Chapter 23 - Financial Futures
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Table 23-6 is missing from the top of the page:

Table 23-6: Strategy A: Buy $1m 20-year 6% T-Bonds on the run at 100:00
Jan buy 20yr 6% T-Bonds at 100:00 - $1,000,000. - $1,000,000.
July If interest rates are: 5% 7%
coupon [$1,000,000 * 0.06/2] + $30,000. + $30,000.
sell 19.5 yr 6% T-Bonds at 5% [112:12] + $1,123,750.
sell 19.5 yr 6% T-Bonds at 7% [89:14] + $894,375.
------------ ------------
Profit + $153,750. - $75,625
Rate of return (semi-annual) + $15.3750% - $7.5625%

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Example 3

Table 23-9: Speculating with S&P500 Index Futures
May 2012Buy 1 Sept S&P500 future 
 [$250 * 1308.50=-$327,125.00]-$20,000
September 2012Take delivery in cash equivalent+$20,000
 [$250 * 1400.00=+$350,000.00]π=$22,875

Susan's investment is leveraged 16.4:1 Her investment in futures returned 114.375 on a market return of 6.99%

 

and at the bottom of Example 4:

Again, Susan's investment is leveraged. She is using a smaller contract but the margin is 5.1% of the face value of the contract rather than 6.1% of the face of the contract so leverage is 19.8:1

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Example 5

As a best/worst case scenario, Terrence assumes that the December S&P500 futures contract can either increase or decrease by 10% from the projected value of 1202 in the seven-month period to delivery.