不断换

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但你的卡永远有效

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fire之后没有工资

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但生活账单照来

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房租饮食保险旅行每个月都要钱

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从spy和QQQ里拿钱

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有三条路

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第一条慢一点

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优点是简单直接

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缺点是卖出的那部分永远错过后续上涨

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想买回来还要付更高的价格

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第二条

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手动卖cover call

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优点是现金流最高

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而且保留本金

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缺点是要懂期权

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每月盯盘操作不当

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还有被行权走的风险

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第三条

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my cover call etf优点是每月自动发钱

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不用学期权

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不用盯盘

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缺点是费率稍高

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上涨有封顶

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而且需要理解以下原理

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今天重点讲第三条

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把上面两件事拼起来

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cover coetf的工作原理是这样的

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基金内部做三件事

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第一步持有对应指数

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比如标准普尔500或者纳斯达克100

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第二步定期卖出该指数的看涨期权

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收到权利金

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第三步把权利金扣掉

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费用按月派发给你

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你只需要做一件事

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买入持有收钱

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不需要开期权权限

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不需要自己操作

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不需要每天盯盘

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以SSPYI和QQQI为例

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s spy i全称NEOS与P500high income etf

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底层是标准普尔500

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管理费率0.68%

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每月派息12个月

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尾随分配率约12.3%

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规模约89亿美元

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2022年8月成立

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QQQI全称ENNEOSNESTC

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100high income etf

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底层是纳斯达克100

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管理费率同样0.68%

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每月派息12个月

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尾随分配率约14.7%

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规模约25亿美元

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2024年1月成立

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每股每月分红约0.5美元

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1000股分红500美元

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约3500人民币

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可以满足基本生活费用

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以上仅作为知识分享

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不作为投资建议

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s spy i和QQQI区别于同类ETF有三个关键点

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第一税收效率

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这一条主要对美国税务居民适用

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SSPYI和QQQI直接卖指数期权

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触发美国税法第1256条

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所有盈亏按60%

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长期加40%

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短期资本利得计税

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综合税率约20%

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而j pi和J1PQ用的是股票挂钩票据

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按普通收入征税

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高收入人群可能到30%以上

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香港税务居民不适用1256规则

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但这仍然说明nee o s的产品设计更原生

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第二分配中含有资本返还

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s spy r最近一期分配中

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约92%被归类为资本返还

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这部分不算当期应税收入

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而是降低你的成本基础

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直到你卖出ETF时才补缴税款

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相当于一个合法的税务递延安排

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第三采用期权价差策略

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不是单纯卖出看涨期权

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而是同时买回更远的看涨期权

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作为保护

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保留一部分指数上涨的参与空间

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没有完全封顶

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这跟QYLD那种单纯卖靠的策略是不一样的

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很多人担心cover coetf不是有净值侵蚀吗

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值得长期持有吗

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关键要区分真侵蚀和假侵蚀

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假亲食是指每月派息后价格自然下降

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这是所有分红产品的共性

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真亲实是指长期净值下跌幅度

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超过了分红再投资的收益

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这在QYLD这种严格买入写出策略里

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确实出现过

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s spy i和QQQI采用价差策略

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保留了一部分指数上涨

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参与在2023~2025年这轮牛市中

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他们的总回报包含净值

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加上在投资分红是正的

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不是纯吃本金

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而且不要忘了

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s spy i的底仓还是标准普尔500

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QQQI的底仓还是纳斯达克100

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自带淘汰机制没有消失

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一家公司烂了指数还是会自动替他出去

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所以有三个值得定投的理由

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第一每月派现无需择时

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现金流不断积累

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第二底层依然是自带淘汰机制的宽基

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指数长期不会被个股拖下水

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第三越早定投股数越多

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fire那一年你拿到的月现金流

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是按所有年份累积的股数计算的

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有一点反之决断很重要

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cover call etf不是到了fire才去买的产品

