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NEW QUESTION: 1
Gabrielle Reneau, CFA, and Jack Belanger specialize in options strategies at the brokerage firm of Damon and Damon. They employ fairly sophisticated strategies to construct positions with limited risk, to profit from future volatility estimates, and to exploit arbitrage opportunities. Damon and Damon also provide advice to outside portfolio managers on the appropriate use of options strategies. Damon and Damon prefer to use, and recommend, options written on widely traded indices such as the S&P 500 due to their higher liquidity. However, they also use options written on individual stocks when the investor has a position in the underlying stock or when mispricing and/or trading depth exists.
In order to trade in the one-year maturity puts and calls for the S&P 500 stock index, Reneau and Belanger contact the chief economists at Damon and Damon, Mark Blair and Fran Robinson. Blair recently joined Damon and Damon after a successful stint at a London investment bank. Robinson has been with Damon and Damon for the past ten years and has a considerable record of success in forecasting macroeconomic activity. In his forecasts for the U.S. economy over the next year, Blair is quite bullish, for both the U.S.
economy and the S&P 500 stock index. Blair believes that the U.S. economy will grow at 2% more than expected over the next year. He also states that labor productivity will be higher than expected, given increased productivity through the use of technological advances. He expects that these technological advances will result in higher earnings for U.S. firms over the next year and over the long run.
Reneau believes that the best S&P 500 option strategy to exploit Blair's forecast involves two options of the same maturity, one with a low exercise price, and the other with a high exercise price. The beginning stock price is usually below the two option strike prices. She states that the benefit of this strategy is that the maximum loss is limited to the difference between the two option prices.
Belanger is unsure that Blair's forecast is correct. He states that his own reading of the economy is for a continued holding pattern of low growth, with a similar projection for the stock market as a whole. He states that Damon and Damon may want to pursue an options strategy where a put and call of the same maturity and same exercise price are purchased. He asserts that such a strategy would have losses limited to the total cost of the two options.
Reneau and Belanger are also currently examining various positions in the options of Brendan Industries.
Brendan Industries is a large-cap manufacturing firm with headquarters in the midwestern United States.
The firm has both puts and calls sold on the Chicago Board Options Exchange. Their options have good liquidity for the near money puts and calls and for those puts and calls with maturities less than four months. Reneau believes that Brendan Industries will benefit from the economic expansion forecasted by Mark Blair, the Damon and Damon economist. She decides that the best option strategy to exploit these expectations is for her to pursue the same strategy she has delineated for the market as a whole.
Shares of Brendan Industries are currently trading at $38. The following are the prices for their exchange- traded options.

As a mature firm in a mature industry, Brendan Industries stock has historically had low volatility. However, Belanger's analysis indicates that with a lawsuit pending against Brendan Industries, the volatility of the stock price over the next 60 days is greater by several orders of magnitude than the implied volatility of the options. He believes that Damon and Damon should attempt to exploit this projected increase in Brendan Industries1 volatility by using an options strategy where a put and call of the same maturity and same exercise price are utilized. He advocates using the least expensive strategy possible.
During their discussions, Reneau cites a counter example to Brendan Industries from last year. She recalls that Nano Networks, a technology firm, had a stock price that stayed fairly stable despite expectations to the contrary. In this case, she utilized an options strategy where three different calls were used. Profits were earned on the strategy because Nano Networks' stock price stayed fairly stable. Even if the stock price had become volatile, losses would have been limited.
Later that week, Reneau and Belanger discuss various credit option strategies during a lunch time presentation to Damon and Damon client portfolio managers. During their discussion, Reneau describes a credit option strategy that pays the holder a fixed sum, which is agreed upon when the option is written, and occurs in the event that an issue or issuer goes into default. Reneau declares that this strategy can take the form of either puts or calls. Belanger states that this strategy is known as either a credit spread call option strategy or a credit spread put option strategy.
Reneau and Belanger continue by discussing the benefits of using credit options. Reneau mentions that credit options written on an underlying asset will protect against declines in asset valuation. Belanger says that credit spread options protect against adverse movements of the credit spread over a referenced benchmark.
If Brendan Industries will experience the same growth as the overall economy (as projected by Blair), the breakeven stock price and maximum loss on Rcneau's intended option strategy are closest to:
Breakeven Maximum loss
A. $43 $6
B. $38 $3
C. $38 Unlimited
Answer: B
Explanation:
Explanation/Reference:
Explanation:
Reneau's intended strategy is a bull call spread. She should buy the 35 call and sell the 40 call for a net cost of $3. The maximum toss for a bull call spread is when it expires out of the money. In that case, the investor loses the initial investment, in this case $3-00. The breakeven for a bull call spread can be expressed as XL + CT - CH = $35 + $4.50 - $1.50 = $38. If the stock closes at $38.00, the investor gains
$3.00 on the call with the low exercise price; the call with the higher exercise price expires worthless. The
$3.00 profit on the low exercise price call offsets the initial cost of $3-00. (Study Session 17, LOS 43.a)

NEW QUESTION: 2
ある会社は、WebアプリをサポートするためにHTTPベースのAPIを実装することを計画しています。 Webアプリを使用すると、顧客は注文のステータスを確認できます。
APIは次の要件を満たす必要があります。
* Azure関数を実装する
*パブリック読み取り専用操作を提供します
*書き込み操作を許可しない
構成オプションを推奨する必要があります。
あなたは何をお勧めしますか？回答するには、回答領域のダイアログボックスで適切なオプションを構成します。
注：正しい選択はそれぞれ1ポイントの価値があります。

Answer:
Explanation:

Explanation

Allowed authentication methods: GET only
Authorization level: Anonymous
The option is Allow Anonymous requests. This option turns on authentication and authorization in App Service, but defers authorization decisions to your application code. For authenticated requests, App Service also passes along authentication information in the HTTP headers.
This option provides more flexibility in handling anonymous requests.
References:
https://docs.microsoft.com/en-us/azure/app-service/overview-authentication-authorization

NEW QUESTION: 3
You are receiving deliveries for a valuated material. Which documents are created when you post a goods receipt?
There are 2 correct answers to this question.
Response:
A. Inbound delivery
B. Invoice document
C. Material document
D. Accounting document
Answer: C,D

NEW QUESTION: 4
An important DevOps concept is the incremental of new functionality, followed by user feedback before the next increment.
In a SIAM ecosystem, what should be put in place specifically to support this DevOps concept?
A. automated test suites for the end-to-end service
B. trust the service providers and empower them to deliver their services without interference
C. removal of waste from the process
D. integrated change advisory board
Answer: A