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在攒钱期就可以开始定投

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越早买股数越多

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fire实现金流越高

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我不会给具体比例

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每个人情况不同

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以下只是方法论

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不构成投资建议

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给三条可操作的原则

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原则

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一阶段调仓攒前期也就是30~50岁左右

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主力是span和QQQ

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目标是最大化复利

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现金流不重要

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接近fire的前5年

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开始积累一部分s spy r和QQQI

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让现金流预热fire之后

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s spy i和QQQI的粤派息覆盖生活开支

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spy和QQQ留作增长引擎

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原则二

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只用一部分资金做cover call敞口

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cover call的本质是用部分上涨换稳定现金流

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一个简单的思考框架是

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每月现金流需要多少就赔多少

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SSPYI和QQQI

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其余留在spy和QQQ继续增长

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原则三

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同时持有s spy r和QQQI

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不要只压一个指数

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SSPYI底仓是500家公司更分散

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波动更低

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分配率相对低一些

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QQQI底仓是以百家科技股为主

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波动更高

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分配率也更高

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同时持有可以在风险和分配率之间取得平衡

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最后提示几个风险上涨封顶

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熊市转牛市的第一年

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cover coetf会明显跑输底层指数

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净值长期表现依赖基金经理的策略执行

232
00:09:38,240 --> 00:09:40,818
这些产品历史都只有几年

233
00:09:40,818 --> 00:09:44,778
非美税务居民可能面对30%的峪口分

234
00:09:44,778 --> 00:09:47,350
红税分配率不等于回报率

235
00:09:47,350 --> 00:09:49,029
12%的分配里

236
00:09:49,029 --> 00:09:52,230
可能有相当部分是资本返还

237
00:09:52,230 --> 00:09:54,409
必须把这句话放在最后

238
00:09:54,409 --> 00:09:56,019
否则就不完整

239
00:09:56,019 --> 00:09:59,559
如果你愿意学期权承担每月操作的成本

240
00:09:59,559 --> 00:10:03,129
手动卖cover call永远比ETF更赚钱

241
00:10:03,129 --> 00:10:04,809
原因很简单

242
00:10:04,809 --> 00:10:07,509
没有0.68%的管理费

243
00:10:07,509 --> 00:10:10,090
你自己决定行权价和到期日

244
00:10:10,090 --> 00:10:13,179
可以根据自己对指数的判断来优化

245
00:10:13,179 --> 00:10:15,960
你可以在被行权之前滚动合约

246
00:10:15,960 --> 00:10:19,429
避免不希望的交割策略可以个性化

247
00:10:19,429 --> 00:10:20,889
比如cash secure

248
00:10:20,889 --> 00:10:23,250
port will color等等

249
00:10:23,250 --> 00:10:26,029
对组合的控制感也更强

250
00:10:26,029 --> 00:10:29,330
所以今天的结论要分层讲清楚

251
00:10:29,330 --> 00:10:31,929
如果你有时间愿意学期权

252
00:10:31,929 --> 00:10:33,549
推荐手动cover call

253
00:10:33,549 --> 00:10:34,809
效率最高

254
00:10:34,809 --> 00:10:36,110
如果你不想学

255
00:10:36,110 --> 00:10:36,990
不想盯盘

256
00:10:36,990 --> 00:10:38,690
推荐cover coetf

257
00:10:38,690 --> 00:10:41,289
比如SSPYI和QQQI

258
00:10:41,289 --> 00:10:43,139
让基金经理替你做

259
00:10:43,139 --> 00:10:45,320
如果你完全不需要现金流

260
00:10:45,320 --> 00:10:49,110
就纯持有spy和QQQ最大化复利

261
00:10:49,110 --> 00:10:51,450
cover call etf不是最优解

262
00:10:51,450 --> 00:10:54,328
它是性价比最高的懒人解

263
00:10:54,328 --> 00:10:56,129
回到开场那个问题

264
00:10:56,129 --> 00:10:58,509
fire后的现金流从哪里来

265
00:10:58,509 --> 00:11:00,789
今天的答案是这样的

266
00:11:00,789 --> 00:11:01,909
攒钱七

267
00:11:01,909 --> 00:11:04,809
spy和QQQ自带淘汰机制

268
00:11:04,809 --> 00:11:05,809
费率极低

269
00:11:05,809 --> 00:11:08,139
无脑定投fire之后

270
00:11:08,139 --> 00:11:10,220
s spy i和QQQI

271
00:11:10,220 --> 00:11:13,669
把你组合的一部分变成自动发工资的机器

272
00:11:13,669 --> 00:11:18,090
如果你愿意进阶自己学期权做手动cover call

273
00:11:18,090 --> 00:11:19,710
永远更划算

274
00:11:19,710 --> 00:11:22,850
让你的组合在你睡觉时替你工作

275
00:11:22,850 --> 00:11:25,389
在你退休时替你发工资

276
00:11:25,389 --> 00:11:26,889
谢谢大家

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00:11:26,889 --> 00:11:28,110
免责声明

278
00:11:28,110 --> 00:11:31,350
以上内容仅为个人研究与教育性分享

279
00:11:31,350 --> 00:11:33,500
不构成任何投资建议

280
00:11:33,500 --> 00:11:34,899
投资有风险

281
00:11:34,899 --> 00:11:36,500
入市需谨慎

282
00:11:36,500 --> 00:11:39,659
税务细节请咨询专业人士

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